TheCountOfNowhere Posted July 12, 2013 Share Posted July 12, 2013 There is no end of properties rushing onto the market in NN1 + 15 miles. All at 2007+ price of course. It's been slow up until the lasy month, now it's relentless. There is no end of over-priced rubbish. I call the rush to sell has begun. Get in while the government is giving handouts....the only trouble being no one has told them the truth about the number of sales/buyers and the prices they are willing to pay. Panic to follow. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 12, 2013 Share Posted July 12, 2013 There is no end of properties rushing onto the market in NN1 + 15 miles. All at 2007+ price of course. It's been slow up until the lasy month, now it's relentless. There is no end of over-priced rubbish. I call the rush to sell has begun. Get in while the government is giving handouts....the only trouble being no one has told them the truth about the number of sales/buyers and the prices they are willing to pay. Panic to follow. They have priced out the bigger fools. Quote Link to comment Share on other sites More sharing options...
honkydonkey Posted July 12, 2013 Share Posted July 12, 2013 (edited) This is how it begins, the floodgates are opening. Fundamentals go out the window when the drip drip drip of price reductions start coming across the board. Human emotion takes over at that point. Edited July 12, 2013 by honkydonkey Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 12, 2013 Share Posted July 12, 2013 This is how it begins, the floodgates are opening. Oh God let`s hope so, a house should be something you can pick up when you need one and trade on easily, this country has become a sad joke with it`s slavish belief in a property Beanstalk. Quote Link to comment Share on other sites More sharing options...
SerialLurker Posted July 13, 2013 Share Posted July 13, 2013 This is how it begins, the floodgates are opening. Fundamentals go out the window when the drip drip drip of price reductions start coming across the board. Human emotion takes over at that point. Nah, it won't. They'll ask a stupid price, then when it doesn't sell for what it's 'worth' they'll just pick up their toys and go home ... Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted July 13, 2013 Share Posted July 13, 2013 I call the rush to sell has begun. Get in while the government is giving handouts....the only trouble being no one has told them the truth about the number of sales/buyers and the prices they are willing to pay. Panic to follow. They aren't rushing to sell until they bring the prices down, ... right down. Quote Link to comment Share on other sites More sharing options...
Mr X Posted July 13, 2013 Share Posted July 13, 2013 Nah, it won't. They'll ask a stupid price, then when it doesn't sell for what it's 'worth' they'll just pick up their toys and go home ... A lot of EAs are going to start seeing their advertising costs rocket and no corresponding increase in revenues. Quote Link to comment Share on other sites More sharing options...
Giordano Bruno Posted July 13, 2013 Share Posted July 13, 2013 A lot of EAs are going to start seeing their advertising costs rocket and no corresponding increase in revenues.I hadn't thought of that. Nice. Quote Link to comment Share on other sites More sharing options...
Guest eight Posted July 13, 2013 Share Posted July 13, 2013 A lot of EAs are going to start seeing their advertising costs rocket and no corresponding increase in revenues. I got a card through the door yesterday from a local EA saying how they had SOLD A HOUSE ON MY STREET!!!!! I might just have had my HPC blinkers on but something about the tone of it just seemed so desperate, like they wanted me to give them a freakin' medal or something..... Quote Link to comment Share on other sites More sharing options...
spyguy Posted July 13, 2013 Share Posted July 13, 2013 Scarcroft, one of the more salubrious parts of Leeds, has wholesale put their properties on the market. Pretty much half the houses on 'prestigious' Ling Lane are up for sale. Opportunistic I would say. Is that Jan Fletcher trying to offload large amounts of property to pay her court bills? Seriously, there must be the a lot of very leveraged property in Leeds when you consider the number of active (circa 2006) property 'investors' and the dumb (ex) banks - HBOS, B+B. Quote Link to comment Share on other sites More sharing options...
Si1 Posted July 13, 2013 Share Posted July 13, 2013 Leeds - HBOS, Yorkshire building soc, Leeds building soc, b&b, Skipton building soc, former Abbey national IT office in Bradford And everyone I ever met that worked for one of them (apart from one guy who got made redundant) was a severe housing bull Quote Link to comment Share on other sites More sharing options...
Bloo Loo Posted July 13, 2013 Share Posted July 13, 2013 Depends who is rushing to sell. If its OOs without financial incentive,then they are also expecting to pay the high prices for their next move. If its investors, then they are getting out while the going is good. If its OOs that are downsizing or changing to renting and there is a repression reason for the sale, to get cash to reduce debt, or to ride the coming crash (STR) option 1 is bad news. Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 13, 2013 Share Posted July 13, 2013 The builder of two large blocks of new build flats in my area, which have been on the market for years without selling, has just raised all the prices by an insignificant amount. Presumably for the benefit of users of price tracking software. "Prices are rising, buy now whilst you still can" . Quote Link to comment Share on other sites More sharing options...
winkie Posted July 13, 2013 Share Posted July 13, 2013 Depends who is rushing to sell. If its OOs without financial incentive,then they are also expecting to pay the high prices for their next move. If its investors, then they are getting out while the going is good. If its OOs that are downsizing or changing to renting and there is a repression reason for the sale, to get cash to reduce debt, or to ride the coming crash (STR) option 1 is bad news. Yes,........the secret is to find out why they are rushing to sell......No 1s I would have thought would not be rushing to sell if they live in a place they want to be, they will be deleveraging as much as they can if they had any sense.... No 2 Cash strapped investors will be trying to sell their not so profitable but expensive to maintain was to be an investment.....or some will be trying to cash in some of their chips bit slow off the mark, the clever ones are already out. No3 have always been there, no 3 one property only people are sometimes connected to no 2....more often than not no 3s are people who would have been downsizing anyway mainly age related, they just hit on the wrong time in the cycle, bit like the younger who are wanting to upsize at this point in time. Quote Link to comment Share on other sites More sharing options...
SerialLurker Posted July 13, 2013 Share Posted July 13, 2013 A lot of EAs are going to start seeing their advertising costs rocket and no corresponding increase in revenues. Suppose it depends how many houses they need to sell at an inflated price to break even! Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted July 13, 2013 Share Posted July 13, 2013 Very little changes in my area. Completed sales are still pretty flat. No significant evidence of a spring bounce. No dramatic increases in properties on the market in general, although there is a 50% increase in the number of 1 bed flats on the market since Jan. Probably agents trying to sell their investments. Asking prices slightly higher than I have seen in the past. Pretty much the same story that its been for the past 3-4 years. Nothing much happening. Quote Link to comment Share on other sites More sharing options...
@contradevian Posted July 13, 2013 Share Posted July 13, 2013 (edited) I kinda gave up looking, but note there are 350 properties in my immediate postcode HD4, and loads of "initial entry found" from Property-Bee which I assume are newish, or not being updated, or no one else is viewing with PB? No reduction in asking prices, for example basic ex council with 3 bedrooms is the standard £75k regardless. set by some kind of politburo somewhere. Rather kicking myself now though. This is the street I was born in and could have bought back in 2001/2002 for less than one years salary. http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=POSTCODE^370251 And I thought there was a housing bubble at the time. Edited July 13, 2013 by Secure Tenant Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted July 13, 2013 Share Posted July 13, 2013 There is no end of properties rushing onto the market in NN1 + 15 miles. All at 2007+ price of course. Got to say that it is top end property 250K+ that is now trying it on at > 2007 peak prices, and indeed the type of property you are probably following. Some may even be selling at close to the advertised price. This is one reason I believe we have a divergence on the Halifax survey to the others, it looks at an average house, which has definitely not inflated beyond 2007 prices. Quote Link to comment Share on other sites More sharing options...
Venger Posted July 13, 2013 Share Posted July 13, 2013 Perceived high market value prices brings out more sellers shocker. What we need is more owners feeling more the need to sell. Regardless of whether that's because of a tightening in their own financial, or death/divorce ect, or simply because they begin feeling an urgency to sell for a reasonable price before other owners who have a real need to sell, sell at lower prices bringing down values in the wider market with it.. There are fewer homes for sale in Britain than you think.15/07/2011 Merryn Somerset Webb ,,,,But the really interesting number in this survey is the top reason for sales falling through: the seller withdraws his property from the market. This is up by four percentage points since 2009 and comes down to the fact that (thanks in part to the demise of expensive 'home information packs') would-be sellers are now able to test the market for free. That said there are still a few encouraging signs, where it looks like some sellers do need to sell, with the market not having buyers rushing to offer big prices. Whilst many more listings coming to market asking for way more than peak, who are very unlikely to get it. Trendy Didsbury, South Manchester, and quite possibly a lot of money spent on it making it such a presentable family home since purchase in 2007. Offers in excess of £450,000 (Down from coming to market at £565K as per the Property-Bee on the listing). http://www.rightmove...l?premiumA=true Sale Date: Sep 2007. Price Paid: £495,000. http://www.rightmove...country=england Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted July 13, 2013 Share Posted July 13, 2013 (edited) Reasons to NEED a sale (Three D`s, moving, downsizing, care costs, and as I heard from someone recently, Can`t afford repairs on main residence + big debts) will be around longer than the PTB can fanny around with propping the market, and they will still be around when the majority of sheeple realise that the Great Credit Experiment (Lot`s of cheap money in the hands of the masses) will not repeat in our lifetime. The money that would need to be borrowed for everyone to get "their price" is not going to materialise, and that realisation, along with rates starting to creep up, and hopefully more volatility in the EZ will lead to the panic we need for a HPC. Edited July 13, 2013 by dances with sheeple Quote Link to comment Share on other sites More sharing options...
peakbear Posted July 13, 2013 Share Posted July 13, 2013 Leeds - HBOS, Yorkshire building soc, Leeds building soc, b&b, Skipton building soc, former Abbey national IT office in Bradford And everyone I ever met that worked for one of them (apart from one guy who got made redundant) was a severe housing bull I worked for one and am most definitely a property bear. I was also amazed how many self cert mortgaged there were in the height of the boom. Quote Link to comment Share on other sites More sharing options...
long time lurking Posted July 13, 2013 Share Posted July 13, 2013 Loads more have come to the market around my way since the end of May`ish ,and you guessed it alot of them are 10% above last year but on the other side not many are going SSTC and a good few are coming back to the market after going SSTC earlier in the year Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted July 13, 2013 Share Posted July 13, 2013 Is this the "return to normal" part of the bubble? Quote Link to comment Share on other sites More sharing options...
Bruce Banner Posted July 13, 2013 Share Posted July 13, 2013 Is this the "return to normal" part of the bubble? It looks like it. Quote Link to comment Share on other sites More sharing options...
winkie Posted July 13, 2013 Share Posted July 13, 2013 I worked for one and am most definitely a property bear. I was also amazed how many self cert mortgaged there were in the height of the boom. SCMs helped create the boom, Eric will be one amoungst others that will confirm that.....now what other new well thought out actions does it take to keep it booming? Boom bang a bang. Quote Link to comment Share on other sites More sharing options...
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