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Sellers in ‘painful position’ as asking price cuts hit six-year high


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10 hours ago, oatbake said:

What many seem to forget on here is that estate agents thrive on *turnover* of property.  When prices genuinely start to turn, they will encourage vendors to be realistic.... or go out of business...

Far better to make 1% commission on 100k than 0% on 105k...

You will have no problem in the world convincing homeowners that the 300% increase over the last decade on their property makes perfect financial sense in that market, try then removing 10% of that increase when the party has ended and watch the indignation and kick back

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14 minutes ago, Freki said:

My definition of realistically is: in line with paid wages. I'm pretty sure we have a different one here.

Yes we probably do at the moment, some time out of this madness is needed.

When you think £500k for a 3 bed is good because it's not £700k for the same house 2 miles away ?

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18 minutes ago, Toast said:

In a crash, the EAs are competing with each other for the scarce buyers,

I am trying to envisage a scenario where one of the big player estate agents announces if you don't sell now your property will be worth 30% less next year?  I think I would be emotionally floating in the clouds for months/years after hearing that.

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2 minutes ago, inbruges said:

I could take you to quite a few areas in Cambridge where HMO and rentals are owned by Chinese(2 from Shanghai), many Polish, Czech and various other EU locations, Brexit won't end, but it will do a lot of damage. I know a lot of these people personally, and dislike none of them, but it is all through gritted teeth. Many of these foreign property investors are using our homes as a cash cow while they live in their own country most of the time, there is just so much wrong about it and it's where my old lefty principles come out.

No sure they are left principles per se common sense to me, if you have read anything of mine I am right of centre with a smallish C. Just reading Hired about our zero hours contract flexible labour market. Current Chapter set in Wales amongst where the mines were closed down. Recalling the great labour movements of the early 1900's and after WW2 is inspiring and makes you realise how far we have gone to destroy the dreams of the average working man.

Your principles seem to be for the working man and left and right should support that. Where we might differ it is the new left not the left of Bevan and Keir Hardy who seem to find it toxic that we should look after our own otherwise it is some form of racism.

Which explains why  a billionaire president can resonate with the left and right. Yeh he is bonkers, yeh he is rich but what he says resonates with working class people in the UK as well as the US. Listening to LBC yesterday a straw poll would say 8 out 10 people supported him much to the annoyance of whatever presenter was on

To cap it all the lecturer is there with the baby balloon above his head who leads the party of so  many great socialists from Hardy to Bevan and Atlee - I am as I said right of centre but I  find it disgusting, I expect nothing more as a business man  of a right wing party than pledge to get out of my in a way I understand the beast. I expect a socialist party to protect the rights of workers first and foremost and that's why  all those greats must be spinning in their graves.

 

 

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5 minutes ago, GregBowman said:

No sure they are left principles per se common sense to me, if you have read anything of mine I am right of centre with a smallish C. Just reading Hired about our zero hours contract flexible labour market. Current Chapter set in Wales amongst where the mines were closed down. Recalling the great labour movements of the early 1900's and after WW2 is inspiring and makes you realise how far we have gone to destroy the dreams of the average working man.

Your principles seem to be for the working man and left and right should support that. Where we might differ it is the new left not the left of Bevan and Keir Hardy who seem to find it toxic that we should look after our own otherwise it is some form of racism.

Which explains why  a billionaire president can resonate with the left and right. Yeh he is bonkers, yeh he is rich but what he says resonates with working class people in the UK as well as the US. Listening to LBC yesterday a straw poll would say 8 out 10 people supported him much to the annoyance of whatever presenter was on

To cap it all the lecturer is there with the baby balloon above his head who leads the party of so  many great socialists from Hardy to Bevan and Atlee - I am as I said right of centre but I  find it disgusting, I expect nothing more as a business man  of a right wing party than pledge to get out of my in a way I understand the beast. I expect a socialist party to protect the rights of workers first and foremost and that's why  all those greats must be spinning in their graves.

 

 

+10

 

I am probably slightly right of centre these days, or maybe Blair and Brown destroyed something in me that is now dormant. If I ever had any socialist bones in my body they would be on a par with Alan Bleasdale the writer and I have read enough Charles Dickens novels to know what a wonderful concept the welfare state is, ruined these days by 50% + who claim from it.

Would anyone be happy after say creating and nurturing a wonderful family home where you put years of blood sweat and tears into it to finally reach a well deserved utopia to then have Frank Gallagher off Shameless kick your front door down and announce " I am moving in, when is my first handout, nice here in'it"

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56 minutes ago, inbruges said:

I could take you to quite a few areas in Cambridge where HMO and rentals are owned by Chinese(2 from Shanghai), many Polish, Czech and various other EU locations, Brexit won't end, but it will do a lot of damage. I know a lot of these people personally, and dislike none of them, but it is all through gritted teeth. Many of these foreign property investors are using our homes as a cash cow while they live in their own country most of the time, there is just so much wrong about it and it's where my old lefty principles come out.

They own these properties as an investment as the value goes down and the rental goes down watch them trying to sell, also where did they get the money from to buy these, I guess a bank loan where repayment interest rates are edging up

A lot of repos coming on to the market 

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23 minutes ago, inbruges said:

+10

 

I am probably slightly right of centre these days, or maybe Blair and Brown destroyed something in me that is now dormant. If I ever had any socialist bones in my body they would be on a par with Alan Bleasdale the writer and I have read enough Charles Dickens novels to know what a wonderful concept the welfare state is, ruined these days by 50% + who claim from it.

Would anyone be happy after say creating and nurturing a wonderful family home where you put years of blood sweat and tears into it to finally reach a well deserved utopia to then have Frank Gallagher off Shameless kick your front door down and announce " I am moving in, when is my first handout, nice here in'it"

By the way good luck with building a service business it has been the most satisfying thing I have ever done. If I may one piece of advice. Your business correctly grown and led can immunise you against the effects of this (doesn't cure the anger mind) so try to focus on that.

It is lonely at the top - so whatever stage your at look around for a mentor - you will be surprised bigger competitors run by people just like you I have found always willing to help with real advice not bank manager or lawyer B**** been invaluable to me.

There are also formal peer to peer groups like this https://www.thealternativeboard.co.uk/

Plenty of others around ignore all their advertising if you believed that you would think they had the CEO of Microsoft as a member generally owner managers of small businesses. Others are Vistage, Academy of Chief Execs and EGN and I am sure there are more.

Note: I have no interest and am not connected to any of these but have been a member over the years and as I said found them useful

Feel free to pm if any further info required.

 

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1 hour ago, GregBowman said:

I think that as well. EA’s are sales people who rely on commission same as an industry. Any one who has been in sales for any length time will tell you velocity or constant deals is the key to making money not a big whale of a deal every quarter though of course those are welcome 

The commission on selling a house for £300k or £400k in the scheme of things won’t be wildly different 

The problem is that to get property on the books they have to enter in the race to agree to unrealistic valuations, if they don’t they have no stock

Therefore they don’t help - why should they ? They aren’t on a social crusade but they don’t set this element of the deal the product price 

Agnostic therefore I think well chosen term

A generation of people forced to pay more because the EA`s have to play games when trying to make money. 

what a pathetic system. 

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5 minutes ago, longgone said:

A generation of people forced to pay more because the EA`s have to play games when trying to make money. 

what a pathetic system. 

The trouble is ultimately it is no ones fault in isolation and if you can name one group it is your Mum, your Dad, your brother your work colleague....very little to do with EA's in a systemic sense

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15 minutes ago, GregBowman said:

The trouble is ultimately it is no ones fault in isolation and if you can name one group it is your Mum, your Dad, your brother your work colleague....very little to do with EA's in a systemic sense

still the non owners always lose out.

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14 minutes ago, longgone said:

A generation of people forced to pay more because the EA`s have to play games when trying to make money. 

what a pathetic system. 

Yep, agree, why they call it a property market is beyond me, it is anything but.  If only we had a conviction politician whose aim was not purely to save the existence of banks what a wonderful country we could live in. The problem is not the materials and creativity needed to build warm comfortable joyous homes that are above all else cheap to build, it's purely about where to put those homes, millions of us have the means to buy these amazing properties, it is just impossible to find a bit of land to put it on. It is like having the perfect affordable car market and having no roads.

We all need a space of land to live and sleep on, that is just a fact, even a slave needs that. But this government has given us 2 options at best, one is that you can rent of a scum landlord or buy your own place using debt you can never pay back

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5 minutes ago, inbruges said:

Yep, agree, why they call it a property market is beyond me, it is anything but.  If only we had a conviction politician whose aim was not purely to save the existence of banks what a wonderful country we could live in. The problem is not the materials and creativity needed to build warm comfortable joyous homes that are above all else cheap to build, it's purely about where to put those homes, millions of us have the means to buy these amazing properties, it is just impossible to find a bit of land to put it on. It is like having the perfect affordable car market and having no roads.

We all need a space of land to live and sleep on, that is just a fact, even a slave needs that. But this government has given us 2 options at best, one is that you can rent of a scum landlord or buy your own place using debt you can never pay back

exactly !

that`s why i don`t go too much into the discussions on here and all the pretty graph posters with their BS beliefs. 

at the end of the day a mug that has been taken on by hamptons/foxtons or any other EA can visit a house and decide that is the price no expertise no idea if it`s right just because they can. 

so mugs valuing and parasite banks only too willing to lend.  

put the graphs through the shredder. 

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3 minutes ago, longgone said:

exactly !

that`s why i don`t go too much into the discussions on here and all the pretty graph posters with their BS beliefs. 

at the end of the day a mug that has been taken on by hamptons/foxtons or any other EA can visit a house and decide that is the price no expertise no idea if it`s right just because they can. 

so mugs valuing and parasite banks only too willing to lend.  

put the graphs through the shredder. 

It's in the governments and the UK Plc best interest for the vast majority of it's subjects to fend and pay for themselves in a self reliant way, and I am more than happy to play along with that philosophy. But if this housing policy of you take what you are given and like it an lump it continues then people sick of waiting for change will say f*** it and feed off the state, I know I will. There is only so many years I am willing to put my hard earned money into the pocket of scum landlords, and I am sure there are millions of people who feel the same way and will join the millions already doing so.

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5 minutes ago, inbruges said:

It's in the governments and the UK Plc best interest for the vast majority of it's subjects to fend and pay for themselves in a self reliant way, and I am more than happy to play along with that philosophy. But if this housing policy of you take what you are given and like it an lump it continues then people sick of waiting for change will say f*** it and feed off the state, I know I will. There is only so many years I am willing to put my hard earned money into the pocket of scum landlords, and I am sure there are millions of people who feel the same way and will join the millions already doing so.

OK, choose an area/post code and what is the most you will pay for it

and what do you want a house or flat and how many rooms

Edited by vincent
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5 minutes ago, vincent said:

OK, choose an area/post code and what is the most you will pay for it

and what do you want a house or flat and how many rooms

I won't go into too much detail about what I want personally as that will just open a can of worms, but it is modest and historically well within my budget on what I earn now. I don't think people have an issue with paying a modest amount of money for their most important lifestyle purchase of their lives, but things are just insane now.

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4 minutes ago, inbruges said:

I won't go into too much detail about what I want personally as that will just open a can of worms, but it is modest and historically well within my budget on what I earn now. I don't think people have an issue with paying a modest amount of money for their most important lifestyle purchase of their lives, but things are just insane now.

That too fluffy an answer, what ever you say will be analysed by your peers and you may change some of your parameters 

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23 hours ago, hotblack42 said:

LOL, couldn't do that to the neighbours who are diamonds.
A lot on here won't like this, but if we weren't moving 100 miles away it would be tempting to rent it to a family - in catchment for 2 very good comprehensives.
TBH I don't mind cutting to whatever and selling PROVIDED we can get someone with a nice gaff in the target location to lop off a similar %.  Its dawning on me that not everyone that accumulates property is an evil schemer..

Hi,

The ‘catchment area for state funded schools’ meme needs to die off with a property price crash because the government won’t have funds to keep 75% schools running with the so called standards which are considered acceptable.

You may be entitled to your opinions but evidence of historical facts prove- home schooling, private schooling and apprenticeship is the only way how the western world has worked until very recently.

Many homes in the so called catchment areas are dumps.

 

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12 minutes ago, vincent said:

That too fluffy an answer, what ever you say will be analysed by your peers and you may change some of your parameters 

Sorry?

But I am in a flush part of Cambridgeshire and willing to go into the next county and 40 miles away from my business, but I am looking for rural, cities just kill me.

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1 hour ago, Ash4781 said:

-50% in year 1 ? 

No I would have said about 3 years, but with brexit and unexplained wealth orders and difficulty getting a mortgage, also being run by politicians that have taken lessons from mugabe.

is is possible 

Edited by vincent
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  • 415 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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