The Masked Tulip Posted July 28, 2014 Share Posted July 28, 2014 Latest Land Registry shows Swansea sold prices less than in June 2004 - no HPI for 10 yrs.. ????? Seems to be a huge amount of denial by sellers and certain EAs. I am seeing houses that have not sold in 7 or 8 years put UP their asking prices.... and just sit there.... Seeing an awful lot of SSTCs fall through and other SSTCs just sitting there month after month. I was talking to a manager of one of the firms in Swansea and he told me that, the weekend before last, he was talking with an owner of a firm, that some might say is one of the biggest rampers, and was allegedly told that they had been "very quiet for the past 6 weeks" and that the owner was getting a tad nervous about things. The new limits on mortgage multiples down to just over 4 times salary plus the MMR test of whether you can repay your mortgage at a 7% interest rate is going to have a huge affect on Swansea prices IMPO. It is just going to take some months for it to work through to the EAs let alone to the sellers who listen to them IMPO. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 28, 2014 Share Posted July 28, 2014 ????? Seems to be a huge amount of denial by sellers and certain EAs. I am seeing houses that have not sold in 7 or 8 years put UP their asking prices.... and just sit there.... Seeing an awful lot of SSTCs fall through and other SSTCs just sitting there month after month. I was talking to a manager of one of the firms in Swansea and he told me that, the weekend before last, he was talking with an owner of a firm, that some might say is one of the biggest rampers, and was allegedly told that they had been "very quiet for the past 6 weeks" and that the owner was getting a tad nervous about things. The new limits on mortgage multiples down to just over 4 times salary plus the MMR test of whether you can repay your mortgage at a 7% interest rate is going to have a huge affect on Swansea prices IMPO. It is just going to take some months for it to work through to the EAs let alone to the sellers who listen to them IMPO. Hey TMT, I was down the gower a couple weeks ago and going through swansea I was amazed at the number of For Sale signs. I counted.....50 For Sale signs....2 Sold signs and one of those was outside a block of flats, on public land so you can't even be sure of that. With that sort of supply then prices should be through the floor. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 28, 2014 Share Posted July 28, 2014 Hey TMT, I was down the gower a couple weeks ago and going through swansea I was amazed at the number of For Sale signs. I counted.....50 For Sale signs....2 Sold signs and one of those was outside a block of flats, on public land so you can't even be sure of that. With that sort of supply then prices should be through the floor. Friends of mine are on holiday in the Cotswolds this week - all weekend they have been sending me photos and details of gorgeous country cottages that are half the price, and less, of awful 1970's grey block cement covered wall construction boxes in Swansea West. There is no comparission. IMPO some of the EAs have ramped up asking prices to ludicrous levels and people, either via greed ort stupidity, got themselves huge mortgages on this stuff in the last 14 years. What a mess - some of the lowest wages in the UK, a city centre that has been getting uglier and dirtier for 30 years and house asking prices to match London. Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted July 28, 2014 Share Posted July 28, 2014 The Masked Tulip, on 28 Jul 2014 - 11:05 AM, said: Friends of mine are on holiday in the Cotswolds this week - all weekend they have been sending me photos and details of gorgeous country cottages that are half the price, and less, of awful 1970's grey block cement covered wall construction boxes in Swansea West. There is no comparission. IMPO some of the EAs have ramped up asking prices to ludicrous levels and people, either via greed ort stupidity, got themselves huge mortgages on this stuff in the last 14 years. What a mess - some of the lowest wages in the UK, a city centre that has been getting uglier and dirtier for 30 years and house asking prices to match London. Swansea West was probably saved by the 0.5% bank rate. I've spoken to a few people who state they would be "screwed" if interest rates increase from here - I suppose they must be spending the cash rather than overpaying while they can.. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 28, 2014 Share Posted July 28, 2014 Swansea West was probably saved by the 0.5% bank rate. I've spoken to a few people who state they would be "screwed" if interest rates increase from here - I suppose they must be spending the cash rather than overpaying while they can.. Yep, the 0.5% interest rate saved hundreds of home owners in Swansea West IMPO. I was talking to another EA a few days ago and she told me that they have plenty of people coming in now who are in a hurry to sell because they know that they will not be able to pay their mortgages when IRs rise - sadly, that firm is sticking the houses on for asking prices which, personally, I do not think are obtainable given the new mortgage and MMR limits. I actually saw a house in Mumbles that was on for about 290K 2 years ago, and did not sell, now come on for about 500K this summer. How deluded is that? Quote Link to comment Share on other sites More sharing options...
Bemusedmover Posted July 28, 2014 Share Posted July 28, 2014 We bought below asking price but slightly above true value......... since our sale appeared on land registry.... all selling prices have risen!!!!!!!!!! Quote Link to comment Share on other sites More sharing options...
Jule Posted July 28, 2014 Share Posted July 28, 2014 I sometimes wonder whether "the best newpaper inf the world" (no, I'm not kiding, one of the journos seriously told me so!!) gets money for articles like this one: http://www.southwales-eveningpost.co.uk/8203-8-local-properties-buy-100-000/story-21962962-detail/story.html Big deal!! Shouldn't read 8 below 100k but 800! Gosh, people are deluded nowadays..... Jule (thinking of throwing our house onto the market, getting sick of so many things!) Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 29, 2014 Share Posted July 29, 2014 (edited) Little terraced cottage on the way into Mumbles came on 2 years ago for something stupid like 320K... eventually dropped to, IIRC, 280K asking price... and the **** EA said that it had sold. Checked Zoopla sold prices tonight and, nah, I could not see it listed as sold on there going back to 2003... at which point I stopped looking. The asking prices above were just stupidly ludicrous a few years ago.. It is back on with the same EA for circa HALF A MILLION POUNDS ASKING. Talk about trying it on IMPO. This is a tiny terrace on a busy road with lots of road noise and pollution. Only an idiot selling up in London would pay that and you would have to be an idiot who had won a prize award for being an idiot IMPO. With the tightening mortgage rules... Edited July 29, 2014 by The Masked Tulip Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted July 30, 2014 Share Posted July 30, 2014 The Land Registry dataset is quite interesting to search. For example there are currently 86 properties listed at >£600,000 in SA3 In the past 6 years there have only been 82 transactions at >£600,000, less than 14 per year. Or even better, changing to SA2 21 properties listed >£600,000 Only ever 10 transactions >£600,000 since 1998, in the past 2 years there has been 1 sale! There's no one to buy all these houses, as has probably been pointed out before. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 30, 2014 Share Posted July 30, 2014 The Land Registry dataset is quite interesting to search. For example there are currently 86 properties listed at >£600,000 in SA3 In the past 6 years there have only been 82 transactions at >£600,000, less than 14 per year. Or even better, changing to SA2 21 properties listed >£600,000 Only ever 10 transactions >£600,000 since 1998, in the past 2 years there has been 1 sale! There's no one to buy all these houses, as has probably been pointed out before. Yes, I suspect that the people who run the EA firms know this but they are playing the percentage games, get stuff on their books and hope for a handful of those big sales thereby creating a big commission for them. Ramping is part of the game IMPO to be an EA in this part of the world which means ramping up all house asking prices be it in Townhill or Penlan just so that you can try to justify the truly crazy asking prices in SA3. Interest rates are on the rise - it is going to be like the early 90s again IMPO. Loads of people losing their homes. Loads of people in Mumbles who give the outward illusion of being rich when they are actually in massive debt. Quote Link to comment Share on other sites More sharing options...
Jule Posted July 31, 2014 Share Posted July 31, 2014 Checked Zoopla sold prices tonight and, nah, I could not see it listed as sold on there going back to 2003... at which point I stopped looking. You're definitely right about pushing house prices at the bottom end to justify ludicrous top end expectations. Re Zoopla sold prices, IMO you can't count on correct entries. I can say for sure that our house is listed as sold in May 2001 and not after then. I know that we bought it in July 2008, no entry, before that it was sold in 2006 and 2004, no entries, either. Same with our house in London. No entry after 1998, i.e. basically no entry at all. I know it has been sold at least 4 times after 2000. Is there a better/ more reliable source available? Jule Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted July 31, 2014 Share Posted July 31, 2014 You're definitely right about pushing house prices at the bottom end to justify ludicrous top end expectations. Re Zoopla sold prices, IMO you can't count on correct entries. I can say for sure that our house is listed as sold in May 2001 and not after then. I know that we bought it in July 2008, no entry, before that it was sold in 2006 and 2004, no entries, either. Same with our house in London. No entry after 1998, i.e. basically no entry at all. I know it has been sold at least 4 times after 2000. Is there a better/ more reliable source available? Jule Zoopla apparently gets the data from the LR site. You can go directly to the LR site and pay a fee for a particular house I believe. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted August 2, 2014 Share Posted August 2, 2014 You're definitely right about pushing house prices at the bottom end to justify ludicrous top end expectations. Re Zoopla sold prices, IMO you can't count on correct entries. I can say for sure that our house is listed as sold in May 2001 and not after then. I know that we bought it in July 2008, no entry, before that it was sold in 2006 and 2004, no entries, either. Same with our house in London. No entry after 1998, i.e. basically no entry at all. I know it has been sold at least 4 times after 2000. Is there a better/ more reliable source available? Jule http://www.landregistry.gov.uk/public/information/public-data/price-paid-data Quote Link to comment Share on other sites More sharing options...
Jule Posted August 2, 2014 Share Posted August 2, 2014 Thanks, and nope! They are equally out of date! Jule Quote Link to comment Share on other sites More sharing options...
Jule Posted August 4, 2014 Share Posted August 4, 2014 Completely different, yet same, subject: Does anybody know anything or has heard of "Wentwood Property"? Earlier this year I told you about this development near us (Heol-y-Gors) that went bust and was sold at auction. I found out this Wentwood lot bought the site. What happened next was very Irish (the development was originally started by an Irish developer): They had a security person there for about a month, then turned up with truck loads of boards and wood, boarded the whole place up and that was it. I would love to contact this Wentwood whatever-they-are and ask them the very straight forward question: what is going to happen with the building site? Including vandalism and arson, we had the pleasure of watching the whole spectrum of the downfall. I am worried...to say the least and would welcome any ideas what to do and where to go (including moving house...which is a problem with this uncertainty at our doorstep.) Thanks in advance Jule Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 4, 2014 Share Posted August 4, 2014 This lot? http://www.wentwoodproperty.co.uk/asp/ Quote Link to comment Share on other sites More sharing options...
Jule Posted August 4, 2014 Share Posted August 4, 2014 Yeah. I don't know about your internet connection but with mine their website doesn't even work. You get some info but not what you really want. Or they're just a spoof and have nothing on offer. If you're in the area (you might like Aldi or Wicks) drive past and have a look at this matchbox mess. The entrance is opposite the Ebenezer Chapel. This used to be such a nice bit of green with horses and all, and non-official footpath to Aldi etc.. Now it is like the beginning of the Berlin wall....or worse. Jule Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 4, 2014 Share Posted August 4, 2014 Yeah. I don't know about your internet connection but with mine their website doesn't even work. You get some info but not what you really want. Or they're just a spoof and have nothing on offer. If you're in the area (you might like Aldi or Wicks) drive past and have a look at this matchbox mess. The entrance is opposite the Ebenezer Chapel. This used to be such a nice bit of green with horses and all, and non-official footpath to Aldi etc.. Now it is like the beginning of the Berlin wall....or worse. Jule The link above does not work if you click on it - copy and paste it into your browser and refresh several times. Wentwood Property is one of the premier letting agents specialising in letting quality properties throughout Cardiff and South Wales. For further information please contact our offices at: 43a Bridge Street, Usk, Monmouthshire, NP15 1XD Tel: 01291 672595 Fax: 01291 672595 Or Email: rob@wentwoodproperty.co.uk Quote Link to comment Share on other sites More sharing options...
Jule Posted August 4, 2014 Share Posted August 4, 2014 I know, I've got their web address. What the ... does a letting specialist (who doesn't seem to be too busy) do with 4 ruins and a huge plot of useless land? I have this strong suspicion it's about money..... Strange Jule Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 4, 2014 Share Posted August 4, 2014 Of course it is about money. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 5, 2014 Share Posted August 5, 2014 (edited) Duo EA listings for the same property are always sign of a housing market getting into trouble aren't they? http://www.rightmove.co.uk/property-for-sale/property-43820017.html http://www.rightmove.co.uk/property-for-sale/property-45683731.html Edited August 5, 2014 by The Masked Tulip Quote Link to comment Share on other sites More sharing options...
Jule Posted August 5, 2014 Share Posted August 5, 2014 Too right... but you get more piccies! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 5, 2014 Share Posted August 5, 2014 Too right... but you get more piccies! You make two EAs fight over the sale - in a booming market why would any EAs need to do that??? Quote Link to comment Share on other sites More sharing options...
Jule Posted August 5, 2014 Share Posted August 5, 2014 I remember in the early 90s people would have their properties with 10+ agents. Before the internet we'd call EAs, describe what we were looking for and have them send suitable property pamphlets over to Germany. We could be sure to receive the same house over and over again. I have to say, compared to those days the www is a real improvement. And IMO there is no need for more than one EA because of the way information goes out to potential buyers. IMveryPO there is no need for EAs at all. In Germany many properties get sold without EAs. Since the system is completely different to the UK hiring an EA is free for the seller, yet private sales are common. Buyers have to pay excruciating fees hence they are keen on deals without EA involvement. "At the end of the day" (hate that phrase) this is a boom that is only happening on paper. No way houses get sold just like that. Jule Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted August 5, 2014 Share Posted August 5, 2014 Spoke with a manager of a Swansea West EA today who said that it had gone very quiet. I noticed several big SSTCs back on the market in Mumbles/Gower and stuff that had gone SSTC several months ago still waiting to complete. The manager complained to me about the banks downgrading valuations and refusing mortgages. I pointed out that the banks were safeguarding their own futures by refusing to le d silly multiples now... but it did not sink in. Delusion continues. Quote Link to comment Share on other sites More sharing options...
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