Sunday, October 26, 2008

Meanwhile, back at the house price crash…

Struggling vendors bow to the crunch and cut their prices

Another lurch downwards coming.

Posted by letthemfall @ 01:07 PM (1840 views)
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10 thoughts on “Meanwhile, back at the house price crash…

  • “‘We’d probably have had more viewings if we had dropped the asking price, but we know the flat is worth more than £320,000 and don’t want to put the asking price down if we could potentially get the full amount when things have improved in the market,’ she says. ‘We’re happy to wait it out for the next six to eight months.'”

    Totally clueless. The reality of our economic situation has not set in yet. Perhaps they will find an equally dim buyer but I doubt it.

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  • 15% off, they are having a laugh – I know of several EA’s who have re-priced some of the stock on their books at -25% and there is still no movement.

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  • mark wadsworth says:

    If they were happy to wait six to eight years, that would make more sense.

    I like this bit best: Sellers who rejected offers earlier in the year because they didn’t seem high enough may now be regretting their decision.

    Kicking themselves to death, hopefully.

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  • “her three-bedroom cottage in Marlow on the market last month for £750,000.”

    …..still living in lala land.

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  • Why putting your property on the market if it is not your intention to sell. I just dont get it.
    And why on earth are EA still overvaluing properties to get the business then moaning because the seller does not want to drop the price by 20% or more???? Not surprising, they are not selling much.Morons.

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  • the interesting thing in this is the number of estate agents willing to publicly talk the market down. this situation will really spiral because the one thing they all need now is volume of transactions. anything else and there’s gonna be mega job losses (over and above those that already happened) at estate agents. and the only way to get volume will be to reach prices where everybody feels there’s reasonable value and affordability. 10% off here, 10% off there…those reductions will do nothing for volume as potential buyers (like me) will all be worrying about recession, further drops and highly unstable interbank lending. there’s only one mortgage in the market whose rate is not set by the banks internal “funding costs”. think about that. i predict estate agents will all start absolutely slating the market. you’ll hear lots of words from them like “panic” that would have seemed unthinkable six weeks ago, let alone six months ago. the NAEA should send round a circular telling its members to advise aggressive mark downs citing the recession and slip a copy of it to the sun!

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  • I love the part about “priced in line with the cost of other cottages on my road”. Priceless quote. Sheer ignorance or greed has set in within the UK and some people are going to get a rude awakening. The truth is people are lagging the real drops in prices and therefore never sell, yet they wonder why.

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  • i know many properties that have been on the market now for 2 years + vendors live in a dream world, wait until HBOS/Lloyds merger goes through in Jan 09, huge layoffs…………………..then what will they do with no buyers, no money and overpriced assets that don’t make sense?…….

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  • Amazing that last 450 to 350… mouth watering even.

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