Estate Agent says houses no longer flying off the shelves

[Mancunian284]

Got this through this morning from a local EA in Altrincham, Manchester.

interesting note about the lack of buyers.  October 20-30 viewings in a week and a quick sale, now lucky to get 5-10 viewings.

http://jamesonpartners.co.uk/blog/happening-property-prices/?ct=t(EMAIL_CAMPAIGN_2_1_2018)&mc_cid=55f0707bef&mc_eid=5f2bf57c42

[mrtickle]

This jumped out at me:

 

Quote

The Royal Institute of Chartered Surveyors have recorded declining numbers of new-buyer enquires and agreed sales. Their statement said: “The bank’s Monetary Policy Committee has seriously misjudged the ability of the housing market to withstand even modest increases in interest rates.” 

 

So RICS think the MPC are only "allowed" to increase interest rates from their 300-year low if the market can "withstand" it, not because it has to be done?

 

[spyguy]

Rics can fool themselves.

In the north house transation have been on the floor sinse 2002. Its only been idiot southern btlers keeping the numbers off 0.

See the Gilts thread - something is very amiss, broken, cant be frigged anymore.

 

[scb]

Why are houses not selling? Well maybe because in Wales prices have dropped according to Nationwide in the last 18 months but places like this think it’s acceptable to ask for 60k more

https://www.zoopla.co.uk/for-sale/details/46436908

 

And there’s plenty of that kind of thing. Loads of houses currently “selling” for excessive amounts more than they have done at any point in the last 10 years despite prices having remained fairly static around here in the last 10 years.

Just start selling at 2007 prices and some of us might start paying it!

[spyguy]

Simples.

PRA means buyers need 20% down and a mortgage that does not exceed 4x net household income.

Put the local median earnings into that equation.

[thewig]

I emailed an EA about a laughably overpriced house with two questions 

 

how much did this House last sell for and when

 

what is the minimum amount the seller will accept 

 

Ea left me a voicemail asking me to phone him without answering my questions 

 

house still for sale few months later couple of reductions 

[houseface2000]

1 hour ago, spyguy said:

Rics can fool themselves.

In the north house transation have been on the floor sinse 2002. Its only been idiot southern btlers keeping the numbers off 0.

See the Gilts thread - something is very amiss, broken, cant be frigged anymore.

 

Spyguy any thoughts on York house prices? Seriously considering the move from Oxford as for the price on a 1 bed flat you can get a 3 bed Victorian terrace. The place also matches Oxford for emplotment, culture etc. But the hpi looks the same as down here. Know much about the york market?

[Si1]

1 hour ago, mrtickle said:

This jumped out at me:

 

 

So RICS think the MPC are only "allowed" to increase interest rates from their 300-year low if the market can "withstand" it, not because it has to be done?

 

Tbf to RICS the BoE have acted as if that's the case for the past 20 years

Edited February 4, 2018 by Si1

[spyguy]

24 minutes ago, thewig said:

I emailed an EA about a laughably overpriced house with two questions 

 

how much did this House last sell for and when

 

what is the minimum amount the seller will accept 

 

Ea left me a voicemail asking me to phone him without answering my questions 

 

house still for sale few months later couple of reductions 

Maybe he was made redundant.

Have you tried  McDonalds? He might be working there now.

[Mancunian284]

2 hours ago, mrtickle said:

This jumped out at me:

 

 

So RICS think the MPC are only "allowed" to increase interest rates from their 300-year low if the market can "withstand" it, not because it has to be done?

 

The 0.25% base rate increase only adds £22 per month on to the average mortgage though, there must be something else going on for viewers to drop so much?

 

[Mancunian284]

1 hour ago, TonyJ said:

I posted this elsewhere, but thought I'd say it on this thread for good measure.

The other day I went to look at a piece of building land that I saw on Rightmove that has recently been reduced in price, having sat unsold on the market for a long time. I walked past, then emailed the agent to ask a question about it last Thursday. I have had no reply back (yet), which doesn't surprise me, since in my experience, EAs only want buyers who will beg to be allowed to purchase, open their wallets to be freely rifled, and not ask questions. I did a bit of detective work to find out who the seller is, and was interested to learn he is a serial landlord. Does he need to raise cash to de-mortgage because of s24?!  How long will EAs be able to maintain a *we want to look like we are not interested in buyers' enquiries* attitude, when the evidence is mounting that they are hurting?

Having to be pleasant (through gritted teeth) to EAs who treat me with disdain is trying.  Hopefully  a bit of balance will be restored to the market in the next few months and they’ll have to start being more polite.

I viewed a house at the end of November, asked the EA to come back to me with the dimensions of the attic - still waiting and house still on the market.  Quite a nice house, just over-valued in my opinion.  Although I am now in a position to buy, I’m going to wait and see what happens over the next few months as I have a sense that we may be at the beginning of a drop in prices.

[Majorpain]

6 minutes ago, Mancunian284 said:

The 0.25% base rate increase only adds £22 per month on to the average mortgage though, there must be something else going on for viewers to drop so much?

Market expectations.

If its on the way up, you might miss out.  If its on the way down however....

[Mancunian284]

7 minutes ago, Majorpain said:

Market expectations.

If its on the way up, you might miss out.  If its on the way down however....

I’m hoping the market is on the way down as I’m ready to buy, have been since last year but being stopped by a feeling that there is a drop in prices coming.  I don’t know if that is just wishful thinking though as asking prices seem to be going up - I’m going to give it a few months and see whether said asking prices are translating into sold prices when the hit the land registry figures.

[Mancunian284]

6 minutes ago, TonyJ said:

I had an email exchange with one EA not so long ago who refused to give me a viewing unless I sent him proof of funds/funding. I refused, and so he wouldn't let me see the property. Funny thing is, I could have afforded it many times over with cash,  but I didn't want him to know that.

Reeds Rain wouldn’t let me view a property unless I met with their mortgage advisor.  I wasn’t sure if it because they got commission for referring mortgage customers or if they wanted to check I could afford it before letting me view the property.

[Mancunian284]

9 minutes ago, TonyJ said:

Both. But they especially want to know how much you can afford so they can extract the maximum from you. Knowing how much you can afford puts you in a weak negotiating position, which is where they want you.

Thanks and good job I didn’t go in - discounted the house in the end as it was on a noisy main road.  It’s still on the market.

[Bland Unsight]

4 hours ago, mrtickle said:

This jumped out at me:

 

 

So RICS think the MPC are only "allowed" to increase interest rates from their 300-year low if the market can "withstand" it, not because it has to be done?

 

I like the idea of RICS thinking. Innovation in the property sector is always welcome.

[spyguy]

11 hours ago, Mancunian284 said:

Reeds Rain wouldn’t let me view a property unless I met with their mortgage advisor.  I wasn’t sure if it because they got commission for referring mortgage customers or if they wanted to check I could afford it before letting me view the property.

Id never ever ever see an EA mortgage advisor.

In fact Id refuse and drop a note in the house.

Equally, if I was selling and I heard this Id go ******ing nuts.

[thewig]

If EAs still feel like they have some sort of power dynamic over buyers then it’s probably still a sellers market I guess .

theres an old saying in trading wait for the market to come to you 

wait for the genius EAs to realise its a buyers market and act accordingly, otherwise you’re just prolonging the ponzi

[spyguy]

4 minutes ago, thewig said:

If EAs still feel like they have some sort of power dynamic over buyers then it’s probably still a sellers market I guess .

theres an old saying in trading wait for the market to come to you 

wait for the genius EAs to realise its a buyers market and act accordingly, otherwise you’re just prolonging the ponzi

Theya re doing it because its a selelrs market, or they are trying to eeke every penny out as its syuch low transction.

Its a buyer market. And there are very few buyers. Hnce my going ******ing nuts if I caught an EA p1ssing around with internal mortgage advisors,.

[Fence]

Just send a note to the owner either through mailbox or look up address on Land Registry.  Then say no more and keep asking to see different houses, probably with the same result, until the EA can't bear it anymore.  A bit like dog training - "no, now try it again"!  It's your money and you don't have to spend it.

Edited February 5, 2018 by Fence

[Si1]

9 hours ago, Beary McBearface said:

I like the idea of RICS thinking. Innovation in the property sector is always welcome.

They're probably trying to keep up with the RLA's innovative use of jimlfixit badges.

[houseface2000]

11 hours ago, TonyJ said:

I had an email exchange with one EA not so long ago who refused to give me a viewing unless I sent him proof of funds/funding. I refused, and so he wouldn't let me see the property. Funny thing is, I could have afforded it many times over with cash,  but I didn't want him to know that.

That's very odd as the whole estate agency business is based on networking. Whist selling our flat our agents got instructions from people viewing!! Tbh we got sick of non procedable buyers, bored people being nosey on a Saturday afternoon accounted for many viewings.

[stuckmojo]

11 hours ago, Mancunian284 said:

Reeds Rain wouldn’t let me view a property unless I met with their mortgage advisor.  I wasn’t sure if it because they got commission for referring mortgage customers or if they wanted to check I could afford it before letting me view the property.

Just turn up to the house, leave a note in the letterbox and deal directly. ****** the estate agent. They are in fact restricting the seller's market by doing this. 

[thewig]

1 hour ago, spyguy said:

Theya re doing it because its a selelrs market, or they are trying to eeke every penny out as its syuch low transction.

Its a buyer market. And there are very few buyers. Hnce my going ******ing nuts if I caught an EA p1ssing around with internal mortgage advisors,.

I agree it should be a buyers market but until the EA clowns stop playing their games and get with the new paradigm it probably isnt really  

and with EAs lying somewhere between “rock” and “DEBTjunkie” on the awareness scale it might take a little while longer yet

 

[spyguy]

14 hours ago, houseface2000 said:

Spyguy any thoughts on York house prices? Seriously considering the move from Oxford as for the price on a 1 bed flat you can get a 3 bed Victorian terrace. The place also matches Oxford for emplotment, culture etc. But the hpi looks the same as down here. Know much about the york market?

A bit.

Choose very wisely.

Inner ring road can be hit and very miss.

Yawk is where people in a ~100mile radius go to get drunk and be sick.

Despite its image, York is very blue collar and rough ar5ed.

If I was selling up a v. expensive place and moving to a slightly less expensive place, Id probably look at Harrogate or Knaresborough over York.

Or, further out, Boroughbridge.

I all hinges on what you want.

If you need easy access to the ECML then being in York is probably worth it - but do be very careful choosing. Dont consider any place with floodgates.

If you need road access - then choose very carefully. Road travel between the large towns is sh1t.