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Gurgle

Estate Agents Getting Desperate

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I've been on agent mailing lists for a couple of years now. In the last couple of weeks, suddenly agents have been phoning me trying to persuade me to go and view houses. This is the first time this has happened in all the time I've been registered. Previously if you were interested in something you had to beg to be allowed to see it....

Looks like the agents are finally struggling. Plenty of property in my price range sticking for many months now too I've noticed, and just this week in the local paper I've seen a couple of new places come on the market for what seems like a much lower price than I'd expect from my experience from the last couple of years.

Looks like things are really slowing down in my area.

And yes this is very anecdotal, but thats what the thread is called...

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So are builders. Leaflet with local rag from Persimmon. Move in for £1. 5% deposit paid, £1K towards legal fees etc., stamp duty paid + carpets. Had to read it twice to make sure it was real.

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So are builders. Leaflet with local rag from Persimmon. Move in for £1. 5% deposit paid, £1K towards legal fees etc., stamp duty paid + carpets. Had to read it twice to make sure it was real.

Funny you should say that. Spotted an ad for Barratt homes offering 3.5% mortgage fixed for 2 years. (Also known as a discount)

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I've been on agent mailing lists for a couple of years now. In the last couple of weeks, suddenly agents have been phoning me trying to persuade me to go and view houses. This is the first time this has happened in all the time I've been registered. Previously if you were interested in something you had to beg to be allowed to see it....

Looks like the agents are finally struggling. Plenty of property in my price range sticking for many months now too I've noticed, and just this week in the local paper I've seen a couple of new places come on the market for what seems like a much lower price than I'd expect from my experience from the last couple of years.

Looks like things are really slowing down in my area.

And yes this is very anecdotal, but thats what the thread is called...

Splendid , a great anecdotal :rolleyes: now whats the area ??? ........Or is it this some sort of guessing game :)

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Funny you should say that. Spotted an ad for Barratt homes offering 3.5% mortgage fixed for 2 years. (Also known as a discount)

Speaking to a chippy recently, he said in the whole of last month they sold one single house in new large(200+) development in Notts, people are starting to get wise about whats going to happen to new build prices. This was after they flattened the part built 3 story townhouses and re-built as no-one has wanted those for at least 12 months.

Seeing whats happened to house builders in America, Barratt's are going to be offering a lot more discounts than that before too long :P

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Also in Nottingham, this week's local freebie paper had one of those extra wrap around cover things with an estate agent advertising a £10k price reduction! It specifically said reduced from £x to £y, no double talk and 'new' prices here.

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Guest AuntJess
I've been on agent mailing lists for a couple of years now. In the last couple of weeks, suddenly agents have been phoning me trying to persuade me to go and view houses. This is the first time this has happened in all the time I've been registered. Previously if you were interested in something you had to beg to be allowed to see it....

Looks like the agents are finally struggling. Plenty of property in my price range sticking for many months now too I've noticed, and just this week in the local paper I've seen a couple of new places come on the market for what seems like a much lower price than I'd expect from my experience from the last couple of years.

Looks like things are really slowing down in my area.

And yes this is very anecdotal, but thats what the thread is called...

Ditto :D Except they are dangling the carrot of " this property has JUST dropped its price..."

Well it is a step in the right direction ;)

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Have been looking at houses to buy in SW London, and every asking price is down at least 10%. So we've put in a couple of offers 20% under... Fact is that it's the EA's job to chance their arm and ask for more than they think they'll get, not what the real market price is.

Also, chum works in Cabinet Office and he says they're all cr@pping themselves because avg mortgage will have gone up 40% in next 18 months, just because of borrowers' fixed terms from 2/3/5 yrs ago coming up. Don't see massive falls though personally - maybe 10 to 15% - too much foreign money in London keeping prices up and unbelievable shortage of new builds.

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Ditto! but myself, being a malicious benefit sponging immigrant I proudly tell them about my unwillingness to even take a glance due to upcoming HPC

the usual reply is " oh, yes, prices seem to be pretty stagnant lately" ;)

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More anecdotal on this area. A friend who is quite high up at a local bank has regular meetings with local agents as they like to share information. Instructions down 20% and sales volumes down 30% on last year.

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In Bar Hill, near Cambridge, the local estate agents has now got around half of all properties marked up as reduced!

Bar Hill, lovely. During the last crash, literally nothing sold in Bar Hill for months at a time. If you went into any of the Cambridge estate agents, the first thing you had to say was 'I'm not interested in Bar Hill' otherwise you'd be handed a pile of particulars the size of a telephone directory. For those from not around there, it's the sort of place people go to die.

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Berkshire

Hmmm, my neck of the womb, I mean, woods....

Where please?

I am watching the Reading prices with interest, especially all the bloody flats in the town centre. The whole place is so overpriced, sold my gaff in Woodley 6 months ago and may have caught the top. We'll see....

Best regards

Frank

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Called up by agent today telling asking me if i was interested in a house which had come down 50k to 400k. This is in South London SE19. This is the first time this has happened to me in the last year. I am however a bit concerned that supply does not really seem to be increasing around where I am (SE24).

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Bar Hill, lovely. During the last crash, literally nothing sold in Bar Hill for months at a time. If you went into any of the Cambridge estate agents, the first thing you had to say was 'I'm not interested in Bar Hill' otherwise you'd be handed a pile of particulars the size of a telephone directory. For those from not around there, it's the sort of place people go to die.

Tbats2000 - I don't think anyone would claim that Bar Hill is nice but houses are also reduced in Huntingdon and St Ives in the Haart Estate agents there. I think we might expect house prices to fall on the faceless and ugly estates first as they are the most easily substitutable houses. Helpful if other people can flag up what is happening in other parts of the country. I am thinking of other crap places such as Sadley Broke near Bristol

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Cardiff agents are still playing it a bit cool. If I was trying to sell I'd be seething with their casual attitude. We booked to view a place a couple of weeks ago and the vendors rescheduled. On the day of the viewing we had to cancel a few hours beforehand. We haven't rung to rearrange and the agent hasn't contacted us, despite knowing we are cash buyers with no house of our own to sell. Bizarre behaviour for a 'professional' being paid to represent the interests of another party. Houses are sitting on the markets for months around here, clearly indicating a severe shortage of buyers, yet this agent is happy to let us slip away... They obviously haven't had to work for their commission around here before. I suspect they are going to have to learn some new skills very soon, like using a phone.

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Bar Hill, lovely. During the last crash, literally nothing sold in Bar Hill for months at a time. If you went into any of the Cambridge estate agents, the first thing you had to say was 'I'm not interested in Bar Hill' otherwise you'd be handed a pile of particulars the size of a telephone directory. For those from not around there, it's the sort of place people go to die.

Hi,

Were you in Cambridge for the last crash then? I know a lot of people who own houses in Cambridge and when I say to them that I won't buy yet as house prices are about to fall, they say 'Of course prices will never fall in Cambridge though.' as if Cambridge is just too posh to be affected by such a silly thing as the economy. It's incredibly frustrating as I don't actually know anyone in Cambridge who was there for the last crash, so we have no way of settling the argument about whether Cambridge was actually affected last time round.

Any more anecdotal evidence would be much appreciated.

J

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I've been on agent mailing lists for a couple of years now. In the last couple of weeks, suddenly agents have been phoning me trying to persuade me to go and view houses. This is the first time this has happened in all the time I've been registered. Previously if you were interested in something you had to beg to be allowed to see it....

Yes. Same thing happened to me last week. At first, I could not work out WHY on earth the EA was phoning me. He started chatting, asking me what I was looking for, being ever so friendly, suggesting alternative areas, etc. I just kept thinking, he is going to come to the point in a minute and tell me why he is phoning. He never did, just kept chatting. In the end I had to get rid of him - it was really wierd. I cannot remember any time in the last ten years when an agent actually bothered to phone back even when I asked them to.

It was that phone call that really told me it really was on - it was not just a hope any more.

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It's incredibly frustrating as I don't actually know anyone in Cambridge who was there for the last crash, so we have no way of settling the argument about whether Cambridge was actually affected last time round.

Any more anecdotal evidence would be much appreciated.

Two points:

1. Ask them if prices have risen at least 200% -i.e the same as everwhere else. So, why won;t they fall like every where else.

2. HAlifax stats 1988-95: Ave nat fall 15%. CAmbridge 14%

'nuff said!

fp

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I'm monitoring RM closely seeing multiple properties selling & coming back on market. However, two different EA this past week have offered me viewings on properties that are on at £295K being fully aware my budget is 250K & both these properties are in desirable roads - Hutton, Brentwood & Mountnessing. (Both agents indicated vendors may take 250k)Very interesting - Things are definitely hotting up, though slowly round here. I've actually got my eye on a particular place up for sale BUT uh its up for 365K & I do only have 250 so doubt I will get that one (Shenfield), but we will see. I've got patience I just hope it dosent go pear shaped & prices start going up again in the Spring ;)

Having said that an identical house - same street/house style/etc sold for 260K Autumn 2006, so you never know

Edited by Muskoka

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Hi,

Were you in Cambridge for the last crash then? I know a lot of people who own houses in Cambridge and when I say to them that I won't buy yet as house prices are about to fall, they say 'Of course prices will never fall in Cambridge though.' as if Cambridge is just too posh to be affected by such a silly thing as the economy. It's incredibly frustrating as I don't actually know anyone in Cambridge who was there for the last crash, so we have no way of settling the argument about whether Cambridge was actually affected last time round.

Any more anecdotal evidence would be much appreciated.

J

Financial Planner's actual stats say it all:

2. HAlifax stats 1988-95: Ave nat fall 15%. CAmbridge 14%

I'll add the anecdotals.

1. A friend of mine bought a flat in Milton just before double Miras was abolished(late '80s). She had to sell with negative equity a few years later.

2. A relation bought in the City itself in November 1989 and the house wasn't worth what she paid for it until around 1998

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Financial Planner's actual stats say it all:

I'll add the anecdotals.

1. A friend of mine bought a flat in Milton just before double Miras was abolished(late '80s). She had to sell with negative equity a few years later.

2. A relation bought in the City itself in November 1989 and the house wasn't worth what she paid for it until around 1998

Fabulous! Thanks to both of you. :-)

J

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