Agents Selling One Home A Week

[rantnrave]

Posted on EA Today:

Estate agents are selling property at the rate of just one home a week, says the RICS.

The institution’s new report, out this morning, says that the number of sales per estate agency member has slipped to an average of 14 in the three months to the end of August – taking transaction levels to a 26-month low.

The RICS asked its members why they felt sales levels are so low.

The most commonly cited reason was general economic uncertainty (79%). In addition, nearly three-quarters of surveyors (70%) felt a lack of mortgage finance was impacting negatively on transactions, and 40% felt that fear of price falls was keeping buyers and sellers out of the market.

Full story here:

http://www.estateagenttoday.co.uk/news_features/Agents-selling-homes-at-the-rate-of-just-one-a-week-says-RICS

[TheCountOfNowhere]

Not long till they start really pushing down prices to survive.

[dothemaths]

Posted on EA Today:

Full story here:

http://www.estateage...-week-says-RICS

What is nice is the fact that we are back to the transaction levels we saw in the middle of the crisis when everyone was in panic.

This tells you how difficult things are in the current market. The small number of cash rich / brain poor BOMAD FTB's has pretty much dried up. Reality has started to sink in.

[rantnrave]

What is nice is the fact that we are back to the transaction levels we saw in the middle of the crisis when everyone was in panic.

This tells you how difficult things are in the current market. The small number of cash rich / brain poor BOMAD FTB's has pretty much dried up. Reality has started to sink in.

Some of the posters there seem to be moving from the denial to anger stage .

Edited September 14, 2011 by rantnrave

[The Masked Tulip]

Some of the posters there seem to be moving from the denial to anger stage .

Denial — "I feel fine."; "This can't be happening, not to me."

Anger — "Why me? It's not fair!"; "How can this happen to me?"; '"Who is to blame?"

Bargaining — "I'll do anything for a few more years.";

Depression — "I'm so sad, why bother with anything?";

Acceptance — "It's going to be okay."; "I can't fight it, I may as well prepare for it."

Give it a few months and they may begin bargaining with you - probably just to go away

[TheCountOfNowhere]

If they are selling 1 each on average then some lucky EAs will be selling 2...and some unlucky one.........

[dervis]

Posted on EA Today:

Full story here:

http://www.estateagenttoday.co.uk/news_features/Agents-selling-homes-at-the-rate-of-just-one-a-week-says-RICS

As many as that??

[leicestersq]

Not long till they start really pushing down prices to survive.

The prices are up to the vendors. They wont move in most cases. What estate agents need is more supply. The banks could assist here, I bet there are loads of properties that they should be repossessing and putting on the market which they are losing money on by not doing so.

[cartimandua51]

The prices are up to the vendors. They wont move in most cases. What estate agents need is more supply. The banks could assist here, I bet there are loads of properties that they should be repossessing and putting on the market which they are losing money on by not doing so.

Some HPC posters may follow the "Secret Agent" blog ( http://agentsdiary.blogspot.com/ ) and his comments are usually apposite. I asked Was he selling anything, as his gloomy blogs never mentioned it, and his reply was "Still selling, they always do if the price is right...."

His entry for August 23 is worth a read.

[NEO72]

The prices are up to the vendors. They wont move in most cases. What estate agents need is more supply. The banks could assist here, I bet there are loads of properties that they should be repossessing and putting on the market which they are losing money on by not doing so.

I would say the opposite is true - in most cases the vendors will bow to the EAs ahem 'expertise' and price accordingly. It is the minority of buyers who would set the asking price themselves. Of course chances are they will go for the EA giving the highest valuation (although it could be argued that these will be the first to go down). Also, EAs don't need more supply, they just need more reasonably priced supply.

Just to check - does anyone know if this is per estate agency or individual estate agent? Big difference between the two.

[VacantPossession]

Polling RICS members as to how they "feel" about the property market is like asking a middle east dictator how he "feels" about extending sufferage to his people. The only answer you'll get is entirely self-interested, subjective and unconnected with facts or evidence.

Edited September 14, 2011 by VacantPossession

[The Knimbies who say No]

Cheers R'n'R.

EAs must be hurting, and seems little prospect of a pick up this autumn. Next spring is a long way off.

[dothemaths]

The prices are up to the vendors. They wont move in most cases. What estate agents need is more supply. The banks could assist here, I bet there are loads of properties that they should be repossessing and putting on the market which they are losing money on by not doing so.

Interesting point, at the moment the banks, for a number of reasons are showing forbearance - this will rapidly change when

there is a reasonably prolonged period of falls. Then there will be a new flood of properties onto the market.

Edited September 14, 2011 by dothemaths

[rantnrave]

Interesting point, at the moments the banks, for a number of reasons are showing forbearance - this will rapidly change when

there is a reasonably prolonged period of falls. Then there will be a new flood of properties onto the market.

Agreed - but people here have been calling that for years. 12 months ago it was all about how the big spending review would spook the market and prices would soon come tumbling down after. We (myself included) are a bit like the stopped clock 11 hours later that still isn't right yet...