Thursday, January 3, 2008

These are better indicators of the upcoming house price crash

Estate agents jobs go as sales tumble

"From retail gloom to more property market woes. The latest victim of an increasingly jittery housing market is residential property group LSL Property Services. LSL's estate agency division, which operates under the YOUR MOVE and Reeds Rains brands, was forced to admit this morning that business volumes slumped by around a third in the second half of 2007. That news has left its shares down 7.5p, or 5.4%, at 131.5p. As a result of the estate agency troubles it is in the process of closing 12 underperforming branches and slashing 200 full time jobs." That means a market recovery is not in sight... sorry optimists!

Posted by confused76 @ 02:33 PM (1077 views)
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9 thoughts on “These are better indicators of the upcoming house price crash

  • Obviously the big industry that has grown up around the house price bubble, will also burst along with the bubble.

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  • Only yesterday I was in the estate agency who manage the flat I rent in Camden (a respected independent agency that’s been operating in Camden for 23 years) and I asked the agent how sales were… just out of passing interest of course…

    He laughed, said that they hadn’t sold anything in three months, that they’ve got a house on the market in St Augustine Road that’s round the corner from a notorious crack den valued at £1.8m and that “this country is fucked”.

    He doesn’t care yet though cause the rented accommodation they manage is bringing home the bacon better than ever (for now!), but they chains must be bricking it at the moment. The realisation probably won’t kick in until April though. Delusion will continue for at least another couple of months.

    Personally, I think the sooner the high street sees a cull of estate agents and overpriced coffee shops are culled by at least 50% the better.

    And what’s the crack with all these storage places popping up on the landscape?! They’re as ugly as sin and really expensive to use. I had to put some stuff in one last year when I was in-between flats – a tiny little room at the Big Yellow Storage cost £291 for three weeks.

    Madness!

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  • The self storage places are an indication of how much consumer sh1t people have accumulated during Gordon Brown’s wonderful ‘miracle’ economy. It’s telling that a lot of these places were once factories that used to contribute to the economy.

    Apparently in America, you can get your mail order company to deliver your consumer sh1t direct to your self-storage facility, thereby allowing the consumer to get the ‘hit’ of purchasing something without the inconvenience of having to do deal with it.

    And I think to myself, what a wonderful world…

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  • ”He laughed, said that they hadn’t sold anything in three months, that they’ve got a house on the market in St Augustine Road that’s round the corner from a notorious crack den valued at £1.8m and that “this country is fucked”.”

    I bet if I went and looked at a place he was trying to sell, he would go on about how the market was back to normal and there would be further price rises later in the year, and how I should buy now to avoid disapointment…..bastards!

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  • ” Mr Embley could not rule out further job cuts or office closures. He said: “We don’t plan to. But it will depend on what happens in the market.” Ahhhhh, let’s keep our fingers crossed then, eh :0)

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  • I wonder if this is the end of the high street estate agent? Let’s hope so. I can see the web gradually taking over.
    Actually it annoys me because they have been taking their percentage for doing sweet FA for all these years. The moment things go slightly pear shaped they throw in the towel. Get out there and SELL something for god’s sake.

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  • Actually this is all a bit worrying. I realised a long time ago that there are very few people in this country who do anything useful and I’m not one of them. After the estate agents, who’s next? (Please let it be the solicitors).

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  • It’ll be the conveyancers, not solicitors who suffer, as well as surveyors, HIPs merchants and related home inspectors. All those local freeby mags and rags that rely on housing adverts. Small independent mortgage brokers will also suffer, unless they have a strong remortgage set-up. At least we’ll see less stupid house programmes on the TV!

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  • Do not feel sorry for them. These wideboys will find other means to part us from our money.

    I remember twards the end of the 70s that the high streets had a huge number of shoe shops. …. Then … once the early 80s housing boom started, the same people in our town closed their shoe shops and became Estate Agents overnight.

    I suspect that they will open up debt consolidation services or something like that.

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