Jump to content
House Price Crash Forum
Sign in to follow this  
OzzMosiz

Speed Of Selling And Buying - Ancedotal

Recommended Posts

I live in the south west of England and was chatting to my collegue who was selling his mid terraced house. He put it up for sale last week for 143K - and has just had an offer for 140K.

He is buying a house that went up recently and offered straight away - 99% asking!!!!

All this very quickly. Could we be wrong about the slow down?

Edited by OzzMosiz

Share this post


Link to post
Share on other sites

Possibly some people were holding out through 2005 to see which way prices are going, with the VI's convincing them that there won't be a crash they have now given up and decided to take the plunge at the start of 2006.

This small reserve of ex-bears shouldn't be enough to support the market for long but might give it a boost for a couple of months.

Share this post


Link to post
Share on other sites

The Rightmove data probably had an impact especially as it was picked up by the BBC as their headline news story. It is a sad thing that the BBC ignored the government tax data that showed sales actually slowed in January contrary to Rightmove's statement that houses were "flying off the shelves."

It goes to show that the VIs are a respected source of information among most people. We have to remember that Gordon's takeover of number 10 is dependent upon HPI and the government will back anything that keeps prices moving upward.

http://investing.reuters.co.uk/news/newsAr...IN-PROPERTY.xml

LONDON (Reuters) -
The number of property transactions in England and Wales slipped to its
lowest
in five months in January,
tax authority data showed on Tuesday.
HM Revenue and Customs said the number of property
transactions fell
to 133,000 in January in seasonally-adjusted terms from 154,000 in December, revised from an originally reported 153,000.
That was the lowest level since August 2005
when the Bank of England cut interest rates to 4.5 percent, a move that many analysts said gave a boost to the housing market at the end of last year.

It bears repeating: "the lowest level since August 2005"

Rightmove's "data" was publicized but the government's own data ignored--why? <_<

Edited by Realistbear

Share this post


Link to post
Share on other sites

I live in the south west of England and was chatting to my collegue who was selling his mid terraced house. He put it up for sale last week for 143K - and has just had an offer for 140K.

He is buying a house that went up recently and offered straight away - 99% asking!!!!

All this very quickly. Could we be wrong about the slow down?

Similar thing happened to me, unfortunately buyer never went through with it and took me over a year

and a couple of price reductions before I finally sold.

Share this post


Link to post
Share on other sites

I live in the south west of England and was chatting to my collegue who was selling his mid terraced house. He put it up for sale last week for 143K - and has just had an offer for 140K.

He is buying a house that went up recently and offered straight away - 99% asking!!!!

All this very quickly. Could we be wrong about the slow down?

I've had to stray out of my area a bit to help another office (Putney). Speaking to local agents about flats, they say that they haven't got enough properties to satisfy demand, and 2 bed flats under £250k are disappearing fast. In fact they weren't happy because they said supply was drying up.

One agent said their applicant list has doubled in the past 6 weeks. Another said there are lots of ftbs letting out a room and many strs returning to the market. Also people fed up renting.

I said I couldn't understand the upturn this year, but they said the media influence was pushing people to jump. OK, Putney is a popular area and a high value one too, but I'm at a loss to explain this surge. At the same time, I'm doing a repo every other day. Answers on a postcard please........!

Share this post


Link to post
Share on other sites

I've had to stray out of my area a bit to help another office (Putney). Speaking to local agents about flats, they say that they haven't got enough properties to satisfy demand, and 2 bed flats under £250k are disappearing fast. In fact they weren't happy because they said supply was drying up.

One agent said their applicant list has doubled in the past 6 weeks. Another said there are lots of ftbs letting out a room and many strs returning to the market. Also people fed up renting.

I said I couldn't understand the upturn this year, but they said the media influence was pushing people to jump. OK, Putney is a popular area and a high value one too, but I'm at a loss to explain this surge. At the same time, I'm doing a repo every other day. Answers on a postcard please........!

I think the answer is easy - it is easy credit fuelled madness - and there will be a lot of casualties.

Share this post


Link to post
Share on other sites

We recently put our West London flat back on the market after the original sale fell through.

Last summer we had several viewings and found a buyer for 96% of asking price, all in less than a week. The deal ended up being problematic (for reasons unrelated to market conditions) and we pulled out a couple of weeks ago.

We remarketed at the original asking price and in just two days had one offer for 95% of asking price and another for the full asking price. There seems to be no shortage of first time buyers in our area and no one made us any low offers.

Interestingly, we have been looking for flats to rent in the same area and - to my surprise we found that there weren't many available and that competition seems to be pretty fierce.

I've been looking at the HPC site for a year or so and I'm as bearish as anyone but as far as I can see the market is buoyant. Could this be what I've seen referred to as a "double top" after last year's fall? I hope so, as we're selling to rent.

Share this post


Link to post
Share on other sites
Guest

We have to remember that Gordon's takeover of number 10 is dependent upon HPI and the government will back anything that keeps prices moving upward.

Agree that the first part might be right. Second part is nonsense.

If the govt really wanted it, Gordy could be in No.10 NOW. But he isn't.

Share this post


Link to post
Share on other sites

The market is not buoyant in NW Lonson, if you look for 5 minutes. There are large number of flats (1 qnd 2 bed) which cannot sell. Some disappear, only to return with another EA at the same, or hgher price. If someone wants to offer asking price on these, then they can only be financially illiterate.

The maths do not add up. You either rent them out at a loss, and pray that HPI will make up for it as a BTLer or you realise that you can rent for £200 less a month as an FTB.

I am not an economist but it really is that simple. That is the message to spread.

Share this post


Link to post
Share on other sites
Guest Winners and Losers

I live in the south west of England and was chatting to my collegue who was selling his mid terraced house. He put it up for sale last week for 143K - and has just had an offer for 140K.

He is buying a house that went up recently and offered straight away - 99% asking!!!!

All this very quickly. Could we be wrong about the slow down?

No, everyone has heard that prices are rising. They will be in negative equity within 12 mths.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 301 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.