Jump to content
House Price Crash Forum
Sign in to follow this  
The Masked Tulip

What Rightmove’S 3% Price Rise Is Really Saying About The Housing Market

Recommended Posts

http://www.planetpropertyblog.co.uk/2011/10/18/what-rightmove%e2%80%99s-3-price-rise-is-really-saying-about-the-housing-market/

Great swathes of the country are living in cloud cuckoo land when it comes to selling. Given we’re four years into this new paradigm there will soon be a new generation of budding property owners who will have only ever been aware of prices going down.

But at the moment we’re stuck with the previous generation for whom downward prices are an affront. It’s clear ego can get in the way of selling for less than you paid, and I’m not stupid enough to ignore those in negative equity for whom there’s no easy way out.

So why aren’t people selling at prices people are offering, because don’t get too negative here, people ARE offering, it’s just that sellers are not accepting.

It can’t be stated often enough but there are many more winners than losers in a falling market. If you’re looking to buy a bigger property you may lose £50k on your sale but save £100k on your onward purchase. So who wins there?

I’m afraid the blockage here is caused by the agents. Estate Agency has moved from downsizing three/four years ago to survival mode.

Appalling transactional volumes have bought the industry in some parts of the country to its knees, and for an agent to survive they must have stock. Facing closure, is it any wonder that agents are telling sellers what they want to hear.

Share this post


Link to post
Share on other sites

I also bet there are hardly any senior estate agents without their toes dipped in BTL. They're caught between a rock and a hard place.... either their personal portfolio goes t*ts up but their business is saved or their business goes bust through lack of sales and their portfolio remains in la-la land, sky-high pretend asking prices.

A no-win situation where they believed their own bull.

Share this post


Link to post
Share on other sites

Couldn't have put it better myself.. :D

Also, given that recently there seems to be less coming to market and presumably competition between EAs for new instructions has increased, I wonder how much of this is down to the 'win 'em high then knock 'em down' strategy? Edit to add: Which as I've posted before appears to work

Share this post


Link to post
Share on other sites

The Rightmove Index. What a total waste of time joke that is. They've shot themselves in the foot with this months figures, all they've done is made out what a laughing stock their index really is.

Share this post


Link to post
Share on other sites

I also bet there are hardly any senior estate agents without their toes dipped in BTL. They're caught between a rock and a hard place.... either their personal portfolio goes t*ts up but their business is saved or their business goes bust through lack of sales and their portfolio remains in la-la land, sky-high pretend asking prices.

A no-win situation where they believed their own bull.

Spot on, along with most of the Chartered Surveyors!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.