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novicerenter

Some New Sold Boards Appearing, But...?

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I hope this is not a boring duplication of what anyone else has posted - if so, apologies.

Since my last post where I mentioned the mostly For Sale boards on my route, I've noticed a few Sold boards on that same route (though I also see fresh For Sale boards here and there).

I wonder if some vendors are taking chunks off to promote a sale and grab the nearest buyer? I've no way of finding out as agents seldom tell outsiders and I think there's a wait for the LR prices to appear on the net.

Agents here on the Herts/London border are putting circulars through the door asking for properties. Is it a bluff by them or are they hoping to find (from their many circulars) those (rare?) vendors who would discount properties more than others and thus keep their branch's turnover going?

I don't know if people are buying on the first sign of price weakness, panic in case rises continue, if the boards are put up on the strength of unserious offers, or what. But I can say I'm seeing more boards saying Sold, which is not something I had expected given how expensive property seems to anyone who compares it to salary multiples here.

(I rent, and at some point I may buy back in, so obviously I'd prefer to see prices lower.)

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I wonder if some vendors are taking chunks off to promote a sale and grab the nearest buyer? I've no way of finding out as agents seldom tell outsiders and I think there's a wait for the LR prices to appear on the net.

I think there's some element of this - asking prices on the same properties here have been progressively creeping down for 2 years. Doesn't stop new vendors putting theirs on the market for more than the original, unsaleable price of comparable properties, however, and wasting their and the EA's time. More fool the EAs for falling for it.

Agents here on the Herts/London border are putting circulars through the door asking for properties. ... are they hoping to find (from their many circulars) those (rare?) vendors who would discount properties more than others and thus keep their branch's turnover going?

Yes. The more they have on their books, the more sales potential and the greater the chance of finding one or two vendors who will drop to a price that someone will pay. Every EA wants "that" vendor.

I don't know if people are buying on the first sign of price weakness, panic in case rises continue, if the boards are put up on the strength of unserious offers, or what. But I can say I'm seeing more boards saying Sold, which is not something I had expected given how expensive property seems to anyone who compares it to salary multiples here.

While it's tempting to think it's a big conspiracy, it's fair to say that in the last crash I recall EAs being prosecuted for putting up ficticious SOLD boards, and EAs putting them up outside their own and families properties was not that rare.

I suspect this also happens on Rightmove, e.g. in an area I watch - 2 beds - they've been dropping from a high of around 180 at peak to about 155 now, yet there are one or two properties IRO 189 marked as SOLD. Leaving aside just why someone would pay 189 when the one next door is 159, I wonder why they're still on there marked as SOLD after a year has elapsed.

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I have seen the same "Sold" signs up around here for months. They all say STC which means they are shills or in long chains that have no hope of breaking lose until a FTB comes along and FTBs have been advised by some on this website to go on strike.

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I was working from home yesterday and when the missus got back from the supermarket she accused me of trying to sell the house. "Why?" I asked her, and she then pointed to the for sale board which had magically appeared nailed to our gatepost.

Following a terse convesation with the area manager of the estate agents, he sent someone round to remove it. However, after it had been up for about an hour, I decided to pay it a little attention with my Black & Decker (including saw attachment), as I didn't want to have to answer the inevitable questions from the neighbours as to why we were suddenly selling without telling anyone. Guy arrived with a bunch of flowers and took the two pieces of the sign away.

So when you see a for sale sign, don't believe that the house is for sale, and therefore when you see a sold sign, don't believe it either.

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I have seen the same "Sold" signs up around here for months. They all say STC which means they are shills or in long chains that have no hope of breaking lose until a FTB comes along and FTBs have been advised by some on this website to go on strike.

Yeah, several on this street have been 'sold' for months with no sign of an actual sale. Another, interestingly, has a sign with 'To Let' on one side and 'Let' on the other, so I'm not sure what's up with that place :). Another has failed to sell so many times they've given up replacing the sign and just cover up the 'For Sale' with a board saying 'Sold' (with 'subject to contract' in tiny, tiny, print underneath).

Edited by MarkG

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I was working from home yesterday and when the missus got back from the supermarket she accused me of trying to sell the house. "Why?" I asked her, and she then pointed to the for sale board which had magically appeared nailed to our gatepost.

Following a terse convesation with the area manager of the estate agents, he sent someone round to remove it. However, after it had been up for about an hour, I decided to pay it a little attention with my Black & Decker (including saw attachment), as I didn't want to have to answer the inevitable questions from the neighbours as to why we were suddenly selling without telling anyone. Guy arrived with a bunch of flowers and took the two pieces of the sign away.

So when you see a for sale sign, don't believe that the house is for sale, and therefore when you see a sold sign, don't believe it either.

What a cheap ploy! Did they offer an explanation or was it 'genuine error'?

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I've seen loads of SOlds round here that haven't moved for months. Is that normal? One has been 'Sold' for so long I wonder if it's the name of the house...

Is there a law requiring EAs to be honest about their signs? I ask because it's the one signal that everyone notices isn't it? Therefore it's vital it isn't manipulated.

Oh, and I'm not 'On strike' as Realist bear puts it - subtly making us out to be a little bit petulant and childish - like we're sulking in our rooms - I am happy renting for HALF THE PRICE THAT I COULD BUY THE SAME HOUSE.

It's not that difficult to understand!

Edited by 29929BlackTuesday

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Thank you for all the replies, everyone. And yes I'm better off renting too (though in my case it's because I'm not sure what work I'll be doing, so I need flexibility to move easily too.

Additional anecdote - in a shoe shop this afternoon in N London and heard staff talking about something like 25% mortgages or shared ownership, only caught a snippet, can't be sure exactly what they said. Seems they were concerned about affordability and asking each other how to achieve it. Surely there's got to come a limit to the creativity/lax lending of some financial institutions and other VIs?

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  • 302 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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