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Sausage

Rics survey out soon

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I viewed a house today. The EA was late 50s ... Seemed very distant... Scared.... In shock ... Barely spoke. Im wondering whether they've seen the RICs data coming out at midnight. 

I reckon BTLs leaving in droves has left oversupply of overpriced houses with buyers scared to commit. Could the crash proper be upon us? And the EAs know it?

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23 minutes ago, Sausage said:

I viewed a house today. The EA was late 50s ... Seemed very distant... Scared.... In shock ... Barely spoke. Im wondering whether they've seen the RICs data coming out at midnight. 

I reckon BTLs leaving in droves has left oversupply of overpriced houses with buyers scared to commit. Could the crash proper be upon us? And the EAs know it?

They shouldn't care as long as they are selling houses. Oh wait...

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Other end and only anecdotal but I had a mortgage query regarding how much more we could borrow to fund an extension and our provider thinks the house has increased in value by about 4% in 12 months (South East about an hour's train journey to Waterloo).

My mortgage man also said "You're lucky, most of my London clients' valuations are coming back for less than they paid! Hes not dealing with the millionaires either but just people on decent salaries, finance and IT contractors so this will be the BTL and Chinese overseas fodder.

 

Perhaps he seemed distant because he was bored? 34 years (man and boy) of showing people around houses must take its toll. 

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Dunno, I've viewed a dozen properties in 2 years and something was up.

I saw a house yesterday which we viewed 2 years ago. Asking price identical to last time. EA said "estate sale... Agreed a price in 2016, then family decided to rent it out. Now wish they'd just sold it". She didnt elaborate.

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Our landlady has just told us she is selling. She has 13 properties in the Billericay - Brentwood area. Not sure why she is selling but she inherited them off her son. He passed away and had no dependents. 

She has let us know 4 months in advance and put in writing that if we find a suitable place before hand she will release before the end of the tenancy without penalty. She also implied that as long as we leave the property in reasonable no there will be no questions ont he deposit. 

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3 hours ago, Unmoderated said:

Other end and only anecdotal but I had a mortgage query regarding how much more we could borrow to fund an extension and our provider thinks the house has increased in value by about 4% in 12 months (South East about an hour's train journey to Waterloo).

My mortgage man also said "You're lucky, most of my London clients' valuations are coming back for less than they paid! Hes not dealing with the millionaires either but just people on decent salaries, finance and IT contractors so this will be the BTL and Chinese overseas fodder.

 

Perhaps he seemed distant because he was bored? 34 years (man and boy) of showing people around houses must take its toll. 

I spoke to a broker the other day who Ive had a few dealings with in the past. He sounded desperate for work - I think he would of thrown in a BJ if it would have secured a commission

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7 minutes ago, Kurt Barlow said:

Our landlady has just told us she is selling. She has 13 properties in the Billericay - Brentwood area. Not sure why she is selling but she inherited them off her son. He passed away and had no dependents. 

She has let us know 4 months in advance and put in writing that if we find a suitable place before hand she will release before the end of the tenancy without penalty. She also implied that as long as we leave the property in reasonable no there will be no questions ont he deposit. 

Is she selling all of them? Thats decent of her to have the release clause. Have you checked what else is about for you to rent instead? I"m not far from there and have to say there seems a quite a few reductions recently which is unusual from previously 

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The RICS data is of course nothing more than a survey of solicitors' sentiment about where prices might be heading. There is no quantitative facts behind it whatsoever. Having said that, it is a fairly reliable indicator of price direction over the next six months.

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1 hour ago, Kurt Barlow said:

I spoke to a broker the other day who Ive had a few dealings with in the past. He sounded desperate for work - I think he would of thrown in a BJ if it would have secured a commission

Have you got his number?

:D 

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1 hour ago, Kurt Barlow said:

I spoke to a broker the other day who Ive had a few dealings with in the past. He sounded desperate for work - I think he would've thrown in a BJ if it would have secured a commission

I'm almost disappointed that you didn't find out for certain! Didn't you mean cummission? ;)

 

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1 hour ago, A third of everything said:

Is she selling all of them? Thats decent of her to have the release clause. Have you checked what else is about for you to rent instead? I"m not far from there and have to say there seems a quite a few reductions recently which is unusual from previously 

Its not great - very limited supply of decent rentals

Trouble is my mental Mrs wants to hang onto her 1 bed unit (feckin Chalet) in Adelaide which means we have to pay a 3% SD surcharge if we want to buy🤬 

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1 hour ago, mrtickle said:

I'm almost disappointed that you didn't find out for certain! Didn't you mean cummission? ;)

 

For this mortgage broker, writing new business is....

.... cummission impossible

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One of the EA comments (located in my area) in the data pack was "vendors wanting 2018 prices, buyers offering 2015/2016 prices" 😂

Many EA comments that "September should see a pick up". I wonder if the EA's demeanour I saw yesterday means actually it's got worse. Here's hoping!

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3 hours ago, Lavalas said:

RICS website is dreadful. This took some finding.

https://www.rics.org/uk/news-insight/latest-news/press-releases/solid-housing-market-in-scotland-and-northern-ireland/

Ignore first link to survey. Hasn’t been updated. Scroll down to second link.

Cheers it is bad that site! I can't see the reporting dates, but I'm guessing there's some kind of lag. So the EA sentiment I'm seeing this week should be in the NEXT survey. I can't wait. I'm in the SE btw... London sneezed a long time ago and we've finally caught monkey flu.

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9 hours ago, bushblairandbrown said:

How is this a topic? News that some news will come soon followed by pure anecdotal drivel. 

If you dont like a perfectly reasonable thread, on a survey which gives a unique (but biassed) insight into the market.... That's fine. Just dont read it!

I might make a point of viewing a house once a week to gauge EA demeanor. My last name begins with P... so I shall call it the... PRICS survey 😂

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9 hours ago, bushblairandbrown said:

How is this a topic? News that some news will come soon followed by pure anecdotal drivel. 

Because we are human beings and most of us like to connect in life the conduit varies ..

You sound like really good fun over a coffee or a pint - it’s not ike we are pursuing a PhD in property on here 

It’s a chat room.....hang around you might learn something ...like social skills 😂😂😂

Edited by GregBowman

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35 minutes ago, GregBowman said:

 

You sound like really good fun over a coffee or a pint - it’s not ike we are pursuing a PhD in property on here 

Isn't there a part of Ros in all of us?

Edited by Freki

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9 hours ago, bushblairandbrown said:

How is this a topic? News that some news will come soon followed by pure anecdotal drivel. 

Can we trust the RICS survey or EAs? Not entirely and not in isolation... But... Trying to interpret what they say and how they seem at house viewings is good fun in a falling market. It's like fox hunting, exception like foxes.

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Just now, Sausage said:

Can we trust the RICS survey or EAs? Not entirely and not in isolation... But... Trying to interpret what they say and how they seem at house viewings is good fun in a falling market. It's like fox hunting, exception like foxes.

Should have said " except I like foxes!"

 

Can't bloody edit since I closed my 10yr account in a huff then came back 2 weeks later as a newbie 😂😂😂

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13 hours ago, rantnrave said:

The RICS data is of course nothing more than a survey of solicitors' sentiment about where prices might be heading. There is no quantitative facts behind it whatsoever. Having said that, it is a fairly reliable indicator of price direction over the next six months.

+1

 

It's ben a surprisingly accurate forward indicator

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  • 152 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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