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TheCountOfNowhere

24% of listings fell through today ( northants )

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There's been 8 sales in Dec so far in the area i follow (4 postcode districts, ~650 properties on RM), but there's been 9 properties relisted from sales that have fallen through for a net of -1 sales.

 

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Funny you should say this....

I too have noticed this as a definite trend recently in areas I check.....

eg..on a 3 day search today of properties in LLandudno ...

....a total of 12 properties, and 4 of these are failed sales!

Wonder what is making these buyers pull out? Unable to get finance? Not confident enough property will continue to be such a good investment?

http://www.rightmove.co.uk/property-for-sale/find.html?searchType=SALE&locationIdentifier=REGION^824&insId=1&radius=0.0&minPrice=&maxPrice=&minBedrooms=&maxBedrooms=&displayPropertyType=&maxDaysSinceAdded=3&includeSSTC=true&_includeSSTC=on&sortByPriceDescending=&primaryDisplayPropertyType=&secondaryDisplayPropertyType=&oldDisplayPropertyType=&oldPrimaryDisplayPropertyType=&newHome=&auction=false

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42 minutes ago, moonriver said:

Wonder what is making these buyers pull out? Unable to get finance? Not confident enough property will continue to be such a good investment?

I think the main cause is not being able to get a mortgage. From what I hear it is much, much tougher (and takes far longer) to get a loan approved now than it was, and the decision in principle isn't worth a whole lot. 

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1 hour ago, mattyboy1973 said:

I think the main cause is not being able to get a mortgage. From what I hear it is much, much tougher (and takes far longer) to get a loan approved now than it was, and the decision in principle isn't worth a whole lot. 

This implies prices are going to collapse.


I think we can just about say sales have.

 

The MSM, as ever, are reporting the News as a biased one sided propaganda fest IMHO

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3 hours ago, mattyboy1973 said:

I think the main cause is not being able to get a mortgage. From what I hear it is much, much tougher (and takes far longer) to get a loan approved now than it was, and the decision in principle isn't worth a whole lot. 

I had a re-mortgage approved in principal  - I want to fix rates long term while they're low. All of sudden I was declined. My IFA can't find anything wrong with my credit score, and business is doing well. Now it looks like we're getting signed up with someone, but not on the same terms / deal I was originally guaranteed.

I'm in a really healthy cashflow position, own business with a long track record, yet very few options. How does the average earner trying to afford the over-priced crap manage? Something has to give.

Edited by wsn03

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There was a lot of negative London housing market talk on BBC radio 4 early this morning, could not believe there was so much negativity in the London market.

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1 hour ago, awaytogo said:

There was a lot of negative London housing market talk on BBC radio 4 early this morning, could not believe there was so much negativity in the London market.

You mean positive :lol:  :lol:  :lol:  :lol:  :lol: 

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12 hours ago, TheCountOfNowhere said:

Was looking through those listings and I am under the impression that asking prices are insane for the area and its wages.  Do you think anyone was actually paying these prices? or are these asking prices just a recent infection among the local sellers/agents?

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14 hours ago, steve99 said:

Was looking through those listings and I am under the impression that asking prices are insane for the area and its wages.  Do you think anyone was actually paying these prices? or are these asking prices just a recent infection among the local sellers/agents?

Yeah, people have been paying.  Londoners, BTLers, downsizers, pyramid dwellers and government supported buyers.

As you say, the prices are insane for the area.  Northampton has literally gone to the dogs and the suggestion that you need to pay 400K for a 4 bed house there is ludicrous.  £150K would be nearer the mark and that's pushing it for most of the people in the area.

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For the areas I follow I do a search on RM every week for the previous week's listings ie last 7 days and routinely (for the past month or so) I find around 25% of the "new" listings are actually reductions.  This is in the SE although not for Herts which must be where all the people exiting London are heading!

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Vol of sales have plummeted  - check

But how will prices collapse?  Repos are low and will remain so as interest rates aren't rising or likely to

Is the only hope that the BTL brigade cause a stampede to get out quick, or will the unavoidable divorces, deaths and job loss driven moves force the market downward at a sufficient pace? It could be a drawn out stalemate between reluctant buyers and non desperate sellers until the market finally rolls over. 

One hope must be that agents start to demand significant reductions out of fee desperation 

 

 

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2 hours ago, Crash&Carry said:

Vol of sales have plummeted  - check

But how will prices collapse?  Repos are low and will remain so as interest rates aren't rising or likely to

Is the only hope that the BTL brigade cause a stampede to get out quick, or will the unavoidable divorces, deaths and job loss driven moves force the market downward at a sufficient pace? It could be a drawn out stalemate between reluctant buyers and non desperate sellers until the market finally rolls over. 

One hope must be that agents start to demand significant reductions out of fee desperation 

 

 

The agents are mostly owned by money men now....

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