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geeza

April?

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In a way I know what the answer is going to be but how was sales in april? mine is still on since july!

Nothing is selling ...

Vendors still think their houses are worth more than they are ...

Most EA's dont have a clue ... (some have even resorted to telling lies on radio shows about their sales ... i.e John Minnis)

Sentiment has not changed, in fact I would say buyers are more determined than ever to not pay over the odds, to not listen to the EA waffle and to protect their hard saved deposits ...

Apart from that I think it is all sunshine and rainbows .. ;)

Edited by tinbin

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Nothing is selling ...

Vendors still think their houses are worth more than they are ...

Most EA's dont have a clue ... (some have even resorted to telling lies on radio shows about their sales ... i.e John Minnis)

Sentiment has not changed, in fact I would say buyers are more determined than ever to not pay over the odds, to not listen to the EA waffle and to protect their hard saved deposits ...

Apart from that I think it is all sunshine and rainbows .. ;)

+1 on the John Minnis part. Seriously in the digital age making up sales numbers when they are there to be scrutinized by all was just silly. Naughty naughty John you numpty.

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In a way I know what the answer is going to be but how was sales in april? mine is still on since july!

2011

:blink::blink::blink:

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Back to the Future springs to mind!

Sales were pretty awful in April so no spring bounce happening. I had a busier January than April which is not normal.

On another note, I valued an old ladys 4 bed detached bungalow earlier this week. After carefully explaining the situation with the market and giving plenty of comparables before finally giving my honest valuation I thought she had died in front of me. Her mouth opened, her face froze and it seemed to stay that way for what felt like an eternity. Finally she gasped that she felt her house was worth 100k more than that. 100k more would buy you a 5 bed mansion in this area so I had to gently let her down and imagine she has sunk the whole bottle of sherry sitting on her side table this evening. I won't get the listing but with such ridiculous opinions of high valuations still out there I really dont want it.

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I valued an old ladys 4 bed detached bungalow earlier this week. After carefully explaining the situation with the market and giving plenty of comparables before finally giving my honest valuation I thought she had died in front of me. Her mouth opened, her face froze and it seemed to stay that way for what felt like an eternity. Finally she gasped that she felt her house was worth 100k more than that. 100k more would buy you a 5 bed mansion in this area so I had to gently let her down and imagine she has sunk the whole bottle of sherry sitting on her side table this evening. I won't get the listing but with such ridiculous opinions of high valuations still out there I really dont want it.

I had an interesting conversation with work colleagues about the value of houses and it actually started to turn into a debate with some who have a VI in higher prices getting quite hot under the collar. (they have bought during the peak and are trying to sell)

One made the statement 'PPL wont just give their houses away you know'

My final contribution to the discussion after this was that a house is only worth what someone is willing to pay and it is time for ppl to wise up.

Nothing surprises me anymore ... some ppl just don't get it and cant see higher house prices as anything other than a good thing.

and so the standoff continues ...

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I had an interesting conversation with work colleagues about the value of houses and it actually started to turn into a debate with some who have a VI in higher prices getting quite hot under the collar. (they have bought during the peak and are trying to sell)

One made the statement 'PPL wont just give their houses away you know'

My final contribution to the discussion after this was that a house is only worth what someone is willing to pay and it is time for ppl to wise up.

Nothing surprises me anymore ... some ppl just don't get it and cant see higher house prices as anything other than a good thing.

and so the standoff continues ...

Reminds me of the original Sibley's comments on the Daily Express site a few month's back - it's only people who put their houses up fo sale that will see its price fall... :lol:

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What annoys me is that all the evidence of selling prices is always anecdotal - we have no transparency in the market at all and houses could all be selling well below RV for all we know.

Until we have a group of MLAs who wish to be in line with the rest of the Uk and legislate for an online land registry with financial information included -- then we will be forever in the dark.

I don't believe estate agent's asking prices so why would I believe their selling price information.

In fairness I based my earlier comments (RV + 10%) on what I was told by EA's (Hangs head in shame :angry: ) but also on a couple of offers which were rejected :rolleyes: . You are however 100% right, hence the argument over, and importance of ,RV as both a baseline for all NI property, and a 2005 figure - albeit imperfect in some instances.

Imperfect information regarding the biggest purchase of your life in NI is nothing short of a disgrace IMO (esp when available in other locations/uk), but not it seems a problem when everyone makes money - different when losses are to be made tho.

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Very true Doccyboy, I would prefer an open and transparent way of seeing sold prices of all properties in NI as it would help my case in doing future valuations by providing more concrete proof for comparables and would also inform would be sellers what a similar house is worth. I don't know whay the data cant be collected and inputted at completion from solicitors and made available for all to see.

On the issue of asking prices I am getting more annoyed by the day by some EAs who put their new listings as offers over x amount. Not only is x way above a realistic valuation but they then expect or hope that some idiot will pay more because they have the magic words 'Offers Over'.

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i've been looking to buy since February, i made offers on two houses during April and requested to be kept informed on two others, all of them went sale agreed within 4 weeks of being marketed. only one of the properties went sale agreed for less than the rateable value, and it needs a lot of work.

The EA told you the sale agreed prices then?

don't kid yourselves that houses aren't selling above their RV

I actually dont recall too many on this site saying houses arn't selling above RV... but what is pointed out quite clearly by members of this site, as well as in the media and by also by doing a bit of groundwork when EA's tell lies ... is that very few houses are selling full stop.

RV is something that most on this site accept as a reasonable guide for what they would be prepared to pay.

Just as a moth will go to a light, there will always be idiots (IMO) who will get emotionally attached to a house, believe the dribble they are fed from the EA and will still pay over and above what we may see as good value.

I would say don't kid yourself into thinking that this minority is in anyway contributing to a healthy housing market. As someone recently said a few months back on this site, the housing market and EA's alike are on a life support machine at the minute.

or that reasonable mortgages aren't being advanced

I have made the point several times that mortgages are available if the applications stack up for affordability. This misconception that no-one can get a MTG is fuelled more by EA's to kid themselves that this is the reason why houses are not selling.

Just because a house goes sale agreed, doesnt actually mean that it will complete. Quite a few MTG's are being rejected because the buyer cannot afford what they have agreed to purchase the property at. This sends a very clear message in itself regarding the affordability issues raised on this site.

What is your opinion on a reasonable mortgage? A FTBer who buys at todays prices is still going to be saddled with a huge MTG, much more than their parents ever had and all in the worst economic times that have been experienced for generations.

or that every EA is going out of business

Many have ... and many more will. This is a fact, not made up nonsense. Realistic EA points out that if it wasnt for rental services his business would be on the ropes.

people here talk about the 'sheeples herd mentality' regarding price rises but seem to ignore the opposite but same comforting factor in themselves.

Price rises are of no concern here anymore ... who thinks prices are going to go up?? :ph34r:

Most of the points made are about the reluctance of vendors to accept their property isnt worth what they think it is, and the lack of common sense applied from EA's when it comes to valuing property and aligning this to the basic affordability fundamentals.

It amazes me that so many of these so called 'professionals' are so disconnected from the economic situation that we all find ourselves in.

Edited by tinbin

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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