Is It Me Or Are Eas Just Not Dropping "published" Prices?

[Guest Winnie]

OK I watch various London areas and I can safely say that in Notting Hill EAs have not dropped published (ie internet site, magazines etc) prices one pound since last summer's peak.

One EA, a particularly arrogant one (but not F**xtons), has a house on it's books at £3.95m which has not sold for 18 months - still no website price reduction (I know the place, it is overpriced by about £2m even at the peak as it is next to the roughest council block imaginable). Same is true of Clapham, Putney etc. My friend who is selling in Putney has dropped price from £850k to £675k, but the EA is keeping it on the internet at £850k.......

Can someone tell me what their game is, other than extreme King Canute?

[Laura]

Can someone tell me what their game is,

'Helping' the desperate female home owner onto the game?

[Liquid Goldfish]

Publised prices don't seem to have dropped in my area either

There are hundreds of semis that were going for £60K 10 years ago. They reached £175K last summer and have stayed there ever since.

[thecrashingisles]

Can someone tell me what their game is, other than extreme King Canute?

I think that's it. Many London estate agents have told me that "asking prices are irrelevant at the moment" and that I should just "make an offer". When I said to one of them that this was stupid the justification was that "market share is the name of game right now". Share of what market, you &$%£!!!

They seem to need to keep the illusion going in order to get the last deluded sellers onto their books. I don't think they have a plan beyond that.

Edited July 10, 2008 by thecrashingisles

[Flopsy]

I have a central london search for low priced properties saved in Primelocation. The one that arrived eary this week had 4 properties with "Keen to Sell" as the banner. This is the first time I have seen more than one on a group listing.

It may be that the advertised prices are pants but it does seem that some sellers and agents are coming around. Foxtons BTW are still grossly delusional and barking mad (as usual). I saw one property advertised that I knew from when it was sold previously. Rang the agent and he was totally lying about the market.

[The Masked Tulip]

Perhaps they arrogantly think that they can stop the credit crunch through sheer will-power. Or perhaps it just shows how out of touch they are or how little understanding of the global economic situation.

People hear "credit crunch" but I do not think it has truly sunk into people's brains yet!

[thecrashingisles]

Perhaps they arrogantly think that they can stop the credit crunch through sheer will-power. Or perhaps it just shows how out of touch they are or how little understanding of the global economic situation.

If Absolutely Fabulous had been written now then Edina would probably be a high-end London estate agent. "I'm chanting to save the market as we speak, dah-ling!"

[Guest Winnie]

If Absolutely Fabulous had been written now then Edina would probably be a high-end London estate agent. "I'm chanting to save the market as we speak, dah-ling!"

"Bubbles...what do you mean you don't know? - just make it up!"

This is so funny - most of the Notting Hill clientele are 'Edina Monsoon meets Jordan types' - they make our Eddy's materialism seem positively monastic in comparison..... Perhaps the EAs are just too terrified of them to dare dropping the price.

Anyway, you are all sot on - they ae just in denial - and I suspect they have a self-deluding view that some recue will come - and they do not want to have dropped the prices if the "rebound" is imminent.................

[juvenal]

Publised prices don't seem to have dropped in my area either

There are hundreds of semis that were going for £60K 10 years ago. They reached £175K last summer and have stayed there ever since.

No interest without an idea of your area.