Tuesday, May 6, 2008

The press have changed their tune and now so have Hamptons !

Realistic pricing will help stop further UK house prices fall

Hamptons International says that despite a 10-15% fall in house prices since autumn 2007, properties that are realistically priced are being sold – with competitive bids taking place in high demand areas. Hamptons says that there is still a steady market for houses that are priced correctly, with a current average of 6 buyers for every seller.

Posted by jack c @ 11:25 PM (1016 views)
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18 thoughts on “The press have changed their tune and now so have Hamptons !

  • The estate agents need to sell houses to make money. They know what needs to happen before people start buying them again.

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  • Ha ha ha this is RIDICULOUS
    Realistic pricing IS a further price fall!!

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  • Mikelivingstone says:

    “Across London, Hamptons International has witnessed a continual stream of sales,”

    That’ll be sales in House of Fraser, Gap, Liberty, Jagger etc.

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  • i never really understood the morons who thought that high house prices were “good for the uk”, what really pi&*es me off is when i see the government trying to interfere in the much needed correction..

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  • This is the second agent to start talking the market down (Savills last week).
    Interesting comments imply a £1m house with 10% off is a good saving. but also go on to say the market has risen 200% since ’97. This would show that same £1m house at about £350k. Now that’s what I call a saving.

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  • I bought my well appointed BMW 318 second hand for £10,995 and after applying some tyre-black and new floormats put it back on the market a year later for £12,995. Nobody is interested – I have no idea what I should do – perhaps a walnut gear knob?

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  • The Estate Agents are simply trying to take control of the situation, by saying that there have been drops. It then allows them to say that there are now good bargains to be had. Actually, they have merely increased asking prices so they can be seen to be giving generous reductions. The whole thing is a con.

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  • @pendulum
    ”…I bought my well appointed BMW 318 second hand for £10,995 and after applying some tyre-black and new floormats put it back on the market a year later for £12,995. Nobody is interested – I have no idea what I should do – perhaps a walnut gear knob?…”

    What about cheap crappy laminate flooring in the boot and a splash of magnolia inside? I think that should entitle you to ask at least £19,999.00 – Bargain!

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  • The agents who are genuinely good at their job will weather the storm with least damage.

    Only last week the talk was ‘up to 10%’ – now it’s 10-15%, with talk of 30% ‘premature’

    Perfect language from the agent to the vendor – in other words ‘well sir, if you knock 15% off now we might be to find a buyer for you, but in a few months time you’ll probably have to shed 30%’

    – But what are they saying to the buyers..??

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  • cornishman says:

    @ UT “But what are they saying to the buyers”

    – that this area will not be affected as badly; that in ten years’ time prices will probably have increased; that property is a good long term investment; that if they had listened to all the arguments about house prices falling in the last two or three years, and not bought, they would have missed out on capital gains and would have missed out on the chance to start a family and get on with their lives…

    All very compelling if that is what you want to hear and ‘the madness is in you’ !

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  • Bye To Let says:

    @cornishman

    I reckon it’ll take more than 10 years before the prices reach the 2007 peak again. If you look at the graph on HPC homepage there’s 9 years between the peaks of 1980 and 1989, then it’s 18 years till the peak of 2007 and if the trend continues it’ll be an even wider gap until the next peak

    That’s a long time in negative equity for people who have recently (in the last few years) purchased!!

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  • Yerhavingalaugh says:

    @hpwatcher

    A splash of magnolia inside! Come off it – Country Cream – get up to date.

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  • hpwatcher @ 5
    Very True, I’ve noticed asking prices increase by about 15% since Last September. These asking price increases don’t show anywhere (except maybe rightmove) as most haven’t sold.
    So to start getting realistic we need to see 20% off asking prices and then a further 10%.
    It is starting to take shape though.
    With the threat of potential 30% falls and 10 year recovery, they’ll be a few downsizers shaken out who want to get on with their retirement. It’s the first to sell that will do well. They will then set the president for further falls.

    All these drops that are happening and being talked about are in the llight of good economic fundamentals.

    If people start getting layed off (I hope they don’t) then the falls will increase.

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  • “they’ll be a few downsizers shaken out who want to get on with their retirement”

    A couple I know very well are in just that position, kicking themselves that they didn’t call it a day a year ago.

    They want to sell and move to a house that’s on the market for £100k less than their own, but both properties are still on at ’07 levels (we don’t yet score many hits on propertysnake here – yet…!) The agent selling the house they want to move to (the owner is a French banker who has already moved back to Paris) told them that he had another offer for the house, and urged them to get a bridging loan so they wouldn’t lose it.

    I urged them not to, and thankfully they have taken my advice. The Frenchman came back to check his house was OK yesterday, and dropped in to the pub. I congratulated him on getting a new buyer in a difficult market, but he knew nothing about it.

    The agent had lied to my friends, trying to persuade them to take out a loan that would have cost them a fortune as prices fell.

    That should be a criminal offence…

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  • @str 2007

    I would say 20% off and then another 30% in order to avoid serious losses in the next year or two.

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  • 6 buyers for every house HAHAHAHAHAHAHHAHAHAHAHAHAHHAHA

    Fiction, pure fiction; just like everything else estate agents say.

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  • What the downsizers have to get into their heads is that if they wound the clock back 10 years the most they would expect their house to be worth now is double what is was then.

    The fact they currently think it’s 3 times what it was 10 years ago is purely down to luck and over extended finance.

    They just need a reality check and accept that 30% off todays prices still represents a good investment – they’d still have gone ahead with their investment if they new it would double over 10 years.

    It’s alot better performance than the stock market.

    In addition there are alot more rental properties, self storage units and cheap flights available than 10 years ago.

    With this combination selling now is still the best option even if they discount to do so.

    A careful bit of planning could see their money returning 6% a year, and I’m sure a long term rental for a couple of years could be picked up in Spain or France for a couple of years while they wait to buy their retirement apartment back here in Blighty.

    Cash in the bank may well help them pick up some cheap stocks if there are any crashes over the next couple of years.

    They’ve never had it so good – except for last year perhaps.

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  • hpwatcher @ 11

    I live in hope, as long as it’s quick – I’ve got a life to get on with.

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