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Discustard

Estate agents face bleak times....

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Always nice to wake up to such positive news, thanks for sharing! 

Can't wait for the next round of Foxtons to close, that's always the most pleasurable to hear. 

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1 minute ago, Philby1 said:

Always nice to wake up to such positive news, thanks for sharing! 

Can't wait for the next round of Foxtons to close, that's always the most pleasurable to hear. 

When it comes to estate agents I think you hate Foxtons the most

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37 minutes ago, prozac said:

When it comes to estate agents I think you hate Foxtons the most

Ha hate is too strong a word and I don't like to waste energy on pointless folks like estate agents, I dislike them the most would be more correct. 

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Lots of nice bear food acknowledged in that article too:

Quote

Estate agent LSL is to close more than 100 branches and shed hundreds of jobs as the housing market grinds to a halt

The industry was seen to have bounced back from the financial crisis, having cashed in on a run of booming house prices. But the market in many places has now begun to turn.

Combined with the rise of online agents and a number of unhelpful Government interventions, the tough conditions have proved to be a major drag on profits and forced firms to take drastic action to reshape their businesses.

 

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49 minutes ago, Trump Invective said:

"a number of unhelpful Government interventions"

 

Like Help to Buy? fnar fnar

I thought that part of the article was wonderful.

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17 hours ago, Discustard said:

Not much humanity from EA when they are rinsing every last penny out of you so they can by a new X6. 

Still, another 120 empty shops on the high st will only add to the sense that the economy is going down the pan.  

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4 minutes ago, Timbuk3 said:

Not much humanity from EA when they are rinsing every last penny out of you so they can by a new X6. 

Still, another 120 empty shops on the high st will only add to the sense that the economy is going down the pan.  

Have to agree with the part about further suppression of the 'economic miracle' that we have witnessed since 2007/8.  I really think the economic hit is going to be spectacular but I have felt that way since the 90's.

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Well these EAs can now do useful and productive work.  For example sweeping the streets or working in the fields digging up turnips.

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Whilst EA's still allow themselves to be pushed around by the vendors, they're setting themselves up for redundancy. Here's some excerpts from an exchange I had last week with a local EA about a tiny, 3-bed, ex council house they're trying to flog for £750k.

My email:

Hi XXX

Many thanks for sending this over.

We had seen it, there are a couple of issues, firstly if we go for 3 beds then we’d look to have the potential to extend to 4, we couldn’t do that here.

The main issue we haven’t shown any interest is because of the price (£750k). Having looked at the last 6 months of 3 and 4 bed house sales in the area, the price trend is quite clear (down) and the average price being paid is just below £6k per sq m. Applying that to this property would mean a value of around £600k.

When you look a bit closer and find a sale across the road in December of a very similar and slightly larger property at £585k, that would mean the current value is nearer £550k. This is further supported using the Nationwide HPI calculator based on the previous purchase price of £350k, showing a value today of £549k.

 So whilst we’re absolutely in the market, as cash buyers we’re looking for value in a falling market, I see no value here I’m afraid.

 Many thanks,

The EA response:

Dear XXX, 

 Many thanks for your email. I do agree with you that this house is a bit over valued but this is not our valuation but owners wish. Therefore we do all we can in terms of negotiating on this house. However, one thing I would like to mention is that while price per sqft is a guide line but there are other things that add to the value.

 For example the garden in summer road compare to the garden on the one you mentioned on queens road is much more valuable and adds a lot to the value of the house. Same goes with the greenfield at the back and direct access to it from the property. 

 I will keep looking for you.

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9 minutes ago, Smiley George said:

I do agree with you that this house is a bit over valued but this is not our valuation but owners wish. Therefore we do all we can in terms of negotiating on this house.

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  • 295 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% +
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      • Even
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      • up 5%



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