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Mr Joe

More Houses For Sale On Rightmove

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I check rightmove each day for new listings and Im noticing many more new properties coming onto the market. Has anybody else noticed this in the last few weeks?

What makes me laugh is the number of properties that have been listed for ages. Some over 12 months. Many of these properties are still listed at their original prices LOL.

Mr Joe.

Edited by Mr Joe

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I check rightmove each day for new listings and Im noticing many more new properties coming onto the market. Has anybody else noticed this in thye last few weeks?

What makes me laugh is the number of properties that have been listed for ages. Some over 12 months. Many of these properties are still listed at their original prices LOL.

Mr Joe.

Quite. The amount of houses round my folks' way that have been on for a year or more is laughable. If no-one wants to buy your two bed back to back terrace in a Pennine village for 90k - its probably overpriced. Either people are a) dim, B) greedy or c) using Andrew Kelly EA who appear to have no grasp of reality.

Job losses will soon force people's hand and then we'll see what houses are 'really worth'.

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In Nottingham there seems to be considerably more for sale and rent than there was 12 months ago. Parents have had their house on since september and no serious interest. Neighbour has a second (inherited) property that he thinks "would be perfect for a FTB" at a ridiculous price and can't understand why its still not sold after 8-9 months on the market.

Several other people locally have had properties on the market for nearly a year, and have only now started talking of reducing their prices. I mentioned "prices could fall a bit more than that" (didn't even mention the word crash) and was pratically patted on the head for being so naive. This from someone who isn't questioning making nearly half a million pounds on a house they have a forty K mortgage on. The mind truly bogles........

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I've been keeping an eye on the numbers on Rightmove in my area for a year now. It has started its customary post Xmas build up to the Spring bounce. Interestingly there has also been a big increase in the number of properties for Rent as well.

If both the selling market and the rental market are going to get saturated at the same time then we will see a lot of very stressed people. If that leads to an increase in the repossion rate then its CRASH POSITIONS EVERYONE! (Sorry for shouting) :)

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The usual spring pick up in SUPPLY is happening, even in North London, where supply tightened considerably before Christmas and the decent stuff all went Under Offer, along with some of the crap as well. This was quite depressing at the time.

There is still quite a bit of languishing crap though - stuff that's been on for over a year with only a slight reduction in price, if any. I've noticed these properties being advertised on the Rental sites as well as the Buying sites..... On the Buying sites the pictures have furniture. On the rental sites the owners have clearly moved on and the houses are empty.

It's as if the owners think that their property is so valuable they will not lower the price to sell. They also clearly think it is worth hanging onto property in general so they rent it out instead.

I wouldn't go for one of these rentals though as the owner might keep it on the market for sale and we'd have to move on after 6 or 12 months.

It's great that properties are coming onto the market thick & fast but the prices are even higher than before :ph34r: . I think it's very much wait-and-see. We could get another Spring of standoffs with very low transaction rates with buyers refusing to meet sellers expectations.

Another problem is that prices in North London are now so high that they are almost preventing offers from being accepted.

Traditionally, sellers would think in terms of £5k off the asking price. But £5k off £625k (for a 3-bed flat in N1) is less than 1% off. If you want to offer 90% of the asking price you're offering closer to £560k, which sellers treat as an insult or a joke.

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The usual spring pick up in SUPPLY is happening, even in North London, where supply tightened considerably before Christmas and the decent stuff all went Under Offer, along with some of the crap as well. This was quite depressing at the time.

Guess it depends what you are looking at? I'm in North London (N14) and I've noticed the numbers on RightMove jumping recently. The local rag, which came yesterday, is jam packed with properties - mostly at reduced prices or 'Open to Offers' or 'New Price' or 'Chain Free'.

A lot of stuff has been sitting on the market since this time last year - two 3 bed semi's in my street, for instance. I think the penny will finally drop for a lot of overpriced sellers and greedy EA's when this years Spring Bounce doesn't occur either. At the moment they think last years failed Spring Bounce was just a bad blip, and that this year will somehow be different. Time will show otherwise.

Me, I'll just carry on renting cheaply for another couple of years. Buying at these prices is a mugs game.

Nomadd

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My friends had his house on the market for about a year, people have said they were gonna buy it and then pulled out.

He is refusing to lower the price.

I think people are grasping at their last opportunty to make any real money before reality sets in and people then have to work to earn money.

Will they ever again have an opportunity to make money whilst doing nothing.

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... I've noticed these properties being advertised on the Rental sites as well as the Buying sites..... On the Buying sites the pictures have furniture. On the rental sites the owners have clearly moved on and the houses are empty.

There seem to be a lot of properties like this [usually 3-4 bed family-type houses]. ie the owners have bought a second place, moved, but cant shift the old one, so are trying to rent it out until 'market picks up'. Round our way [East Sussex] these places are sitting empty, as no tenant will touch them with a barge pole.

Assuming both properties have loans on them - probably a smaller one on the old place, and a 100% top-of-market price loan on the new place - does anyone know if both loans would be classed as mortgages? - or would one be covered by a bridging loan, and if so would the bridging loan show up in the mortgage/approvals figures?

Wondering if the recent rises in mortgages/approvals without the corresponding rise in sales/HPI is in some way accounted for by this 2 property/loan phenomenon?

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Was looking in the Swindon local paper yesterday, and at least one EA in there had a "5-10% off" on many properties. I'm also noticing a lot of properties that have been on for months, and a few detached houses seem to be in a lower price bracket than a few months ago.

I'm keeping the property section for comparison in a few months time.

oh and noticed a lovely 3 bedroom detached with garage for rent - £650 per month!! In one of the better area too :o

Edited by OzzMosiz

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I scan rightmove daily.

Last year, in this part of the year, the patch I check (a small corner of Derbyshire) with a 10 mile radius had 20 properties per day coming on. This year it's between 80 and 100 every single day.

It has gone bonkers, new for sale signs are springing up in between the ones that have been up for 12 months already. Some are houses that were on the market but a lot is new. Predominantly lower end of the market. Almost like a lot of BTL trying to escape!

It is very early in the year and numbers coming to market are as high as the peak of last year with was April.

Great, over supply, I love it.

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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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