pdg Posted October 3, 2005 Share Posted October 3, 2005 I look on findaproperty and rightmove for SW London and it would appear that findaproperty is showing the amount of houses on sale dropping and an explosion of houses sold stc. Are lemmings jumping in on 5%-10% negotiated discounts? Asking prices dont seem to be dropping just a rash of sales stc. Pees me off when I cannot understand what the hell is going on. Like in this case Quote Link to comment Share on other sites More sharing options...
KickThemInThePant Posted October 3, 2005 Share Posted October 3, 2005 No...Have noticed a few "unexpectedly reoffered" signs though, presumably many now getting cold feet and pulling out after making an initial offer. Why spend £200,000 on a house now when you can buy it next year for £170,000? £30,000 may not sound much, but if the cheques start to bounce it may mean the difference of having to consider whether it's less painful to hang, gass or poison yourself! Quote Link to comment Share on other sites More sharing options...
Leodhasach Posted October 3, 2005 Share Posted October 3, 2005 (edited) Maybe they're just trying to make a quiet market look busy. My local EA recently revamped his window. Up went a collection of "sold" properties that I had never seen as being up "for sale", despite the fact I look in his window once or twice a week. Very fishy. edited for unforgiveable "their"/"they're" mistake Edited October 3, 2005 by Leodhasach Quote Link to comment Share on other sites More sharing options...
red Posted October 3, 2005 Share Posted October 3, 2005 I look on findaproperty and rightmove for SW London and it would appear that findaproperty is showing the amount of houses on sale dropping and an explosion of houses sold stc.Are lemmings jumping in on 5%-10% negotiated discounts? Asking prices dont seem to be dropping just a rash of sales stc. Pees me off when I cannot understand what the hell is going on. Like in this case I suspect what is happening is that although asking prices are still stupidly high, EAs and vendors are gradually accepting that the boom is over and are taking offers. The buyers, sadly, think they're getting a bargain despite the market still being grossly over-valued. I expect the same will happen next Spring and we'll see a flurry of transactions but, crucially, with prices still falling... The other possibility is, of course, that 'SOLD stc' boards are going up once an offer has been accepted. It's a bit of naughtiness on behalf of the EAs (I had it done twice when my old place went under offer) who are trying to show that all is well and the market is doing just fine! Quote Link to comment Share on other sites More sharing options...
theChuz Posted October 3, 2005 Share Posted October 3, 2005 My dream house went SSTC, i imagined it would fall through so i kept my eye out, it did fall through but now its advertised at 7K more, was 220K, now at 227K. Funny old world. Quote Link to comment Share on other sites More sharing options...
homeless Posted October 3, 2005 Share Posted October 3, 2005 No...Have noticed a few "unexpectedly reoffered" signs though, presumably many now getting cold feet and pulling out after making an initial offer.Why spend £200,000 on a house now when you can buy it next year for £170,000? £30,000 may not sound much, but if the cheques start to bounce it may mean the difference of having to consider whether it's less painful to hang, gass or poison yourself! 30k is a lot of money for me its 2 years wages and thus a lot more years savings, unless i lived on thin air and didint need a pair of shoes. what the heck has happened to us all that its only 30k now, its the talk of the people that have made 200k on there houses in the last couple years not of the people that didint have them and just depend on a wage . Quote Link to comment Share on other sites More sharing options...
Who Knows Posted October 3, 2005 Share Posted October 3, 2005 I look on findaproperty and rightmove for SW London and it would appear that findaproperty is showing the amount of houses on sale dropping and an explosion of houses sold stc.Are lemmings jumping in on 5%-10% negotiated discounts? Asking prices dont seem to be dropping just a rash of sales stc. Pees me off when I cannot understand what the hell is going on. Like in this case It is too early to call any crash yet. There are very big national and local variations in the housing market and some areas are still selling well (though how much of this relies on chains which may well collapse is not known). IMHO we will see the housing market in stagnation with small monthly drops for several months yet, but despite this some areas will continue to do OK (until the ripple effect turns into a tidal wave) ..... Quote Link to comment Share on other sites More sharing options...
PulpFiction Posted October 3, 2005 Share Posted October 3, 2005 I think the whole market is t*ts up at the moment and it doesn't know what it's doing... sometimes round our way (W.Yorkshire) there's a blast of new houses come on the market that sell straight away, then there's weeks where sold houses keep coming back on the market, then there's houses that are being dramatically reduced in price !! A friend of mine has just bought even though he had a conversation with me that he knew the market was unstable and that he was also pushing the boat out on his mortgage and buying the maximum he possibly could.... I've just signed up for another 6 months rental agreement... perhaps by then the housing market (and the economy) may have actually sorted out it's direction, be it up or down (down IMHO). Quote Link to comment Share on other sites More sharing options...
OzzMosiz Posted October 3, 2005 Share Posted October 3, 2005 My friends house went up for sale 2 weeks ago. Had an offer from a BTLer which was accepted, and a sold sign went up. Its now back on the market after Mr BTL backed out. Also a house near my work has had a Sold sign (Agent = Allen & Harris) up for over a year!!!!! Quote Link to comment Share on other sites More sharing options...
London-loser Posted October 3, 2005 Share Posted October 3, 2005 My dream house went SSTC, i imagined it would fall through so i kept my eye out, it did fall through but now its advertised at 7K more, was 220K, now at 227K. Funny old world. I think this happens quite a bit. The guy wanted £210k... almost got it... put it back on the market with the EA knowing the discount has widened and they are going to get lower offers (was £220k looking for £210k, now it is £227k looking for £210k). Still in denial I'd say. Quote Link to comment Share on other sites More sharing options...
Catch22 Posted October 3, 2005 Share Posted October 3, 2005 (edited) I look on findaproperty and rightmove for SW London and it would appear that findaproperty is showing the amount of houses on sale dropping and an explosion of houses sold stc.Are lemmings jumping in on 5%-10% negotiated discounts? Asking prices don't seem to be dropping just a rash of sales stc. Pees me off when I cannot understand what the hell is going on. Like in this case Yep I'm experiencing it around our neck of the woods also, but its primarily in the lower end of the market. IMO whilst there are many clued up potential FTB'ers on this site, there are unfortunately plenty novice FTB'ers out there getting sucked in on the first rash of reductions after a Buyer/Seller stand off. But sucking in the last FTB'ers itching to get on the "ladder" prior to the down trend being confirm is to be expected. And then there are those that feel the need to buy for whatever the reason. Plus few OO'ers would consider renting as an option even if they thought the market was correcting. As they have been told, and more importantly they "believe" any correction will be minimal and temporary. Truth is there is a whole industry out there set up to do one thing and one thing only, part you from your hard earned cash on a monthly basis. Via mortgage payments, buildings insurance, life insurance and indemnity insurance commisions. Edited October 3, 2005 by Catch22 Quote Link to comment Share on other sites More sharing options...
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