ollie plimsolls Posted June 23, 2008 Share Posted June 23, 2008 Telegraph The ratio of properties on the market to buyers has doubled to 15-to-one in a year, forcing homeowners to slash prices.Only one in every 15 properties on the market were sold last month, according to figures published today (Mon). The oversupply has forced owners to slash nearly £3,000 off the average house price in the last five weeks. The average home is now valued at £239,564, a fall of 1.2 per cent. The drop is the first ever recorded fall in house prices in June, which is traditional seen as peak season for house selling. Quote Link to comment Share on other sites More sharing options...
Guest Steve Cook Posted June 23, 2008 Share Posted June 23, 2008 Telegraph I heard this on Radio 4 about half an hour ago as well. Happy days.......... Quote Link to comment Share on other sites More sharing options...
scuuzeme Posted June 23, 2008 Share Posted June 23, 2008 And the HPI bull's favourite argument was ? Supply and demand! Quote Link to comment Share on other sites More sharing options...
worried Posted June 23, 2008 Share Posted June 23, 2008 "The average home is now valued at £239,564," I thought is was a lot less than this ? I thought it was nearer 189k Quote Link to comment Share on other sites More sharing options...
mattyboy1973 Posted June 23, 2008 Share Posted June 23, 2008 If I remember rightly Rightmove only include the first listed price of a property in their stats - ie, they do not take price reductions into account. This is a shame as the selling model atm still seems to include a kite-flying first price before the reductions kick in a few weeks later - and I am starting to see some significant reductions now in SE London. I wonder how different the stats would be if they included these? Quote Link to comment Share on other sites More sharing options...
red Posted June 23, 2008 Share Posted June 23, 2008 And the HPI bull's favourite argument was ?Supply and demand! Indeed. 'We must build more houses!' 'Chronic shortage of housing!' pah... Quote Link to comment Share on other sites More sharing options...
rettah Posted June 23, 2008 Share Posted June 23, 2008 The oversupply has forced owners to slash nearly £3,000 off the average house price in the last five weeks Hang on this can't be right as there's a shortage of property........Isn't there? Quote Link to comment Share on other sites More sharing options...
The 4 Horsemen Posted June 23, 2008 Share Posted June 23, 2008 "The average home is now valued at £239,564,"I thought is was a lot less than this ? I thought it was nearer 189k That'll be rightmove's aksing price index load of rubbish. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted June 23, 2008 Share Posted June 23, 2008 FAO Kirstie and Phil: You must write out "there is no lack of supply" 100 times. I want it on my desk first thing tomorrow morning. Quote Link to comment Share on other sites More sharing options...
deflation Posted June 23, 2008 Share Posted June 23, 2008 There is quite often confusion over the 'average' house prices. Some agencies quote the UK average, some the average for England and Wales (a higher figure). Quote Link to comment Share on other sites More sharing options...
bearbullfence Posted June 23, 2008 Share Posted June 23, 2008 Telegraph The finance director of Rightmove was on Bloomberg this morning. He said sellers should be more realistic with prices. With 15 sellers for every 1 buyer, if your house isn't selling then you need to drop the price. Quote Link to comment Share on other sites More sharing options...
Leonard Hatred Posted June 23, 2008 Share Posted June 23, 2008 The finance director of Rightmove was on Bloomberg this morning. He said sellers should not be more realistic with prices. With 15 sellers for every 1 buyer, if your house isn't selling then you need to drop the price offer to pay the stamp duty, hold 'open days' and offer to throw in furniture and other items. Corrected Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted June 23, 2008 Share Posted June 23, 2008 The finance director of Rightmove was on Bloomberg this morning. He said sellers should be more realistic with prices. With 15 sellers for every 1 buyer, if your house isn't selling then you need to drop the price. He knows the whole parasitic industry around selling houses is in trouble unless sellers start seriously slashing prices. Quote Link to comment Share on other sites More sharing options...
TeddyBear Posted June 23, 2008 Share Posted June 23, 2008 Ah, Feb 2007, front page Guardian, 80 buyers to every sale....... http://www.housepricecrash.co.uk/forum/ind...c=42111&hl= perhaps when it gets to 80 sellers for every buyer, it will be time to buy? Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted June 23, 2008 Share Posted June 23, 2008 He knows the whole parasitic industry around selling houses is in trouble unless sellers start seriously slashing prices. The whole parasitic industry? What's your alternative? Would you just do away with the whole lot of 'em and make everyone market their own house? Quote Link to comment Share on other sites More sharing options...
thecrashingisles Posted June 23, 2008 Share Posted June 23, 2008 The whole parasitic industry? What's your alternative? Would you just do away with the whole lot of 'em and make everyone market their own house? Well the current estate agency model is looking fairly shaky at the moment. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted June 23, 2008 Share Posted June 23, 2008 The whole parasitic industry? What's your alternative? Would you just do away with the whole lot of 'em and make everyone market their own house? Yep. Why not ? It's not that difficult to organise or legislate for. In France , plenty of people do this every day. What do the majority of EA's add to the selling/buying process that is of any worth ? No better than car salesmen. Which is why lots of people sell and buy their own cars, without the need of a 3rd party. Quote Link to comment Share on other sites More sharing options...
Hector's House Posted June 23, 2008 Share Posted June 23, 2008 (edited) Telegraph Well my househunting saga over the last two years has gone something like this: £125k for a 2-bed mid-terrace. They eventually reduced to £114k but said they wouldn't go any lower 'because they know their house is worth what they're asking'. It's just been reduced to £109,500 and they're selling it themselves through one of these online 'sell your place cheaply' websites. I'll continue to watch this one. Had an offer accepted on another property nearby but it turned out to need extensive repair (at least £25k worth) and the seller expected me to pay for it. Pulled out of that one. Made an offer on a 3-bed place after the seller started dropping it by £5k a fortnight. That stopped when I came along and he reverted to the 'I know my house is worth £115k and I won't sell for less.....'. My best offer was rejected and he's now moved back into the place...to a huge pile of what looked like creditor's letters which the EA had to shovel away from the door when I went to see the place. Good luck to him. I'll continue to watch and wait. In all the above cases I was the only person who booked to see the places that weekend. I've come across EAs lieing to me and making out the house was so in demand I'd have to wait for a viewing, only to turn up at their office to find the staff sitting around making paper aeroplanes and slipping up and telling me I was the only person who was booked to see the place. It's been frustrating and I've decide to sit back and watch for a while. And I've finally started to see repossessions appearing in my search area too. Edited June 23, 2008 by Hector's House Quote Link to comment Share on other sites More sharing options...
Papitogrande Posted June 23, 2008 Share Posted June 23, 2008 Yep. Why not ? It's not that difficult to organise or legislate for. In France , plenty of people do this every day. What do the majority of EA's add to the selling/buying process that is of any worth ? No better than car salesmen. Which is why lots of people sell and buy their own cars, without the need of a 3rd party. Yes but some people choose to go to a dealership. I think people should be perfectly entitled to buy and sell property without using an EA - in fact I think some do. New technology makes this easier all the time and I for one would not try to stop it in any way. The reason EAs came into existence is that there was a market demand for them, just like any intermediary. This doesn't make them parasites. Is an ice-cream van salesman a parasite because he parks his van near a playground? Is a mechanic a parasite because he benefits from cars breaking down? Some people are too busy or they may feel awkward in direct negotiation, or feel that they lack the right skills. There are some cracking EAs out there as well as very bad ones. Quote Link to comment Share on other sites More sharing options...
redgenieuk Posted June 23, 2008 Share Posted June 23, 2008 Well my househunting saga over the last two years has gone something like this:£125k for a 2-bed mid-terrace. They eventually reduced to £114k but said they wouldn't go any lower 'because they know they house is worth what they're asking'. It's just been reduced to £109,500 and they're selling it themselves through one of these online 'sell your place cheaply' websites. I'll continue to watch this one. Had an offer accepted on another property nearby but it turned out to need extensive repair (at least £25k worth) and the seller expected me to pay for it. Pulled out of that one. Made an offer on a 3-bed place after the seller started dropping it by £5k a fortnight. That stopped when I came along and he reverted to the 'I know my house is worth £115k and I won't sell for less.....'. My best offer was rejected and he's now moved back into the place...to a huge pile of what looked like creditor's letters which the EA had to shovel away from the door when I went to see the place. Good luck to him. I'll continue to watch and wait. In all the above cases I was the only person who booked to see the places that weekend. I've come across EAs lieing to me and making out the house was so in demand I'd have to wait for a viewing, only to turn up at their office to find the staff sitting around making paper aeroplanes and slipping up and telling me I was the only person who was booked to see the place. It's been frustrating and I've decide to sit back and watch for a while. And I've finally started to see repossessions appearing in my search area too. Still no reposessions round my way (PE11) seems like they are all doing business with the BMV guys. I met one last night and he claims to be getting some excellent bargains (50% off ish from the peak) which I think to be fair is an excellent deal.... not showing up like that on the LR data tho as of yet. People are stupid, they would get more at auction! The sole fact is they don't lose face and don't have to let anyone know about it. Quote Link to comment Share on other sites More sharing options...
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