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ItalianV6

Interesting chat with EA

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An EA just called me (North London) area, asking if I was still interested/looking e.t.c

I asked him for his view of the market, which summarised was:

  • Buyers market
  • Slow to sell, and prices are being pushed downwards to attract customers
  • Shared that he had noticed that many other EA's were listing properties at Jan 2015 pricing where this simply doesn't represent today's pricing, i.e it is lower today. (This could be sales talk - i.e our prices are fair, but sensed a feeling of truth)

He then shared that he was finding alot of foreign owners of London property were piling in to sell up. Perhaps because of fears about their right to stay/future taxation, but it seemed to be more about the foreign owners fear around continued weakening of the pound. i.e. if they wait longer they may end up with less euros, dollars e.t.c

 

 

Edited by ItalianV6

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My in-laws are thinking of selling their 3-bed semi in the Southeast to retire to a cheaper area of the country. They had an EA out to value the property last week. According to him, sales of of 4 and 5 bed houses are on the floor ("no one wants them because they can't afford them") but 3 beds are selling very quickly. (Although I looked at the land registry data and in their town only three 3-bed semis had sold since August. I guess that's "quickly"?). This matches what I'm seeing on Zoopla. Very few 3 beds for sale at all, but the ones that have been on for months and months are all 4 and 5 beds, many which have already dropped their asking prices by 10%. If these homes have motivated sellers pretty soon they're going to be approaching the asking prices for 3 beds. 

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We all love the sentiment but there is an anecdotal thread.

Some links of 5 bedders lingering on the market for last 18 months would be useful.

My inlaws said last week that the market round them had died a death, east mids, the boomers with the big houses cant sell.

But again, it's anecdotal.

The whole horror of the UK housing bubble wont be revealed till later in the year.

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My mum and dad flip houses for a living, paying 90-110K, spending 15-25K and selling on for 130-150K. On average they make around 15K per house and it takes the two of them about 3 months, so it's a fairly modest and honest living because they work very hard and finish to a good standard. The most recent one cost £98K and needed considerable work (about 20K) - after work was completed it was valued at 130K but my dad wanted to put it on at 140K so the EA suggested they put it on the market at "offers over 130K" and it went live in October. They didn't get a single viewing all the way up to christmas. They removed it from the market for a couple of weeks and then relisted it at 135K, and they got 2 viewings last weekend. They received a take-it-or-leave-it offer of 118K which is just below their break-even cost! Other than that they've had no other interest.

I have been telling my dad for a few years now that the 10% yearly gains we've seen over the last few years are not sustainable when local wages are flat, and he's very adamant that I'm wrong, because "supply/demand" but he sounded a little defeated on the phone the other day. Then again, he went through a similar renovation in September last year and ended up selling at the asking price, so only time will tell!

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More relative to your title (sorry I rambled a bit there) I placed an offer on a place before christmas. They rejected it of course and I called back yesterday, got the same estate agent and told her our offer is still on the table. There was a distint shift in her tone from before christmas ("you must offer above their offers over price") to "oh well they've only had 1 viewing in 6 weeks and it didn't turn into an offer" yesterday. Just shows how fickle EAs are, they'll switch sides at the drop of a penny once they realise there's not many buyers around.

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Been looking for places all day in home counties. Lots of crappy 1 beds available. Decent stuff available also. definite buyers market. Landlords accepting below asking price and plenty of voids to negotiate with.

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