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Seeing major downshift in valuations of newly marketed properties


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9 hours ago, sammersmith said:

I always see 'new listings' pop up that are instantly 'SSTC' or 'Under Offer'. I'd always assumed this was a ploy by the agent to show off their sales ability to potential sellers as well as competition with other agents. 

One time, many years ago, I walked into a letting agent and asked to view a flat that was posted in the window. They said it was not available, and when i asked why they kept an unavailable flat listed in the window they said it was to "give an idea of the kind of properties that we have available".  

? that's a good one. What gets me every time about estate agents is not the stupid things they do and the lies they tell, but the sanctimonious attitude they take on when the fraud is exposed and laid bare in front of them, they never seem to be embarrassed by it and double down on the lie.

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I've noticed a few houses that are either reduced or put on for the same as what they paid for them a few years ago. I'm looking around the Welwyn Garden City area, freehold properties up to £375K

https://www.rightmove.co.uk/property-for-sale/property-75157069.html

https://www.rightmove.co.uk/property-for-sale/property-90833594.html

https://www.rightmove.co.uk/property-for-sale/property-93420746.html

 

I don't know what's up with the white cottage on the third listing as the Market Info has a sold price of £430K in 2012, then £784,995 in 2019 and is now on the market for £325K

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8 minutes ago, Watkins said:

I don't know what's up with the white cottage on the third listing as the Market Info has a sold price of £430K in 2012, then £784,995 in 2019 and is now on the market for £325K

Could it be that it got split into two or more properties?

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Mumsnet disagree.

 

I don’t think they’ve grasped that we haven’t seen the land registry prices for transactions agreed post Covid lockdown yet.  Just because a house on Rightmove had an asking price of 350k and now says SSTC, doesn’t mean it sold for 350k.

 

https://www.mumsnet.com/Talk/property/3939530-What-s-the-housing-market-doing-near-you

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13 hours ago, sammersmith said:

I always see 'new listings' pop up that are instantly 'SSTC' or 'Under Offer'. I'd always assumed this was a ploy by the agent to show off their sales ability to potential sellers as well as competition with other agents. 

One time, many years ago, I walked into a letting agent and asked to view a flat that was posted in the window. They said it was not available, and when i asked why they kept an unavailable flat listed in the window they said it was to "give an idea of the kind of properties that we have available".  

A relation is an estate agen. When times are tough he gets his mates to put their houses on at SSTC to capture more listings thinking he's more successful or keep prices up. Dont know if it works but he's a multi millionaire, with about 30 houses

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There does seem to be a bit of a pattern - some places are selling almost overnight, whilst others are lingering and reducing.

I wonder if we are already seeing some forced sales that are undercutting the rest of the market?

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10 minutes ago, Timm said:

There does seem to be a bit of a pattern - some places are selling almost overnight, whilst others are lingering and reducing.

I wonder if we are already seeing some forced sales that are undercutting the rest of the market?

no reason for forced sales now

 

we are in a holding pattern, once furlough tapers off and mortgage holidays stop then the wheels will start to move

 

 

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2 minutes ago, hurlerontheditch said:

no reason for forced sales now

we are in a holding pattern, once furlough tapers off and mortgage holidays stop then the wheels will start to move

Agreed.  It's a standoff, but we have the bullets.  Smart money will be looking for an early exit - better to get 10% haircut now than a forced 40% later on.

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52 minutes ago, HovelinHove said:

We need an RCT in early use before we can say for sure. 

Sure, but if you had a relative going in to hospital, would you rather they be treated with Remdesivir or the aforementioned regime?

Many doctors are reporting that it works. Many anecdotes = data.

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5 hours ago, Watkins said:

https://www.rightmove.co.uk/property-for-sale/property-93420746.html

I don't know what's up with the white cottage on the third listing as the Market Info has a sold price of £430K in 2012, then £784,995 in 2019 and is now on the market for £325K

what does houseprices.io say?

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2 hours ago, hurlerontheditch said:

no reason for forced sales now

 

we are in a holding pattern, once furlough tapers off and mortgage holidays stop then the wheels will start to move

 

 

I'm not sure we'll see a crash so much as a bear market

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Young tenant friends told to move out bcos BTLer selling.  LL agreed £318k sale price.  Valuation came back £290k...

 

SW from London, Leatherhead kind of area.

Edited by Killer Bunny
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8 hours ago, Timm said:

There does seem to be a bit of a pattern - some places are selling almost overnight, whilst others are lingering and reducing.

I wonder if we are already seeing some forced sales that are undercutting the rest of the market?

Exactly what I'm seeing. Good quality, sort after stuff is flying off the shelf. The rest...........good luck! Comes down to a shortage of good stuff. So much rubbish on the market.

 

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8 hours ago, Timm said:

There does seem to be a bit of a pattern - some places are selling almost overnight, whilst others are lingering and reducing.

I wonder if we are already seeing some forced sales that are undercutting the rest of the market?

Selling or 'Sold' sign.

Theres going to be a lot of 'computer says No'  when a lot of buyers try access mortgages.

 

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2 hours ago, Killer Bunny said:

Young tenant friends told to move out bcos BTLer selling.  LL agreed £318k sale price.  Valuation came back £290k...

 

SW from London, Leatherhead kind of area.

Thats more virus.

Banks wont even had the surveyors for their 'chat' on valuations guidelines yet.

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14 hours ago, Watkins said:

I've noticed a few houses that are either reduced or put on for the same as what they paid for them a few years ago. I'm looking around the Welwyn Garden City area, freehold properties up to £375K

https://www.rightmove.co.uk/property-for-sale/property-75157069.html

https://www.rightmove.co.uk/property-for-sale/property-90833594.html

https://www.rightmove.co.uk/property-for-sale/property-93420746.html

 

I don't know what's up with the white cottage on the third listing as the Market Info has a sold price of £430K in 2012, then £784,995 in 2019 and is now on the market for £325K

I would get yourself on the Facebook pages for those area to get a feel for the place

 

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2 hours ago, TheCountOfNowhere said:

Another 1.5million job losses on the way...........

Fair point, I’ve seen a number of companies now that have simply thrown the towel in, and there will be more as the furlough scheme draws to a close. So, short term not so good, but long term we’ve seen what QE does. For me that makes for a u shaped recovery, or will they simply push their luck too far this time? 

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