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lombardo

CNBC: Two thirds of London property withdrawn and not sold

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Data from Reapit Group, a real estate software company, showed that, on average, houses in the Greater London region were withdrawn from sale after 5.7 months. Almost two-thirds of London properties for sale that departed the market in 2017 were withdrawn, not sold.

According to Gary Barker, chief executive at Reapit, 38 percent of the London-based withdrawals had actually received an offer from a prospective buyer but, in most cases, these were never accepted "indicating that offers fell below the selling price."

 

https://www.cnbc.com/2018/08/09/london-housing-sales-struggle-as-multiple-issues-put-off-buyers.html

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Makes a further mockery of the Rightmove Asking Prices index - even more useless than I thought if two-thirds of them are subsequently withdrawn!

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Not really news to me, I understand that nationally over half the properties brought to market subsequently get withdrawn having failed to achieve a sale.

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“Offers fell below the selling price”

 

or

 

”asking price jumped above the buying price”

 

either way this market needs some more demand side props!!

Edited by thewig

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7 minutes ago, the_duke_of_hazzard said:

So what happened to them?

I assume BTL landlords demolished them just out of spite for S24.

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Not giving it away.......just store/sit on it for longer, can easily afford to for now.

Low transactions = less tax collection.

Stagnation, stalemate.😉

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I think this supports my view that we need forced selling for a meaningful price correction.  Otherwise prospective sellers just sit tight and not budge from what they believe their house is worth.  They are firm in their belief that the pricing trajectory of housing is always up up up and any wobbles are temporary, so they will seek to ride it out.

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13 hours ago, winkie said:

Not giving it away.......just store/sit on it for longer, can easily afford to for now.

Low transactions = less tax collection.

Stagnation, stalemate.😉

Looked at a house a few days ago and made an offer yesterday.

I made a circa 15% less offer as per m2 thats the price of the last sold...however they want 450 compared to my 380k ish (still a joke).

Anyhow over 10 people have viewed in the last day or so literally queuing to get around so as per usual i put my offer in and walk.

The funny thing is so far I am the only proceed-able at the moment as everyone is a chain apparently.

Not going to be accepted as no point taking an offer as nothing for them to buy either so all clogged up.

No doubt they will go for a nice full price offer based on the buyer selling their home which has yet to sell.....and then be stuck in a 20 week chain.

This cannot be a sign of a good market.

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9 minutes ago, Fromage Frais said:

Looked at a house a few days ago and made an offer yesterday.

I made a circa 15% less offer as per m2 thats the price of the last sold...however they want 450 compared to my 380k ish (still a joke).

Anyhow over 10 people have viewed in the last day or so literally queuing to get around so as per usual i put my offer in and walk.

The funny thing is so far I am the only proceed-able at the moment as everyone is a chain apparently.

Not going to be accepted as no point taking an offer as nothing for them to buy either so all clogged up.

No doubt they will go for a nice full price offer based on the buyer selling their home which has yet to sell.....and then be stuck in a 20 week chain.

This cannot be a sign of a good market.

Agreed.......anyone can offer anything, if they are not in a position to buy a good as useless offer......a seller might as well take a lower offer from someone who can proceed and can buy, then  knock the difference off a place they are then able to start looking for to buy.......keeps things moving.😉

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