From The Horses Mouth

[Bearfacts]

Mrs B decided to drop in on a couple of local EAs. The agent told her ' we've never known anything like it - we are rushed off our feet' dramatic pause 'we've never had so many instructions ever'. Mrs B fluttered her eyelids and using her charm then dug a little deeper and was told that they are awash with people trying to sell but that the few buyers they had were getting cold feet and pulling out of deals right left and centre.

Also found out that a house we had been monitoring for some time, since last summer infact, which appeared to have sold ( much to my disgust as it was hideously overpriced ) did not infact sell atall, contrary to the impression given by the SOLD board which was on display for at least a month, and is infact still up for sale 9 months on, but the owners are too embarrassed to put the FOR SALE board back !!

In our old road, approx 20 houses, there are now 4 houses up for sale, 3 since last summer.... so thats approx 20% of the houses up for sale.

Then this afternoon we walked past an agents window (CONNELS) and were amused to see little yellow stickers stuck over approx 40% of the details saying 'SPECIAL PRICE' and or 'STAMP DUTY PAID'. No wonder EAs earn so well , its not a price reduction at all, its a special price !!

My how we chuckled and danced with joy ! Here we go , here we go , here we go.

[Casual Observer]

Then this afternoon we walked past an agents window (CONNELS) and were amused to see little yellow stickers stuck over approx 40% of the details saying 'SPECIAL PRICE' and or 'STAMP DUTY PAID'. No wonder EAs earn so well , its not a price reduction at all,  its a special price !!

<{POST_SNAPBACK}>

And I wonder whether these price cuts are reflected in the monthly indices?

[CrashIsUnderWay]

Thank Chr!st for that then. The crash must be well and truly over (except in LUTON of course)

[DoubleBubbleTrouble]

And I wonder whether these price cuts are reflected in the monthly indices?

No not unless the property sells, that's the whole problem with the indices. They take no account of the volume of unsold properties in the market.

Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in.

[No Muggy Bear]

An EA near me - Castlehills - has got half the instructions in the window bearing the 'new price' banner - but haven't acually lowered any of them! Isn't this against the law? Hmm I see fresh tactics!

I suspect they don't know they are up against a serial EA window stalker!

[Timberrrrrrrr]

Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in.

<{POST_SNAPBACK}>

Is that definitely true?? Very interesting if it is....

[Tonyb69]

Been following Chelmsford for over 12 months now. The number of properties for sale has risen m-o-m since last June.

Today there are 1203 properties for sale on RM. Last year there was about 4000 houses sold and if Rightmove ave 50% of the market then there is 7 months supply waiting to be snapped up. I was expecting to see the number available drop after Easter.

We had a viewing this evening (we rent and I think I should charge the landlord for helping to sell his house). The buyers didn't show.

Spoke to a supplier yesterday. Last saw him in January. He managed to sell his house in Feb., having been on the market for over a year. Late last week a buyer 2 moves down the chain pulled out. Shame his a nice guy but his back to square 1.

[88Crash]

No not unless the property sells, that's the whole problem with the indices. They take no account of the volume of unsold properties in the market.

Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in.

<{POST_SNAPBACK}>

Thats clever of them

BTL is one of the factors that has fueled the boom but any forced/panic BTL sales don't count, whatever next?

When asked why the Halifax don't include any property that has dropped more than 10% in the last yeara spokesman said

"That just would'nt be cricket, old boy"

[Grime- skint wouldbe ftb]

The agent told her ' we've never known anything like it - we are rushed off our feet'  dramatic pause 'we've never had so many instructions ever'.

<{POST_SNAPBACK}>

A young guy at the office has just FTB'd. Him and the gf, somewhere between £260,000 and £300,000.

he came out with the same spiel- that it was a nightmare getting it all sorted out because everyone was so busy.. the EA was rushed off their feet, the mortgage people were dealing with record numbers of loans, the solicitors and other such pen-pushers were inundated with house-sale work... yadda yadda yadda.

people will believe anything they want to believe

[Nomadd]

A young guy at the office has just FTB'd. Him and the gf, somewhere between £260,000 and £300,000.

Still, at least he can look on the bright side: only 25 years worth of payments (mostly interest) to go and the place will be his! Might even be worth what he paid for it by then.... Let's just hope the normal things like marriage, kids, expensive divorce, job loss, illness, etc., etc. don't happen to him in that time. £300k? Peanuts to a young man of today - especially when the EA tells you so.

Nomadd

[Kam]

Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in.

<{POST_SNAPBACK}>

So exclude BTL when they sell,

Bet they included them in the figures whilst they where buying them

[woody]

Still, at least he can look on the bright side: only 25 years worth of payments (mostly interest) to go and the place will be his! Might even be worth what he paid for it by then.... Let's just hope the normal things like marriage, kids, expensive divorce, job loss, illness, etc., etc. don't happen to him in that time. £300k? Peanuts to a young man of today - especially when the EA tells you so.

Nomadd

<{POST_SNAPBACK}>

"its ok. the government will intervene and sort these kinds of academic arguments out. They wouldn't allow a crash"

[ʎqɐqɹǝʞɐɥs]

Still, at least he can look on the bright side: only 25 years worth of payments (mostly interest) to go and the place will be his! Might even be worth what he paid for it by then.... Let's just hope the normal things like marriage, kids, expensive divorce, job loss, illness, etc., etc. don't happen to him in that time. £300k? Peanuts to a young man of today - especially when the EA tells you so.

Nomadd

<{POST_SNAPBACK}>

That is peanuts to a healthy young man and his girlfriend. Should they hit hard times he could just pimp his girl.

[kerplonk]

"Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in."

I can't believe this. I take it when property is bought, and it's a non-owner purchase (like a BTL), this purchase is included in the house price inflation figures, meaning house price inflation has looked pretty meteoric in the last couple of years. But you are saying these banks don't include sales of BTLs in their house price sales figures??

I'm no data expert, but doesn't that mean that Halifax and Nationwide aren't comparing apples with apples????

So when we get a moderate dip in house price inflation (like we have recently) that could mean the situation is actually more severe than we realise. It could mean we are seeing a greater dip in values than these banks are reporting.

[ShirtyTheSlightlyAggresiveBear]

"Halifax and Nationwide also exclude any non owner occupied sales so any BTL stuff getting dumped right now and actually selling isn't being factored in."

Where does this information come from?

Surely can't be true otherwise the growth of the last few years would of excluded the very same non owner occupied sales.

Or like seasonal adjustments, do they use "economic cycle adjustments", include on uptrend, exclude on downtrend.

[Tonyb69]

If they exclude non owner occupied sales it could only exclude sales of BTL'ers bailing out.

Unless the BTL'er bought the property from another BTL'er, then the original sale would have been "owner occupied" and included in the figures, if I'm reading this right.

[bottletop]

I took Mrs Bottletop out for a meal on wednesday. On the way there through Leicester and into the countryside I got her to count the number of for sale, sold, and to let boards outside houses as she's sceptical about house prices crashing.

28 for sale

2 sold

2 to let

Certainly made her frown.

[Marina]

An EA near me - Castlehills - has got half the instructions in the window bearing the 'new price' banner - but haven't acually lowered any of them! Isn't this against the law? Hmm I see fresh tactics!   

I suspect they don't know they are up against a serial EA window stalker!

<{POST_SNAPBACK}>

Report them to the Trading Standards people - they are hot on this sort of thing. A while ago they nicked the Directors of a local agency for putting Sold boards outside their own houses. Rival agencies count how many properties each agency has sold and produce little graphs to show potential clients - 'look how many we've sold' - this attempt to distort this resulted in a 3k fine and bad publicity.

[zzg113]

Certainly made her frown.

Should have made her smile. What's wrong with her?

[Bearfacts]

Thats clever of them

BTL is one of the factors that has fueled the boom but any forced/panic BTL sales don't count, whatever next?

When asked why the Halifax don't include  any property  that has dropped more than 10% in the last yeara spokesman said

"That just would'nt be cricket, old boy"

<{POST_SNAPBACK}>

and dont foget that the indices dont reflect the 'deals' the developers are making i.e stamp duty paid , mortgage paid for a year etc etc i.e giving you money to pay their inflated prices !

Is that bit about not including properties that have dropped by more than 10% correct ?!

[CrashIsUnderWay]

just out of interest, what the h*ll sort of office is it where some ;young man' and his girl can stretch to 300k??? what the h&ll r u paying them???!!!

[zzg113]

what the h*ll sort of office is it where some ;young man' and his girl can stretch to 300k??? what the h&ll r u paying them???!!!

Too much, obviously.

[AteMoose]

Too much, obviously.

<{POST_SNAPBACK}>

Got a old uni mate (couple) in london who is going to do it, they have been given 50k, there both on 20k a year and there going to buy a flat for about 250k.

[Guest Riser]

Got a old uni mate (couple) in london who is going to do it, they have been given 50k, there both on 20k a year and there going to buy a flat for about 250k.

Best proof yet that they are lowering educational standards IMO - I found my MSc easier than my HND says it all really.