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The Masked Tulip

Viewings Have Fallen Off A Cliff

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Here's a little anecdotal that is worth an hour or two in the main forum. I know how many of you follow my frequent visits to Swansea EA offices. :rolleyes:

Was just talking with a director of one of the main EA chains in Swansea and West Wales.

Quote: "Viewings have fallen off a cliff since last month".

They are now "in panic mode" at so few viewings.

May was a bumper month but this month their viewings are right down.

Thought I would share.

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Hang on a minute TMP. A few weeks ago you walked into an estate agent and several punters walked in and made asking price offers on the spot. Are those sales going through?

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Hang on a minute TMP. A few weeks ago you walked into an estate agent and several punters walked in and made asking price offers on the spot. Are those sales going through?

I did indeed... and I did enquire about them... yes, apparently they are going through... although in the case of two of them much nicer houses have come on with a few doors away for the same asking prices. If I was stupid enough to be buying those 2 houses I would now pull out and go after the two newer ones for sale.

As I said, they said last month was a bumper month, this month bad.

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I have expressed interest in several auction properties that are placed with a South/West Wales auctioneer and have received loads of calls asking to register to bid.

The situation must have changed because they treated me with such distain last year, almost throwing me out of the office with "you cannot be a serious buyer with that offer".

It is as if panic mode has arrived.

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I have expressed interest in several auction properties that are placed with a South/West Wales auctioneer and have received loads of calls asking to register to bid.

The situation must have changed because they treated me with such distain last year, almost throwing me out of the office with "you cannot be a serious buyer with that offer".

It is as if panic mode has arrived.

Interesting.

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Hang on a minute TMP. A few weeks ago you walked into an estate agent and several punters walked in and made asking price offers on the spot. Are those sales going through?

I'm with the Masked Tulip on this one. I believe there was a spring bounce and activity was good, but it may have been a case of the last bear having finally bought. I just don't see where the next bunch of buyers are, they have had due warning that the next six months are inevitably going to see an unravelling of the bounce, the US market did a hand brake turn in Q1 with Case shiller posting -4.2% and we seem to be headed the same way. An EA admitted to me that activity has nose dived and they are open to discussions on some of my spring viewings. There was a lack of quality on the market a few moths back, but supply has picked up. The quality has sold and appears to be going through to completion, new instructions of quality may have missed the spring boat.

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An EA admitted to me that activity has nose dived and they are open to discussions on some of my spring viewings. There was a lack of quality on the market a few moths back, but supply has picked up. The quality has sold and appears to be going through to completion, new instructions of quality may have missed the spring boat.

I agree with this. Let's hope we are right.

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May was a bumper month but this month their viewings are right down.

I thought all those persky bank holidays had put the brakes on viewings in May?

Separate question - when normally would the Spring bounce be declared over? Are we looking at the June data to show the drop off or July's?

While I'm in rambling mode, if London is the only place where transactions are happening in significant numbes thanks to overseas buyers, isn't that going to skew the indices upwards?

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Hang on a minute TMP. A few weeks ago you walked into an estate agent and several punters walked in and made asking price offers on the spot. Are those sales going through?

Forgot to say, they were rubbishing one of their sellers - I know who she is - who keeps putting full offers in on houses despite her own house having got no offers.

I believe, but could be wrong, she put in a near full asking price offer on a house I was interested.

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It is as if panic mode has arrived.

Folk on here (myself included) have been calling the start of the Fear Phase for a while. Since the crash is happening at different speeds across the country (if at all in London) this makes it very hard to declare where things are at nationally. Northern Ireland has had a crashtastic 12 months, north England is just moving from correction to crash territory, the Midlands seem to be knee-deep in the correction phase. The rest of the country though I think is around the flat / early correction stage IMO.

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I thought all those persky bank holidays had put the brakes on viewings in May?

Separate question - when normally would the Spring bounce be declared over? Are we looking at the June data to show the drop off or July's?

While I'm in rambling mode, if London is the only place where transactions are happening in significant numbes thanks to overseas buyers, isn't that going to skew the indices upwards?

I suppose the VIs will try and squew everything in their favour. It is Spring until it is Summer when they can tell everyone that no one buys in the Summer :rolleyes:

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If this is like your Black Wed/Thu call TMT I'll have to seriously consider going out and buying a house. :D

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Folk on here (myself included) have been calling the start of the Fear Phase for a while. Since the crash is happening at different speeds across the country (if at all in London) this makes it very hard to declare where things are at nationally. Northern Ireland has had a crashtastic 12 months, north England is just moving from correction to crash territory, the Midlands seem to be knee-deep in the correction phase. The rest of the country though I think is around the flat / early correction stage IMO.

I think Swansea, especially Swansea West, is still in denial but I think that June to Sept might move EAs into the fear phase.

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*warning: pain in the **** contarian post*

Friends of my wife have their flat on the market. last week during open viewing: One couple.

This week during open viewing: One Couple

Now you're thinking two couples, that's laughable. But it was the same couple each time. So does that make it twice as bad, or as they are obviously interested, and applying the mantra of "it only takes one idiot to buy the place", is it twice as good?

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Forgot to say, they were rubbishing one of their sellers - I know who she is - who keeps putting full offers in on houses despite her own house having got no offers.

I believe, but could be wrong, she put in a near full asking price offer on a house I was interested.

is she a property columnist for a national or regional rag?

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is she a property columnist for a national or regional rag?

No, her profession appears to be 'bl**dy annoying' - she is one of these doer up people, probably addicted to property porn TV.

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Here's a little anecdotal that is worth an hour or two in the main forum. I know how many of you follow my frequent visits to Swansea EA offices. :rolleyes:

Was just talking with a director of one of the main EA chains in Swansea and West Wales.

Quote: "Viewings have fallen off a cliff since last month".

They are now "in panic mode" at so few viewings.

May was a bumper month but this month their viewings are right down.

Thought I would share.

Rightmove, Bristol West; the number of properties on the market in my price search range has doubled since early March but the prices are quite a bit a higher than a year ago, basically silly since they were ridiculously overpriced then..

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My daughter just accepted an offer on her apartment (2 bedder in Castlefields Manchester) at 132K (originally on at 149K but unrealistic). FTB with mortgage approved moving from London with her job. Total viewings in the last three months around 30, no kidding, so I guess some areas are still hanging on.

Edited by tomwatkins

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Isn't the bbc moving from london to salford, which is birmingham I believe. Might explain the mini boom in the area.

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Folk on here (myself included) have been calling the start of the Fear Phase for a while. Since the crash is happening at different speeds across the country (if at all in London) this makes it very hard to declare where things are at nationally. Northern Ireland has had a crashtastic 12 months, north England is just moving from correction to crash territory, the Midlands seem to be knee-deep in the correction phase. The rest of the country though I think is around the flat / early correction stage IMO.

I would tend to agree with this. The low level of transactions and mortgage lending is a good sign of trouble ahead, but so far the SE and SW, has slipped more slightly than other regions outside London. I love the way the press trumpet a 14% rise in mortgage lending from April to MAY! It was a small uptick from about £10.1billion to £11.5 billion and A FAR CRY FROM NORMALITY IN 2006-7 OF AROUND £30 billion per month in spring. There have ben marked falls in Sussex on property for sale for a long time. % are misleading as properties differ, but it's anything from 5-30% on properties which fail to sell around me. A few cases of inexpicable higher asking prices are also noted. A very strange market indeed.

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A bit Anecdotal From Oxfordshire North (Banbury). Houses on my estate have been changing hands with little problems around the 2005/2006 prices for the last 18 months. However lately I have seen asking prices now dropped to below the 2005/2006 prices (New estate in 2005/2006) and supply over double. Average time to offer on estate was 6 weeks........now looking nearer 12 and growing.

The only houses which really went up in the peak were the 4/5bed large detached that increased around 15% at peak. Now asking 2005/2006 prices plus 5%.....so reality well and truly set in.

Banbury is one area that is reasonably priced IMHO

N.

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