Tuesday, February 10, 2009

RICS report: no bounce in sight but buyers lining up

Number of properties sold slips to lowest level in more than 30 years

Jeremy Leaf, a spokesperson for RICS, said: "The latest survey provides further evidence of the eagerness of buyers to try and pick up bargains. This interest has yet to translate into sales but transactions may pick up in the coming months." The RICs survey indicated that house prices continued to fall in January, with the proportion of surveyors reporting a fall rather than a rise in house prices increasing from 73.9 per cent in December to 76.3 per cent last month. It blamed depressed prices on “the large stock of property on estate agents' books relative to the pool of able buyers”. The number of unsold properties per agent fell from 77.9 to 75.4 in January as owners chose to avoid selling for as long as possible or to withdraw properties from the market and let them instead.

Posted by mountain goat @ 09:17 AM (1239 views)
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20 thoughts on “RICS report: no bounce in sight but buyers lining up

  • Apparantly………………….. the dead cat …………………………….is…………………………………..dead .

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  • Interesting that they mention “the large stock of property on estate agents’ books relative to the pool of able buyers”. Finally I understand the fall in housing prices and rents: we have a people shortage!

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  • it_is_going_with_a_bang says:

    “Failing to improve the housing market”

    Well, that really depends what your looking for. Personally speaking it’s improving daily.

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  • My view if that the so called interest and eagerness of buyers is really an attempt by Mr Joe Public to see just how bad the situation is. Transactions may of course pick up and profits may yet be realised. Now where did I hear that before ?

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  • I have a friend who has sold to rent. He has started visiting estate agents a couple of times a week, arranges viewings on houses that are on the market around £500K, and then makes offers around £300k .

    There’s your increased interest and activity for you!

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  • it_is_going_with_a_bang . Plainly it is.

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  • pdoff – if I had the time, that is exactly how I would spend my weekends! Sounds like fun.

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  • mark wadsworth says:

    “This interest has yet to translate into sales”

    Classic!

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  • Anymore estate agents going bust? That always makes good reading.

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  • [email protected] – yeah but “transactions may pick up in the coming months” don’t forget that…

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  • japanese uncle says:

    Such is the mesmerizing aftereffect of housing bubble. People cannot believe the spectacular collapse of the house market, thus do not want to know how much their properties are worth really. The sooner the better for those wish to sell, though. In two years house price will be half the level today. 85% from peak in London, 75% in Edinburgh and 65% elsewhere will be the unfortunate and inconvenient truth.

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  • Inflation Is Eating My Savings says:

    pdoff- I have been trying this recently, but not at those obnoxious levels of discount!
    Offering 30ish percent off. Do it in a very nice way. No fish bite though. I have switched to not making offers, but just saying I’d really like the property, but in this climate, the seller needs to be more realistic about prices. And I don’t want to offend anyone. The agent responds with “well Scottish prices aren’t going down by as much”. I respond with “why, do Nationwide lend more to Scottish buyers?”. She replies with- I speak with my client. That is usually the end of it.

    Explaining this typical scenario to joyful homeowners (friends and asssociates) makes them scowl. I’m not sure if I should make them scowl or just sit smugly.
    Most of them seem to think we are at the bottom now.

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  • Ha Ha 85% drop! dear oh dear.
    There is no way that will happen, there will be too many buyers for those levels, do me a favour.

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  • Japanese Uncle at 11 …. your bear predictions are becoming increasingly clear.

    What do you think will hapen to:

    A. Interest rates in Japan
    B. Property prices in Japan
    A. The Japanese economy as a whole

    My interest is purely based on the fact that it is still, currently, the second largest on the planet.

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  • japanese uncle says:

    sw:

    A. Japanese banks are addicted to low IR regime, ie they cannot make money under the proper competitive environment (UK banks will be addicted likewise if BoE’s criminal low IR regime continues). In view of their potential loss and suffering in the current financial turmoil, BoJ is expected to continue current near-zero IR regime, let alone concern for the well-being of the major exporters under the current JPY appreciation.

    B. Property prices in Japan are yet again collapsing spectacularly, not to the extent as expected in UK

    C. Japanese economy is absolutely gloomy, for the two reasons. One is the sudden death of the export market (not least US) and the other is the fragile domestic market demand due to the quickly disappearing middle class as pillar of consumption thanks to the stupid and criminal structural ‘reform’ of the economy as pushed by the Wall Street financial vampires for the last few years, in which the rich has got stinkingly richer like Horiemon (criminal punk ‘entrepreneur’) making world’s easiest billions by window-dressing, who is now struggling (in vain) to escape jail in court of law though, while vast majority is suffering poverty. I do hope this trend will be reversed, particularly because of the latest scandal in the privatization of Japan Post business. Japan Post was about to sell out its properties at an exorbitantly cheap prices to ORIX under the influence of Merril Lynch, which is being proved to be another case of nasty corruption. People are beginning to realize whole lot of ‘privatization’ is nothing but a scam, just benefiting US investment banks and their minions like Heizo Takenaka (former minister in charge of financial affairs).

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  • mark wadsworth says:

    @ Will, a large-ish chain round my way called Churchill Estates apparently closed a lot of offices recently, but that’s anecdotal and not reported online.

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  • JU, thankyou for your views and opinions and quick response. Interesting and candid as they usually are.

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  • I went to see a house in January. However, it wasn’t worth anywhere near the asking price. In fact, I’d have only wanted to offer about 50%-60% of the asking price. As they were a pleasant family, I couldn’t be bothered making an offer as I didn’t want to be the one who smashed their illusions. I suspect this will remain the status quo for a couple of years yet until sellers get a reality check on what buyers will pay.

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  • Chigau said…
    Ha Ha 85% drop! dear oh dear.
    There is no way that will happen, there will be too many buyers for those levels, do me a favour.

    – oh really?
    Even if interest rates increase pushing more people into forced sales and other people see no benefit to holding on to their ever decreasing asset, for which they are paying through the nose?
    Never say never. Japanese uncle is a veteran hpc blogger who has proven over and over to make logical predictions which turn out to be pretty accurate.

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  • Chigau @ 13….

    The banks have broken the bank (!) as it were. They have spent/lost all the money. Even Gordy’s prining presses cant save the Titanic now.

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