Monday, March 24, 2008

It’s getting desperate out there: Poxtons to go under ?

Property sellers need "reality check"

LONDON (Reuters) - Sellers need a "reality check" when pricing their homes for sale, as unsold stock reaches record proportions, Britain's largest property portal Rightmove.co.uk said on Monday.

Posted by doomwatch @ 08:57 PM (970 views)
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4 thoughts on “It’s getting desperate out there: Poxtons to go under ?

  • EA’s don’t really give a to*s about price – they need volume. Too bad. Looks like the BMW will have to be returned.

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  • montesquieu says:

    @harold;

    Actually they do care about price, in as much as, in an effort to get properties on their books, they try to convince the greedy that they can get whatever ludicrous price they propose for a property, over and above what might be a saner valuation from the last guy…. that’s their pernicious role in inflating expectations (and in a rising market, driving selling prices up faster than they might otherwise go).

    An honest EA right now (don’t laugh, bear with me guys …) will be advising that sellers coming into this market pitch low and be realistic, in order to achieve any kind of sale in a reasonable time.

    Interestingly in my area Humberts appear to be doing just that (survival tactic perhaps), while their non-chain rivals, the local guys who have been merilly bidding up prices in the area for several years to ridiculous levels, have still to get out of the denial phase.

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  • Don’t see the Poxtons reference, but would be nice anyway.

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  • harold, companies like Poxtons have been exposed for their rediculous over-valuation; they work off commission. Only in the lean times, do
    they care about volume as pricing drops & they need cash flow to survive.

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