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Property Sellers Need "reality Check"

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http://uk.reuters.com/article/personalFina...L42870020080324

Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

The Web site -- which advertises 90 percent of all homes for sale via estate agents across the UK, measuring an average 35,000 properties coming to the market per week -- said Britain's property market was in danger of stagnating, as house price growth nears zero percent.

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http://uk.reuters.com/article/personalFina...L42870020080324

Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

The Web site -- which advertises 90 percent of all homes for sale via estate agents across the UK, measuring an average 35,000 properties coming to the market per week -- said Britain's property market was in danger of stagnating, as house price growth nears zero percent.

They've changed their tune, the worms.

Now that the fog is lifting you can see just how heavy this crash is going to be.

Over the past few years the of couples on say 21k and 16k that have been scooping up 250k properties with tiny deposits has been huge. With these kamikaze borrowers no longer loaded up with reddies by the banksters the housing market will have a tiny fraction of the buyers it had before.

I'm thinking 50% falls in many areas, especially those where 18k's a decent wage and a two-up two down's 250K.

Edited by CrashedOutAndBurned

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Most the general public don't even realise whats happening...rightmove are trying to keeping up that pretence as long has they can.

news outlets I've noticed aren't letting much out either, even the press..

I listened to someone this morning on sky...talking over the papers..when questioned about the housemarket..just said..we don't want to talk ourselves into a crash do we..

Unless joe blogs knows about sites like these...they won't have a clue at the moment how bad things really are.

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When ever I try to talk house prices I still get talked down too, prices wont go down. I mention the credit crunch and people havent a clue, a smug pal who bought last year said my house is now worth 40k more than I paid for it !! he will get a rude awaking when his Fixed rate deal finishes next year!!

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http://uk.reuters.com/article/personalFina...L42870020080324

Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

The Web site -- which advertises 90 percent of all homes for sale via estate agents across the UK, measuring an average 35,000 properties coming to the market per week -- said Britain's property market was in danger of stagnating, as house price growth nears zero percent.

Yes. but Rightmove also call for 'urgent coordinated action to ease mortgage liquidity' - well, if the lending criteria weren't so 'liquid' in the first place we wouldn't be in this mess...

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Most people, when in difficulties, tend to keep quiet about it as long as they can. Same with businesses - If you were looking to set up a transport contract and a hauliage company said things are a bit shaky we're not sure if we'll be able to keep all our vehicles on the road, you'd say 'thanks but no thanks' and go elsewhere.

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http://uk.reuters.com/article/personalFina...L42870020080324

Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

The Web site -- which advertises 90 percent of all homes for sale via estate agents across the UK, measuring an average 35,000 properties coming to the market per week -- said Britain's property market was in danger of stagnating, as house price growth nears zero percent.

Not looking good for sellers. In December for example there was 62,000 new mortgages, this would buy less than 2 weeks worth of property coming onto the market! :ph34r:

Edited by Confounded

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Over the weekend, using Property Bee, I noticed several houses in Swansea, some which have been on sale for months and others which I have been following for years, going up in asking price. Staggering.

I think it is going to take an awful lot for the British Public to lower their asking prices though. Buoyed on by EAs and articles in various rags saying that UK house prices will not fall I suspect many are oblivious still to the credit crunch and its rammifications.

I suspect many will consider themselves some kind of financial gurus also if, assuming they bought several years, they found themselves in a position where their house price was rising faster than their annual salary year on year whilst, at the same time, they benefitted from lower and lower mortgage rates. I suspect many will now convince themselves that they only have to put their hosue up for sale and someone will come along and buy it grateful for the chance to do so.

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In the last few months, I've come to the conclusion that people putting their houses up for sale do not want to sell them. More and more boards are springing up and less and less is selling. Every day, I go past a small 2-bed house on a busy road that is listed at the same price as 3-bed houses on a quiet estate a quarter of a mile away.

"House prices go up for ever" - it's burned into people's brains now. IMHO, the media is to blame.

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http://uk.reuters.com/article/personalFina...L42870020080324

Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

The Web site -- which advertises 90 percent of all homes for sale via estate agents across the UK, measuring an average 35,000 properties coming to the market per week -- said Britain's property market was in danger of stagnating, as house price growth nears zero percent.

Where is Rightmove's bread-and-butter, I wonder, in transaction volumes or in listings? ;)

Anyway, volumes were always going to collapse first because the need/motivation to sell varies along with market conditions. It's human nature to sit tight in a falling market, unless there's an urgent reason for moving. I last sold and bought in 2005 (I thought the market was turning so had better get to where I wanted to be). If I was still in the previous house I'd be sitting tight right now, because current conditions would make it too hard to sell for a price that would make it possible for me to buy an equivalent property.

If nothing else, consider the fact that property-gains are no longer available to cover stamp duty etc, so sellers will have to put their hands into their own pockets for this (and those pockets are most likely empty). I'll reiterate something I've said before: the crash will be driven by distressed/forced sellers and not by a sudden general enlightenment of the sheeple.

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In the last few months, I've come to the conclusion that people putting their houses up for sale do not want to sell them. More and more boards are springing up and less and less is selling. Every day, I go past a small 2-bed house on a busy road that is listed at the same price as 3-bed houses on a quiet estate a quarter of a mile away.

"House prices go up for ever" - it's burned into people's brains now. IMHO, the media is to blame.

I think you are right, there are some that put them onto the market hoping there will be someone that will pay the best price ever achieved on the road that they live on.....If it is on the market, someone surely will come along and pay the asking price for it....

No rush...if you don't ask you don't get. :lol:

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They've changed their tune, the worms.

Now that the fog is lifting you can see just how heavy this crash is going to be.

Over the past few years the of couples on say 21k and 16k that have been scooping up 250k properties with tiny deposits has been huge. With these kamikaze borrowers no longer loaded up with reddies by the banksters the housing market will have a tiny fraction of the buyers it had before.

I'm thinking 50% falls in many areas, especially those where 18k's a decent wage and a two-up two down's 250K.

Absolutely agree. A lot of people I talk to now - who were originally bullish and full of the joys of spring - "Oh, my house is worth 3 million quid!!" [NOT] -- These people are now looking rather despondent/down in the dumps....... A lot of them - a surprising number of them actually - have tried hard to sell either their home - or their 2nd property - be it a flat, cottage etc. ................ well THEY HAVE FAILED TO GET ANY INTEREST -- some of them after over 18 months on the "market" --- absolutely NO bites at all -- otherwise offers - followed by offer withdrawals......... Amazing number of these - all over the place - from London to Home Counties - to Dorset - Devon...... NOTHING --- DEAD IN THE WATER.....

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  • 297 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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