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InlikeFlynn

Sudden Increase In Properties Coming On To The Market

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I'm following two areas (one in SW England the other in southern scotland) and have noticed a sudden dramatic increase in the number of houses coming on to the market this week. This is slightly biased by the relisting of houses (to throw off a long record in property bee) but total houses on the market seem higher in all the postcodes I'm following than this time last year. Is this an early indicator of price falls to come? Has anyone else seen anything similar in their target areas?

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Not really anything new here although there have been a few price reductions in the last couple of weeks. It is a pity that the reductions are only on crappy places that were well overpriced anyway but c'est la vie. At least the chancers are realising that they are waisting their time.

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Seen a massive increase since the beginning of the year. Although it slows every now and then and has actually dropped back slightly over the last two weeks. There are now more properties on the market than at any point last year for the areas of Essex that I monitor.

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Even in leafy Surrey I have been seeing more houses coming onto\returning to the market and price drops across the board. Most decreases seem to be in what I would consider mid range for the area (400k-600k) decreasing 20k at a time in some cases. That puts nice pressure onto the lower end to start paying attention to whats going on. I have even had people at work start talking about house prices in a negative light. I was able to have a constructive discussion about debt not being wealth etc etc without being chased from the office. Lots of nodding heads for a change.

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Even in leafy Surrey I have been seeing more houses coming onto\returning to the market and price drops across the board. Most decreases seem to be in what I would consider mid range for the area (400k-600k) decreasing 20k at a time in some cases. That puts nice pressure onto the lower end to start paying attention to whats going on. I have even had people at work start talking about house prices in a negative light. I was able to have a constructive discussion about debt not being wealth etc etc without being chased from the office. Lots of nodding heads for a change.

Mildly increasing in Southport, total in my area of interest represents about three years sales at current levels.

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Not seeing a surge here in Swansea but certainly shooting up asking prices.

Tonight a friend, who apparently knows about such things, told me that some EA firms have so few sales now that, aside from lettings, another way they can generate revenue is by listing properties as premium or fine or country housing and then charge higher marketing fees to do so.

To do this means bumping up asking prices, half feeding the sellers delusions knowing the house will most likely not sell but at least getting a nice fat premium home marketing fee up front.

I wonder if this is indeed the case?

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I'm following two areas (one in SW England the other in southern scotland) and have noticed a sudden dramatic increase in the number of houses coming on to the market this week. This is slightly biased by the relisting of houses (to throw off a long record in property bee) but total houses on the market seem higher in all the postcodes I'm following than this time last year. Is this an early indicator of price falls to come? Has anyone else seen anything similar in their target areas?

Not really noticed this in my part of the SW. There is a slight uptick in the numbers but the asking prices are higher than a few months ago.

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Thanks for all the information, there's obviously a good deal of local variation and some areas have seen more of an increase in supply than others. The re-listing trick does seem to be going on but the rush I have seen in the past few days is all new to market. It may well be just "statistical noise"

I'll be interested to see the next release of Rightmove statistics for the numbers of properties on the market in each postcode: when I look at the "market activity in your area" section the graph seems to finish with the January figures.

Masked Tulip's description of the new EA model

- " listing properties as premium or fine or country housing and then charge higher marketing fees to do so. To do this means bumping up asking prices, half feeding the sellers delusions knowing the house will most likely not sell but at least getting a nice fat premium home marketing fee up front." -

describes exactly the experience I had with a local EA, who wanted a £150 registration fee along with an array of other charges (including one for stationery!) such that I would have paid nearly 1K just to get the house on the market. They also suggested a 5% higher guide price than I eventually used, presumably to try and lure me in. This can only help prolong the stand-off between sellers and buyers. Quite how these estate agents are managing to pay the rent on their premises, payroll etc. is beyond me as they don't seem to sell anything.

We shall have to wait and see - if only the bank would raise interest rates, we might see some deals being done.

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clearly there is no mortgage famine as reported in the press, no inflation reducing spending power, debt is flat, taxes are going down, and the cuts are not occuring.

UK PLC is in fine health.

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Despite having now exchanged on a property, we're still getting primelocation alerts on new listings in 2 adjacent areas, SW London.

For some time there's been a big surge in new listings (and 'new prices' ) in the area we decided we didn't want, which is already generally cheaper than the other, largely I guess because of transport links.

Relatively few for the preferred area. Certainly very few 'new prices'. And, thank heaven, absolutely nothing to make us think, 'Sh*t, this is better and cheaper, we should have hung on a bit longer...'

Haven't even seen anything that ticks as many boxes for anywhere near the same price.

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Monitoring Bristol, some increase in supply, not massive. prices more or less static.

Ditto Hemel Hempstead, ditto Plymouth. Mexican stand off and pretty disappointing for a bear.

Though I also monitor Stoke where in fact volumes are strongly increasing, sales volumes are low, and whilst prices were in a slow decline there is evidence of major price drops in the last month or so. ( ST2 and ST3 down around 25% this spring, but could be a low volume anomaly. )

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Mexican stand off and pretty disappointing for a bear.

great mixed metaphor - conjures bizarre images of clint eastwood and grizzly adams...

Leeds student-rental-ville seems to be crashing again after a big recovery in 2010

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Property levels pretty static round me, but there has certainly been an increase in the amount of respect I'm getting from colleagues re being a guru on the state of the housing market! Anecdotally, many of these colleagues have very little idea what is really going on out there, why no-one's comg to visit their (vastly overpriced property) etc. Very few of them make any connection between the economic situation, the credit crunch and overinflated house prices. I'm happy to enlighten then and even happier to be getting more than the odd nod in agreement these days.

Edited by rantnrave

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I'm following two areas (one in SW England the other in southern scotland) and have noticed a sudden dramatic increase in the number of houses coming on to the market this week. This is slightly biased by the relisting of houses (to throw off a long record in property bee) but total houses on the market seem higher in all the postcodes I'm following than this time last year. Is this an early indicator of price falls to come? Has anyone else seen anything similar in their target areas?

I have noticed a increase in my area ( Yorks) what i have also noticed is a large number of repeat property postings of the same property by one of the larger local property developers come EA .They have never done this before, do they know something we don,t.

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I have noticed a increase in my area ( Yorks) what i have also noticed is a large number of repeat property postings of the same property by one of the larger local property developers come EA .They have never done this before, do they know something we don,t.

yup, seen a bit of this too, sometimes with a new set of photos. I was looking through one set of Rightmove particulars earlier this week when I suddenly recognised a fireplace... the agents had taken photos from different angles and relisted a house that had been mailngering on the market as if this would magically sell it. They should try knocking 15% off the asking price and they might do better.

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I've noticed an increased stock because nothing seems to be selling. Some of the houses in my search area have been on the market for almost a year.

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In my corner of sw, north wiltshire, I have been watching volumes steadily falling, which has been really worrying from a bear point of view, but in last week, that trend seems to have reversed and volumes are up slightly. Although despite lack of new places there are regular price reductions. Particularly in the new builds which seem to knock a few thousand off almost weekly!

Also seen evidence of how overpriced new builds are. We viewed one (a 4 bed midterrace, with a strange car post described as a garage. It had a garage door but was open at the back into the garden. The plans had a walk there!) They wanted 215 for it. It is still for sale about 3 months on and dropped to 210. Now the house next door has come on described as "as new" (ea quotes) so is being sold by the person who bought it off developer and the asking price is 200, this one is end terrace and has a second garage door at the back. Make of that what you will.

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... the experience I had with a local EA, who wanted a £150 registration fee along with an array of other charges (including one for stationery!) such that I would have paid nearly 1K just to get the house on the market. They also suggested a 5% higher guide price than I eventually used, presumably to try and lure me in. This can only help prolong the stand-off between sellers and buyers. Quite how these estate agents are managing to pay the rent on their premises, payroll etc. is beyond me as they don't seem to sell anything.

I guess those £150 registration fees are keeping them going. The only way EAs can maintain a sales department is if they have a lettings department propping it up for the time being. If the EAs want a fee to sell, I think I'll go to an online EA like house network which gives you an entry on rightmove. The main advantage the high street agents have is no fee for the speculative seller. This is the way the high fees (1% +VAT) are justified.

I will be surprised if there are any EAs remaining on the high street in 5 years time.

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Very few of them make any connection between the economic situation, the credit crunch and overinflated house prices.

it defies belief doesn't it - my mum's like this, irrespective of the fact that no-one in their right mind is going to pay 200k+ for every one of tens of thousands of 3 bed semi in the outskirts of northern cities, because the wages just are not there, there atre insufficient people on sufficient salary to pay such sums, and the ones that there are can rightfulyl expect a darned sight more for their money seeing as they constitute rouglhy 0.1% of the cities' populations

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



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