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House Price Crash Forum

Its Official Property Market Has Crashed.


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I visit this board a hell of a lot, this is my first post.

I run 2 EA in the North East.

I am closing one office but keeping the other open, on the road I have my office there is 7 other EA offices all dead and empty.

I make my living now by managing properties for the BTLs

Boards going up all over the NE and nothing and I mean nothing is shifting.

Sarah Mains EA still continues to put propertys on the Market at silly prices the whole area is in denial.

I am getting out now and concentrating on property managment...

I am sure the worse is yet to come. There will be no spring bounce.

Lies and greed helped create this mess.

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I am closing one office but keeping the other open, on the road I have my office there is 7 other EA offices all dead and empty

Have you not considered the notion that your business failure is the fact that you have setup shop in an over saturated area.?.

If I started a Ciggarette shop and seven other opened up nearby I think it would not come as a suprise to me that I would be out of business very soon.

Dividing the business of one office across what is now 8 would ring alarm bells to any business analyst.

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So do you think the vendors will go for gifted deposits?  :lol:  :lol:

6 months ago it was crazy and I mean crazy.

Lies on top of lies

As soon as property came on the market people were told there was 3-4 offers on that property already so properties on at 150,000 were going for 175,000 people were being more or less forced to act quickly before the property goes, they did not have time to stop and think they just took out these amazing mortgages.

Like I said greed and lies.

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Guest muttley
Have you not considered the notion that your business failure is the fact that you have setup shop in an over saturated area.?.

If I started a Ciggarette shop and seven other opened up nearby I think it would not come as a suprise to me that I would be out of business very soon.

Dividing the business of one office across what is now 8 would ring alarm bells to any business analyst.

In case you hadn't noticed,laurejon,Tobacconists are closing down too.

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Classic Laurejon. Have you ever considered that house prices are unaffordable for the majority of people in the UK and that this will lead to a fall in house prices?

The point is if 10 EA's could operate successfully in an area last year/2 years ago and now they are all dead the market is going down the toilet. Perhaps it will take all the bullsh"t with it.

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Laurejon,

I have identified an area with bubble level numbers of EA's - it is called the UK.

What's to say that Dumble wasn't in the market long before the wanabee property sellers set up?

Bad investment drives out good as they say.

I my self saw the boom coming and jumped on the band waggon made a nice few pounds and now I am jumping off the band wagon as its crashing all around me.

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Have you not considered the notion that your business failure is the fact that you have setup shop in an over saturated area.?.

If I started a Ciggarette shop and seven other opened up nearby I think it would not come as a suprise to me that I would be out of business very soon.

Dividing the business of one office across what is now 8 would ring alarm bells to any business analyst.

I travel all over England and Wales in my job and the market is like this everywhere now...........the south rose first and cheapest areas eg North East and South Yorks and Welsh valleys rose last but everywhere is now EQUALLY overvalued.......

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I visit this board a hell of a lot, this is my first post.

I run 2 EA in the North East.

I am closing one office but keeping the other open, on the road I have my office there is 7 other EA offices all dead and empty.

I make my living now by managing properties for the BTLs

Boards going up all over the NE and nothing and I mean nothing is shifting.

Sarah Mains EA still continues to put propertys on the Market at silly prices the whole area is in denial.

I am getting out now and concentrating on property managment...

I am sure the worse is yet to come. There will be no spring bounce.

Lies and greed helped create this mess.

With respect, when someone comes on the board with a questionable bullish viewpoint everyone shoots them down as a troll. However when "Dumble" comes on with a clearly made up bearish viewpoint everyone assumes he's for real.

Dumble is almost certainly an alias winding most of you up. His comments about the lying in the industry give it away.

Who are you Dumble?

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We know that he is an imposter however the argument put forward deserves a reply. I think he will only wind himself up in the long run.

Nobody is disputing that the market has slackened and as such some casualties in the EA business will suffer. As Dumble rights suggests he jumped in a couple of years ago to make a quick killing. And sure that was possible as the market was full of buyers.

Now the situation is not like that, its more stable and sensible. Cowboys such as Dumble who setup shop to make a killing and sell over and above the asking price by bidding it up with false buyers is now over.

However that does not mean a crash, it just means we now have a normal market whereby normal buyers not driven by panic sort through the pages of their local rag or the internet and casually browse the pages to see anything that takes their fancy.

The dont rush out of the office with 2 minutes notice in case they lose the house. They make an appointment to view several houses on a weekend when it suits them and they go to view with their partners as opposed to ringing their partners from the house and telling asking over the phone if they should offer 20K over the asking price to secure it.

I think the market is much more sensible and in no way heading for a crash yet.

However it will crash, it always does but for sure that is a few years away.

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Now the situation is not like that, its [the housing market] more stable and sensible. Cowboys such as Dumble who setup shop to make a killing and sell over and above the asking price by bidding it up with false buyers is now over.

However that does not mean a crash, it just means we now have a normal market whereby normal buyers not driven by panic sort through the pages of their local rag or the internet and casually browse the pages to see anything that takes their fancy.

I think the market is much more sensible and in no way heading for a crash yet.

However it will crash, it always does but for sure that is a few years away.

laurejon - sorry for editiing the above, just wanted to comment on those points alone.

A 'stable and sensible' market? You replied to the post I made earlier on today about prices here in North London. I demonstrated that it's impossible to make even half of your mortgage costs back on a BTL basis. You agreed with that, and also agreed property here would be a really bad investment. Also, I raised the issue of 3-bed semi's being more than 10 ten times local earnings, so nobody can afford to buy, let alone raise a couple of kids - exactly the people these houses are aimed at. That is not a 'sensible' or 'stable' market.

The situation is no different in South Manchester, my home town of 20 years ago. Wages are much, much lower than here in London, but house prices are almost as bad. In other words, this madness is UK-wide.

Like yourself, I do think the market will 'correct', and I do think it will take until at least the tail-end of 2007 before it really becomes clear how much that correction will be. I'm not one for terms like 'crash', but I think even allowing for lower IR's, the market is massively overvalued.

Many of my friends are long time BTL'ers, and yet none of them have bought a property in the last 3-4 years; they ALL agree the prices are way to high to make any sort of return.

The driver now is quite simply the stupidity - or otherwise - of young FTB's. If they cling to the property hype of the last few years, the boom will continue. Alternatively, if they think 'screw this, why should I spend the rest of my life paying off someone elses pension', the market will rapidly collapse. Whatever happens, it's sure gonna be interesting; thank god I'm on the sidelines and well out of it all. :D

Nomadd

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laurejon

However that does not mean a crash, it just means we now have a normal market whereby normal buyers not driven by panic sort through the pages of their local rag or the internet and casually browse the pages to see anything that takes their fancy.

This is just what people are doing and guess what ! , they an’t buying so I think that answers the first part of your question.

Cowboys such as Dumble who setup shop to make a killing and sell over and above the asking price by bidding it up with false buyers is now over

Do you not see the parallel with your own predicament, the writings is plan to see. You seem such a nice man, that being because you continue subsidising us Str’s, make sure you don’t put yourself out to much else you will be no use to man nor beast

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I visit this board a hell of a lot, this is my first post.

I run 2 EA in the North East.

I am closing one office but keeping the other open, on the road I have my office there is 7 other EA offices all dead and empty.

I make my living now by managing properties for the BTLs

Boards going up all over the NE and nothing and I mean nothing is shifting.

Sarah Mains EA still continues to put propertys on the Market at silly prices the whole area is in denial.

I am getting out now and concentrating on property managment...

I am sure the worse is yet to come. There will be no spring bounce.

Lies and greed helped create this mess.

Sorry to be so blunt Dumble, but I find your claim to be highly dubious.

The quality of your posting reflects, what I suspect, is a highly limited intellect on your part.

If it could be proven, I would bet by last purchase, that you don't run 2 EA's all. In fact, I bet you don't even own a single property (or lock-up for that matter).

I can understand why you guys are getting desperate, but if your gonna tell porky pies, at least make them semi convincing.

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don't know whether to laugh or cry at laurejon!!!!

look,time for a very basic lesson in business!!

step 1,come up with a good product and secure it as best you can(patents can be worked around and usually are)

step 2 create demand for it and make large gains.

problem is:once demand for a product is created,competitors will come out of the woodwork and offer a better or cheaper alternative,reducing your market share,so you have to reduce your overheads/improve efficiency and squeeze suppliers to maintain your profit margin,or outdo your competitors with a better product,to maintain market share.

this has happened with btl/property too.once demand was high for property(esp btl)...more people tried to copy it and with so many btl's rental values came down,but prop prices went up..I know the btl's love to talk about yields,so I thought I'd drop that in.

same story with EA's...funny how when the market booms you end up with a plethora of completely new agents,not just the well known ones.

now,as unemployment is beginning to increase,btl's will be forced to sell up or reduce rents(and yield) to keep tenants,either way it's a dead market.

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Someone's done their homework! David Dumble is the name of a EA in the Tyneside area that appears to be downsizing - I think they used to have quite a few branches dotted about, but now I can only find details of one on their new 'Under Construction' website: -

http://www.daviddumble.co.uk

Didn't they used to have a branch in Low Fell, Gateshead until Sarah Mains opened across the road & nicked all their business!?!

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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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