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House Prices Will Have To Be Chopped

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According to the lead story on Estate Agent Today.

1st paragraph there:

" Estate agents will have to chop the prices of properties on their books in order to stay in business, Hometrack has said, after the number of transactions slowed down in May. "

:o

Brilliant!

They are finally getting it - or else! :lol:

:D:D:D

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According to the lead story on Estate Agent Today.

Good quote from an EA in the comments:

"I'm finding the majority of houses selling are those where 3rd parties control asking prices i.e repo's, p-ex's, and the lovely death and divorce cases"

Confirms what many on here think...

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I love this comment...

well said tony - and that is the information RICS, NAEA etc etc should be saying on press releases to encourage vendors to drop, as many vendors just think we recommend a drop for a quick sale to line our own pockets, i think I'll jump off a bridge if I hear another vendor say 'well I'm in nor rush so I want to ask the higher price' or as i had yesterday a vendor saying 'I'm not giving it away' after I'd received an offer of £390k on his 400k property!

I'm finding the majority of houses selling are those where 3rd parties control asking prices i.e repo's, p-ex's, and the lovely death and divorce cases.

"Lovely death and divorce cases"... such a ghoulish business estate agency! :P

There's an FTB couple where I work with £300K burning a hole in their pockets, itching to buy, nothing to sell. Can they get some b*gger to move out of his house and let them have it? No they can't. They make offers which are accepted then the vendor can't find anywhere to buy. It's been two years now, they're still renting.

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It only took them 4 years to work oh. Clever bunch.

They knew it, we knew it. But while there was people they could kid, why admit it too soon ?

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:rolleyes::rolleyes: Yup - and sell millions of PREDATORY LIAR LOANS in the meantime.... :rolleyes:

I don't recall getting the memo on whether we would or would not add 'predatory' to your "liar loans" catchphrase.

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I don't recall getting the memo on whether we would or would not add 'predatory' to your "liar loans" catchphrase.

:lol:

Why not, it sounds about right.

Anyone in favour, say AYE!

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I don't recall getting the memo on whether we would or would not add 'predatory' to your "liar loans" catchphrase.

My wife went out for a walk last night and thought she saw one lurking behind a hedge, I went out later with a torch but couldn't see anything.

Edited by council dweller

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One idiot agent I spoke to recently said "..it's dead out there, not much coming onto the market."

I said: "Wouldn't a rate rise actually help you? More forced sales at lower prices meaning more transactions..."

"Oh, no...a rate rise would kill the market." he said.

So he'd rather scrape by on one sale a month at ludicrously high prices and a few parasitic commissions on rentals.

ANYTHING to keep the goodship HPI afloat. Prices must never fall. What a catastrophe that would be.

The twunt.

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One idiot agent I spoke to recently said "..it's dead out there, not much coming onto the market."

I said: "Wouldn't a rate rise actually help you? More forced sales at lower prices meaning more transactions..."

"Oh, no...a rate rise would kill the market." he said.

So he'd rather scrape by on one sale a month at ludicrously high prices and a few parasitic commissions on rentals.

ANYTHING to keep the goodship HPI afloat. Prices must never fall. What a catastrophe that would be.

The twunt.

A decade of relentless price rises has, IMO, left the EA industry very short of staff who realise that money can be made in a falling market.

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Cheers RnR.

Have had a few brief forrays onto the site but always interesting to read your posts on there and the reaction of the EAs - who seem in the case of this thread to becoming more open to the reality of the market.

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But London's different ... well not according to the LondonAgent's comment

"Well said one and all......London isnt the gold mine the press/articles want you to believe. Its very tough here and I dont know 1 agent who is having a good time. Average sale is 5.9 weeks!!! Rubbish. Last summer I agreed the sale of a house @ £440K after this time scale however fell through as the buyer lost his purchaser. The property has been on the market for 6 months and 45 viewings later...not an offer in sight!"

Yes, that was very interesting.

There is something strange going on in London. You don't have that many bankers, or rich foreigners, to keep the whole London market up. A few prime location perhaps, the top 1% or 2%, but not the whole market. It doesn't make sense.

Moreover, the housing benefits cap there should be pushing the bottom of the market downwards.

Something odd going on.

It could be the stamp duty increase in April for properties over £1 million, causing a higher volume on these properties, distorting the average.

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Cheers RnR.

Have had a few brief forrays onto the site but always interesting to read your posts on there and the reaction of the EAs - who seem in the case of this thread to becoming more open to the reality of the market.

Price in Northampton havent risen since 2006. You'd think they had the hang of it by now :rolleyes:

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QUOTE from the Estate Agent Magazine:

“Some potential buyers are still being restrained by the inadequate availability of mortgage finance.”

I had a thought the other day that it might also have something to do with the possibility that sellers might be asking more for their homes than buyers are willing or able to pay. Anyway, just a thought I had, probably nothing to do with the situation really.

Edited by Realistbear

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I love this comment...

"Lovely death and divorce cases"... such a ghoulish business estate agency! :P

There's an FTB couple where I work with £300K burning a hole in their pockets, itching to buy, nothing to sell. Can they get some b*gger to move out of his house and let them have it? No they can't. They make offers which are accepted then the vendor can't find anywhere to buy. It's been two years now, they're still renting.

Yep, when they find it costs upwards of £20k just to move sidewards, sometimes better to stick. :huh:

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:P

QUOTE from the Estate Agent Magazine:

“Some potential buyers are still being restrained by the inadequate availability of mortgage finance.”

I had a thought the other day that it might also have something to do with the possibility that sellers might be asking more for their homes than buyers are willing or able to pay. Anyway, just a thought I had, probably nothing to do with the situation really.

:rolleyes::rolleyes::P

:wacko::wacko:

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A decade of relentless price rises has, IMO, left the EA industry very short of staff who realise that money can be made in a falling market.

Much too thick...... What do you expect?! :P:rolleyes::rolleyes:

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In all fairness the EA business has always been about volume not price. If you sell 100 houses at £400,000 £310,000 during a year your be driving to work in a new hot hatch and taking the wife and kids to an all inclusive to Barbados. While the EA that sell 12 house at £400,000 £410,000 will be loosing their own.

For all the stick we give them, most EAs are not stupid and they do know this perfectly well.

[editted to say:]

One idiot agent I spoke to recently said "..it's dead out there, not much coming onto the market."

I said: "Wouldn't a rate rise actually help you? More forced sales at lower prices meaning more transactions..."

"Oh, no...a rate rise would kill the market." he said.

So he'd rather scrape by on one sale a month at ludicrously high prices and a few parasitic commissions on rentals.

ANYTHING to keep the goodship HPI afloat. Prices must never fall. What a catastrophe that would be.

The twunt.

Ok OK, there is a % who get it and a another % that deserve to loose it all.

Edited by KingBingo

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  • 284 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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