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Sausage

Quiet easter weekend for EAs?

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I'd read that Easter was traditionally the busiest weekend for buying and selling houses... But I didn't get a single new listing in my search area... Bit of a damp squib all round? Ha ha ha

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6 minutes ago, Sausage said:

I'd read that Easter was traditionally the busiest weekend for buying and selling houses... But I didn't get a single new listing in my search area... Bit of a damp squib all round? Ha ha ha

i cycled by some on the weekend.. couple of agents sat at their desks chatting and drinking tea 

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9 minutes ago, hurlerontheditch said:

i cycled by some on the weekend.. couple of agents sat at their desks chatting and drinking tea 

I hope they’re reusing the tea bags. Hard times ahead.

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MMR and a really hot Easter weekend, where everyone went to the beach.

Most EAs will be going to Beachy Head

 

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1 hour ago, spyguy said:

MMR and a really hot Easter weekend, where everyone went to the beach.

Reminds me of all those RICS reports of years gone by when EAs used to blame the weather for any 'unexpected' decline in buyer interest...

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To be honest, high street (big windy) EAs must feel a bit like Kodak and the film processors felt in the early 2000s - less n less business.

Countrywide SP downwards again.

 

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3 minutes ago, spyguy said:

To be honest, high street (big windy) EAs must feel a bit like Kodak and the film processors felt in the early 2000s - less n less business.

Countrywide SP downwards again.

 

i noticed that some branches have closed and consolidated in one office. it did show the madness though, two shops 300 metres apart!!

 

south west london

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1 minute ago, hurlerontheditch said:

i noticed that some branches have closed and consolidated in one office. it did show the madness though, two shops 300 metres apart!!

 

south west london

At least they have various brands to make people think their offer is slightly different, even though it isn't.

Dexters in Surbiton now have three shops on the same road - two adjoining and one about five shopfronts down. They all seem full up with staff, but I'm not sure I've ever seen a customer in any of them.

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1 minute ago, worried1 said:

At least they have various brands to make people think their offer is slightly different, even though it isn't.

Dexters in Surbiton now have three shops on the same road - two adjoining and one about five shopfronts down. They all seem full up with staff, but I'm not sure I've ever seen a customer in any of them.

i can imagine

this was chase Buchanan in st margarets 

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3 hours ago, Sausage said:

I'd read that Easter was traditionally the busiest weekend for buying and selling houses... But I didn't get a single new listing in my search area... Bit of a damp squib all round? Ha ha ha

We went to view a house on Saturday during the Easter weekend. When I called to book the appointment (at very short notice), the EA said that he was available any time that day as it was very quiet over Easter. He didn't attempt to appear busy.

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2 hours ago, rantnrave said:

Reminds me of all those RICS reports of years gone by when EAs used to blame the weather for any 'unexpected' decline in buyer interest...

Not sure they've stopped using the weather excuse?

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very few new listings though ai note two new Thorpe end houses came on with open days right away on the Sat.

For good reason this is one of the best times to list especially a family house.

(low price/market price) if you sell/buy at auction tomorrow your looking at 4 odd weeks... end of May

(good price) If your are a proceed-able chain free buyer with a mortgage say 6 weeks ..... middle of June as half term in there

(highest price) Paying a a silly price in a huge chain maybe 3/4 months........ and your in the summer holidays.

So with the average time to sell being a few months we are rapidly approaching the point where if you want both the highest price possible and to be moving areas in time for next school term you are missing the boat.

The top (London falls rippling) and the bottom (BTK changes doing the job) around here are better value than family home near good schools.

The lack of stock means you have a good chance to pull the pants down on some poor overpaid sod who just wants the hassle over in time for the new school year.

There is also no chance Brexit will be resolved before this widow is closed now.

If you are un-pragmatic and choose a chain over a proceed-able buyer at this stage for a few grand you will only have yourself to blame if the chain drags into the summer and then brexit goes to shit for house prices.

Its probably too late already in some cases.

 

Edited by Fromage Frais

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2 hours ago, Fromage Frais said:

very few new listings though ai note two new Thorpe end houses came on with open days right away on the Sat.

For good reason this is one of the best times to list especially a family house.

(low price/market price) if you sell/buy at auction tomorrow your looking at 4 odd weeks... end of May

(good price) If your are a proceed-able chain free buyer with a mortgage say 6 weeks ..... middle of June as half term in there

(highest price) Paying a a silly price in a huge chain maybe 3/4 months........ and your in the summer holidays.

So with the average time to sell being a few months we are rapidly approaching the point where if you want both the highest price possible and to be moving areas in time for next school term you are missing the boat.

The top (London falls rippling) and the bottom (BTK changes doing the job) around here are better value than family home near good schools.

The lack of stock means you have a good chance to pull the pants down on some poor overpaid sod who just wants the hassle over in time for the new school year.

There is also no chance Brexit will be resolved before this widow is closed now.

If you are un-pragmatic and choose a chain over a proceed-able buyer at this stage for a few grand you will only have yourself to blame if the chain drags into the summer and then brexit goes to shit for house prices.

Its probably too late already in some cases.

 

Well the whole 'put it on market at Easter so we can sell it in time for new school year no longer works as most families with kids are now being housed in private rentals. With high rents.

 

Brown, you useless cretin.

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On 23/04/2019 at 08:57, Sausage said:

I'd read that Easter was traditionally the busiest weekend for buying and selling houses... But I didn't get a single new listing in my search area... Bit of a damp squib all round? Ha ha ha

Agreed market is completely dead. No reductions nothing new coming on. Everything that so idiot will pay top dollar has already been sold. It'll be interesting to check stamp duty receipts for this period. When's data out? High prices are killing volume. 

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On 23/04/2019 at 11:53, hurlerontheditch said:

i can imagine

this was chase Buchanan in st margarets 

i used those before back in 2005 there was another one churchills that went a while back. 

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12 hours ago, GreenDevil said:

Agreed market is completely dead. No reductions nothing new coming on. Everything that so idiot will pay top dollar has already been sold. It'll be interesting to check stamp duty receipts for this period. When's data out? High prices are killing volume. 

Just spotted this:

Take from Stamp Duty falls as transactions end year down 1.5%

 

Property transactions jumped in March but have ended the financial year down on 2018 – with the Government losing out to the tune of nearly £1bn in Stamp Duty receipts.

HMRC property transaction data show the number of sales were up 0.4% annually in March on a non-adjusted basis to 96,300.

This was up 17% on a monthly basis.

On a seasonally adjusted basis, transactions increased by 1.4% between February  and March, and were 6.8% higher annually at 101,830.

Commenting on the data, Neil Knight, business development director of Spicerhaart Part Exchange & Assisted Move, said: “For the past few years, March has seen a rise on January and February, so that is not a huge surprise, but it is positive to see it has risen quite significantly and is up on last year, which could indicate that the market is starting to recover slightly.”

However, analysis by accountancy firm Blick Rothenberg found transactions are actually down 1.5% or by 17,680 over the whole 2018/2019 financial year.

The firm warns this has also impacted the taxman’s Stamp Duty receipts, which are down £968m between April 2018 and March 2019.

Paul Haywood-Schiefer, personal tax manager at Blick Rothenberg, said: “It’s not surprising to see a downturn in the figures for both property transactions and Stamp Duty receipts over the past year.

“Buying a new property is a big decision and people tend to put off making such judgements when there is uncertainty about the future.

“The past year or more has been dominated by Brexit and this is clearly something that is affecting the market and this downturn has cost the Government nearly £1bn in lost revenue.”

George Bull, of accountancy firm RSM, added that the drop in Stamp Duty receipts could also be due to seasonal fluctuations in the property market and devolution of payments in Wales and Scotland – which are now not included in HMRC figures – as well as the introduction of first-time buyers’ relief which started in November 2017.

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13 hours ago, shavedchimp said:

1.5% down is hardly significant, despite a £1bn reduction in stamp duty take. It doesn't correlate with reports of a stagnant, dead market.

Number of sales up, with the total take going down.

That's definitely a move in the right direction isn't it? We want lots of transactions at low prices.

btw there was another story yesterday about CGT rocketing up. So what if the stamp duty take is down!

 

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On 23/04/2019 at 14:08, Fromage Frais said:

If you are un-pragmatic and choose a chain over a proceed-able buyer at this stage for a few grand you will only have yourself to blame if the chain drags into the summer and then brexit goes to shit for house prices.

If no movement from the potential Vendor - Bail out!  It focuses minds, and puckers bottoms.

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On 23/04/2019 at 14:08, Fromage Frais said:

 

If you are un-pragmatic and choose a chain over a proceed-able buyer at this stage for a few grand you will only have yourself to blame if the chain drags into the summer and then brexit goes to shit for house prices.

Its probably too late already in some cases.

 

I've just put in an offer (15% off asking price) on a house... Being sold by solicitor on behalf of an old dear who's gone into a care home. I reiterated face to face and in writing that were chain free and able to move in weeks. Let's see whether they're pragmatic or try to eek out a few more quid!

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i wouldnt expect logic or pragmatism from a solicitor...they're likely to drag it out so they can fee gouge some more....give them what they want and then gazunder them...still likely to be used as a fee gouging opportunity though.....but then the market will likely be further down....you could potentially play this one for quite a while...even if they find another buyer ...chances are not as good as you...chain and all that...chances are in this market that will fall apart all on its own.....if you play your cards right you could get this a lot cheaper than 15% off......remember there is always another house......don;t get fixated fall in love etc eith it.....the mantra is its a lot easier to turn cash into a house than it is to turn a house into cash......because property is illiquid and its now as illiquid as its ever been with such low transactions.....asking prices right now are just the rocket at the point where the momentum ran out.....gravity tells you what happens next.......Good luck....i mean that....get yourself a deal....

Trust me on solicitors they are supposed to act in best interest of client the reality their fee charging comes first and there is plenty of opportunity for them to milk this and hide their true MO...they may well choose a higher non proceedable as you bidder knowing full well it could fall apart meaning more time for them to charge fees.....but at some point...when theyve gouged enough and its looking embarassing...theyll take the pragmatic route........and the fact the market will have gone down the actual owner will likely end up losing doubly on the sale price and in the fees to the solicitor......those ********** chrge 200 pounds an hour....

This is business get the best deal you can...you may have to play poker with them...

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10 hours ago, Spindler said:

i wouldnt expect logic or pragmatism from a solicitor...they're likely to drag it out so they can fee gouge some more....give them what they want and then gazunder them...still likely to be used as a fee gouging opportunity though.....but then the market will likely be further down....you could potentially play this one for quite a while...even if they find another buyer ...chances are not as good as you...chain and all that...chances are in this market that will fall apart all on its own.....if you play your cards right you could get this a lot cheaper than 15% off......remember there is always another house......don;t get fixated fall in love etc eith it.....the mantra is its a lot easier to turn cash into a house than it is to turn a house into cash......because property is illiquid and its now as illiquid as its ever been with such low transactions.....asking prices right now are just the rocket at the point where the momentum ran out.....gravity tells you what happens next.......Good luck....i mean that....get yourself a deal....

Trust me on solicitors they are supposed to act in best interest of client the reality their fee charging comes first and there is plenty of opportunity for them to milk this and hide their true MO...they may well choose a higher non proceedable as you bidder knowing full well it could fall apart meaning more time for them to charge fees.....but at some point...when theyve gouged enough and its looking embarassing...theyll take the pragmatic route........and the fact the market will have gone down the actual owner will likely end up losing doubly on the sale price and in the fees to the solicitor......those ********** chrge 200 pounds an hour....

This is business get the best deal you can...you may have to play poker with them...

Yeah I went through a protracted probate court case last year... Eye watering fees... Shrunk my gran's estate by 10%.

Anyway... I certainly won't offer any more, and know could get cheaper if I wait... But... And it's a big but... Have been renting 20 years... Kids very soon will be too old to share a room... Will need to move regardless. Do I really want the hassle of moving again? Will be my 9th move since leaving uni... Gaaahh.

#update... my offer of 15% off asking was rejected, but told offer of 10% off asking should be acceptable.

Edited by Sausage

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Red flag as more estate and letting agents feel ‘significant’ financial stress

https://www.propertyindustryeye.com/red-flag-as-more-estate-and-letting-agents-feel-significant-financial-stress/

Property firms are the most likely businesses in the UK to be in financial distress, with estate and letting agents in the most trouble.

Business restructuring and insolvency specialist Begbies Traynor said yesterday that 16% of all UK businesses – 484,00 by number – are now in “significant distress” as at the end of March.

Executive chairman Ric Traynor said that for the second year running the hardest hit sector was property, with a 13% annual increase in the number of companies in “significant financial stress”.

He said that the total number of property companies affected was 48,182 at the end of the first quarter of this year.

He said: “Within this sector, companies involved in buying, selling and letting took much of the hit with a 16% increase in significant distress to 36,018.”

The numbers are very much higher than those supplied by other sources – for example, Rightmove talks about some 20,000 branch members in total, considerably fewer than the 36,000 agency businesses said to be in possible financial trouble.

Companies House shows around 22,000 businesses registered which call themselves ‘estate agents’. Some 2,415 companies calling themselves ‘estate agents’ were registered last year.

However, companies do vary markedly as to their business descriptions when they register at Companies House. Some do not call themselves ‘estate’ or ‘letting’ agents at all.

Begbies Traynor – which has acted in a number of cases where agents have gone into administration – said yesterday that construction has also suffered in the property sector, with 10% more companies in significant financial distress compared with last year.

Financial services is another sector picked out as seeing increasing levels of significant stress.

Begbies Traynor said that many UK businesses are in limbo, with consumers holding back on big ticket purchases – such as houses.

The full Red Flag report is here:

https://www.begbies-traynorgroup.com/assets/uploads/Download%20Docs/RFA%20stat%20report/Q1%202019%20RFA%20Statistics.pdf

 

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  • 294 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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