Monday, November 19, 2007

We are in full crash swing

U.K. Home Prices Fall; Sellers Told to Ask for Less

The average asking price dropped 0.7 percent to 239,986 pounds ($491,000) from October, Britain's most-used property Web site said in a statement today. From a year earlier, the cost of a home rose 7.9 percent, the least in 17 months. Rightmove conducted its survey from Oct. 7 to Nov. 10.

Posted by confused76 @ 02:58 PM (1371 views)
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9 thoughts on “We are in full crash swing

  • I agree, take whatever you can get now. My neighbours have just turned down and offer of 5% less than the (somewhat optimistic) asking price. In 1992 I can remember colleagues doing the same thing and being quite angry that offers weren’t what they expected. Several months later when they did sell it was for a whole lot less.

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  • I agree, take whatever you can get now. My neighbours have just turned down and offer of 5% less than the (somewhat optimistic) asking price. In 1992 I can remember colleagues doing the same thing and being quite angry that offers weren’t what they expected. Several months later when they did sell it was for a whole lot less.

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  • As I have said before “buy-to-let – sell-in-debt”

    Our HPC is very slowly gathering momentum:

    – The Nationwide and Rightmove are predicting a tidy 0% YOY HPI emerging – they wish!

    – The country’s journos are divided between the enlightened (renting perhaps?) and those in denial – anyone see the bottom leader article in The Times saturday? – absolute classic!

    – Someone, somewhere has put the word out that the small guys have abandoned BTL, but the serious players are still in there – sure they are! – a wonderful little ruse to try to bring the small guys back in!

    The supply side of the market has now reached the point where vendors will be coming under pressure from the agents to accept poor offers and to be ‘realistic’ – ie drop the asking price. Agents may win instructions with bullish estimates, but they won’t get sales – the more savvy agents will be saying ‘we’re in a falling market now, the important thing is for us to get you a quick sale’ – unless of course, the vendor is one of the few looking to trade up..

    The last housing slump was attended by a fantastic degree of denial – people would not believe the price of their house had dropped until another in the same street went under the hammer. This time we have a very different market, with a huge amount of speculation using borrowed cash (last time the speculation was on land, not built property) and a liklihood – further down the line – of panic selling as speculators try to avoid personal bankruptcy.

    It’s finally started – sit back and watch – and don’t call the bottom of the market too soon!

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  • Have you seen this?

    London falling…

    Logjam may force down property prices
    http://www.thisismoney.co.uk/mortgages/house-prices/article.html?in_article_id=426444&in_page_id=57

    The London property market is stuck in a logjam that could lead to a sharp fall in prices, estate agents have warned
    The average time a property stays on the market in the capital has risen to 87 days, the longest such period in November for five years, according to figures from property website Rightmove.
    With Christmas nearing, agents warned that homes could remain unsold until the spring unless they are ‘priced to sell’.
    Chris Brown, president-elect of the National Association of Estate Agents, said: ‘Lots of whammies came at the same time – the introduction of home information packs, the failure of Northern Rock, the negative press about the US sub-prime market. They all hit about three months ago. That is why it is taking so long to sell.
    The only properties that are moving are the ones where a price correction has been taken into account by the seller. The ones that are hanging around are where the vendor thinks it will be all right on the night – but it won’t be.’
    Ed Mead, sales director at Douglas & Gordon, said prices in central London were already down about 5%.

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  • My landlady knocked on my door tonight. Spoke to her about house prices. She is trying to sell the place I’m along with 5 other properties, she was telling me that someone offered a ridiculous amount for the property. I wanted to tell her to take it. But as I’m just the lodger, I said nothing, we all know that she should of taken the offer, that would have been my advice. But this is my home, and she does ot pay me for financial wisdom. I think she is a Chartered Surveyor. She said she will ride things out until 2009, when things will be better. LOL

    So bloody glad I sold 4 months ago.. took a hit as I had a flat, but I’m not looking head long into negative equity. Anyone for a mince pie 😉 LOL

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  • We sold a house in the States in June. It was on the market over a year. We turned down what we thought was a cruddy offer at $238k in July 2006. We finally sold at $212k in June 2007. I agree wholeheartedly. Get out while you can.

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