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The Real State Of The Housing Market.....

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Sums it up quite nicely

Are there any bulls who can spin this into a positive?

CS

I'm not a bull but I can pretend to be one.

Clearly this is an indicator of the increasing sophistication and perserverence of people selling houses. In past years, people would put a house on the market, and drop its price quickly until they achieved a sale. Now that the process of selling a house is better understood, sellers will reduce prices more slowly, giving buyers no other choice than to buy in at a higher price than they would have done in the past. This greater sophistication on the part of sellers will cause house prices to rise as more and more buyers realise that waiting is now ineffective, and buy closer to asking prices.

Billy Shears

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Seems to sum it up.

A friend of mine has put his flat on the market as it is now too small for their needs.

They put it on with a large local EA.

2 weeks later EA advises them to drop the price by £5K.

They've had one viewing in 8 weeks and not a sniff of an offer.

They're now going to change EA, as clearly the agent is the problem.

I've never understood how the agent is going to be the problem. I tend to look at all of the local EAs stock as well as looking on Rightmove, so I'll see everything thats available.

Are there people about who only look in 1 or 2 agents and in so doing overlook all of the other available properties?

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I'm not a bull but I can pretend to be one.

Clearly this is an indicator of the increasing sophistication and perserverence of people selling houses. In past years, people would put a house on the market, and drop its price quickly until they achieved a sale. Now that the process of selling a house is better understood, sellers will reduce prices more slowly, giving buyers no other choice than to buy in at a higher price than they would have done in the past. This greater sophistication on the part of sellers will cause house prices to rise as more and more buyers realise that waiting is now ineffective, and buy closer to asking prices.

Billy Shears

It would be even better if they increased the asking prices by, say, 20%.

That should make it easier to sell surely? Prices only go up don't they?

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I've never understood how the agent is going to be the problem. I tend to look at all of the local EAs stock as well as looking on Rightmove, so I'll see everything thats available.

Are there people about who only look in 1 or 2 agents and in so doing overlook all of the other available properties?

I've seen several properties around my way change agents, then sell quickly. I don't know if the reason for the sale were due to the new agent selling it at the same price, or the changing of agents being a sign of seller desperation, followed by the next state of accepting a lower offer that they were previously prepared to accept. Eventually the houses will make it onto the land registry and I'll be able to see what happened.

Billy Shears

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I've seen several properties around my way change agents, then sell quickly. I don't know if the reason for the sale were due to the new agent selling it at the same price, or the changing of agents being a sign of seller desperation, followed by the next state of accepting a lower offer that they were previously prepared to accept. Eventually the houses will make it onto the land registry and I'll be able to see what happened.

Billy Shears

It would be interesting to know, but on such a small sample size still irrelevant IMHO.

Whats most interesting to me is seeing which properties sell and do not come back to market in my area, as that is very relevant to me.

LR volumes are still very low though, and one house which I thought was sold (went SSTC) back in Nov 05 has just come back to market - thats quite a long wait for the chain to fail.

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What you don't know is what they are trying to sell and whether they are pricing over the top of the market or what they paid. All you have is the concerns of people who can't sell - how many more can and do so don't need to post on the tinterweb about it ?

My experience is that there are some VERY greedy sellers out there and they won't accept they should not get top money and more.

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I've seen several properties around my way change agents, then sell quickly. I don't know if the reason for the sale were due to the new agent selling it at the same price, or the changing of agents being a sign of seller desperation, followed by the next state of accepting a lower offer that they were previously prepared to accept. Eventually the houses will make it onto the land registry and I'll be able to see what happened.

Billy Shears

I've noticed the same it's probably just luck

CS

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Sums it up quite nicely

Are there any bulls who can spin this into a positive?

CS

Some pretty sad tales in there, hope they each manage to sell and live the dream where ever they want to go. Obviously no idea about what their property or location, any muppet can see that significant price chops are required. Why be greedy if property is on it's bum in Australia, they'll still be able to afford to buy out there.

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Why be greedy if property is on it's bum in Australia, they'll still be able to afford to buy out there.

I don't know about these particular people, but IMHO many are only emigrating because they figured out they could sell their house in the UK for vastly more than they paid for it and take a big sum of money abroad with them. If they only get 200k rather than 250k for the terraced house they paid 80k for in 1999, they might actually have to get a job at the other end...

It's hard for people to let go of their dreams of buying a big house abroad and retiring at 30 just because they bought a two-bed terrace before 2000.

Edited by MarkG

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We've had ours on the market for about 3 months. The first people who came to see it 3 days after it was put up for sale, wanted tobuy it and put offer in. We accepted. Then they phoned to say they'd gone and found another place "just like ours but cheaper"!!! Grrrrrrrrrrrrrrrrrrrr.

Then the next two that came along to view it, didn't even have their houses on the market, so were "just having a look".

There's now SIX houses up for sale all within 50 yards of each other on our street and a shed lot more up for sale around the area.

What's happening with house sales just now. It's like nothing's happening/moving!!

We've only just applied but we just want shot of the house asap so it's one less thing to worry about and the sooner the better.

*pearly*

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It would be even better if they increased the asking prices by, say, 20%.

That should make it easier to sell surely? Prices only go up don't they?

Some people seem to be doing just that. This is only anecdotal, but my best mate's next door neighbor has had his house on the market for over a year now. Started at around £400K - only about £50K than all the other mostly identical houses around, except he doesn't have a conservatory. Didn't shift at all, so he switched agents and put the price up to £450. Not a single viewing. He's now repeated his golden sales tactic and switched again, this time putting it on at around £475.

Frankly, I don't think it's just greed. IMHO, I think he's simply desperate to be able to step up the "ladder" he was told about. But that next step up is just a bit too far for him and his growing young family - for which purpose their house isn't a total shoebox, but it's no palace either. He can't afford to sell for much less, or he can't afford the next step up... in which case, why bother moving? He's basically just hoping there's an buyer with a lot of money who really likes the place, so he can move on - until then there is no point for him.

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Frankly, I don't think it's just greed. IMHO, I think he's simply desperate to be able to step up the "ladder" he was told about.

Spot on.

I have two friends (a couple) in this situation. He's always been a bit cocky about the price rises. I think my holding off scares the sh1t out of him, because he doesn't know why I'm doing it.

Anyhow, I've been restrained with all of my friends about The Issue, except for another friend who has a degree in Economics, so I can't exactly avoid the conversation.

But, with this couple, when the time comes for the gloves to come off, I've got all the stats from nethouseprices, and I'll quite happily illustrate how they have just seven years to get into their parent's house (so to speak, in order to keep up with their standard of living). But because of this boom, they're not £100K better off, rather, they're now £200K WORSE OFF, they just can't see it.

Biding my time.

Edited by megaflop

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I don't know about these particular people, but IMHO many are only emigrating because they figured out they could sell their house in the UK for vastly more than they paid for it and take a big sum of money abroad with them. If they only get 200k rather than 250k for the terraced house they paid 80k for in 1999, they might actually have to get a job at the other end...

It's hard for people to let go of their dreams of buying a big house abroad and retiring at 30 just because they bought a two-bed terrace before 2000.

Spot on.....

bless them all.. nothing at all is shifting in my town.. For Sale signs seem to come and go.. then after a while you spot they are the same properties.

(Note: I am aware that some do sell, but many more fail to....)

I used to work with a guy who had bought and sold three years later with enough equity to buy a bar somewhere hot..

great plan if you got your timing right.. and I remember his leaving do as he was laughing about how stupid it was...

but he would have been stupid not to..

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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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