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Wales House Sales Plummet To Record Low

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http://www.dailypost.co.uk/news/north-wale...55578-21347550/

Wales house sales plummet to record low

Jul 16 2008 by Staff Reporter, Daily Post

THE number of homes changing hands in Wales has slumped to a record low as the credit crunch continues to bite.

Welsh estate agents sold an average of just 11 properties each during the three months to the end of June, said the Royal Institution of Chartered Surveyors (RICS).

It said the Welsh figure was the lowest since the organisation began breaking down data at a regional level in 1994.

The UK figure of 15 properties sold per estate agent over the quarter is the lowest in 30 years.

RICS said the inability of many buyers to secure a mortgage had led to the collapse in transactions as the home loans market continued to shrink.

RICS Wales director Cathy McLean said: “Transaction levels remain incredibly low with many buyers cut out of the process by tight lending conditions.

“With demand so low, would-be-buyers are negotiating from a position of strength.”

But Bangor and Caernarfon estate agent Dafydd Hardy said: “Our figures are higher than that and properties are still selling, but the number of properties sold in the second quarter of this year is half that of last year.

“Income will reduce by about 35-40%, but this isn’t a downward trend: these figures will stabilise and be the norm for the next 12 months.”

Melvyn Williams, managing director of Anglesey-based Williams & Goodwin and former president of the National Association of Estate Agents, said his company did not contribute to the RICS study: “The constant reporting on the housing market makes people reluctant to sell.

“The report is not the whole picture, it is very, very difficult to generalise about what’s happening in the market. The market is tougher, it is tougher for people to raise finances, but we sell much more than five a month.

“With the exception of March, our Llangefni office has sold more every month since December than during the same period last year. The peaks and troughs in the North Wales market are not as bad as other areas, like London and the South-East.”

An agent for the Bangor office of Reeds Rains said: “Each area will vary and it’s difficult to comment on national averages. The market is a lot quieter: negotiations are harder and clients are reducing prices, but viewing levels are reasonably good. We are taking on more houses than three months ago, people are still prepared to sell and buy.”

The latest findings follow a gloomy couple of weeks for the housing market, with both Nationwide and Halifax reporting annual house price falls of more than 6%, the biggest drop since the 1990s house price crash, prompting economists to warn that the market was heading for a sharp correction.

RICS said a lack of new homes coming on to the market was continuing to support prices, adding that there had not yet been a flood of properties being put up for sale that had been repossessed or that were being sold by their owners to avoid repossession.

Seema Shah, property economist at Capital Economics, said: “The dire combination of the mortgage credit squeeze, deteriorating house price expectations and falling purchasing power is taking a severe toll on housing market activity.

“Today’s survey echoes the raft of downbeat news on the housing market in recent weeks.

“There is also growing evidence that the economy is slowing sharply and the labour market is weakening, both of which will weigh heavily on buyer confidence. The housing market correction still has far to go.”

'Welsh estate agents sold an average of just 11 properties each during the three months to the end of June'

hmm pretty low :rolleyes:

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Odd why I have not seen this reported in the Western Mail and the Swansea Evening Post? Hmm, the figure of 11 for Wales is even lower than the figure of 15 for England.

I think the tipping point is ever so close.

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I specifically recall reading a couple of yers ago that houses with "Ocean views" in LLandudno were fetching a cool million as EASs were touting the area as the new British Riviera.

I daresay those 1m properties are struggling for 300k these days.

:(

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Pff. Couple of years ago I saw some places in the valleys north of Cardiff on at £40k. Nothing there much less than £80k these days.

Crash has a looooong way to go.

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You're all mad. Just wait until the yuppies discover all those yummy apartments in Cardiff and Swansea. They'll be mincing around in their Armani suits shouting "buy! buy!" into their iPhones before you can say "llanfairpwllgwyngyllgogerychwyrndrobwllllantysiliogogogoch".

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I specifically recall reading a couple of yers ago that houses with "Ocean views" in LLandudno were fetching a cool million as EASs were touting the area as the new British Riviera.

IIRC it does hold the record for the highest winter temperature ever recorded in Britain.

More useless info FOC from YKW

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Ive been keeping track of houses up to 150K in Cardiff since February on Right Move/Property Bee and have come to the conclusion that most house sellers are stoned and walking through life in a daze.

The number of houses that have been, and are still on the market from at least February is astronomic, yet the number of people lowering their prices is woefully low. There are even some instances where there has been no interest in a property in months so the seller decides the best thing to do is put the price up! :blink:

I think a lot of deluded people are in for a big shock, to give a flavour what it is like, when i started back in Feb, it took me until about page 33 to get to the properties at the 150K mark, now i have to trudge through 80 pages of properties to get there!

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I think the tipping point is ever so close.

Today I started looking at anything on rightmove around the £250K mark within a 15 miles radius of Carmarthen and was amazed at just how many there are. I got to page 72 and the prices were still at the £220K mark.

Also interesting how many of those were (unfinished) flats in Swansea that you've previously mentioned MT, especially as they are at a similar price point to 4 bed detached houses with an acre of land (although admittedly not so rural).

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Today I started looking at anything on rightmove around the £250K mark within a 15 miles radius of Carmarthen and was amazed at just how many there are. I got to page 72 and the prices were still at the £220K mark.

Also interesting how many of those were (unfinished) flats in Swansea that you've previously mentioned MT, especially as they are at a similar price point to 4 bed detached houses with an acre of land (although admittedly not so rural).

Several of the bigger Swansea EAs are no longer on RM - I daren't think how many flats would be for sale via RM otherwise. It is a financial whirlwind that IMPO is about to devastate Swansea.

I have given up anyhow. I bougth a sports hoop last week and today ordered a wii and a wii fit. I am going to get fit so I can enter a virtual world and buy a house there!

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I have given up anyhow. I bougth a sports hoop last week and today ordered a wii and a wii fit. I am going to get fit so I can enter a virtual world and buy a house there!

The denial level is astonishing (to us), yet understandable.

We forget to remind ourselves that if we were 'home owners' ('...' because many have a mortgage) & erased all knowledge of this site & only had telly news, then would we not be only just thinking that -possibly- this problem might last a little longer than a few months?

I still think some of them have not reached denial yet, unless in trouble...... & of course to many it does not matter,& will not as long as distressed sale auction prices do not become the mark.

MT, stay with the auction learning curve & you will reap the reward in a couple of years, if not sooner. Though you know you will be annoyed with yourself for getting in too early.

Then you hit the general/household auctions & equip the place for next to nothing. It's fun too.

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But it will be another record low next month.

& the denialists will dig-in even deeper.

Distressed sales will be the way, & only when BTLers (or wannabees thinking they 'missed out earlier') have stopped believing this is bargain time.

It is almost fascinating

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Several of the bigger Swansea EAs are no longer on RM - I daren't think how many flats would be for sale via RM otherwise. It is a financial whirlwind that IMPO is about to devastate Swansea.

I have given up anyhow. I bougth a sports hoop last week and today ordered a wii and a wii fit. I am going to get fit so I can enter a virtual world and buy a house there!

A house in a virtual world, now there is an entertaining thought, but how long would it be before the money lenders found a way of profiting from such a concept? :lol:

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A house in a virtual world, now there is an entertaining thought, but how long would it be before the money lenders found a way of profiting from such a concept? :lol:

They are already - people now make livings buying and selling land and houses in Second Life as well as clothes and shoes and other stuff.

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My wife's dad keeps stating prices in the Rhondda won't be affected and are unlikely to drop in value compared to England. The place is a shxxhole, with no proper jobs or future prospects for the younger generation.

He just doesn't see the area around him deprived and needs urgent regeneration (not likely under labour). Wife wanted to be closer to family so we moved back to Rhondda. We only lasted 5-months - hated living there so much we relocated to England.

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My wife's dad keeps stating prices in the Rhondda won't be affected and are unlikely to drop in value compared to England. The place is a shxxhole, with no proper jobs or future prospects for the younger generation.

He just doesn't see the area around him deprived and needs urgent regeneration (not likely under labour). Wife wanted to be closer to family so we moved back to Rhondda. We only lasted 5-months - hated living there so much we relocated to England.

The Rhondda is a recipe for depression, despair and heroin. There are still a lot of decent working classfolk there, increasingly outnumbered by scum.

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Any chance of a 'does Wales really exist or is it all England since the Act of Union' tangents? I like them.

TFH

Ever since the time of Henry VII, when the last English king, Richard III, was killed, England has been a wholly owned subsidiary of Wales. Look who gets more money out of the Exchequer. I mean, free prescriptions, free car parking at hospitals etc.

Thanks, guys! :P

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The Rhondda is a recipe for depression, despair and heroin. There are still a lot of decent working classfolk there, increasingly outnumbered by scum.

No, you are wrong. The Labour party are in decline in the Rhondda as well as elsewhere. :lol:

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Several of the bigger Swansea EAs are no longer on RM - I daren't think how many flats would be for sale via RM otherwise. It is a financial whirlwind that IMPO is about to devastate Swansea.

Hi

(first post)

which estate agents would these be do you know?

i own an estate agents and see the exact opposite, peter alan has this month put all its branches onto rightmove after years of not being on there. the swansea property post is a different matter and we are pulling out of that left right and centre.

regards

leighton

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Several of the bigger Swansea EAs are no longer on RM - I daren't think how many flats would be for sale via RM otherwise. It is a financial whirlwind that IMPO is about to devastate Swansea.

I have given up anyhow. I bougth a sports hoop last week and today ordered a wii and a wii fit. I am going to get fit so I can enter a virtual world and buy a house there!

I'm just wondering, but is it correct that for many of these flats, the buyers where present will have put down a deposit (or even been gifted a deposit) and will have to pay on completion? And they were probably betting on selling the flats on before completion...

So the bank lends the builders the money because the builders have waiting buyers who themselves depend on yet to be found buyers.. who must get a mortgage for 20 times local average earnings.

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  • 396 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% +
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      • Even
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      • up 5%



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