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Rics: Supply Up In The West Midlands

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On the local BBC news just now.

"Unprecedented" increase in number of properties for sale (15% up on last year).

Gormless FTB: "We ask people why they are selling in case they have bad neighbours or something, they say its HIPS"

EA: HIPS is the cause

EA: Demand outstripping supply, not enough houses being built etc etc. (eh?)

And given the land registry are showing a 0% increase in prices I thought the voice over was a bit sneaky claiming price increases had only "slowed slightly in the region".

Edited by Cogs

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You don't have to be an economics graduate to realise what this means:

AT the moment FTBers are at record lows and BTL is a mugs game = Demand LOW

15 per cent increase = supply HIGH.

Err, what normally happens in these circumstances - yes, you've guessed it - PRICES COME DOWN!

Of course the bulls on this site will continue to say (fingers in ears) "la,la,la,la I can't hear what your saying etc."

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Guest grumpy-old-man
On the local BBC news just now.

"Unprecedented" increase in number of properties for sale (15% up on last year).

Gormless FTB: "We ask people why they are selling in case they have bad neighbours or something, they say its HIPS"

EA: HIPS is the cause

EA: Demand outstripping supply, not enough houses being built etc etc. (eh?)

And given the land registry are showing a 0% increase in prices I thought the voice over was a bit sneaky claiming price increases had only "slowed slightly in the region".

I'm shocked at this information, how has this happened.

Do I need to sell my recently purchased pension protection IO btl portfolio asap then ? ;)

:lol::lol::lol:

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No you see the massive rise in supply will only push up house prices further. You see buyers will have more choice and they will want to pay more to secure the more desirable properties. This will demonstrate how strong the housing market will be until 2088.

Managing Director

Bairstow Eves :lol:

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Guest grumpy-old-man
No you see the massive rise in supply will only push up house prices further. You see buyers will have more choice and they will want to pay more to secure the more desirable properties. This will demonstrate how strong the housing market will be until 2088.

Managing Director

Bairstow Eves :lol:

ah, I see now, so I will make even more virtual money then...brilliant! This means I can go and buy another 2 tomorrow then, no deposit, IO mortgage again, cos they will be going up gazillions every year.

Remember people, property only EVER goes up. ;)

Does this also mean that the 3 btl's I have in somewhere sunnyville will also be going up by gazillions as well (I bought them with no deposit, but used my virtual equity money in my UK portfolio to secure them). brilliant, even more virtual profit for me then.

My mates in the pub & at work say they wish they were as rich as me at 29 years old, but I have told them that if I can do it, anyone can....seriously, it's dead, dead easy. :ph34r:

edited to add for newbies, just in case my keyboard humour is so bad that you think I am being serious, I'm not of course.

Edited by grumpy-old-man

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ah, I see now, so I will make even more virtual money then...brilliant! This means I can go and buy another 2 tomorrow then, no deposit, IO mortgage again, cos they will be going up gazillions every year.

Remember people, property only EVER goes up. ;)

Does this also mean that the 3 btl's I have in somewhere sunnyville will also be going up by gazillions as well (I bought them with no deposit, but used my virtual equity money in my UK portfolio to secure them). brilliant, even more virtual profit for me then.

My mates in the pub & at work say they wish they were as rich as me at 29 years old, but I have told them that if I can do it, anyone can....seriously, it's dead, dead easy. :ph34r:

:lol::lol::lol:

Keep taking out sub prime First Time Buyer mortgages with us you muppet sheeple. We don't give a sh#t if you get repossesed as we'll get our money back anyway innit? Even if houses prices do go down (which they wont) were well insured.

Managing Director

HBOS

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Guest grumpy-old-man
Where i live in Birmingham you see sold signs every where, the street next to me 2-3 bed houses about 120-130 pounds about 10 boards 90% sold

tell me when they have completed & you can see how much they actually sold for on the land registry.

Until then, they are "under offer" this is the bit that went missing form the logical chain of events when buying or selling a house.

It should be "For Sale" then "Under Offer" then "Sold" but the EA's took the middle bit out & not many people noticed.

It's classed as Sold whne the money goes into the bank, non?. ;)

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Guest grumpy-old-man
With Jag and LR possibly closing soon things will not be good for HPI-MEW around here.

I tell ye---its over. 2nd Q 2007 was the big turning point.

yes, looks like you were spot-on RB. :)

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You don't have to be an economics graduate to realise what this means:

AT the moment FTBers are at record lows and BTL is a mugs game = Demand LOW

15 per cent increase = supply HIGH.

Err, what normally happens in these circumstances - yes, you've guessed it - PRICES COME DOWN!

Of course the bulls on this site will continue to say (fingers in ears) "la,la,la,la I can't hear what your saying etc."

Local property sectio in Exeter was totally full of NO CHAIN , NEW LISTING and NEW PRICE throughout!!! Even in Exeter - a boom town - things are not selling at asking price!

THis quarter could be the turning point :-) HA HA

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tell me when they have completed & you can see how much they actually sold for on the land registry.

Until then, they are "under offer" this is the bit that went missing form the logical chain of events when buying or selling a house.

It should be "For Sale" then "Under Offer" then "Sold" but the EA's took the middle bit out & not many people noticed.

I suspected as much. Oop North, Butters John Bee still say "under offer", but Alan Dale and Heywoods apparently don't; three or four of the latter's boards having had "sold" removed in the last few weeks, prompting me to ask my (ex-EA) mum how a house can "unsell".

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quote name='neil324' date='Jun 14 2007, 08:26 PM' post='667122']

Where i live in Birmingham you see sold signs every where, the street next to me 2-3 bed houses about 120-130 pounds about 10 boards 90% sold

I also live in Birmingham but see a completely different picture to you - I'm based in the Moseley/Kings Heath area. I have seen more and more for sale boards going up with very few Sold signs appearing since last autumn. Looking at Rightmove there are huge numbers of new properties coming onto the market and many properties that have not shifted for 6 months or longer. Estate Agents have also said to me a couple of times that the market went very quiet in January when interest rates rose and has not recovered since then.

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Local property sectio in Exeter was totally full of NO CHAIN , NEW LISTING and NEW PRICE throughout!!! Even in Exeter - a boom town - things are not selling at asking price!

Even with the Met Office relocation driving up demand - yikes.

When I lived there from 96-99 properties were significantly cheaper than within a 50 mile zone to the east and 20-30 miles to the west, because (i) Exeter was just too far away from London or Bristol to be comfortably commutable, (ii) it was just too much of a hassle to get to the pretty bits of Dartmoor and Cornwall to attract second home owners, and (iii) the city itself was a combination of 1950s Abercrombie utilitarianism (Sidwell St. and the areas around it) and the Victorian residential areas (e.g. St. David's Hill and the streets around the university) that Hitler neglected to flatten. Apart from the area around the cathedral, the place was nothing special.

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Where i live in Birmingham you see sold signs every where, the street next to me 2-3 bed houses about 120-130 pounds about 10 boards 90% sold

Yep,highly suspect survey;the only time I ever saw that level of sold was when the market was going at 50% pa. at the back end of 1988.I regularly do sign counts in the E Midlands and they are generally running at about 25% sold presently*.(reckon you need a sample of at least 100 properties and not base it on one or two streets)

*indicating a fairly neutral market-anything over 25% is a steady market anything less is slow.

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On the local BBC news just now.

"Unprecedented" increase in number of properties for sale (15% up on last year).

Gormless FTB: "We ask people why they are selling in case they have bad neighbours or something, they say its HIPS"

EA: HIPS is the cause

EA: Demand outstripping supply, not enough houses being built etc etc. (eh?)

And given the land registry are showing a 0% increase in prices I thought the voice over was a bit sneaky claiming price increases had only "slowed slightly in the region".

I was on the phone to a big EA yesterday in the W. Midlands enquiring about rental property and he told me that sales were going unusually slowly for the time of year so quite a few sellers were starting to look to rent out until things picked up. He was not sure if it was the HIPs effect or the economy he said.

Unusual for an EA to admit sales were slow but as he was on the rental side so I suppose it means good business for him personally.

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Where i live in Birmingham you see sold signs every where, the street next to me 2-3 bed houses about 120-130 pounds about 10 boards 90% sold

Post a photograph and then I will believe you.

I'm in Wolverhampton and it's the complete opposite.

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Post a photograph and then I will believe you.

I'm in Wolverhampton and it's the complete opposite.

In Coventry it is about the same as Wolves now - about 25 per cent to one third SSTC. However, I have noticed an incredible number of For Sale boards going up over the last few weeks. Plenty have been on the market for over a year as well (some with multiple agencies). I think we are nearly there guys!!! Not long now!

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