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Foxtons - Please Read!

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I feel it is my duty to post this message and warn people of Foxtons pricing of properties.

I have heard many stories about Foxtons and how they overprice properties. However, there is overpricing, and there is overpricing, but this is just plain absurd and just shows how far they are willing to go. This property below is up for £1,299,999. Its a 3 bed flat about 1300 sq feet in Paddington. When I checked the Land registry, I found the owner had paid £725,000 in October 2003. That is an increase of £575,000 in just over a year!!!!! I then did some research, and another agent told me he had sold an IDENTICAL property for £740,000 in June 2005.

When I complained to the Park Lane manager of Foxtons branch, he told me it was the owner who dictated the price. My question to him then was how could they market a property so off-price from reality ... surely that would only damage the reputation of Foxtons ! How can one believe the pricing of any one of their properties !

He then went on to say that the owner had told him she had paid £1,000,000 for it in 1998, and that was why it was up at that price. I replied to him 1). The property did not even start building until 2000, and completed in 2003. 2). Did he honestly believe a 3 bedroom flat of only 1300 sq feet could possible achieve a price of £1,000,000 in 1998 ... almost at the start of the the property boom?

Obviously it is clear to me that Foxtons have no moraility, honesty, reputation or knowledge of the market.

md5=247324225259236caf13e72938168e9f¤cy=UKP&search_form=map&search_type=SS&inst_ref=ir_myfr000214990&submit_type=search]Balmoral 3 bed flat - 417[/url]

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I feel it is my duty to post this message and warn people of Foxtons pricing of properties.

I have heard many stories about Foxtons and how they overprice properties. However, there is overpricing, and there is overpricing, but this is just plain absurd and just shows how far they are willing to go. This property below is up for £1,299,999. Its a 3 bed flat about 1300 sq feet in Paddington. When I checked the Land registry, I found the owner had paid £725,000 in October 2003. That is an increase of £575,000 in just over a year!!!!! I then did some research, and another agent told me he had sold an IDENTICAL property for £740,000 in June 2005.

When I complained to the Park Lane manager of Foxtons branch, he told me it was the owner who dictated the price. My question to him then was how could they market a property so off-price from reality ... surely that would only damage the reputation of Foxtons ! How can one believe the pricing of any one of their properties !

He then went on to say that the owner had told him she had paid £1,000,000 for it in 1998, and that was why it was up at that price. I replied to him 1). The property did not even start building until 2000, and completed in 2003. 2). Did he honestly believe a 3 bedroom flat of only 1300 sq feet could possible achieve a price of £1,000,000 in 1998 ... almost at the start of the the property boom?

Obviously it is clear to me that Foxtons have no moraility, honesty, reputation or knowledge of the market.

md5=247324225259236caf13e72938168e9f¤cy=UKP&search_form=map&search_type=SS&inst_ref=ir_myfr000214990&submit_type=search]Balmoral 3 bed flat - 417[/url]

I dont think they is yet a suitable word in the dictionary to describe these people. Stick your pretensious little minis up your arses! :angry:

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I feel it is my duty to post this message and warn people of Foxtons pricing of properties.

I have heard many stories about Foxtons and how they overprice properties. However, there is overpricing, and there is overpricing, but this is just plain absurd and just shows how far they are willing to go. This property below is up for £1,299,999. Its a 3 bed flat about 1300 sq feet in Paddington. When I checked the Land registry, I found the owner had paid £725,000 in October 2003. That is an increase of £575,000 in just over a year!!!!! I then did some research, and another agent told me he had sold an IDENTICAL property for £740,000 in June 2005.

When I complained to the Park Lane manager of Foxtons branch, he told me it was the owner who dictated the price. My question to him then was how could they market a property so off-price from reality ... surely that would only damage the reputation of Foxtons ! How can one believe the pricing of any one of their properties !

He then went on to say that the owner had told him she had paid £1,000,000 for it in 1998, and that was why it was up at that price. I replied to him 1). The property did not even start building until 2000, and completed in 2003. 2). Did he honestly believe a 3 bedroom flat of only 1300 sq feet could possible achieve a price of £1,000,000 in 1998 ... almost at the start of the the property boom?

Obviously it is clear to me that Foxtons have no moraility, honesty, reputation or knowledge of the market.

md5=247324225259236caf13e72938168e9f¤cy=UKP&search_form=map&search_type=SS&inst_ref=ir_myfr000214990&submit_type=search]Balmoral 3 bed flat - 417[/url]

ah, yes - dear old Foxtons.

Welcome to the site, by the way.

If there was a 'search word' facility on this site, you would find many posts regarding Foxtons and their practices. Vermin. :angry:

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When I complained to the Park Lane manager of Foxtons branch, he told me it was the owner who dictated the price. My question to him then was how could they market a property so off-price from reality ... surely that would only damage the reputation of Foxtons ! How can one believe the pricing of any one of their properties !

But if someone buys it then surely that is reality.

House price valuation is very much a matter of opinion, there is no intrinsically correct value for any house. You don't believe this is a realistic price so you don't but the property. Someone else does think that it is a realistic price so they do buy the property. If no one thinks it is a realistic price then no one buys the property.

What is the problem here? No one at Foxtons is forcing you to buy this property.

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ah, yes - dear old Foxtons.

Welcome to the site, by the way.

If there was a 'search word' facility on this site, you would find many posts regarding Foxtons and their practices. Vermin. :angry:

There is a search facility. Top right of your page. Just above 'my controls'. :)

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But if someone buys it then surely that is reality.

House price valuation is very much a matter of opinion, there is no intrinsically correct value for any house. You don't believe this is a realistic price so you don't but the property. Someone else does think that it is a realistic price so they do buy the property. If no one thinks it is a realistic price then no one buys the property.

What is the problem here? No one at Foxtons is forcing you to buy this property.

Agreed. It just sits on their books sapping their resources and bringing them closer to bankrupcy. Idiots.

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It is not limited to Foxtons - many agents are the same.

I saw a 3 bed semi in Byng Road, Barnet sell at £330,000 in April - a local EA has just listed an idential house, same road, worse position at £430,000 - see link:

http://www.rightmove.co.uk/viewdetails-946...pa_n=2&tr_t=buy

30% in 5 months.

Assuming that a buyer could be found (there are people being released from mental institutions after all) how is this ever going to value up for the lender?

I assume that the EA is still prepared to tell the vendor what they want to hear in terms of value and work on the price later. Well, lets hope a few more of them go to the wall and they can consider their valuation skills from the local DSS office!

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This is typical of an overheated market (or at least a market that was overheated). Agents haven't really got a clue (generic statement there) what is the correct price.

That said, that sort of over-pricing is just dumb and distorts the market.

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But if someone buys it then surely that is reality.

House price valuation is very much a matter of opinion, there is no intrinsically correct value for any house. You don't believe this is a realistic price so you don't but the property. Someone else does think that it is a realistic price so they do buy the property. If no one thinks it is a realistic price then no one buys the property.

What is the problem here? No one at Foxtons is forcing you to buy this property.

DEMO ... yes, house prices are a matter of opinion, but this price is CLEARLY and BLATENTLY off-market by hundreds of thousands. The problem here is Foxtons reputation. If some poor mug bought that property at the asking price, he/she would be in negatiev equity for many moons to come. Its not a fair price, not even close, and it makes Foxtons look like abunch of charlatans. Of course no one is forcing me to buy it, I only posted this to notify people out there to be aware and be careful. The other thing is that it skews the market ... other sellers look at that and think their property is worth more than it is, so they goto Foxtons as well, only to realise after a few months they have not had a single offer and have just been wasting their time.

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As pointed out, it is not only Foxtons. Particularly in the South East the majority of EA's are still insisting publicly there is no "crash". There are huge numbers of houses on offer throughout the home counties none of which are shifting because agents and sellers alike are sticking to completely unrealistic prices. So they are are pretty much all playing the same game as Foxtons, albeit to a lesser degree.

VP

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No market is perfect.

The stock market is close'ish, in that the participants have available most/almost all of the information relevant to their buy/sell decision (and even they get led by sentiment/momentum). The currency markets are closer still and they have their quirks. At the games they play, the participants there are either or all of: sharp, intelligent, canny, driven, alert, brilliant, thick but sit next to someone brilliant, close to the action and generally above average compared to joe bloggs.

The property market buying participants are joe bloggs, his wife/partner and their families. What information do they have? Bob down the pub, the VI press/TV shows, and the agent of the PERSON SELLING THE HOUSE THEY WANT TO BUY. If you only have a few sources of info and all of those are saying prices are up/high then you take the plunge.

What we need is this: a buying agent. Think about it. You want to buy and you instruct a guy to get the lowest price but he is paid on a sliding scale so that he gets paid more the LESS you pay. Would take a while to get going and some pain initially but it could offer a way of obtaining sensible equilibrium in future!

Edited by Tempest

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What we need is this: a buying agent. Think about it.

It's a great idea which I believe happens in other countries - so why don't we have them ?

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No market is perfect.

What we need is this: a buying agent. Think about it. You want to buy and you instruct a guy to get the lowest price but he is paid on a sliding scale so that he gets paid more the LESS you pay. Would take a while to get going and some pain initially but it could offer a way of obtaining sensible equilibrium in future!

What a great idea..

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I feel it is my duty to post this message and warn people of Foxtons pricing of properties.

I have heard many stories about Foxtons and how they overprice properties. However, there is overpricing, and there is overpricing, but this is just plain absurd and just shows how far they are willing to go. This property below is up for £1,299,999. Its a 3 bed flat about 1300 sq feet in Paddington. When I checked the Land registry, I found the owner had paid £725,000 in October 2003. That is an increase of £575,000 in just over a year!!!!! I then did some research, and another agent told me he had sold an IDENTICAL property for £740,000 in June 2005.

When I complained to the Park Lane manager of Foxtons branch, he told me it was the owner who dictated the price. My question to him then was how could they market a property so off-price from reality ... surely that would only damage the reputation of Foxtons ! How can one believe the pricing of any one of their properties !

He then went on to say that the owner had told him she had paid £1,000,000 for it in 1998, and that was why it was up at that price. I replied to him 1). The property did not even start building until 2000, and completed in 2003. 2). Did he honestly believe a 3 bedroom flat of only 1300 sq feet could possible achieve a price of £1,000,000 in 1998 ... almost at the start of the the property boom?

Obviously it is clear to me that Foxtons have no moraility, honesty, reputation or knowledge of the market.

md5=247324225259236caf13e72938168e9f¤cy=UKP&search_form=map&search_type=SS&inst_ref=ir_myfr000214990&submit_type=search]Balmoral 3 bed flat - 417[/url]

Could you have another go at posting the link?

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DEMO ... yes, house prices are a matter of opinion, but this price is CLEARLY and BLATENTLY off-market by hundreds of thousands. The problem here is Foxtons reputation. If some poor mug bought that property at the asking price, he/she would be in negatiev equity for many moons to come. Its not a fair price, not even close, and it makes Foxtons look like abunch of charlatans. Of course no one is forcing me to buy it, I only posted this to notify people out there to be aware and be careful. The other thing is that it skews the market ... other sellers look at that and think their property is worth more than it is, so they goto Foxtons as well, only to realise after a few months they have not had a single offer and have just been wasting their time.

This sort of nonsense skews the asking-price based statistics that the VIs pump out as well.

I mentioned recently a house near me, SW London that is asking 35% more than any comparable property has achieved.

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EA's only get paid if they sell a house, right?

Now if they had half a brain cell between them they would realise that if they lowered prices then they would sell shed loads of houses and make a lot of money. Instead they sit around twiddling their thumbs waiting for 'one big sell'.

Did nobody ever tell them that you sell more by pricing things lower than your competition not higher.

OK someone is going to say yes..but they are greedy (and stupid) so they will want higher commission rates and therfore overprice property. But this doesn't help anyone..not the vendor who can't sell or the buyer that can't afford it (opr gets into huge debt).

So.. I have come up with an idea that will help bring down house prices without the need for economic meltdown. It will help Gordon out of difficult situation, help FTB's and is totoally in line with NL policy on over regulation and monitoring......OffProp

OffProp would be an arms length organisation that would monitor EA's. Each quarter OffProp would compile and publish league tables on every EA that would include

The average length of time property remained on the books unsold

How many properties passed through the EA

What the average sale price was

What the difference between asking and sale price was

How many chains broke down

etc etc

They could even be given stars...just like the NHS

Now that would bring a bit of realism back to the market

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No market is perfect.

What we need is this: a buying agent. Think about it. You want to buy and you instruct a guy to get the lowest price but he is paid on a sliding scale so that he gets paid more the LESS you pay. Would take a while to get going and some pain initially but it could offer a way of obtaining sensible equilibrium in future!

What I would really like to see is a buyers site. I think that there is a lot of interference being run by the EAs of the 'hes already got an acceptable offer' type when the place goes back on rightmove two days later and stays on the market for months. Buyers could name their top price and their spec and then sellers could contact them if they had a property close to the mark. Rather than EAs trying to push the buyer up, they could haggle to seller down over quality and features. It might act as a reality check for buyers and I think a lot of the irritable ones who have been given rubbish by EAs for months might even take the money at a reasonable price if their were no gatekeeper to stop them. The personal bonus to my spite would be that EAs would miss out on the commission (revenge served cold).

Market Research: anyone reckon it would work?

If so: Anyone got the capital?

Edited by Elizabeth

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Did nobody ever tell them that you sell more by pricing things lower than your competition not higher.

I agree but I think that the problem rests with vendor aspiration not just with the EA.

All of the crapulent TV shows do little to dampen vendor spirits.

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But if someone buys it then surely that is reality.

House price valuation is very much a matter of opinion, there is no intrinsically correct value for any house. You don't believe this is a realistic price so you don't but the property. Someone else does think that it is a realistic price so they do buy the property. If no one thinks it is a realistic price then no one buys the property.

What is the problem here? No one at Foxtons is forcing you to buy this property.

Very true. If Foxtons only over valued everything I would have no problem with them. The trouble is they are also corrupt and dishonest. Foxtons has been in trouble for pulling down rival EAs signs and fly posting bogus sold signs. They are also frequently accused of selling properties to colleagues / friends on the cheap without declaring the interest to the seller. Go to google and type in "foxtons and fined" and see how many cases come up. Foxtons is neither a member of RICS, nor of the ombudsman scheme so if something goes wrong there is nothing you can do.

There is only one course of action open to you. When you have been out for a night in the pub, and on your way home you have the urge to relieve yourself, dont bother looking for a public toilet, but instead find the nearest Foxtons mini and relieve yourself over the drivers side door handle (ladies, this may be more challenging for you).

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What we need is this: a buying agent. Think about it. You want to buy and you instruct a guy to get the lowest price but he is paid on a sliding scale so that he gets paid more the LESS you pay. Would take a while to get going and some pain initially but it could offer a way of obtaining sensible equilibrium in future!

Some woman called Kirstie Allsop and her sidekick Phil Spencer have already done this.

It's called Garrington Home Finders (www.garrington.co.uk)

(This is a £575k house, but it will sell for under £500k - Phil Spencer, Chiswick, 2005.

So Phil, would you recommend paying £575k when the highest bid is under £500k? Unbelievable :unsure: )

A fool and their money...

Edited by BandWagon

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My favourite idea is that owners of rented property should have to pay the council tax on their empty properties, or land for which they have planning permission.

That way rents would move much more quickly to market rates, pulling away some of the support for such high house prices.

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It's called Garrington Home Finders (www.garrington.co.uk)

Ahh Garrington. They are the people who say...

I don’t believe it’s possible to understand a property market just by looking at the numbers

So how else do you understand a market wothout looking at the numbers??? Maybe I am dead dense here and hopefully the good doctor can prescribe me something.

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Ahh Garrington. They are the people who say...

"I don’t believe it’s possible to understand a property market just by looking at the numbers"

So how else do you understand a market wothout looking at the numbers??? Maybe I am dead dense here and hopefully the good doctor can prescribe me something.

Whilst not a doctor I would prescribe reading glases.

Cheers

Richard

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Some woman called Kirstie Allsop and her sidekick Phil Spencer have already done this.

It's called Garrington Home Finders (www.garrington.co.uk)

Sure, but Garringtons are for people with oodles of cash to spend ... I'm talking about buying agents that can act on an affordable basis for every Tom, Dick and Harry.

You'd think they would be a good money earner. Just think, a good buying agent who knocks 10K off the price of a house with superior haggling skills could be rewarded with a few grand from the buyer. The buyer still saves 8K on his mortgage, the buying agents makes 2K..... everybody wins except the EA and the vendor. :)

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  • 301 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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