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House Prices: Affordability Ceiling And 'deluded' Sellers Stall The Property Market

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"The weakening in housing demand has led to a reduction in both price growth and sales in recent months."

Nonetheless, on the streets of Britain, estate agents are seeing buyers come in with "hard" and "spiteful" offers - according to the founder of the online agent, eMoov, Russell Quirk.

"It is a very mixed bag across the UK with carnage in central London but some buoyancy in commuter land," said Mr Quirk.

"There is still some delusion among sellers and with flat growth predicted for this year [as a UK average] they need to reduce prices to stay in sync with the market and successfully sell their homes."

Very clear wake up call.

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Vendors have hit the snooze button where I am...

More than a snooze...Rip Van Winkle might not cover it for some houses that I have seen marketed going back to 2004 and still unsold in the north. And yes 2004, not 2014....fortunately estate agent churn disguises it.

Edited by crashmonitor

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More than a snooze...Rip Van Winkle might not cover it for some houses that I have seen marketed going back to 2004 and still unsold in the north. And yes 2004, not 2014....fortunately estate agent churn disguises it.

whilst its not always the reason, but forebearance does not help the market in many cases.

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"estate agents are seeing buyers come in with "hard" and "spiteful" offers "

I've been seeing estate agents and vendors coming out with "insane", "finance destroying" and "divorce causing" asking prices.

What a bunch of ***s

Edited by TheCountOfNowhere

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Ho, ho, ho.....I made a "spiteful offer" on a house when I was looking in 1996. Was refused point blank. Seller phoned me at home 6 months later asking if I'd buy it at my offerred price. She was a forced seller....moving to another part of the country due to a promotion.

I'd already signed for a nicer, larger house the week before. Sweet.

When EA's start talking about "spite" and buyers "not being realistic" , I think it's a sign the crash is underway. Fingers crossed this time. :D

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EA's shaming tactics are hilarious. What exactly is a 'spiteful' offer? Is it delivered on a letter smeared with excrement, or something?

i will be making offers soon 30-40% below asking ,

wish me luck :lol:

i am surprised no one has thought of a comedy sketch yet , what we need is spitting image back .

all we need is a few comedy sketches going viral laughing at how ridiculous the property market and whole financial situation put upon the british public is , first step to changing the psyche of the sheeple.

need to update this for 2015

Edited by longgone

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Heard the same thing 5 years ago and since then prices have gone up 30%!

i will be making offers soon 30-40% below asking ,

wish me luck :lol:

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OK. Who left this comment?

Samboy7 an hour ago

Had to comment on this line.

Nonetheless, on the streets of Britain, estate agents are seeing buyers come in with "hard" and "spiteful" offers - according to the founder of the online agent, eMoov, Russell Quirk.

What an utter fool this turd is, clearly its sellers asking spiteful prices that will leave people with a lifetime of debt that won't get inflated away, and that should interest rates rise will lead to the buyers eviction.

Nicest thing I wish this fool is an early death.

Edited by richc

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'Spiteful' offers?!

Are Estate agents businessmen or children?

Its one of their 2nd hand car salesmen type tastics. Make you feel bad so you give them more. F*** that, i'd rather feel s**t and have the cash in my own pocket.

They really have reached the bottom of the barrell.

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House price growth stagnates as UK buyers "low ball" greedy vendors

The embeded article comments will be interesting on this one I should think:

-sky-high-house-prices-have-stalled-the-property-market.

Just walked into a room where the radio was playing You & Yours. Female presenter asks, "So how much will house prices rise during 2015?"

3 experts on, including Simon Ru... Ruhebelson or something... I've forgotten how to spell his name, all saying about 1 to 3 per cent, something about London cooling, and one of them saying (maybe presenter) about the rise, something about it being a 'relief for home owners'.

More spiteful offers please, against deluded complacent VI homeowners in the low-mid-high prime markets.

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No surprise that without the turnover EA's are jittery. The Autumn statement had the stamp duty changes with the OBR forecasting an uplift in volumes.

Without relaxing mortgage requirements to boost demand presumably mortgage rates will continue to tank? Can't see many lenders wanting to be in the mortgage business.

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I think I just worked out what a spiteful offer might be...."I offer £200K but you're an ugly hair gelled c***t of a tw*t" ???

nice , does that line of offering work ?

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"estate agents are seeing buyers come in with "hard" and "spiteful" offers "

I've been seeing estate agents and vendors coming out with "insane", "finance destroying" and "divorce causing" asking prices.

What a bunch of ***s

Absolutely loved this in the comments underneath:

"Anthony Papagallo an hour ago

  • the family home I inherited when my father died, a three bed detached cottage in Paddington with off street parking ( a small driveway really) and a garden (relatively rare in paddington) was valued before christmas at just over two million. Now dont get me wrong, Im not complaining but my father was an Electrician and and my mother, a cleaner for London Transport, bought that place in 1971 and paid barely three thousand pounds for it, I remember they worked hard to keep that roof over our heads through the late 70's when work was thin on the ground.

    Im selling the place and splitting the money with my siblings, the people who have looked at it so far have turned up in chauffeur driven cars and had Personal Assistants with them making notes, It made me think wistfully of my working class parents struggling to pay the mortgage on their meagre wages decades ago, times change I guess, you won't find many ordinary working people in this neighbourhood anymore."

    Says it all really. Absolutely mind-numbing. London is the World Capital of Spivs.

Edited by eric pebble

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"estate agents are seeing buyers come in with "hard" and "spiteful" offers "

I've been seeing estate agents and vendors coming out with "insane", "finance destroying" and "divorce causing" asking prices.

What a bunch of ***s

:lol:

I checked their Twitter, and they're not backing away from it at all (hard and spiteful offers). Hard and spiteful offers. Really cheered me up.

https://twitter.com/emoov

eMoov.co.uk @eMoov · 3h hours ago

Read the @eMoovCEO comments on weakening housing demand in the @TeleProperty today #SellSmart http://www.telegraph.co.uk/finance/personalfinance/houseprices/11332217/Deluded-sellers-and-sky-high-house-prices-have-stalled-the-property-market.html

Which also leads to the CEO and his appearance in this video piece a couple of days ago.

http://video.cnbc.com/gallery/?video=3000344219

...particularly in prime central London, the sort of Mayfairs, the Knightsbridge the Chelseas of prime central London, demand is off 28%; actually in Westminster 48%, so carnage may well ensue now during 2015.

..ours is a general demand barometer, so it's anything in those boroughs.

[Graphic appears on screen]

Emoov: Worst Decreases in London Since Feb 2014 (Demand)

1. Westminster - 42%

2. Lambeth - 41%

3. Islington - 39%

4. Hackney - 36%

..London at the top end is in for a real kicking this year. Not those percentages for price drops, but we think prices in prime central London could come off by up to 10% this year.

Edited by Venger

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If I have cash in my pocket I will do worse than spiteful offers. Maybe in london things are different but where I am looking my spiteful offer will become very attractive if the house has been on for a few years. There are houses I fancy and have been tracking for years.

Now I can see this shit turning I can happily wait the ******* out. Make them sweat. 40% off the houses I am looking at and I can have a good house somewhere I love and have it paid off in a relatively short space of time.

Let the good times roll.

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If I have cash in my pocket I will do worse than spiteful offers. Maybe in london things are different but where I am looking my spiteful offer will become very attractive if the house has been on for a few years. There are houses I fancy and have been tracking for years.

Now I can see this shit turning I can happily wait the ******* out. Make them sweat. 40% off the houses I am looking at and I can have a good house somewhere I love and have it paid off in a relatively short space of time.

Let the good times roll.

Same.

I wish I could remain magnanimous, humble but after years of being patronized by life winners racking up debt and EAs who had the people skills of a hand grenade I'm afraid I will now become a spectacular C**t as I strut around viewings with a large wad of cash or maybe even enough to be mortgage free.

When I do buy my cheap house in a year or so when it really bites I will behave like lex luther with a deposit. I am unsure yet as to if I will wear a victory cape but I will be an effing monster and they will rue the day..

Will I make an EA get down on all fours and bark like a dog to make a sale? If I do ill video it and put it on here.

This collapse will be beautiful, no sympathy, nobody forced them to rack up debt or load up BTL. Finally the theft from the young can stop, the sale of debt slavery can end, tv wont be full of ridiculous property shows and we can live in houses and work for a living.

:)

– while the neighbours, who bought a similar house in 2011-2014, beg me to be allowed to nibble my hedges for sustenance. At which point, I’ll hit them on the head with my cane.

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The EA only finds these offers spiteful because they hurt him.

If there were any chance of better offers coming in, he'd be laughing these "spiteful" buyers off, condescending, deriding and generally insulting them. But now he knows he can't. The balance of power shifted, the market has swapped ends.

So it hurts him, and he thinks it's down to spite and not market forces. Oh well, never did meet an agent with an ounce of business sense, looks like this one isn't going to be my first.

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The EA only finds these offers spiteful because they hurt him.

If there were any chance of better offers coming in, he'd be laughing these "spiteful" buyers off, condescending, deriding and generally insulting them. But now he knows he can't. The balance of power shifted, the market has swapped ends.

So it hurts him, and he thinks it's down to spite and not market forces. Oh well, never did meet an agent with an ounce of business sense, looks like this one isn't going to be my first.

That seems like the real truth of things. It's actually shocking he would insult buyers like that. Would be buyers letting them know they're willing to putt an offer in on what they are willing to pay, where seemingly no other offers on the table, to allow him to shrug such offers off.

It is probably like that 5 stage thing. Denial. Anger — Once in the second stage, the individual recognizes that denial cannot continue. Bargaining. Depression — It is natural to feel sadness, regret, fear, and uncertainty when going through this stage. Acceptance.

HPC 200709 was over so quickly, with FED and BoE intervention; EAs didn't really have to adjust that much before it was over. And all the lessons forgotten. EAs in all the reflated markets need to re-learn the skills required to cope with real hpc in low-mid-high prime markets, as those in the long past had to, and securing their own rewards with it (commissions from more sales.. push push push push on the sellers to accept lower prices, to get real, for their commissions).

Paul

….EXACTLY CORRECT ….

This spike in escalating home prices was due to temporary lack of inventory,

but the prices and sales are declining slowly.

Once the reductions TAKE HOLD .. the price reductions will escalate …. WHY?????

Because the REAL ESTATE SALES PEOPLE (Agents/Brokers)

MUST MAKE A LIVING .. THEY WILL TELL THE SELLERS ANYTHING …

” Sorry — I can’t get you Top Dollar for your house… Sales are DECLINING”

What the R.E. Agent/Broker is really saying is :

” I really need to SELL SOMETHING, I have bills to pay and I need to make

a quick sale on your p.o.s. House — I need my money FIRST … You can take

your FANTASY PROFIT that we promised you when you signed the Listing Agreement

and just “eat your heart out” ….. TOUGH LUCK FOR YOU…. I NEED MY COMMISSION,

IT’S TIME TO DISCOUNT YOUR damn PROPERTY”.

*** AND THAT IS EXACTLY HOW THIS WILL PLAY OUT.****

Just go back and take a look at 1991 to 1996 California R.E. Statistics,

I lived through it and bought a house at 75% discount. I saw how

desperate and hungry the Agents and Brokers were — THEY ONLY CARED

ABOUT THEIR COMMISSION….. REALITY RETURNS TO US AGAIN.

Paul

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Although in fairness, it seem some EAs are also having a go at the owner/seller side. *creak*

Affordability Ceiling And 'Deluded' Sellers Stall The Property Market

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