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BuyingBear

Local Property Rag - January Sales - 5%-10% Reductions

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I was in the Midlands today and picked up a few local property rags as I fancied a good laugh, this one struck me as it was right at the start of the property section, Connells have a "January Property Sale, 5%-10% reductions on many properties" and there follows double page spread with that advert in the middle, and an additional third page, all with "Was £x" and the new price in red. The prices are still loaded of course but I found it interesting that they're advertising the fact they're explicity cutting asking prices.

I noticed developers are now overtly cutting prices on new builds too, maybe the incentives aren't enough?

Move along now, nothing to see :)

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Now with more windows

I forgot to add, it says :-

"Our biggest event of the year"

It's only January 5th? They underestimate themselves, I'm sure it will be the start of something big and long running :lol:

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We recieved a letter today from Hamptons, very odd as we have never been involved with them what-so-ever, offering a market appraisal. And we have never recieved a letter like this before!

Interesting quotation "There has been much recent speculation in the press regarding the housing market..."

Oh really??

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An EAs worst nightmare is a stagnant market. They are wondering how to keep commissions flowing so they start to grease the wheels by getting punters to lower their prices. Better to get a 3% commission on less than zero commission on more. Whatever creates a selling frenzy will work for them--up or down. Anything but stagnation and long property chains (I am in the West Midlands and have seen several houses withdrawn near where I live--some been on for over 6 months. A lot with "sold-stc" which indicates a chain problem).

We recieved a letter today from Hamptons, very odd as we have never been involved with them what-so-ever, offering a market appraisal. And we have never recieved a letter like this before!

Interesting quotation "There has been much recent speculation in the press regarding the housing market..."

Oh really??

A 20% reduction in supply coupled with a 30% increase in demand eh? Sounds like a massive winter bounce to me!

:lol::lol::lol::lol::lol:

Edited by Realistbear

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We recieved a letter today from Hamptons, very odd as we have never been involved with them what-so-ever, offering a market appraisal. And we have never recieved a letter like this before!

Interesting quotation "There has been much recent speculation in the press regarding the housing market..."

Oh really??

one word PUKE

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Great Info.

A January sale on houses! Sort of set out like it was a kitchen sale or perhaps sofas. I'm delighted. 'Was'.... 'Now' .....silly pounds. :lol:

As safe as houses houses.

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An EAs worst nightmare is a stagnant market. They are wondering how to keep commissions flowing so they start to grease the wheels by getting punters to lower their prices. Better to get a 3% commission on less than zero commission on more. Whatever creates a selling frenzy will work for them--up or down. Anything but stagnation and long property chains (I am in the West Midlands and have seen several houses withdrawn near where I live--some been on for over 6 months. A lot with "sold-stc" which indicates a chain problem).

:lol::lol::lol::lol::lol:

too right, the agents are going to have earn their money again, just as they did in '89/'93. ethical / honest agents were, and had to be, brutally honest with vendors. Those few brave agents helped their clients to negotiate the equivalent % price drop on their next purchase and kept vast chains together, with good results..... the agents will soon realise that the only way to keep food on the table, vendors happy, and people moving was to ditch the spiel and crack on with it. can't wait to see the land registry figures when they do..

advice to all would be vendors: Do not chase the market down. if u price it right it will sell. if it isn't selling it's because it is too expensive... After all a property has, and always will, only be worth what someone else is willing to pay HARD CASH for. How much would you have paid in mortgage payments in 12 months?..knock that off the highest offer you have had and then a bit more to make it worth looking at. bet u will sell then. get your agent to negotiate the same % drop with owner and estate agent selling the house you want to buy. Then you won't lose out and your mortgage debt will be less than u expected...simple.

it worked last time and it will this time.

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Time for the agents to wave bye to the property goldrush.

Can't say the agents were not warned about pricing the market out of existence and that is exactly what they have helped to do, FTB levels are appalling, they have done nothing but pander to whoever they could get a sale to regardless of the destabilizing effect on their own market and the rest of the economy. They will find the speculative and investor to be a fickle new friend.

By the time the next wave comes around the marketplace will be littered with extremely cheap competition working off the web/mobile phones/communicators (or whatever we are using by then), with HIPS in place it will merely be a matter of receiving the information pack and a visit and then assigning a conveyancing agent.

Good riddence to bad rubbish I say.

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Will Connells' be adjusting the price of these properties on rightmove to show these reductions?

Seems so, I've just found the one to the left of that advert, £239k > £226k.

Edited by BuyingBear

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I'm a Coventry lad...

Despite numerous properties on sale, we've only had one sale down my street in the last 18 months.

That house went for 180k. In 2004 a similar (slightly smaller) property went for 215k.

:o

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I'm a Coventry lad...

Despite numerous properties on sale, we've only had one sale down my street in the last 18 months.

That house went for 180k. In 2004 a similar (slightly smaller) property went for 215k.

:o

I live in West Midlands and have moved back here recently after 15 years + in London. I've had my beady eye on the property market here for the last 6 months and i'm starting to see price drops - most explictly on flats (seen one down 30k to 170). I put this on another post but my Mum's next door neighbors lad got a reduction on the new build flat he was buying that matched the mortgage the bank would give him (thousands less than what they had it up for). A work colleague tells me that one of her mates got 30k off a new build flat.

hope this link works but the appropriately named bells end road in walton on trent has a house featuring a discount approaching 5% depending on which estate agent you choose !

http://www.rightmove.co.uk/action/publicsite.PropertySearch

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We recieved a letter today from Hamptons, very odd as we have never been involved with them what-so-ever, offering a market appraisal. And we have never recieved a letter like this before!

Interesting quotation "There has been much recent speculation in the press regarding the housing market..."

Oh really??

WTF! They saying there's a 10% deficient! ROTFLMAO :lol:

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How desperate can they get eh :lol:

Gooooood gooood goooood its getting on track at last! And in a "buyers market" do you really think people are going to pay the full "reduced" amount advertised??

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WTF! They saying there's a 10% deficient! ROTFLMAO :lol:

Well, I've been looking at the supply (rightmove) for my area (North Hants) and I would say the number of houses on the market is the same as normal, certainly no undersupply and (being honest) no oversupply.

I'll keep an eye on it either way.

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I'm going to have a scout round the papers romorow and see whats happening. Friday is normally property supplement.

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I was just about to start a similar thread when I saw this one.

Just recieved our first free paper of the new year. The "advertsiser" has, for the first time in years, got a full page advert from one of our local agents, Briscombe, Nutter and Staff, headed;

January Sale

Considering moving this year? Why not visit our January sale!

Then they list 30 or so properties that have just been reduced.

This is a big change in approach and it must reflect a growing sense of desperation on both the part of the sellers and the agent themselves. There have been very few sellers reducing last year even though little has moved. I have been looking for local signs like this but I didn't expect to see this so soon this year. Wonderful stuff.

Any others free papers got similar stuff in them to start the new year?

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I was just about to start a similar thread when I saw this one.

Just recieved our first free paper of the new year. The "advertsiser" has, for the first time in years, got a full page advert from one of our local agents, Briscombe, Nutter and Staff

I thought you were taking liberties with their name, how wrong could I be.

How can they compete with that?

Edited by BuyingBear

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I thought you were taking liberties with their name, how wrong could I be.

Thought that someone might think the name was a joke. Yeh they are real and have been very successful, despite the name!

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I was just about to start a similar thread when I saw this one.

Just recieved our first free paper of the new year. The "advertsiser" has, for the first time in years, got a full page advert from one of our local agents, Briscombe, Nutter and Staff, headed;

January Sale

Considering moving this year? Why not visit our January sale!

Then they list 30 or so properties that have just been reduced.

This is a big change in approach and it must reflect a growing sense of desperation on both the part of the sellers and the agent themselves. There have been very few sellers reducing last year even though little has moved. I have been looking for local signs like this but I didn't expect to see this so soon this year. Wonderful stuff.

Any others free papers got similar stuff in them to start the new year?

I remember Connells having a January sale last year, so it's not that big a change in approach, accept that as prices are falling and if you are prepared to wait until January, say 2-3 years from now, you might just get an extra 5-10% extra off (on top of the 25-30% fall overall :D ).

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Well, I've been looking at the supply (rightmove) for my area (North Hants) and I would say the number of houses on the market is the same as normal, certainly no undersupply and (being honest) no oversupply.

I'll keep an eye on it either way.

As per my previous post, I keep an eye on my patch in Derbyshire and this time last year it was 15-20 new properties per day. Yesterday it was 79, today it was 99. Last year even at the peak in March this sort of figure was only met on a Wednesday to correspond with the local property supplement.

Round here unprecedented numbers of properties are coming onto the market.

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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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