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estate agent tells me to offer 10-20% off - and this is before mass redundancies!


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An estate agent told me the price level was already 10-20% down on asking price... and this is with furlough and the rest of the cash hurled at the economy by Sunak. What happens when mass redundancies kick in at the end of the summer? Pretty obvious isn't it. 

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8 minutes ago, gruffydd said:

An estate agent told me the price level was already 10-20% down on asking price... and this is with furlough and the rest of the cash hurled at the economy by Sunak. What happens when mass redundancies kick in at the end of the summer? Pretty obvious isn't it. 

See “I told you”

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22 minutes ago, gruffydd said:

An estate agent told me the price level was already 10-20% down on asking price...

Which part of the UK is this?

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Didn't get so lucky in London this weekend. 

Was due to see a house was on the market for £575k had a call from agent that £600k had been offered and if i was still interested... 

Must have been kirsty doing the offering but still. 

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Not here in Ashfield, Nottinghamshire at the moment. A couple of properties back on the market after SSTC on Rightmove. 

I offered -14% on a property and they called to say two other offers over asking price had been registered. It was going to be decided on closed bidding and did I want to revise my offer. 

I have plenty of patience though

 

 

 

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2 minutes ago, captainb said:

Didn't get so lucky in London this weekend. 

Was due to see a house was on the market for £575k had a call from agent that £600k had been offered and if i was still interested... 

Must have been kirsty doing the offering but still. 

That's a fairly standard estate agent ploy to get rid of tyre kickers, £600 K is only 5% above the asking and he is telling you that it is still open for viewings.

Theres nothing to stop you viewing it and making a lower offer, particulalry if you don't have a chain.

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23 minutes ago, Habeas Domus said:

That's a fairly standard estate agent ploy to get rid of tyre kickers, £600 K is only 5% above the asking and he is telling you that it is still open for viewings.

Theres nothing to stop you viewing it and making a lower offer, particulalry if you don't have a chain.

Yeah thanks, to be frank i was hoping to get it around the 500 to 525k which would be the 10/12.5% off.. 

Might be considered a tyre kicker with that i dont know! 

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1 hour ago, gruffydd said:

An estate agent told me the price level was already 10-20% down on asking price... and this is with furlough and the rest of the cash hurled at the economy by Sunak. What happens when mass redundancies kick in at the end of the summer? Pretty obvious isn't it. 

Which part of the country?

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48 minutes ago, fatspanner said:

I didn't actually know this could happen. 

There are two buyers of most property - the person who puts the offer in and the mortgage company/bank.

If its a 60% LTV mortgage they almost certainly wont care - there is still enough 'meat on the bone' to get their value out at auction if someone over pays or the market turns.

When it get to 85% or 90% they do care quite a lot about the valuation....

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1 hour ago, fatspanner said:

I didn't actually know this could happen. 

Lender need a RICS valuation, valuers can be sued if they get it  wrong. It would be gross negligence to ignore whats happening.

 

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18 hours ago, Will! said:

Which part of the UK is this?

rural South Wales. Not so reliant on the private sector economy as many other parts of the UK... that is where the real economic "shock" will come - not here (yet...it will come though). 

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31 minutes ago, captainb said:

https://www.rightmove.co.uk/press-centre/release-of-pent-up-demand-leads-to-busiest-ever-day-as-more-home-movers-enter-market/

Rightmove still talking up the market. Make of it what you will. 

Yet to see evidence of sellers accepting 10 % or 20% off in london anyway. No idea about South Wales 

These figures need to be took in isolation though, I'm currently furloughed and look at least 15-20 times a day to see what's been added or what's selling. Through boredom and curiosity mainly.

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1 hour ago, gruffydd said:

Just spoke to a valuer in S England and they were working off 10-20% value falls - although as he pointed out nobody really knows. Backs up what the EA told me in Wales. 

BRILLIANT!!!! ?

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12 minutes ago, First time on the ladder said:

These figures need to be took in isolation though, I'm currently furloughed and look at least 15-20 times a day to see what's been added or what's selling. Through boredom and curiosity mainly.

Sure it was the calling agents i was interested in more, few just looking through boredom would bother doing that. 

Unless people are trolling estate agents i mean they deserve it but still a bit harsh 

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47 minutes ago, captainb said:

https://www.rightmove.co.uk/press-centre/release-of-pent-up-demand-leads-to-busiest-ever-day-as-more-home-movers-enter-market/

Rightmove still talking up the market. Make of it what you will. 

Yet to see evidence of sellers accepting 10 % or 20% off in london anyway. No idea about South Wales 

Doesn't mean much if no one can get a mortgage

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  • 415 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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