Tuesday, May 30, 2006

Job cuts and property sale at Land Registry

Firstrung: Land Registry announce job cuts and property disposal

Civil servants potentially losing their jobs generally figures more prominently on the news radar. This weak press release, issued by the Land Registrar, does nothing to hide the fact that L.R. expect a dramatic fall in the number of property transactions over the next four years..

Posted by Converted Lurker @ 10:16 AM (842 views)
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1. Waitingforthecrash said...

what about the rest of our soviet style working ants employed by the tax payer????? 25% of us work for the state with over 70% goverment reliance in some areas.
I have seen houses for sale in my area for ages........and ages....not selling but boards going up and down..rather than lower prices it seems people are taking property off the market and waiting a couple of months to put it back on again.

Tuesday, May 30, 2006 04:09PM Report Comment

2. tyrellcorporation said...

The way 'selling a house' works down in Exeter is like this:

You get in about 3 estate agents to value your house. You obviously take the highest valuation and maybe add yourself another 25% just in case you attract 'the Golden Idiot' from London who hasn't properly assessed the local market. You leave it on for 6 months without a peep from anyone. After getting irate down the phone at the EA you maybe drop it by 1% in the stupid belief that that will be the tipping point at which people come banging at your door. Another 2 months elapses and finally in a fit of rage you change EAs.

The new EA sticks it on at the original price just in case they have the Midas touch. Lo and behold nothing happens for another 4 months and finally you spot the price reduction in the paper of about 5%. This has zero effect!

At this juncture they may decide to change EAs again and the last stage is repeated.

Then suddenly the same property is seen on the market with another EA at about 10% off. Amazingly a Sold STC appears outside the house a few weeks later - Eureka!

Booo... two weeks later the For Sale appears again - the Golden Idiot must have wised up and pulled out.

Finally after another 2 months languishing and with no interest the For Sale sign disappears and a trusty 'For Let' sign grows in it's place. This is thankfully made out of mahogany and yacht varnished as usually the property has been put on at a stupid monthly rental and will remain empty for at least six months.

Why are people so prepared to see their property increase at 500 per week but won't entertain the smallest drops?!? Also, how the hell can they afford to have their 'investment' doing bugger-all for the best part of a year?

Has anyone else spotted the same merry little dance? The EAs must be getting hacked off by now!

Tuesday, May 30, 2006 06:34PM Report Comment

3. jason said...

tyrellcorporation, I see this happening round my way too.

I still think it's a complete joke how you can look at 200k detached houses and suddenly find a terraced house appear - like they're gonna sell at that price!

Tuesday, May 30, 2006 06:46PM Report Comment

4. Ticktock said...


My brother is an E.A. & describes exactly the same situation in his area

Tuesday, May 30, 2006 07:49PM Report Comment

5. denzil said...

>>Why are people so prepared to see their property increase at 500 per week but won't entertain the smallest drops?!?

And when they drop their price they will not acknowledge doing so. My neighbour just sold his place 20 months after
being put on the market.
He recently commented to me, "Not found anywhere yet then?"(It's almost as though not having a place is like an illness).
"No", I'll wait for a few more price reductions first", I replied.
"Prices don't come down" he commented.
"Oh", I said. "Why did you accept an offer 14% below your asking price".
The silence was deafening. :-)

Tuesday, May 30, 2006 09:10PM Report Comment

6. tyrellcorporation said...

LOL! Nice one... :)

Judging by people I've spoken to and stats I've seen, 10% off is a standard, achievable figure. The trouble is that down here the EAs are wise to this and properties that were coming on at 250k are now being put on at 275k. The idea being that you'd be 'getting a bargain' if you get the vendor to drop below Gordon's magic figure of 250k.

Utter nonsense eh!

Wednesday, May 31, 2006 08:45AM Report Comment

7. harold said...

Denzil, you didn't really say to your neighbour "Why did you accept an offer 14% below your asking price" did you?! (Not to calculate it to at least two decimal places was a bit sloppy!)

Well I guess as he's finally moving there's no chance of a prolonged cold war. I hope his sale doesn't fall through.

Wednesday, May 31, 2006 10:07AM Report Comment

8. denzil said...

>>Denzil, you didn't really say to your neighbour "Why did you accept an offer 14% below your asking price" did you?!

I'm afraid so. I do have a reputation for telling it how it is. Does get me in trouble sometimes but I hate going with the flow.
The thing is if he hadn't said, "not found somewhere yet" I wouldn't have commented but it truly irks me when people have that look of sympathy on their face when they realise you rent. It's as though a family member has a terminal illness.

As a bit of history I made him an offer 12 months back 15% below the asking price. As a cash buyer he should have accepted my offer instead of having the sale agreed board which is been up for 3 months.

If his sale falls through I will offer him 20% below his asking price as I'm happy to take it or leave it.

Wednesday, May 31, 2006 10:43AM Report Comment

9. harold said...

Fair comment, and yes I know what you mean when you tell people you're renting - it's all to do with the UK's fixation with property ownership being conflated with wealth. Mugs really.

Wednesday, May 31, 2006 10:52AM Report Comment

10. phdinbubbles said...


Thursday, November 27, 2008 08:35PM Report Comment

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