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The Knimbies who say No

R I C S June 2011

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http://www.headlinemoney.co.uk/Company//Media/RICS/rics_110711.pdf

• House prices continue to fall

• Price expectations negative but sales expectations positive

• London continues to buck national price trend

The June 2011 RICS Housing Market Survey highlights three key points.

First, house prices – on balance – continue to fall. Secondly, activity levels

remain flat and are at relatively depressed levels. Finally, there continues to

be a stark regional divergence with London continuing to buck the national

price trend.

The headline price balance remained broadly unchanged at -27 i.e. 27%

more surveyors reported falls rather than rises. However, of those actually

reporting falls, 78% did so within the 0 to 2% range.

New buyer enquiries were unchanged (this has been the broad trend all

year). Meanwhile, new vendor instructions were also pretty flat after rising

more convincingly in the previous two months. Anecdotal evidence from

surveyors suggests that the uncertain economic climate is making

transactions more difficult and longer to conclude.

.....

Numbers are seasonally adjusted so beware.

Edited by cheeznbreed

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From the report:

Michael Fisher FRICS, Fisher &

Wrathall, Lancaster, Lancashire, 01524

68822 - Vendors expectations are still

very high and buyers are still not

prepared to move forward with high

offers.

:)

Some of the other comments point to the upcoming quiet school holiday period. It'll all be over by Christmas...

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I am considering subletting part of the

show room as a Buddhist temple as it

is so quiet, there is currently no light at

the end of the tunnel with there being a

low level of transactions.

:)

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Just opening it now. Can guess already that a large number of highly educated people in the comments think everything will be rosy if the banks start lending again... :rolleyes:

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My favourite:

D E Baker FRICS, David Baker &

Company, Penarth, Vale of Glamorgan,

029 2070 2622 - It has been very quiet

through June, fewer enquiries, less

sales and fewer new properties coming

onto the market. I cannot put my finger

on why it has become quiet, it is a little

uncomfortable

Priceless....Me thinks they need toread a paper other than the news of the world to get some idea of what's going on in the world.

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Neil Foster BSc HONS MRICS, Foster

Maddison Property Consultants,

Newcastle upon Tyne, Tyne & Wear,

01434 607711 - I nves tmen t

transactions are supporting the market

but there is a frightening 'bubble' of

property being held back by reluctant

vendors. Forecast for this to end in

tears for homeowners unless a more

pragmatic approach to selling is

adopted soon.

Nice one. "Tears, Bubble, Reluctant" are all buzzwords I do like.

Especially when they come from a Geordie EA

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Nice one. "Tears, Bubble, Reluctant" are all buzzwords I do like.

Especially when they come from a Geordie EA

I wonder how long it will be for the phrase "shadow inventory" to enter the EAs' lexicon?

The shadow inventory is a large overhang that is going to keep a lid on nominal prices outside the M25 for years.

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Paul Lucas FRICS, R.K.Lucas & Son,

Haverfordwest, Pembrokeshire, 01437

762538 - In the last month a number of

properties have been sold well below

expected price levels, and indeed

below value. Confidence in the market

remains poor.

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give it a rest guys, everyone knows a house is worth what a person is willing to pay for it....OK, they might need a mortgage, but thats missing the entire point of this investement.

I myself viewed a 3 bed newbuild clearly worth the ticket price, even though the living/dining area was 12 ft by 8 ft.

The fact that I need a hefty deposit, an 8 times local salary mortgage, have sell my flat to a person also needing a hefty deposit and 8 times local average salary mortgage, has nothing whatsoever to do with the value of the house.

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give it a rest guys, everyone knows a house is worth what a person is willing to pay for it....OK, they might need a mortgage, but thats missing the entire point of this investement.

I myself viewed a 3 bed newbuild clearly worth the ticket price, even though the living/dining area was 12 ft by 8 ft.

The fact that I need a hefty deposit, an 8 times local salary mortgage, have sell my flat to a person also needing a hefty deposit and 8 times local average salary mortgage, has nothing whatsoever to do with the value of the house.

Surely it's worth whatever a person can afford to pay for it :P.

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Nice to see an agent who sums up the whole problem nicely. He says only this in his comments.....

William Morrison. MRICS. Knight Frank. Exeter.

Prices still too high.

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One in Kent blames Wimbledon! :lol:

Andrew Miller FRICS, Linay & Shipp,

Orpington, Kent, 01689 825678 - Offers

do seem to be coming in quite 'low'. We

believe the reports in the press of

‘possible price drops’ in housing market

by the end of the year doesn't help.

'Wimbledon fortnight' has had an

impact on volume of new enquiries.

:lol:

So far the VIs have blamed:

The cold/snowy winter

Sunny weather

Royal Wedding

Wimbledon

Bank Holidays

What next? "Leaves on the line"? :rolleyes:

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What amazes me if how Naive most of them sound !!!

There are people selling things worth £200K+ and they sound less educated than a 2nd car sales man.

In fairness, for 2000 - 2007 a monkey with an attention deficiency disorder could have done just as well. Must be quite a shock for the little darlings to find out that it was nothing to do with 'expertise'.

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Michael Fisher FRICS, Fisher & Wrathall, Lancaster, Lancashire, 01524 68822 -

Vendors expectations are still very high and buyers are still not prepared to move forward with high offers.

Peter E Humphreys MRICS, Humphreys of Chester & Wrexham, Chester, Cheshire, 01244 401100 -

Low interest rates keeping market steady.

Shannon Conway MRICS, Jones Lang LaSalle, Liverpool, Merseyside, 0151 242 6604 - The past few months has seen an increase in the number of fall throughs due to down valuation.

:D:D:D

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In fairness, for 2000 - 2007 a monkey with an attention deficiency disorder could have done just as well. Must be quite a shock for the little darlings to find out that it was nothing to do with 'expertise'.

:lol:

And now they need to master a whole new skill set - talking the market down - so to all EAs I say...welcome to HPC!!

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Have already been preaching the word in four newspaper comments sections this AM, besides looks like you're already doing a sterling job winning hearts and minds over there :)

Ta. Comment 17 on that thread is quite encouraging. Wonder what kind of response that will generate?

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Ta. Comment 17 on that thread is quite encouraging. Wonder what kind of response that will generate?

Sterling work, R'n'R.

Most of the types on EA today seem decent chaps who are interested in doing a good job. At the end of the day no sales = no commission, and it cannot be easy to approach a deluded seller who 'knows' their house is worth £x. Maybe a current problem for EAs is one of legacy stock which is priced at boomtime but going nowhere, and makes the book look stale while weighing them down with increased admin etc. Maybe potential sellers are thin on the ground if they think that the market will recover soon, so they can wait and list it then. If/once realisation kicks in that this is likely to be a long drawn out affair, maybe more potential sellers will be honest with themselves, and by so doing get a sale.

I guess they'll be a bit more cutthroat about what instructions they take on these days, which inevitably means motivated sellers. Seems the only way to get commissions through the door, stay in business, get a reputation locally for being honest and able to shift stock in a tough marketplace.

Edited by cheeznbreed

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http://www.headlinemoney.co.uk/Company//Media/RICS/rics_110711.pdf

Numbers are seasonally adjusted so beware.

My favourite ever name for an estate agent - comments - "Doolittle and Dalley" (Kidderminster) !!!

That perfectly sums up the value and speed of operation of the average estate agent.

Anyone got any better names?

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give it a rest guys, everyone knows a house is worth what a person is willing to pay for it....OK, they might need a mortgage, but thats missing the entire point of this investement.

I myself viewed a 3 bed newbuild clearly worth the ticket price, even though the living/dining area was 12 ft by 8 ft.

The fact that I need a hefty deposit, an 8 times local salary mortgage, have sell my flat to a person also needing a hefty deposit and 8 times local average salary mortgage, has nothing whatsoever to do with the value of the house.

Surely it's worth whatever a person can afford to pay for it :P.

Nope - both wrong.

It's only worth whatever a person actually pays for it.

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  • 285 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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