Monday, September 24, 2007

It is now time to “bid and chip” !!

House buyers drive hard bargain using new ‘bid and chip’ strategy

The property-cheerleader-in-chief, our friend Anne, has found an lengthy and exotic way to tell us a simple thing: the market has turned a buyer's market in London. She revealed a secret bidding strategy to save money on your next purchase in Belgravia. What a finding! But be aware!!!! There are Middle Easterns and Indians who will steal your deal as soon as you "chip"!!

Posted by confused76 @ 04:56 PM (1043 views)
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5 thoughts on “It is now time to “bid and chip” !!

  • “market turbulence is expected to knock 15 per cent off City bonuses, cutting the estimated amount that flows into property from £5.5 billion last year to £4.5 billion”

    a near 20% off the flow of money into the top of the market. Combined with the increasingly expensive mortgage deals for the rest of the market and the complete oversupply of flats and the massive increase in savings rates (rather than spending on property perhaps?) and I think it’s fair to say that it will be very difficult for the market to recover from this. The official statistics will be interesting. I expect Rightmove to gleefully announce that 4 bedroom semi-detached 2 bathroom properties with 3 windows to the front of the property, one to the side and 5 at the back, red tiles on the roof and a blue front door increased in price by 2%.

    They’re bound to find some way to twist the numbers

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  • That’s not called “bid and chip”, it’s called “gazundering”, and estate agents would very much like to make it illegal.

    I see the EA from the article is trying hard not to admit that the strategy works well.

    The smarter EAs will see an opportunity there though, and welcome gazundering as a natural progression in a falling market, and advertise properties as “Reduced”.

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  • I like this: “with prices flat in many regions for some months, some of the effervescence is disappearing even from Chelsea. Ed Mead of the estate agents Douglas & Gordon highlights Redcliffe Gardens, a busy road in SW10. He said: “At the beginning of the year, there were five properties for sale on this road. There are now around 25 and prices are coming down from around £825,000 to £725,000.”

    £825,000 to £725,000 in 9 months. No not very effervescent.

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  • Amid forecasts of a continuing slowdown in the property market nationwide, with prices flat in many regions for some months, some of the effervescence is disappearing even from Chelsea. Ed Mead of the estate agents Douglas & Gordon highlights Redcliffe Gardens, a busy road in SW10. He said: “At the beginning of the year, there were five properties for sale on this road. There are now around 25 and prices are coming down from around £825,000 to £725,000.”

    OOOOOOOOPSSSSSSSSSSSSSSSSS…
    I do not remember who self professed “economist”, in reality an estate agent…. I think her name is Yolanda from Savills, or the other “economist” from Nationwide, Fionnuauala Whatever…. however these pundits used to say “London is a city-state detached from the rest of the UK” propelled by enormous never-ending avalanches of money… ye ye ye… I would recommend these economists to aim a bit differently these days, London is more like the Titanic first-class deck.

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  • Paul, you beat me to it. This is known as gazundering. The writer of this article is obviously not very knowledgable.
    The practice of gazundering infuriates EA as well as vendors but equally of interest gazumping seems to not be frowned upon in the same manner. A case of double standards, perchance?

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