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Local Press Property Suppliments

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The EDP has for the 3rd week a 92 page property suppliment.

It said 3 weeks ago this was the biggest ever - so.

Q. Who's buying

A. Nobody

Fantastic :rolleyes::rolleyes:

How are the other areas going folks, i'm interested to know?

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Guest Winners and Losers

I always wonder why they think '100's of properties for sale' is a good thing?

My local EA - empty, thumb dwiddling, internet surfing staff today, again.

Edited by Winners and Losers

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I don't get a local paper delivered here in Highbury, but I do get an increasing amount of PROPERTY NEWS type freebies posted through my door. There's no NEWS in them, of course. Just heaps of over-priced properties for sale.

When I moved into this rented place a year ago, I was getting maybe one of these freebies a month. Now it's more like 2 a week...go figure. ;)

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The EDP has for the 3rd week a 92 page property suppliment.

I spoke to an EA today – had lots of properties- but nothing any good – she said the new stuff was selling almost straight away but their books are full of the old stuff that won’t shift –

to me it sounded like they had over valued last year and now they can not shift it and the vendors won’t reduce to sell.

She said everyone was buying but there were no new properties coming on to the market ???????

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I spoke to an EA today – had lots of properties- but nothing any good – she said the new stuff was selling almost straight away but their books are full of the old stuff that won’t shift –

to me it sounded like they had over valued last year and now they can not shift it and the vendors won’t reduce to sell.

She said everyone was buying but there were no new properties coming on to the market ???????

What on odd market. No new properties coming onto market but stuff coming onto the market disappearing immediately. Confused. Is this a different EA?

EDIT: asked you area - but it is Norfolk.

btp

Edited by backtoparents

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I always wonder why they think '100's of properties for sale' is a good thing?

My local EA - empty, thumb dwiddling, internet surfing staff today, again.

I think the reasoning goes like this:

We have hundreds of properties to sell.

Therefore potential buyers will be able to find exactly the property they want in exactly the area they want with exactly the right designer taps they want.

Therefore many times more potential buyers will come out of the woodwork than came before. We can prove this as last week we asked 1000 non-homeowners whether they would buy a house, and 90% of them said that they couldn't find a home they would like at a price they can afford. It can't be affordability that's the problem as everyone knows that with new 18x mortgages everyone can afford to buy a house. So it must be the lack of choice.

Billy Shears

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What on odd market. No new properties coming onto market but stuff coming onto the market disappearing immediately. Confused. Is this a different EA?

EDIT: asked you area - but it is Norfolk.

btp

the EA was just outside Sudbury

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Hi Music Man.

Check the front page of this week's EDP property "pull out" (strange calling it that when it takes up 2/3 of Friday's paper!) - in particular St Benet's Quay.

This is my new bellweather for the market in flats.

St Benet's quay is a development of 36 flats that is just about finished (they are taking the scaffolding down as I type this) - for the last few months it has had a big banner for Watsons EA billowing in the wind announcing they were all for sale, call this number now etc, etc. So I thought I'd check Watsons EA's website and see how they are getting on.

Two things caused my eyebrows to raise:

1) there are 40 flats listed (where have they suddenly conjured 4 extra flats from?!?)

2) of the 40 flats listed only 3 are marked "Sale Agreed" - okay they aren't quite finished yet, but two or three years ago these would all have been snapped up before the first brick was laid.

(For those who take a look the 40 flats are all listed as being on Duke Street)

The conclusion I draw is that the developments advertised in this EDP article are pretty much the final nails in the coffin for the market in flats here in Norwich. Investors aren't lining up to sink all of their debt into them any more and, starting from £162,500, there simply isn't any value in them for owner occupiers. This will be especially true in the case of St Benet's Quay when people suddenly see that it is actually tightly wrapped around the brand new St Andrew's car park. (I kid ye not - there are barely two feet between the car park and the flats!)

The only trouble is, rather than giving up and looking for alternative and more lucrative investments elsewhere, these pesky investors are now simply sinking their debt into the very two-up two-down Victorian terraces I have got my eye on at the minute.* The buggers!

Cheston

* Alas this seems to be bourne out by Rightmove - of the 141 2+ bedroom houses in Norwich for under £130K, a whopping 83 are sold subject to contract! :unsure:

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Major local EA has started advertising on the local radio station. They say they have a list of potential buyers across all areas and desperately need new property on the books. Also offereing deals on the commission :rolleyes:

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Major local EA has started advertising on the local radio station. They say they have a list of potential buyers across all areas and desperately need new property on the books. Also offereing deals on the commission :rolleyes:

Not an EA, but a builder desperate to off laod. Latest advert is free car with flat :lol::lol::lol:

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I find it amusing the agents are advertising when they have actually sold a property! personally I would be furious if I was trying to sell and my agent had'nt advertised my house, but had decided to advertise these they had sold. Further up the scale of irritation is STC similar required - no mention of the fact the its taken in one instace that I know of 18 months to sell one of these particualar properties.

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Guest Winners and Losers

I think the reasoning goes like this:

We have hundreds of properties to sell.

Therefore potential buyers will be able to find exactly the property they want in exactly the area they want with exactly the right designer taps they want.

Therefore many times more potential buyers will come out of the woodwork than came before. We can prove this as last week we asked 1000 non-homeowners whether they would buy a house, and 90% of them said that they couldn't find a home they would like at a price they can afford. It can't be affordability that's the problem as everyone knows that with new 18x mortgages everyone can afford to buy a house. So it must be the lack of choice.

Billy Shears

Let us not forget the 250 year fixed rate mortgage and the free 12month travel card! :P

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I'm not buying, I'm laughing at all them fools :lol: Each month I have more money saved, each month houses are cheaper - we got squeezed out by the greed in this City. Now it's our turn to feel SMUG as we wait patiently :)

This is true - there's not a lot out there for us and the problem is that money is still too cheap enabling amateur BTL landlords to keep on getting their IO mortgages. A lot of people just don't seem to care or have forgotten about the capital part - for now they think they can't lose and for as long as interest rates stay this low, they probably can't. The only thing that will put a stop to this competition between FTB and BTL will be when servicing debt becomes more expensive.

When we start seeing 2 bedroom Victorian terraces regularly appearing under £100k on rightmove then we will well on our way. First will be in the north of the City and then later the Golden Triangle - these houses need to be £60 to £80 before I will consider buying, until then they can all F#*$ OFF!. Remember - average wages in Norwich and Norfolk are about £20k and Building Societies will lend 3.5X for very sound reasons!!.

Each month you are a month further down the pay someone elses mortgage road and a month nearer still paying off your own mortgage when you are 90. Whos the real mug?

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When we start seeing 2 bedroom Victorian terraces regularly appearing under £100k on rightmove then we will well on our way. First will be in the north of the City and then later the Golden Triangle - these houses need to be £60 to £80 before I will consider buying, until then they can all F#*$ OFF!. Remember - average wages in Norwich and Norfolk are about £20k and Building Societies will lend 3.5X for very sound reasons!!.

Why would the banks lend to ftb's at this stage in the game - there's no equity for them to claw back and oh so risky.

Lend it to the BTL brigade and take them to the cleaners.

Let's hope so.

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I always wonder why they think '100's of properties for sale' is a good thing?

My local EA - empty, thumb dwiddling, internet surfing staff today, again.

The funny thing is, a guy in work is trying to sell and when he goes into the EA's and asks WHY is he is not getting any viewings they say - WERE TOO BUSY!!! He had to pick the FOR SALE sign up from the EA's coz they had no-one to erect it.

I was shocked as the shop was full of erections!

TB

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the local rag is a waste of time. its all upvc fitted windows and prostitutes. such as odessy visiting massage and portable showers. or cillas backrubs with essential vapors.

as well as loads of daft property cashiners.

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  • 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%



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