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stillill

My Estate Agent "very Worried".

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Anecdotal yes, but anyway, all these surveys are just anecdotal cut a different way: Just had a chat with my landlord, who is by trade an Estate Agent, though he is a very nice guy. Never had any problems. Runs an independent agency in North London, covers Highbury/Crouch End/Muswell Hill etc.

Anyway, during the chat (about fixing our roof), I asked if he was busy. "No no, very quiet. But it's August, so lots of people on holiday so that might just be the annual downturn". Without prompting, he mentioned that turn over was right down, with them used to selling 2 or 3 properties a week they were down to selling 2 or 3 a month, which he admitted was "very tough". Though he did say it was "very competitive, which pushes up our costs", so maybe the business has just gone elsewhere.

He outright said that they needed prices to fall because no one was buying, and they survive on turnover. He said this around mid-May too, so doesn't sound like a particularly seasonal slump. Most of the houses are 1/2 bed conversions, a few terrace houses.

He did say that he saw repossessions on the rise, which from experience augers a slump. Mention of people borrowing 20(!) times their income being "mad".

Also, he mentioned the "40% rise" headline in the Metro, and scoffed at this saying people could barely afford it now, and that that number was nonsense, as he'd seen another survey about "30% drops". Whether he puts much stock in surveys by various VIs (on both sides) I couldn't tell, but he worryingly didn't seem to make the connection when I mentioned it was a Housing Assoc. survey, and they rely on Govt. money so would obviously talk it up(as mentioned on other threads).

I mentioned the finance world (I work in it sort of), with large funds getting stuffed etc by the US debacle, and he did say yes they were getting it tough, and that from his perspective we were very closely tied to the US market and wasn't surprised it's starting to have a global impact.

Whether it matters if one EA goes to the wall and Foxtons continue to clean up, probably neither here nor there, but this chap didn't sound like he was having a fun time. He owns multiple properties (we are in one) and admitted he was looking at doing the lottery(!)

Yeah does sound made-up I guess. Anyway, he did say all this. I'd consider buying (I can afford it but don't see the point) but when he's worried I'm worried. Unless he doesn't want me to move out his house and buy my own place which I guess is the only reason for him to make this up.

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All sounds promising, but then there is a house round the corner from me, on the market for £249k, which I though would struggle, and it was sold (stc) in less than 24 hours..

Sure, sales are slow, but they always are at this time of the year, and there are plenty of people who still want to spend.

Like his comment about surviving on turn-over, and NOT inflating prices. Nice to hear it from the horses mouth.

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Didn't it come to your mind that perhaps he still wants you as a tenant and was trying to dissuade you from buying...

As he's an estate agent he would profit from that too, wouldn't he?

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Didn't it come to your mind that perhaps he still wants you as a tenant and was trying to dissuade you from buying...

If you read the post properly you will see that he specifically mentions this, smartarse. :rolleyes:

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If you read the post properly you will see that he specifically mentions this, smartarse. :rolleyes:

Good point stf! Just missed the last line... Thank god you are here. :rolleyes:

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Also, he mentioned the "40% rise" headline in the Metro, and scoffed at this saying people could barely afford it now, and that that number was nonsense, as he'd seen another survey about "30% drops". Whether he puts much stock in

How about this for joined up thinking then...40% rise - 30% drops. 10% HPI it is then :lol::huh::o

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Anecdotal yes, but anyway, all these surveys are just anecdotal cut a different way: Just had a chat with my landlord, who is by trade an Estate Agent, though he is a very nice guy. Never had any problems. Runs an independent agency in North London, covers Highbury/Crouch End/Muswell Hill etc.

Anyway, during the chat (about fixing our roof), I asked if he was busy. "No no, very quiet. But it's August, so lots of people on holiday so that might just be the annual downturn". Without prompting, he mentioned that turn over was right down, with them used to selling 2 or 3 properties a week they were down to selling 2 or 3 a month, which he admitted was "very tough". Though he did say it was "very competitive, which pushes up our costs", so maybe the business has just gone elsewhere.

He outright said that they needed prices to fall because no one was buying, and they survive on turnover. He said this around mid-May too, so doesn't sound like a particularly seasonal slump. Most of the houses are 1/2 bed conversions, a few terrace houses.

He did say that he saw repossessions on the rise, which from experience augers a slump. Mention of people borrowing 20(!) times their income being "mad".

Also, he mentioned the "40% rise" headline in the Metro, and scoffed at this saying people could barely afford it now, and that that number was nonsense, as he'd seen another survey about "30% drops". Whether he puts much stock in surveys by various VIs (on both sides) I couldn't tell, but he worryingly didn't seem to make the connection when I mentioned it was a Housing Assoc. survey, and they rely on Govt. money so would obviously talk it up(as mentioned on other threads).

I mentioned the finance world (I work in it sort of), with large funds getting stuffed etc by the US debacle, and he did say yes they were getting it tough, and that from his perspective we were very closely tied to the US market and wasn't surprised it's starting to have a global impact.

Whether it matters if one EA goes to the wall and Foxtons continue to clean up, probably neither here nor there, but this chap didn't sound like he was having a fun time. He owns multiple properties (we are in one) and admitted he was looking at doing the lottery(!)

Yeah does sound made-up I guess. Anyway, he did say all this. I'd consider buying (I can afford it but don't see the point) but when he's worried I'm worried. Unless he doesn't want me to move out his house and buy my own place which I guess is the only reason for him to make this up.

I thought the old smoke was propping up the rest of the country. Looks as though London is slowing as well. With all the news of huge bank losses and thus bank job losses in New york that will filter through to our Golden Mile. Interesting times ahead with less bank bonuses this year, the bonus will be "You are lucky you have a job" 1990 Deja Vu, isn't it great how things normalise again :lol::lol::lol::lol:

Yes round the corner from me I am seeing 10% drops though I am not in London

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It's "MM", benedict.

Is this M&M Property Links? If so I'm not surprised they're not doing brilliantly, most of the properties only seem to have a single photo, no measurements or additional photos or floorplans or anything useful. They clearly haven't embraced the digital age, I'd say that other agents are probably picking up a few more properties.

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Without prompting, he mentioned that turn over was right down, with them used to selling 2 or 3 properties a week they were down to selling 2 or 3 a month, which he admitted was "very tough"....

....He outright said that they needed prices to fall because no one was buying, and they survive on turnover.

If ever there was a case to argue that someone was a 'victim of his own success' then this is it :lol:

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Anecdotal yes, but anyway, all these surveys are just anecdotal cut a different way: Just had a chat with my landlord, who is by trade an Estate Agent, though he is a very nice guy. Never had any problems. Runs an independent agency in North London, covers Highbury/Crouch End/Muswell Hill etc.

Anyway, during the chat (about fixing our roof), I asked if he was busy. "No no, very quiet. But it's August, so lots of people on holiday so that might just be the annual downturn". Without prompting, he mentioned that turn over was right down, with them used to selling 2 or 3 properties a week they were down to selling 2 or 3 a month, which he admitted was "very tough". Though he did say it was "very competitive, which pushes up our costs", so maybe the business has just gone elsewhere.

He outright said that they needed prices to fall because no one was buying, and they survive on turnover. He said this around mid-May too, so doesn't sound like a particularly seasonal slump. Most of the houses are 1/2 bed conversions, a few terrace houses.

He did say that he saw repossessions on the rise, which from experience augers a slump. Mention of people borrowing 20(!) times their income being "mad".

Also, he mentioned the "40% rise" headline in the Metro, and scoffed at this saying people could barely afford it now, and that that number was nonsense, as he'd seen another survey about "30% drops". Whether he puts much stock in surveys by various VIs (on both sides) I couldn't tell, but he worryingly didn't seem to make the connection when I mentioned it was a Housing Assoc. survey, and they rely on Govt. money so would obviously talk it up(as mentioned on other threads).

I mentioned the finance world (I work in it sort of), with large funds getting stuffed etc by the US debacle, and he did say yes they were getting it tough, and that from his perspective we were very closely tied to the US market and wasn't surprised it's starting to have a global impact.

Whether it matters if one EA goes to the wall and Foxtons continue to clean up, probably neither here nor there, but this chap didn't sound like he was having a fun time. He owns multiple properties (we are in one) and admitted he was looking at doing the lottery(!)

Yeah does sound made-up I guess. Anyway, he did say all this. I'd consider buying (I can afford it but don't see the point) but when he's worried I'm worried. Unless he doesn't want me to move out his house and buy my own place which I guess is the only reason for him to make this up.

interesting.

but as much as I hate to say this, my other half has just sold her flat in the above area 4 days after being on the market for a little under the asking price.

i think the london market has a bit of steam left in it... :(

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interesting.

but as much as I hate to say this, my other half has just sold her flat in the above area 4 days after being on the market for a little under the asking price.

i think the london market has a bit of steam left in it... :(

Or a never ending supply of morons

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Is this M&M Property Links? If so I'm not surprised they're not doing brilliantly, most of the properties only seem to have a single photo, no measurements or additional photos or floorplans or anything useful. They clearly haven't embraced the digital age, I'd say that other agents are probably picking up a few more properties.

No, don't want to mention it outright, but they have offices on Blackstock Road and Stroud Green road.

Yeah, some stuff's selling I guess, just saying like. Not expecting a crash any time soon tbh, just looks like not even EAs are enjoying the current climate.

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No, don't want to mention it outright, but they have offices on Blackstock Road and Stroud Green road.

Yeah, some stuff's selling I guess, just saying like. Not expecting a crash any time soon tbh, just looks like not even EAs are enjoying the current climate.

Ah, found the one. Everything they have on rightmove is already listed as being under offer, so it's looking more like a real stagnation of supply than a stagnation of demand.

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Anecdotal yes, but anyway, all these surveys are just anecdotal cut a different way: Just had a chat with my landlord, who is by trade an Estate Agent, though he is a very nice guy. Never had any problems. Runs an independent agency in North London, covers Highbury/Crouch End/Muswell Hill etc.

Anyway, during the chat (about fixing our roof), I asked if he was busy. "No no, very quiet. But it's August, so lots of people on holiday so that might just be the annual downturn". Without prompting, he mentioned that turn over was right down, with them used to selling 2 or 3 properties a week they were down to selling 2 or 3 a month, which he admitted was "very tough". Though he did say it was "very competitive, which pushes up our costs", so maybe the business has just gone elsewhere.

He outright said that they needed prices to fall because no one was buying, and they survive on turnover. He said this around mid-May too, so doesn't sound like a particularly seasonal slump. Most of the houses are 1/2 bed conversions, a few terrace houses.

He did say that he saw repossessions on the rise, which from experience augers a slump. Mention of people borrowing 20(!) times their income being "mad".

Also, he mentioned the "40% rise" headline in the Metro, and scoffed at this saying people could barely afford it now, and that that number was nonsense, as he'd seen another survey about "30% drops". Whether he puts much stock in surveys by various VIs (on both sides) I couldn't tell, but he worryingly didn't seem to make the connection when I mentioned it was a Housing Assoc. survey, and they rely on Govt. money so would obviously talk it up(as mentioned on other threads).

I mentioned the finance world (I work in it sort of), with large funds getting stuffed etc by the US debacle, and he did say yes they were getting it tough, and that from his perspective we were very closely tied to the US market and wasn't surprised it's starting to have a global impact.

Whether it matters if one EA goes to the wall and Foxtons continue to clean up, probably neither here nor there, but this chap didn't sound like he was having a fun time. He owns multiple properties (we are in one) and admitted he was looking at doing the lottery(!)

Yeah does sound made-up I guess. Anyway, he did say all this. I'd consider buying (I can afford it but don't see the point) but when he's worried I'm worried. Unless he doesn't want me to move out his house and buy my own place which I guess is the only reason for him to make this up.

I rent in this area, and have been waiting for my LL (who is a director of a major EA) to sell up, and 3 weeks ago I got the call. I reckon he's called the top!! It is on the market for a hilarious amount of money. One viewing so far in 2 weeks. With a %10 deposit it is 14 times my salary. 7 times mine and my partner's. We earn average wages. The management fees are a joke. Have noticed that the number of properties on rightmove has jumped up 10% in the last few weeks. How much longer can this go on. The fake crash of 2005 kind of knocked my confidence and i am very wary. Great area though! Would happily rent here til I retire then live in a caravan by the sea with my savings.

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If you read the post properly you will see that he specifically mentions this, smartarse. :rolleyes:

I think there may be a touch of the old bear left yet...... :P

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All sounds promising, but then there is a house round the corner from me, on the market for £249k, which I though would struggle, and it was sold (stc) in less than 24 hours..

Sure, sales are slow, but they always are at this time of the year, and there are plenty of people who still want to spend.

Like his comment about surviving on turn-over, and NOT inflating prices. Nice to hear it from the horses mouth.

A freehold house in the Muswell Hill area for £248k a bargain no wonder it sold STC in 24 hours.

Plenty of people still want to spend, it is a case of whether they are able or have the ability to spend.

Estate agents will soon be pushing the prices down, rather than up just to stay in business. ;)

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How about this for joined up thinking then...40% rise - 30% drops. 10% HPI it is then :lol::huh::o

I think you need to join up your loose ends! Let's say the property is currently £100k. 40% rise makes it £140k. Follow up with a 30% drop and it's now £98k. That's a drop of 2%. :)

Or alternatively, £100k, drop of 30% makes it £70k then a 40% rise makes it £98k. Yep, a drop of 2%. ;)

But that ain't gonna happen. My money is still on a 40% drop! B)

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I rent in this area, and have been waiting for my LL (who is a director of a major EA) to sell up, and 3 weeks ago I got the call. I reckon he's called the top!!

I'm sure there are a lot of BTLers - the late 1990s crowd, who will cash in their chips even if it is not quite the top they can at least get their money out. If I had say 8 properties, wiith 400K capital gains, I would have got rid of at least half of them by now.

As another poster pointed out a few days ago, selling once the crash starts (or is recognized) is extremely difficult as most buyers will not budge until they think the market has bottomed - if you know a property was going to be 10% (or to put it another way 25 grand cheaper) this time next year you would be stupid not to rent. This is why the market undershoots in a crash.

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I'm sure there are a lot of BTLers - the late 1990s crowd, who will cash in their chips even if it is not quite the top they can at least get their money out. If I had say 8 properties, wiith 400K capital gains, I would have got rid of at least half of them by now.

As another poster pointed out a few days ago, selling once the crash starts (or is recognized) is extremely difficult as most buyers will not budge until they think the market has bottomed - if you know a property was going to be 10% (or to put it another way 25 grand cheaper) this time next year you would be stupid not to rent. This is why the market undershoots in a crash.

So time to call the top, and hedge your bets then.

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