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VeryMeanReversion

EA posts on pistonheads

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Saw this post from an EA on pistonheads forum that you may all enjoy....  BTL down 95% :)

 

 

What is the definition of a "crash"? I can easily see a 15-20% reduction coming our way.

While there isn't one factor that screams crash at the moment, I think there is a melting pot of smaller factors that combined are causing real problems in the market. 

As some headline points from my office - these are guesstimates (pretty accurate) as I can't be bothered to run the reports right now...

- 40% down in transactions (although we have increased market share)
- 50% down in buyer registrations
- 20% down in instructions
- Must be 100%+ increase in the number price reductions
- Sales agreed prices vs asking prices as wide as they have ever been and getting worse
- Fall throughs up over 100%
- Buy to let purchases down 95%
- Lenders down valuing more often and tightening lending

I think the statistics take a little longer to be reported in the media, maybe 3-6 months. But as a real time snapshot on performance vs 2016 that is where we are. 

Speaking to all the other agents in town, off the record, they all say the market is f*cked. Every single one of them! 
 

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Even better news.  I am not an EA but its looking very shaky in the greater Reading area (and spilling out into Oxfordshire) at the moment.  Properties are hanging around and then sitting with Sold Subject to Contract signs on for months.  I haven't felt this optimistic about some realism returning to house prices for several years. 

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5 minutes ago, TheCountOfNowhere said:

I've now completed my training.

 

Very good! :D

I did my school work experience in an Estate Agents in 1993 (aged 15) back when houses were mostly marketed for about £50-60k in Norfolk. Aside from go out on visits with the chief EA (an arrogant dick, quelle surprise) they had me type up letters on a word processor and make the hot drinks.

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41 minutes ago, TheCountOfNowhere said:

I'm thinking of training to become an estate agent !!!

 

40 minutes ago, TheCountOfNowhere said:

I've now completed my training.

 

Actually laughed out loud.

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  • 297 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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