Jump to content
House Price Crash Forum

The Missus Thwarted


Antsy
 Share

Recommended Posts

Well, the missus has just had a big windfall from her online business (okay, pretty small fry compared to the amounts some of you have squirreled away, but to us a it's a lot...) So, given that the deposit is her money I have had to cave in to her wish to start looking. Only problem is, there is nothing to buy! Went to EA at the weekend and she was moaning she only had about 12 properties on compared to around 50 normally at this time of year... Any suggestions why this might be? Obviously, this is a good thing in a way as it is unlikely Mrs A will find something she likes, especially as she has her little heart set on a 3 road area, so we'll be forced to wait a year and see if the rate hikes make an impact. In terms of competition if we do find something it's bad news...

Link to comment
Share on other sites

I find all this "lack of supply" talk a little confusing as there are more houses for sale 'round my way in the South West than I've ever seen before!!! Perhaps I don't live in such a desirable area? Mind you, very few of them are selling due (IMO) to the ridiculous prices they are asking!

I know - I'm from Cornwall and whenever I go back there the Guardian is bulging with overpriced nonsense and 'new price' banners. Our local situation is very, very wierd. I can't get why everyone is hanging on to their property. Maybe they couldn't afford their mortgage at current rates if they moved? If so, here's hoping, as it means the repo waggon may be rolling into town sometime soon? We've been looking round rentals as our landlord is selling up - saw a place we like but is a bit much per month. Landlord won't reduce it as he claims he's losing money on it already - we are talking £100 per month that we're quibbling over. I told the agent to call me again in a month if it's still on. Nothing like a month's void (plus council tax liability) to focus the mind. The crazy thing is that in that month, he'll have lost out on as much as it would have cost him to reduce it by a little bit for the year (rent = 1150 pcm + council tax = at least 1250, 12 x £100 = 1200). Nutter.

Edited by Antsy
Link to comment
Share on other sites

Well, the missus has just had a big windfall from her online business (okay, pretty small fry compared to the amounts some of you have squirreled away, but to us a it's a lot...) So, given that the deposit is her money I have had to cave in to her wish to start looking. Only problem is, there is nothing to buy! Went to EA at the weekend and she was moaning she only had about 12 properties on compared to around 50 normally at this time of year... Any suggestions why this might be? Obviously, this is a good thing in a way as it is unlikely Mrs A will find something she likes, especially as she has her little heart set on a 3 road area, so we'll be forced to wait a year and see if the rate hikes make an impact. In terms of competition if we do find something it's bad news...

This is a situation in many areas and EAs and bulls will tell you that demand is outstripping supply. However, using the ladder as an analogy, the gaps between the rungs has got wider, which means to buy the next rung up, you need more cash, or in most peoples case, more credit.

Where a lot of people have mewed or just stayed still in terms of thier incomes, they now can't afford to move, so no point in selling. Therefore, not many properties on the market. i.e. HPI has reduced the liquidity of the housing market. Now people will only sell if they STR, Leave the country, die, go bankrupt etc.

HPI makes people think they are richer, but in relative terms they are actually poorer.

:unsure:

Link to comment
Share on other sites

This is a situation in many areas and EAs and bulls will tell you that demand is outstripping supply. However, using the ladder as an analogy, the gaps between the rungs has got wider, which means to buy the next rung up, you need more cash, or in most peoples case, more credit.

Where a lot of people have mewed or just stayed still in terms of thier incomes, they now can't afford to move, so no point in selling. Therefore, not many properties on the market. i.e. HPI has reduced the liquidity of the housing market. Now people will only sell if they STR, Leave the country, die, go bankrupt etc.

HPI makes people think they are richer, but in relative terms they are actually poorer.

:unsure:

Good points. Very true. People will only wake up to the fact very slowly though.

Link to comment
Share on other sites

Well, the missus has just had a big windfall from her online business (okay, pretty small fry compared to the amounts some of you have squirreled away, but to us a it's a lot...) So, given that the deposit is her money I have had to cave in to her wish to start looking. Only problem is, there is nothing to buy! Went to EA at the weekend and she was moaning she only had about 12 properties on compared to around 50 normally at this time of year... Any suggestions why this might be? Obviously, this is a good thing in a way as it is unlikely Mrs A will find something she likes, especially as she has her little heart set on a 3 road area, so we'll be forced to wait a year and see if the rate hikes make an impact. In terms of competition if we do find something it's bad news...

Not what I'm seeing in Blackheath, SE london. More on the market each time I look, from large houses at £2 million+ down to ex-local authority flats. My guess is that we'll see the number of properties increase significantly over the coming months. Recent buyers in SE London are going to be hit hard when the market turns. The less salubrious parts of Lewisham/Deptford may be considered slightly less "up and coming" in 12 months time! Last to rise, first to fall.........

What's more, this is prime MEW land. Witness the 4x4s around the place. They're not all paid for with city bonuses - far from it. People are living well beyond their means in SE London.

Your missus clearly worked hard for the windfall, why throw it away to bail out a MEW addict who is desperately trying to sell at the top of the market? Bide your time and get a similar place from a distressed seller in a couple of years time.

Link to comment
Share on other sites

Well, the missus has just had a big windfall from her online business (okay, pretty small fry compared to the amounts some of you have squirreled away, but to us a it's a lot...) So, given that the deposit is her money I have had to cave in to her wish to start looking. Only problem is, there is nothing to buy! Went to EA at the weekend and she was moaning she only had about 12 properties on compared to around 50 normally at this time of year... Any suggestions why this might be? Obviously, this is a good thing in a way as it is unlikely Mrs A will find something she likes, especially as she has her little heart set on a 3 road area, so we'll be forced to wait a year and see if the rate hikes make an impact. In terms of competition if we do find something it's bad news...

Thats why prices are so high. Or didnt you belive the bulls when we told you this.

Link to comment
Share on other sites

Not what I'm seeing in Blackheath, SE london. More on the market each time I look, from large houses at £2 million+ down to ex-local authority flats. My guess is that we'll see the number of properties increase significantly over the coming months. Recent buyers in SE London are going to be hit hard when the market turns. The less salubrious parts of Lewisham/Deptford may be considered slightly less "up and coming" in 12 months time! Last to rise, first to fall.........

What's more, this is prime MEW land. Witness the 4x4s around the place. They're not all paid for with city bonuses - far from it. People are living well beyond their means in SE London.

Your missus clearly worked hard for the windfall, why throw it away to bail out a MEW addict who is desperately trying to sell at the top of the market? Bide your time and get a similar place from a distressed seller in a couple of years time.

Interesting - we used to live over that way and I know it well. Perhaps it will ripple out - I'm looking in SE20 ffs. It's not exactly Chelsea and Kensington! Maybe that's whey people have stuck, though - my new neighbours are not exactly city bonus types, SE20 is about as low as it goes before you get to Croydon. And whilee I may not be fussy, I do maintain SOME standards...

Link to comment
Share on other sites

I read through the comments by individual EA firms at the back of the RICs survey for February.

http://www.rics.org/NR/rdonlyres/D23C3AEF-...b2007Public.pdf

Almost all are saying there is a lack of supply but only a few give an explanation. It is basically that potential sellers will not market their property until thay can see something thay can afford to buy. Here is one commetn that illustrates the point:

Wetherby area - West Yorkshire

Ken Bird Esq BSc MRICS, Renton & Parr

“Hesitating in the market sales down on

same period last year many potential

sellers waiting for spring and reluctant to

put on market before seeing somewhere

to buy. No impact yet seen on the market

in anticipation of HIPS on 1st June.”

I also note that potential buyers in Chelsea are now mounting what is a buyers strike. Many are simply refusing to enter into seal bid auctions because they have been overbid so many times thay are just deciding to stay put. See the following comment:

Tim Le Blanc-Smith Esq MRICS, John D

Wood & Co

“The shortage of stock continues with "sealed

bids" still a weekly occurrence. Buyers are

becoming increasingly wary of losing out

again and again and the disappointment, time

wasted and the cost are taking their toll. Many

purchasers are reluctant to take part in sealed

bids, so the market is beginning to return to

more traditional ways of agreeing sales,

allowing purchases more comfort once terms

are agreed.”

Link to comment
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...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • 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.