Rightmove -

[non-FTBer]

Trying.....  Nope can't do it. 

<{POST_SNAPBACK}>

I guess there are probably a few estate agents that won't have too much cash if they are out of a job, as you don't see too many estate agents counting their pennies and saving... they all seem to blow their money on BMW/Mercedes etc and live it up and gloat when times are good....

Still can't feel any sympathy for the amateurish idiots though :-)

[zzg113]

I should take the chance to point out that 7 or so months ago we could never have DREAMED of seeing such pro-bearish coverage in the media. If someone on this website had come out with what Rightmove have just come out with, they would probably have been shouted down as being too bearish!

Oh, and........HAPPY DAYS!

[dogbox]

Im trying to sell my final B2L, 2 bed new penthouse at a substantial loss.

Limited demand and worsening as there are more new developments going up than Ive ever before seen, and all this over - capacity in just a small market town means FTBs hold the whip hand.

The local papers have re - named this part of Hertfordshire 'Prescotshire'.

Looks like I might have to re - let!

Mind you, I would think some developers will go to the wall. Quite a few round here are relative new - commers and based thier sums on demand figures of 18 months ago.

I have a B2L freind (5 flats) who is buying his first development project. He is very heavily in debt and sees development as is ticket to financial freedom

[Guest The dude]

Spare a thought for the estate agents.  The sensible buyers refuse to pay the asking prices arguing that they are too high and the greedy sellers refuse to budge saying that the property is worth the money, after all there is a shortage of property, immigration, buoyant economy, etc etc blah blah. 

The EAs are stuck in the middle and only those with some negotiation skills are able to strike a deal.  The others are taking home £1000 a month as they have no commission.

<{POST_SNAPBACK}>

No, I won't lose a single night's sleep thinking about those poor unfortunate EA's. Balls to all of 'em. Although they are stuck in the middle, let's not forget that 'they' are working on the vendor's side - their mantra is Commission, commission, commission. If they can screw another 20k out of a ftb, they will. I hate them!!! How thing's could have been different. If prices were sensible, a visit to an EA should have been such a joy. Instead I always feel that they are simply there to make me feel like a little child in a sweet shop where the sweets are just too expensive, "What? You can't afford a Bazooka Joe or a Blackjack?....Get out of my shop". ps. can I say Blackjack these days?

[patientFTB]

If prices were sensible, a visit to an EA should have been such a joy.  Instead I always feel that they are simply there to make me feel like a little child in a sweet shop where the sweets are just too expensive

<{POST_SNAPBACK}>

I don't know about anybody else but I find most EAs tend to regard me with the kind of disdain one would direct at something they had to scrape off the bottom of their shoe.

I've not been to an EA in 6 months because I got sick of them ignoring me when I walked in or turning up late for appointments or being generally apathetic and condescending.

My memory pans back to being driven around at breakneck speed around hideously overpriced 1 beds in Wimbledon by this 23 year old sharp-suited ponce called 'Tristen' in his BMW M3 - paid by his commission.

I save approx 80% of my earnings believe it or not. If he hasn't, well my heart bleeds.

[non-FTBer]

Im trying to sell my final B2L, 2 bed new penthouse at a substantial loss.

Limited demand and worsening as there are more new developments going up than Ive ever before seen, and all this over - capacity in just a small market town means FTBs hold the whip hand.

The local papers have re - named this part of Hertfordshire 'Prescotshire'.

Looks like I might have to re - let!

Mind you, I would think some developers will go to the wall. Quite a few round here are relative new - commers and based thier sums on demand figures of 18 months ago.

I have a B2L freind (5 flats) who is buying his first development project. He is very heavily in debt and sees development as is ticket to financial freedom

<{POST_SNAPBACK}>

Oh how times have changed eh... I can remember the days before dogbox was bearish.... trying to sell his last BTL at a loss eh? Who could ever have predicted such a catastrophe?

Well, most of the bears on here for starters.

[Culpability Brown]

Im trying to sell my final B2L, 2 bed new penthouse at a substantial loss.

Limited demand and worsening as there are more new developments going up than Ive ever before seen, and all this over - capacity in just a small market town means FTBs hold the whip hand.

The local papers have re - named this part of Hertfordshire 'Prescotshire'.

Looks like I might have to re - let!

Mind you, I would think some developers will go to the wall. Quite a few round here are relative new - commers and based thier sums on demand figures of 18 months ago.

I have a B2L freind (5 flats) who is buying his first development project. He is very heavily in debt and sees development as is ticket to financial freedom

<{POST_SNAPBACK}>

Well done Dogbox.

I bet you're glad you stuck with us through the last 12 months. It can't of been easy at times. Logic triumphs over stupidity. Good luck on the disposal of your Btl.

[patientFTB]

Oh how times have changed eh... I can remember the days before dogbox was bearish.... trying to sell his last BTL at a loss eh? Who could ever have predicted such a catastrophe?

Well, most of the bears on here for starters.     

<{POST_SNAPBACK}>

It's true... dogbox almost seems like an entirely different person these days. Even ridiculing bulls...

Anyone seen BBB recently by the way? It all seems a bit one-sided these days.

[Super Krusty Bull]

It's true... dogbox almost seems like an entirely different person these days. Even ridiculing bulls... 

Anyone seen BBB recently by the way? It all seems a bit one-sided these days.

<{POST_SNAPBACK}>

All of the bulls have been absorbed into one uber bull... me! (Well maybe more like munched up than absorbed but you get the idea).

I am here for the final conflict at the end of this house price horror story.

These meaningless figures merely prove that house prices will rise foooorrrreveeerrrrr!

[Culpability Brown]

All of the bulls have been absorbed into one uber bull... me! (Well maybe more like munched up than absorbed but you get the idea).

I am here for the final conflict at the end of this house price horror story.

These meaningless figures merely prove that house prices will rise foooorrrreveeerrrrr!

<{POST_SNAPBACK}>

Care in the community?

[Guest Riser]

Relife for homeowners article flashed up on ITV lunchtime news, along the lines of mortgage lenders expect to be able to offer better deals for homeowners as the BOE reduce long term interets rates.

No mention of todays rightmove report as expected.

Leader indictaed a report on prescotts proposed reforms on now

Edit - ITV Tonight 8pm Developers show Prescott he would be better spending 20K renovating old housing rather than 100k demolishing and rebuilding new FT housing, could be interesting

Edited May 16, 2005 by Riser

[Warwickshire Lad]

Care in the community?

<{POST_SNAPBACK}>

Perhaps they should be made to wear orange uniforms...

Edited May 16, 2005 by warks_lad

[London-loser]

I got a warm feeling inside from this comment:

The last few months have set a precedent for the housing market in 2005. A good Spring sets the tone for the rest of the year, and the slow start has meant there is a lack of momentum.

[slater14]

QUOTE - "Don't worry about the asking prices. This impasse can't continue... prices will come down it's simple supply and demand. Those who aren't willing to sell lower will take them off the market and those who won't will sell for a lower price. Meanwhile desperate for volumes all the EA's will be frantically trying to talk sellers expectations down."

I agree with the point made over sellers will take them off the market. But I think we've gone way beyond simple "supply and demand"....the basic point is housing is now so expensive people cant afford to buy what is being offered.

That is the craziest thing! Demand is there. Supply is there.....but nobody can afford to buy it or sell it (for those bought within 24 months)

That isnt a market - I dont know what it is, but its not a market!

RM have been intimating this for quite a few months in their monthly reports. I wonder what they know now thats made them release this?

As they are one step ahead of the game, do you reckon they know more than they're letting on?

QUOTE - "Should I have bought last December..."

NO.

Prices were unafforable last December, another 2.5k just makes them more unafforable. It just brings the correction closer, not further away. The faster the money is put on, the faster the crash approaches.

If prices remained at 3.5 income for the last 6 years. quite simply, there would not be a crash tomorrow.

[theChuz]

Edited:

Upon reading I deemed my response not suitable for the younger reader.

I shall leave it as:

Oh good.

Edited May 16, 2005 by theChuz

[zzg113]

Anyone seen BBB recently by the way? It all seems a bit one-sided these days.

He is posting on the Motley Fool bulletin board under the username "BearsKnightmare" (sic) and is his usual moronic self:

http://boards.fool.co.uk/Profile.asp?uid=198572005

[Marina]

"rightmove need to keep the market moving to get paid, otherwise they are simply operating the largest online gallery of housing in the uk"

Class

<{POST_SNAPBACK}>

Well at least they are now beginning to say the right things. How long before Estate Agents cotton on and take the kid gloves off and say to vendors 'you won't sell at that price and I am not going to waste my money marketing it at that price.'

Where are the trade organizations? the NAEA, the RICS,

These tossers should be talking the market down NOW, if they don't the CRASH they don't want is definitely going to happen. They could have had a soft landing if they would only talk sense. Lets hope they stick to their current strategy!

[Marina]

I don't know about anybody else but I find most EAs tend to regard me with the kind of disdain one would direct at something they had to scrape off the bottom of their shoe.

I've not been to an EA in 6 months because I got sick of them ignoring me when I walked in or turning up late for appointments or being generally apathetic and condescending.

My memory pans back to being driven around at breakneck speed around hideously overpriced 1 beds in Wimbledon by this 23 year old sharp-suited ponce called 'Tristen' in his BMW M3 - paid by his commission.

I save approx 80% of my earnings believe it or not. If he hasn't, well my heart bleeds.

<{POST_SNAPBACK}>

I remember when I was a much younger chap than I am now going into an Estate Agents in Gerrards Cross in Bucks (most expensive property outside Central London). I was hoping to be able to afford a 2 bed terraced cottage not big enough to fart in without causing offence throughout the whole property - so I said 'what have you got up to £xxx'.

The woman dutifully got up, opened the filing cabinet, pretended to have a look and said 'nothing - the cheapest property we've got is way out of your price range'.

Oh how we laughed when they went out of business in the early 90s.

Oh how we'll laugh as they go out of business in 2005 and 2006.

[Alfa]

Seventeen years ago I was in a position similar to the one that you FTBs find yourselves in today. Newly qualified into a respectable job I could only afford to buy a pokey 1 bed dwelling priced at about 60K. Thankfully through good fortune and judgement I held off from making a purchase.

Two years later after a crash in prices and an increase in earnings I was able to buy a brand new 3 bed detached house for 75K. Three years after this, and at the bottom of the price cycle, the Mrs and I bought our current property, which is in a similar area in a pleasant town on the South Coast. This is a 4 bed detached house bought in 1993 for 97K (real price today circa 155k) and is currently valued at 325K.

Thankfully for my children they will not be looking to buy their first property for another fifteen years, when hopefully this current madness has more than run its course. We, on the other hand, have been priced out of the next stage up the property ladder.

The anticipated move, which would have been about 75K in normal times, is now 150K. I would feel like I had overspent by 75K.

Whether in or out of the market we have all been shafted by the greed of the Banks and the EAs and the Government’s credit fuelled boom.

As for future prices,however, I cannot predict how it will turn out for the FTBs of today. We were lucky enough before we made our first purchase to have interest rates of 15% coupled with a recession. It is not a case of history repeating itself for history is different this time. [/size]

[refusnik]

Does anyone have an indication of whether the average discount has increased from April to May? If the buyers are now walking away with bigger drop from the asking prices it is surely a better indication for the market direction.

I mean all it takes is more than 0.3% increase in discount to eat this marginal April/May price inflation and turn it into deflation of actual selling price?

Confused...