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Ea States - Market Is Dead


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  • 2 weeks later...
:PAre you sure the house has been on the market for 4 years. It looks rather nice. That certainly gives me hope - although i am looking in East Anglia rather than North East.

NICE every tom dick and harry can see in your back garden for 350K you had better come down here we need some buyers like you

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Definitely been for sale for 4 years, plenty others 2 years plus. I know of a new build on that estate now 3 years old and has NEVER been lived in.

The house I linked to is nice but is very crammed in and overlooked, it's worth £270K.

As for prices falling, well I reckon this one never will. Many of these sellers do not NEED to sell and cannot accept the price situation, I reckon this guy would wait 10 years to get his £344K!...he will then say told you so! Others are accepting it and pricing accordingly, for example look at this

http://www.vebra.com/home/search/vdetails....mp;pid=11874605

same estate, but built by David Wilson, much nicer house, bigger plot...£45k less.

So what you see in the west Hull micromarket is a two tier pricing system; those who need to sell and those in cloud cuckoo land who will never sell.

By the way this is the 3 year old "new" house... http://www.vebra.com/home/search/vdetails....mp;pid=12423113

Edited by rugby
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A friend of mine was advised yesterday by an estate agent, not to put their house on the market at the moment as it would not make the money, they where advised to wait until next year. :o

Any estate agents out there, help I am confused as to why next year it will be better to sell than now. :blink:

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A friend of mine was advised yesterday by an estate agent, not to put their house on the market at the moment as it would not make the money, they where advised to wait until next year. :o

Any estate agents out there, help I am confused as to why next year it will be better to sell than now. :blink:

Seems like a pretty stupid estate agent, for passing up a potential client at least. Estate agents are normally the people bigging up the market. Can only assume they think interest rates have peaked and will be on the way back down by next year.

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Seems like a pretty stupid estate agent, for passing up a potential client at least. Estate agents are normally the people bigging up the market. Can only assume they think interest rates have peaked and will be on the way back down by next year.

I pulled out of the buying process earlier this month.

Just had an EA on the phone asking if I was still in the market. I explained not because I thought the market was about to fall. His response was 'You're not wrong." Either looking to get on side or he knows the game is up.

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He he

I am selling at mo and viewings dropped off alarmingly. Ea says it's down to LTV's on mortgages being cut back severely. He told me that anything over 300K would need to drop 30% off asking price to sell at mo.

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I am selling at mo and viewings dropped off alarmingly. Ea says it's down to LTV's on mortgages being cut back severely. He told me that anything over 300K would need to drop 30% off asking price to sell at mo.

Funny you should say that, my friends property is a 4 beder and the price she believes it is worth is in the mid £400k range. The problem is she doesn't think it is worth anything less, and is comparing the price to the many similar properties on the market in the area, at that range that are simply not selling, not unless they reduce the price by at least 15% to 20%. She is in no panic to sell at the moment, and still has 8 months left on the fixed rate, she did mention she worked out that the repayments would increase about £300 per month at todays rates. :o

One reason the agent suggested she market the house next year, could be they know that she will not reduce the price and so they know it simply will not sell due to the large supply already on the books...try next year...you could make your price. :lol:

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Funny you should say that, my friends property is a 4 beder and the price she believes it is worth is in the mid £400k range. The problem is she doesn't think it is worth anything less, and is comparing the price to the many similar properties on the market in the area, at that range that are simply not selling, not unless they reduce the price by at least 15% to 20%. She is in no panic to sell at the moment, and still has 8 months left on the fixed rate, she did mention she worked out that the repayments would increase about £300 per month at todays rates. :o

One reason the agent suggested she market the house next year, could be they know that she will not reduce the price and so they know it simply will not sell due to the large supply already on the books...try next year...you could make your price. :lol:

The problem seems to be that even if you can get a buyer who thinks it's fair value the lenders want them to stick in 20-30% of their own money. IMO it's a change from a 95-120% LTV game into a 75% LTV world. I don't think it's just suddenly happened either as I have been trying to sell since turn of the year. Ea did say that he has little real input into asking prices if he wants to get properties onto his books.

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The problem seems to be that even if you can get a buyer who thinks it's fair value the lenders want them to stick in 20-30% of their own money. IMO it's a change from a 95-120% LTV game into a 75% LTV world. I don't think it's just suddenly happened either as I have been trying to sell since turn of the year. Ea did say that he has little real input into asking prices if he wants to get properties onto his books.

Oh, I see you pick a figure out of the air and you tell the estate agent that is what you want for it...like it or lump it. Having thought about, it although I do think HIPs are a stupid idea invented to generate taxes and jobs for the boys, it does prevent some of the wishful thinkers marketing their property and wasting everybodys time.

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Oh, I see you pick a figure out of the air and you tell the estate agent that is what you want for it...like it or lump it. Having thought about, it although I do think HIPs are a stupid idea invented to generate taxes and jobs for the boys, it does prevent some of the wishful thinkers marketing their property and wasting everybodys time.

A property is only worth what you can get a buyer and his lender to pay. Unless you have evidence of an identical property sold recently it all seems to be very subjective. My original point was that the advice I was given on the true state of the market locally was that in order to guarantee a sale under current circumstances you would have to take something like 30% off the asking price. If this is correct then it is the Ea's who are taking the p888 out of everyone.

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A property is only worth what you can get a buyer and his lender to pay. Unless you have evidence of an identical property sold recently it all seems to be very subjective. My original point was that the advice I was given on the true state of the market locally was that in order to guarantee a sale under current circumstances you would have to take something like 30% off the asking price. If this is correct then it is the Ea's who are taking the p888 out of everyone.

Can't disagree with that. ;)

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Can't disagree with that. ;)

I would add that the main point he made was that the LTV was the key. The lenders seem to be saying that you can have the money but the risk of the price being inflated has to be borne by the buyer and not the lender. He said that the only way I can get my price is if we find a buyer who has a large deposit or in la la la land a cash buyer. Speaking personally the HPC is here for me. Wish it wasn't.

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  • 3 months later...

What I can't understand is why would any architect designing a 6 bedroom house which is likely to be occupied by, probably a minimum, of two motorists include only a single garage and one off road parking space. For a house that size you'd want dual garage and a big drive way with parking for at least 2-3 cars.

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What I can't understand is why would any architect designing a 6 bedroom house which is likely to be occupied by, probably a minimum, of two motorists include only a single garage and one off road parking space. For a house that size you'd want dual garage and a big drive way with parking for at least 2-3 cars.

Fully agree with your sentiments but that's John Prescott and PPG 3 for you. If I remember correctly guidance said there was no need to provide any off street parking, you're supposed to sell your car and take the tube, but hang on a minute this is a village in East Yorkshire! (Yes I do spot the irony of Prescott being from nearby Hull). Typical London minded decision making.

Thats a tandem garage by the way, not a single.

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  • 442 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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