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The Masked Tulip

Estate Agents Sell Just One Home A Week On Average As Property Market Struggles

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This is bear food - but as it is the Daily Mail I think it needs us all to get commenting on it.

http://www.dailymail.co.uk/news/article-2003252/Estate-agents-sell-just-home-week-average-property-market-struggles.html

Estate agents are selling an average of only one property a week as the housing slump worsens, a report says today.

The number of homes coming on to the market has surged but the number that are selling has fallen, according to the Royal Institution of Chartered Surveyors.

Between March and May, the average estate agency managed to sell only 14.7 properties, the equivalent of just over one per week.

The situation is a nightmare for anybody who urgently needs to sell their property, but cannot find a buyer even if they agree to cut the price.

There is a long list of urgent reasons why people need to sell, from needing to move for a new job to no longer being able to pay the mortgage.

The mood among estate agents is gloomy and apprehensive all over the country, except in London where prices continue to rise and buyers fight to buy the most expensive properties.

Agents said the market was 'tough', and that buyers were feeling 'nervous'. The lack of first-time buyers remains an acute problem.

An agent from Burnham Market, Norfolk, said: 'Unfortunately, buyers seem to have cooled and are becoming increasingly cautious.'

Ian Perry, from the RICS, said: 'Buyer interest in purchasing property remains flat across much of the country. And there is little sign of this changing any time soon.

'Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand.'

Read more: http://www.dailymail.co.uk/news/article-2003252/Estate-agents-sell-just-home-week-average-property-market-struggles.html#ixzz1PCpC0EQC

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http://www.ft.com/cms/s/0/faf52e40-95e7-11e0-ba20-00144feab49a.html#ixzz1PCyxvRwJ

The Royal Institution of Chartered Surveyors’ housing survey for May found that a balance of 28 per cent more surveyors had experienced prices falling rather than rising, the largest negative balance since the beginning of the year.

Moreover, surveyors expect prices over the next three months to be lower rather than higher in every single region except London. The outlook is particularly negative in Wales where a balance of nearly 70 per cent more surveyors expect price falls rather than rises and in the south-west, where the figure is nearly 50 per cent.

The drop has been particularly sharp in the West Midlands, where a balance of 64 per cent more surveyors saw prices fall rather than rise followed by Wales where the figure was 43 per cent.

The percentage of surveyors reporting that inquiries from new buyers are falling was a balance of 2 per cent, having been flat in April.

New instructions to sell properties rose, with a balance of 15 per cent more reporting that these are rising. Average sales of properties per surveyor declined to 14.7 from 15.2.

Given the rise in stock levels and fewer sales during May, the sales-to-stock ratio – an indicator of the balance between demand and supply – fell to 20.6 per cent, well below the long-run average of 33.5 per cent.

The survey also highlighted regional trends. Nowhere in the country is unsold stock on surveyors’ books higher than in Wales where it is close to 120 properties per surveyor.

:D

Edited by The Masked Tulip

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http://www.rics.org/site/download_feed.aspx?fileID=9811&fileExtension=PDF

Take out London and things look even worse

The latest housing survey from the Royal Institution of Chartered Surveyors found that 28 per cent more estate agents reported house prices falling to the lowest level since the beginning of the year.

Ian Perry, a RICS spokesman, said: “Buyer interest in purchasing property remains flat across much of the country and there is little sign of this changing any time soon. “Uncertainty over the economic outlook remains as important as the availability of mortgage finance in depressing demand. On the other hand, the appetite to rent is continuing to grow. And, with little new supply coming onto the lettings market, the cost of renting is increasing and will continue to do so.”

The RICS survey also unveiled a 3.4 per cent drop in the average number of sales per agency compared with the previous month, dropping to 1.11 sales a week during the three months to May.

Neil Foster, a RICS member based in Newcastle Upon Tyne, said: “Lending constraints continue to hamper the market.”

David Jones, a RICS member based in Rhyl, said: “Banks are still the problem with unreasonable lending criteria and high deposits.”

Edited by exiges

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David Jones, a RICS member based in Rhyl, said: “Banks are still the problem with unreasonable lending criteria and high deposits

Honestly, what a stupid idiot

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Honestly, what a stupid idiot

Nah, he is just keeping the dream alive... which is probably what he is paid to do (or at the least had a vested interest in). They aren't in it for you and I, just themselves.

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Unless they persuade sellers to get more realistic, this winter's going to be a desolate time for estate agents outside the London prime market.

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Perhaps the govt should just buy these properties up? They'll make a killing in the future when they sell them all on for more than they paid for them.

Wouldn't be surprised - last Tory gov't wasn't too bright WRT real estate - sold all our military housing off at the bottom of the market in the mid-90s. Now costs the taxpayer a fortune every year to rent it from the private owners.

The Tory equivalent of the 'Brown Bottom' in gold.

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EA's cannot survive on table scraps and one house a week simply isn't breaking even. The only option they have is to drive down prices to a level they can shift stock. At the end of the day there is a buyer for everything at the right price.

Price discovery desperately needs to happen in the UK, but it would be better if the base rate was at a realistic level and all the other props were removed.

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I have a feeling that the artificial prolonging of this 'crash' and the attempt to bring about a soft landing may eventually work in our favour.

The pressure's building up and the bigger the pressure, the bigger the dam breach.

No-one's buying at the bottom end even at these interest rates, and there's really nowhere else to go.

By next year hopefully we will see people chasing the market down in order to sell.

I just hope that young people aren't convinced that 5% off current prices is a 'bargain' and if they are conned into thinking that, they are saved from themselves by IR hikes.

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Divide the number of propertys selling in your area by the number of estate agents...

19 in Ol9 during March

And all these EA.

Alan Kirkham Ltd

0843 314 8437

Bridgfords, Ashton-Under-Lyne

0843 313 1280

Bridgfords, Manchester

0843 313 1250

Chesters

0161 774 2202

Clarke & Co

0843 313 2858

Cousins, Failsworth

0843 314 2113

Cousins, Oldham

0843 314 2112

Hopkins Henstock

0161 774 1777

House Network

01245 249110

Hunters Personal Agent, Oldham

0843 103 2840

Hunters Personal Agent, Stalybridge

0843 315 5667

iSold.com

01612 221000

Jonathan Swire Estate Agency

0843 103 2382

Key Moves Independent Estate Agents

0843 313 8257

Lawrence Copeland (Town & City Centre)

0161 774 3010

Meridian Business Sales Ltd

0845 222 0508

Move4us

0843 313 2365

My Property for Sale

0843 315 3826

N P Estates

0843 315 6150

Open House Estate Agents

0843 315 6765

Peapod Estates

0843 315 0637

Pearson Ferrier

0843 314 7721

Preferred Commercial

0844 871 1484

Redrow Homes

0843 315 0177

Ryder & Dutton, Chadderton

0843 315 1285

Ryder & Dutton, Oldham - sales

0843 315 1288

Ryder & Dutton, Uppermill - New Homes

0845 330 2656

Swift Residential

0843 315 4609

Taylor Wimpey

0843 314 2278

The Express Estate Agency

0845 434 7810

Tom Clarke

0161 774 2066

UMove Homes

0845 603 8714

Wild & Griffiths

0843 315 3867

YOUR MOVE

0843 315 3457

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Perhaps the govt should just buy these properties up?

If the taxpayer isn't prepared to pony up the money then the government will no doubt do it for us.

Just because your name isn't on a deed doesn't mean you don't own a house, it just means you did'nt get to make the mistake of buying at the top and selling at the bottom, the govt will take care of that for you.

Edited by MrFlibble

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Great Charts:

<snip>

They are .....

The "dead cat bounce" and the deteriorating technical picture (lower highs and lower lows) are quite evident.

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Having put my house on the market ,sold it and with drew. Its the sellers who are being penalised. Estate agents use all kinds of ruises to get them to reduce the price of your house. Even siding with buyers. when i removed my house from sale,i expected a phone call or letter asking me why. i also expected the so called buyer to contact me. What happened nothing,no call,visit only a brief letter. What am i saying, that estate agents only want the easy sale. the quick buck. They are a very lazy bunch of people who cannot be trusted. They deserve the bad reputation they have.

- adrian ward, sutton coldfield, 14/6/2011

Read more: http://www.dailymail.co.uk/news/article-2003252/Estate-agents-sell-just-home-week-average-property-market-struggles.html#ixzz1PEWsbsH7

Quote from a disgruntled non-seller. He has the cheek to castigate the "so called buyer" without the wit or insight to realise he is a "so called seller". The reason he can't sell is that he paid too much for the property when he bought it. He's a mugging victim trying to turn mugger to get his money back, and blaming the police and potential victims for being too vigilant. Shame. Can't wait until prices drop another 10% this year.

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Wouldn't be surprised - last Tory gov't wasn't too bright WRT real estate - sold all our military housing off at the bottom of the market in the mid-90s. Now costs the taxpayer a fortune every year to rent it from the private owners.

The Tory equivalent of the 'Brown Bottom' in gold.

Yep, I remember meeting someone on holiday in 1994 who could not even pronounce the name of the town he had just bought 400 houses in at the cost of £5k a pop. Military houses that in this overinflated market would be worth £150K now.

Amazing what can happen in a few decades of debauched monetary policy.

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The government can no longer keep this particular plate spinning. Trouble is, it spins too close to the other plates and one big wobble and CRRRRRRRRRRRRRRRRRRRRRRAAAAAAAAAAAAAAAAAAAAAAAAAAASH!

As went the US housing market so will go ours. Merv did his best keeping IR i negative territory but you cannot beat the market and this bubble must pop, or shoudl I say deflate. :ph34r:

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Quote from a disgruntled non-seller. He has the cheek to castigate the "so called buyer" without the wit or insight to realise he is a "so called seller". The reason he can't sell is that he paid too much for the property when he bought it. He's a mugging victim trying to turn mugger to get his money back, and blaming the police and potential victims for being too vigilant. Shame. Can't wait until prices drop another 10% this year.

Brilliant. Please post that in response to him on in the comments!

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No recovery yet then. As predicted on here the market has been poor since 2007 and return to normal is a long term expectation.

This seller must be praying for a 'return to normal'.

I recall seeing this go onto the market 3 years ago. It was a renovation project, with an asking price of £200k. It was a really rundown house, looking at the pics, whoever bought has spent some money on it.

However, despite an asking of £200k, they must have got into a bidding war because LR says it sold for £250k

It seems that the vendor has decided to give up on a return to normal and has now adopted the 'chasing the market down' approach.

Dammit, if only we could get back to normal!!!!

http://www.rightmove.co.uk/property-for-sale/property-17108667.html

I shouldnt laugh, but i have an image of the canny property developer / vendor reading this article then rushing to the EA's office and politely asking if they can make their house the one that the agent will sell this month!!!

Edited by Caveat Mortgagor

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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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