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When Will The Sentiment Change?

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Looking around on rightmove, and looking at prices that are being paid I still see ridiculous asking prices for most houses.

hometrack shows 1.4% falls for this month, and has been showing falls for the last year at least.

This house:

http://www.rightmove.co.uk/viewdetails-907...pa_n=3&tr_t=buy

would be setting a ceiling price for the road it is on by a fair margin. It is about £40K above what any terrace on that road has ever sold for. But it is now sold STC. :lol:

Highest ever price achieved on this road is £163,500.

Anybody have any idea when vendors/EAs etc are actually going to realise that they need to price properties LOWER than 2004/early 2005 prices to sell?

Judging by this example there are still a few fools around... although I expect it will probably not complete just like all the others that go STC and return.

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the problem lies with the sellers.

they are expecting a massive windfall from simply living in a house, then selling it.

why this situation has developed is partly due to cheap property programs telling them so.

but whatever the cause. the sellers want a free lunch. and not just a small one.

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Looking around on rightmove, and looking at prices that are being paid I still see ridiculous asking prices for most houses.

I think most bears on this board are expecting prices to fall drastically almost overnight. That isn't, and won't be, the case. However there is a gradual and subtle change already occuring in the market. Those that have to sell, for instance builders with completed properties, are now prepared to do deals that were not available a year or even six months ago. However it would seem that to get these deals you preferably need to be an aggresive cash buyer or possibly have nothing to sell and a mortgage offer in place. Normal residential sellers, who are not being forced into a move will, quite rightly, try to get the best price they can. After all the next property they buy will probably be being sold on the same basis.

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I think most bears on this board are expecting prices to fall drastically almost overnight. That isn't, and won't be, the case. However there is a gradual and subtle change already occuring in the market. Those that have to sell, for instance builders with completed properties, are now prepared to do deals that were not available a year or even six months ago. However it would seem that to get these deals you preferably need to be an aggresive cash buyer or possibly have nothing to sell and a mortgage offer in place. Normal residential sellers, who are not being forced into a move will, quite rightly, try to get the best price they can. After all the next property they buy will probably be being sold on the same basis.

mmm. I would say most bears on this site don't expect prices to fall almost overnight. I agree there is a gradual and subtle change happening. There are lots of new builds in my area, all with incentives that would be unheard of a while ago - some have even been reduced - and 'luxury' flats that are just comically overpriced.

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mmm. I would say most bears on this site don't expect prices to fall almost overnight. I agree there is a gradual and subtle change happening. There are lots of new builds in my area, all with incentives that would be unheard of a while ago - some have even been reduced - and 'luxury' flats that are just comically overpriced.

Yes, you're quite right I should have used some, rather than most, when refering to HPC bears. I stand corrected :(

I suspect, though have no real proof, that locally EAs are only taking on their books properties that are priced to sell. Let's face it there's no point taking on a 3 bed semi at £200,000 when you know the market has a ceiling of £185,000 and your walls are full of 3 bed semis that aren't selling. Perhaps a rule of thumb for an EA is 'When you've run out of wall space to display the properties on your books get your clients to reduce prices" - Certainly I would in their shoes.

Edited by ILikeBigBoobs

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  • 337 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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