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thirdwave

Swansea-State Of The Market

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I am going to keep an hour by hour watch on the current crisis.

Dependent upon which way it goes I will either buy a house in the coming 1 or 2 months or will put all my buying fund into shares and forget about buying a house for 24 months.

If IRs rise in a global meltdown, which is possible, then I will buy a house in Swansea in the coming months at greatly discounted prices compared to today.

If IRs do not rise but the US prints QE3 then I am going mostly into UK blue chips with solid dividends. I was going to go into US Tech stocks which, although they can double and treble rapidly, run the risk of collapsing equally AND the danger of being in a collapsing US dollar currency.

There is much debate on the main forum currently but truth be told no one knows - even the people pulling the levers in Washington probably have no clue.

You have been on HPC long enough to know what happens when the last bear turns bull :lol:

Quite honestly,I am increasingly coming to the same conclusion...TPTB would stop at nothing to prevent the ponzi from collapsing..the scale of indebtedness,both public and private, means that a default/deflationary scenario would wreck most western economies, let alone the UK. I fully expect a further massive round of QE, regardless of inflation, from the Bankrupt of England, if markets continue to tank and banks take big hits on their US and EU liabilities,leading to rising LIBOR and a 2008 style credit freeze. Only this time QE may include purchase of other asset classes, including bad mortgages and corporate loans, of the sort we saw under TARP in the US. Although its unlikely to avert an eventual real term crash in property values, people with cash in the bank are likely to see little benefit from this due to rampant inflation and currency devaluation. I agree we may see a potential buying window in the next few months if global financial uncertainty keeps sentiment weak and mortgages scarce (this may all change once the printing presses are fired up)...

Edited by thirdwave

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It is almost the end of July - give it another 8 weeks and we could see some serious panic. A nice global sovereign debt crisis is all we need now... Oh look, here comes one now :lol:

Just what we need! I'm hanging out for the West coast - anyone got any inside knowlege off that area? I've been watching for 5 years now and it is just mad. However, in Newport this week and saw their only estate agent in selling up - apparently though his shop has been on the market for a year now but he can't shift it :D

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I am going to keep an hour by hour watch on the current crisis.

Dependent upon which way it goes I will either buy a house in the coming 1 or 2 months or will put all my buying fund into shares and forget about buying a house for 24 months.

If IRs rise in a global meltdown, which is possible, then I will buy a house in Swansea in the coming months at greatly discounted prices compared to today.

If IRs do not rise but the US prints QE3 then I am going mostly into UK blue chips with solid dividends. I was going to go into US Tech stocks which, although they can double and treble rapidly, run the risk of collapsing equally AND the danger of being in a collapsing US dollar currency.

There is much debate on the main forum currently but truth be told no one knows - even the people pulling the levers in Washington probably have no clue.

I am also watching and waiting with cash. I am interested in UK blue chips dividents, but have no clue to go about this, how do you go about purchasing them? Are they safe? I mean, is there a risk on capital?

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I am also watching and waiting with cash. I am interested in UK blue chips dividents, but have no clue to go about this, how do you go about purchasing them? Are they safe? I mean, is there a risk on capital?

Yes, of course there is a risk. You could lose loads. Perhaps you should start browsing the financial sub-forum here? :)

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This house has not been lived in for a long time yet Dawsons are seeking premium price for it. Dawsons seem to be living in denial...

Google link

It crossed my mind whether this property is owned by that property developer who was in the Post this week trying to flog his flat in the tower for a million?

Have heard that lots of people in Swansea - EAs, doctors, solicitors, wine bar set - had bought up a house or two on the front, spread the cost, hoping that they would make a fortune from building loads of towers along the front? Who knows?

Sandwiched between the rising sea on one side and a noisy almost constantly busy road on the other?

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It crossed my mind whether this property is owned by that property developer who was in the Post this week trying to flog his flat in the tower for a million?

Have heard that lots of people in Swansea - EAs, doctors, solicitors, wine bar set - had bought up a house or two on the front, spread the cost, hoping that they would make a fortune from building loads of towers along the front? Who knows?

Sandwiched between the rising sea on one side and a noisy almost constantly busy road on the other?

Still would

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I had heard locally that the house was owned by a bank and that the elderly occupiers would be allowed to stay until no longer needed.

In hindsight could just have been a lifetime mortgage/equity release scheme.

Either way it's a house full of character with good views, wouldn't be too concerned about the sea because if this flooded then so would a huge amount of Swansea as well. Heard somewere that The Quadrant is below sea level.

The road is noisy and prone to police/ambulance activity with sirens blaring, however, the nicest rooms are likely to be at the rear - sea views.

3 garages - one for each of my cars.

Would make a good home, unlikely to rise in value as it stands but would be worth improving.

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Still would

This house is more than half a million pounds...we are talking serious money here, although I am looking for a house close to that price bracket! I honestly don’t think it’s worth it. The one-way system being currently implemented in Swansea would make it even more problematic getting into town and I don’t think going by the uplands route is even going to help. I am going to keep a close eye on it and i bet its price will be dropping way below what it’s being advertised for right now.

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Bumped into some friends of mine today... Guy is self-employed, wife works... they have been looking to buy a house in the West...

Basically, they had offered 400K on a 435K house and the EA refused to pass on the offer... said the sellers would not accept so no point passing it on...

So I sat down in the pub and gave them some serious pointers on what is going on in the local housing market... pointed out that they should be offering 20% below asking but that they had not even offered 10% below asking...

This is the problem I fear... or one of them...

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This house is more than half a million pounds...we are talking serious money here, although I am looking for a house close to that price bracket! I honestly don’t think it’s worth it. The one-way system being currently implemented in Swansea would make it even more problematic getting into town and I don’t think going by the uplands route is even going to help. I am going to keep a close eye on it and i bet its price will be dropping way below what it’s being advertised for right now.

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It is a lot of money but it's also a lot of house. If I was to make an offer even TMT would be aghast at my brutal discounting!

I'm not at all convinced that some roadworks will make a jot of difference to prices in the West of town. People used to say to me how terrible it must be to have to queue occasionally, all that sitting in the car taking in the sea view - what a nightmare!

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Bumped into some friends of mine today... Guy is self-employed, wife works... they have been looking to buy a house in the West...

Basically, they had offered 400K on a 435K house and the EA refused to pass on the offer... said the sellers would not accept so no point passing it on...

So I sat down in the pub and gave them some serious pointers on what is going on in the local housing market... pointed out that they should be offering 20% below asking but that they had not even offered 10% below asking...

This is the problem I fear... or one of them...

There are still a lot of people like this that don't understand the art of bartering never mind the state of the housing market. Assume they have a budget of £400k and just risked the offer for luck.

EA probably took one look at them and thought I can get full or near asking price and called their bluff.

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Bumped into some friends of mine today... Guy is self-employed, wife works... they have been looking to buy a house in the West...

Basically, they had offered 400K on a 435K house and the EA refused to pass on the offer... said the sellers would not accept so no point passing it on...

So I sat down in the pub and gave them some serious pointers on what is going on in the local housing market... pointed out that they should be offering 20% below asking but that they had not even offered 10% below asking...

This is the problem I fear... or one of them...

That is illegal under the 1979 Estate Agent Act and the agent involved should be reported to the Office of Fair Trading a.s.a.p.

Go TMT....................

You must give your clients written details of all offers received from potential buyers. This information must be passed on promptly. It can be sent by hand, post or fax.

http://www.oft.gov.uk/about-the-oft/legal-powers/legal/estate-agents-act/handling-negotiations

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That is illegal under the 1979 Estate Agent Act and the agent involved should be reported to the Office of Fair Trading a.s.a.p.

Go TMT....................

Not too sure about this because the vendor could have told the EA not to bother them with any offers below a certain price for various reasons. However, the EA should have stated that to the buyer rather than saying that they would not bother to pass on the offer.

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http://www.rightmove.co.uk/property-for-sale/property-34292252.html

Propertybee shows it going sold the same day its asking price was dropped - 15th Aug. :blink:

Lots of external photos, but only 2 internal.

Assume they already had offers in previously and when they got the go-ahead to reduce, they contacted all those that had viewed or placed an offer and agreed a sale.

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Not too sure about this because the vendor could have told the EA not to bother them with any offers below a certain price for various reasons. However, the EA should have stated that to the buyer rather than saying that they would not bother to pass on the offer.

You are correct that a vendor could tell an agent not to pass on offers below a certain amount. However this has to be in writing. So the person whose offer was not passed on should report the incident to the OFT and then the agent has to come up with something in writing dated prior to agent refusing to pass the offer on. If not the agent is in serious trouble.

This is the law:

Informing clients about offers

You must give your clients written details of all offers received from potential buyers. This information must be passed on promptly. It can be sent by hand, post or fax.

You should keep a written record of all offers that you receive.

If your client tells you in writing that it isn't necessary to pass on certain offers, you don't have to write in those circumstances. For example, this could happen if the client doesn't want you to write with offers below a specific price level.

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The usual drop in sales once Winter sets in.

If some of the EA's can't get enough reductions, then they will not sell the numbers required to continue trading IMO.

Funny you should mention that.

Was talking yesterday to one of the, ahem, pricier asking pricing, IMPO, Swansea West EAs. This is what I was told.

1. Deathly quiet at the moment, fingers crossed that September picks up substantially otherwise the market is dead until next Spring.

2. What few offers that are coming in are coming in 20 to 30 percent below asking. More people are accepting fearing a bigger crash or then going to their sellers and negotiating the same.

3. Rarely an offer comes in close to asking but, ironically, it is harder to get a seller to accept an offer close to their asking price than one that is 20% below asking price. Interesting.

4. The austrity cuts are beginning to hit Swansea, but only just, and more people are getting worried about what lies ahead.

Seems they are relying on September being a boom month.

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  • 317 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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