Tuesday, July 8, 2008

A survey of EAs sentiment carried out by Abbey!!!

Housing decline 'over within a year'

Nearly two-thirds of estate agents expect house prices to stop falling within the next 12 months, a survey showed today. Around 61% of estate agents said they expected the property market to begin recovering within a year, while 28% thought it would take between one and two years before prices stabilised, according to high street bank Abbey.

Posted by rental john @ 04:26 PM (1818 views)
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31 thoughts on “A survey of EAs sentiment carried out by Abbey!!!

  • Beartil2010 says:

    Brilliant! Got to love EAs. All the ones that are smart have already packed it in because it’ll be 2 or 3 lean years, so you’ve only got the look-on-the-positive-side-with-rose-tinted-spectacles ones left.

    Perhaps I am being too kind, and they are all idiots, it’s hard to tell the difference without more data.

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  • beartil2010 says:

    Got to love EAs!

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  • beartil2010 says:

    This is the key bit:

    ‘But homeowners are more optimistic about the outlook for property than estate agents, with people expecting prices to stop falling within seven months on average, and no homeowners expecting the current problems to extend beyond 12 months.’

    This explains why the market hasn’t moved downwards faster yet – homeowners really are as deluded as the commentators on this site think they are. Capitulation will come soon though.

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  • Only 7% of current EAs survived the 88-96 property downturn!

    Chas

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  • gone-to-colombia says:

    Who cares what they think, they are not qualified, are not experts and have a vested interest in a rising market.
    In a year most of them will be gone anyway.

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  • Should read ‘But homeowners are more DESPERATE about the outlook for property than estate agents’, who now just want some turnover through their books.

    Sounds like wishful thinking to me.

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  • And most of them,being in their 20’s,early 30’s have no first hand experience of a property crash.They only no about Boom time.Silly Estate Agents.

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  • “Estate agents and homeowners believe that, despite current movements in house prices, we are unlikely to experience a really prolonged period of house price falls.”

    This is great stuff.
    Estate agents = Possibly going bankrupt then unemployment.
    Homeowners = People who need to sell, but can’t.

    Wow. This is journalism at it’s finest. Next thing we’re gonna hear is that “yes house prices are liable to blow us all up in 45 minutes”

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  • beartil2010 says:

    I think you read intelligence into their answers by assuming desperation – I think anyone who bought in towards the end of the bubble is easily stupid enough to think it will keep going up and not understand that it will go down. Blame the industry pundits/VIs… sorry I mean ‘experts’… who sell their books on ‘property always goes up’.

    Honestly you’ve got to wonder what these people are thinking when they buy a house at 7 times their salary!

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  • [email protected]
    “yes house prices are liable to blow us all up in 45 minutes”
    brilliant lol.
    It probably wont be long before Al quada is blamed for HPC.

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  • What makes estate agents even vaguely qualified to discuss the outlook for house prices? Nothing!

    I know more about the economic situation that a bunch of spive estate agents will ever know. House prices will go down for a very long time. The only way they will stop in 12 months is if the crash is so severe and dramatic in the next 6 months that there is a chance to recover after 12. Unlikely.

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  • Nearly two-thirds of turkeys think Christmas will not happen this year….

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  • mark wadsworth says:

    They would say that, wouldn’t they?

    It’ll be interesting to hear what all the EA’s who will be made redundant over the next year have to say …

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  • @ drewster

    What did you say? “Nearly two-thirds of BTL’ers bought turkeys last year…” – sorry can’t find my specs.

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  • @sold out…

    Perhap Osama Bin Lidden has been using all his wealth to buy into the BTL market and de-stabalise the british economy through HPC? Apparently he’s not in the bora, bora hills, nor pakistan – he’s going to the property auction at Pride Park, Derby on thursday to see how many properties remain unsold to see his masterplan at work!

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  • it_is_going_with_a_bang says:

    What a pointless article.

    They can’t have looked to far and wide can they.
    They could not find ANY homeowners who thought this will last more than 12 months???? Out of 688 homeowners not one person said they expected prices to continue declining after 12 months?

    What a complete load of B**sh*t. Where were they – a BTL conference?

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  • and don’t forget in the great words spoken during the great ware

    “It’ll all be over by christmas….”

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  • “Tis but a scratch” said the man at the Abbey.

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  • Most estate agents weren’t out of school during the last house price crash so they have absolutely no inclination of what is to come. They have been living in guilded cages. Young, arrogant, lacking of skills and trying to sell overpriced property to people 2/3 times their age and on average 4/5 times their intelligence level.

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  • The signals in the market place are still mixed. Most agents in this area are very quiet on sales and, their stock of houses for sale is increasing. This obviously causes problems with cash flow/ advertising etc. Two agents that I am aware of have shed staff, and I do have sympathy with the young ladies concerned.

    On the other hand, as I mentioned the other week, sales of the more desireable/unusual properties are holding up – my friend increased his asking price and an estate agent bought the house, paying £5k over the original price. Other anecdotal evidence includes a friends flat – bought 18 months ago for 245K and has just sold quickly for £280K. Both sales were to buyers from outside the area looking for holiday homes.

    Don’t forget that this site collects together all the negative news stories (negative depending on your viewpoint of course) for the delectation of readers, but there are opposing stories to be found in the meeja (but getting less frequent I agree). The sentiment of the sheeple does not, as yet, seem to be as negative as you would like to believe.

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  • 3% of Estate Agents seem to have brains and foresight – remarkable didn’t think it was as high as that.

    Now what Tw3t at Abbey wasted money at a time like this asking the opinion of Estate Agents what they thought about Economics.

    Someone else due to join the jobless if the boss finds out who commissioned the poll.

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  • And another thing, if the general public think it’ll all be over in less than 12 months why don’t Estate Agents start charging fees upfront but with a 50% discount. That way they’ll only take on instructions from serious sellers and only have half the overhead of advertising and fuel etc.

    I’m wasted, I should be running Foxtons or something.

    How many agents read this I wonder and how long before we see this business model in practice ?

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  • There is still a very strong sense of denial out there. I have had many,many conversations with owners and buyers (doesn’t seem to matter what their background is) who seem to accept a ‘dip’ is occurring, but see it as quite normal as shown by past events. They are all of the strong belief recovery is around the corner and prices will continue to rise thereafter until the next dip (or blip) and their investment is safe.I have in fact not met one person who appreciates the seriousness of the situation.
    Nor have I met one person who can connect this to the whole economic picture. I am sure in many cases this is the result of stubborn denial through a certain way of thinking.
    Only here can I see an appreciation of the events taking place with a forward thinking analysis and a preparedness. So it looks like we are still firmly in the ‘Denial Stage’ and it’s almost as if ths is not happening.

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  • Plato
    Actually I’m inclined to agree, was out with friends at the weekend and they’ve all noticed food prices going up.
    But I agree they can’t connect that with less money to spend on mortgages (even if they were available) and less money for mortgages means lower house prices.
    I don’t think alot of people even think much about general economics.
    You still have so called experts saying it’ll all be over soon – but the general public can’t see they have a vested interest.

    Hamptons and Savills have both been vocal in the last couple of months talking of 20-25% falls.

    From what I’ve seen since last September asking prices shot up about 15-20% on last ‘family’ homes I’ve been watching and very little in the way of reductions yet and surprisingly the odd one still selling.

    Soon though I think the agents will refuse to take homes on unless priced realistically (hence my remarks above) half tempted to open an Estate Agents myself with upfront fees to relieve the deniers of their cash !

    I can see this whole episode turning very messy indeed.

    What fasinates me is that Brown has been out again today saying we are better positioned than most for this down turn – that I can’t get my head around, from every possible angle we have to be the very worst positioned in the World bar none.

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  • I agree str 2000…

    Brown is a on crack. He must be. How on earth can he say these things. It’s just newspeak pure and simple. I wonder, when he gets back from Japan, whether he’s going to have to buy Bradford & Bingley (the UK’s biggest BTL lender). I reckon the wheels come off his pram, it’s just momentum keeping him going. What is he going to say when house prices have fallen for a year or more.

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  • beartil2010 says:

    I think you mean worst positioned in the world apart from Zimbabwe – although I wouldn’t put it past Brown to run for election and not let the tories stand against him.

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  • it_is_going_with_a_bang says:

    Denial is not an option anymore. ( unless you’re in government )
    I think most people are aware of what is happening. Not so much denial as much as just not willing to talk about it. Which is fair enough.
    House cash machine has run out of money and nobody is really sure what to say or do.

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  • str 2007

    As this is a global event that spread from one source, it’s relatively easy to avoid responsibility at a political level. I actually think G.Brown has a point re ‘position’.
    Most of the wealth in the UK is owned by relatively few people. The Country in general has a population that tends to accept frugal demand silently or just plain doesn’t care. Meanwhile the few play the money game (eat very well) and wallow in narcism.
    The wealth remains where it was and in the event it needs to be topped up because it’s been spread a bit too thinly,recession takes place, brought on by the wasteful behaviour in new found wealth of the many (the necessary discipline just isn’t there for various reasons).
    My point is : The Country’s wealth (where it really matters to the few) is not really affected.

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  • sorry ‘narcissism’

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  • I bet they’ll still be whining for the BoE to cut interest rates though. Why would they do that if business confidence is so good?
    This dichotomy has characterised the crash so far, the VIs insisting:
    a. there isn’t a problem, and
    b. the government MUST do something to help

    They’re all lying

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  • EAs lack the following:

    1) A CLUE 🙂

    2) A PRAYER 🙂

    Two biased groups create a survey … what a freaking joke! There is one difference between the word “bullish” and the word “bullsh*t”. The difference is the letter “t” 🙂

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