Jump to content
House Price Crash Forum

Ft: Uk Agent Hit By Cancelled Home Sales


Recommended Posts

Not to mention the pain in his wallet......

-------------------

UK agent hit by cancelled home sales

By Jim Pickard

Published: November 16 2007 22:02 | Last updated: November 16 2007 22:02

Britain’s biggest chain of estate agents, Countrywide, is to close down branches after being hit by a spate of cancelled sales amid the gloomiest outlook for the housing market since the early 1990s.

Harry Hill, chairman, told the Financial Times on Friday that completed sales in the first half of November were running at about half the rate seen in the summer.

EDITOR’S CHOICE

House prices cooling, says King - Nov-14

Housing market faces big slowdown - Nov-13

UK Daily View: House price inflation cooling - Nov-09

FT house price index: Interactive map - Nov-09

Analysis: Fears grow for durability of Britain’s house price boom - Oct-15

In-depth: Your home - Nov-21

“There is still a reasonable number of people wanting to buy a house but the net situation is being affected by a high cancellation rate,” he said. Cancellations were greater than in the last “mini-slowdown” in late 2004 and 2005, he added.

“Mr Average is just seeing this maelstrom of news going around his head, most of which isn’t very good,” he said. “Even if he goes to buy a house, he goes to the pub and half his mates say he must be mental. So he rings up and changes his mind.”

Mr Hill said the downturn had been prompted by the credit crunch and was unlikely to ease until conditions stabilised or interest rates came down.

Countrywide employs more than 10,000 people and owns brands such as John D Wood, Bairstow Eve, Abbotts, Gascoigne Pees and the Bradford & Bingley estate agencies.

It has not decided how many branches to axe but said it would be “irresponsible not to make some cuts” given the poor medium-term outlook.

The group, taken private for £1bn in May, has reported falling sales and turnover for the third quarter and said it expected a further decline in transactions which would hit results for the first half of next year.

Copyright The Financial Times Limited 2007

* Print article

* Email article

* Order reprints

Link to post
Share on other sites

Yes. I can vouch for that - people are cancelling.

I went to view a house a few weeks back, the owners said he had had an offer the day before. Rang up the agent after I had viewed the house and the agent confided that the person who had made the offer had withdrawn it after only 24 hours - I suspect because she could not get the mortgage she needed.

I am now the only offer - 25% below asking! It was rejected of course but I might lower or withdraw altogether when th the agent come back on asking if I would be prepared to raise it a little to secure a quick sale.

Link to post
Share on other sites
Yes. I can vouch for that - people are cancelling.

Ditto. I've been closely watching the Shirley/Solihull area for some time now.

A lot of properties have been magically reappearing recently!

I phoned an EA about a house that came back on the market yesterday.

Apparently "it's going to re sell v. quick and the market is still v. busy".....yeahhhh right!

Link to post
Share on other sites
Ditto. I've been closely watching the Shirley/Solihull area for some time now.

A lot of properties have been magically reappearing recently!

I phoned an EA about a house that came back on the market yesterday.

Apparently "it's going to re sell v. quick and the market is still v. busy".....yeahhhh right!

lol - yeah so are the other million on rightmove, people are just queuing up to buy a house right now!

Link to post
Share on other sites
Yes. I can vouch for that - people are cancelling.

I went to view a house a few weeks back, the owners said he had had an offer the day before. Rang up the agent after I had viewed the house and the agent confided that the person who had made the offer had withdrawn it after only 24 hours - I suspect because she could not get the mortgage she needed.

I am now the only offer - 25% below asking! It was rejected of course but I might lower or withdraw altogether when th the agent come back on asking if I would be prepared to raise it a little to secure a quick sale.

You should set a fixed rate of decline on your offer to show the sellers you mean business.

You should tell them you offer is very generous and decrease it at 1% per month for the next 30 months. there is nothing like feeling the market running away from you to induce a bit of fear and panic in someone caught on the wrong side of a trade. each month you should phone em up and make the new offer. capitulation will be yours eventually.

Link to post
Share on other sites

History has a habit of repeating itself. :)

1990

Fimbra was attacked in June over its handling of the collapse of Dunsdale Securities and in August Fimbra's chief executive O'Brien stepped down. June also saw Prudential lose £50m through its estate agency chain and the closure of 175 of its property outlets.

From:

http://www.moneymarketing.co.uk/cgi-bin/item.cgi?id=107419

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.