Sunday, Sep 27, 2009

More than half a million homeowners have been trying to sell their property for longer than 6 months

FT: Homeowners struggling to offload property: survey

A survey by the website that aims to match property buyers and sellers, discovered that 555,000 people had been trying to sell their homes for more than half a year, while 370,000 had been doing so for more than a year. The total current value of property on the market for six months or more is estimated at £86.5bn, with £57.6bn of that being on the 'for sale' list for at least a year, it said.

Posted by jack c @ 06:05 PM (2451 views)
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36 Comments

1. paul said...

Can anyone help these people? Does anyone know any secrets to securing a sale from the buyers in this climate?

Sunday, September 27, 2009 07:02PM Report Comment
 

2. hpwatcher said...

Can anyone help these people? Does anyone know any secrets to securing a sale from the buyers in this climate?

The sellers believe that the UK is in recovery and won't drop their price...simple as that.

Sunday, September 27, 2009 07:09PM Report Comment
 

3. jack c said...

The secret is to drop the price making the property more affordable to a greater number of prospective buyers - please keep this confidential information within the confines of this site - if the secret gets out I dont want to be responsible for a major slide in the price of UK residential housing (LOL)

Sunday, September 27, 2009 07:26PM Report Comment
 

4. alan_540 said...

paul - the secret is for them to stick to their asking price and wait for the offers to come rolling in as the market continues it's recovery apace.

Sunday, September 27, 2009 07:41PM Report Comment
 

5. hpwatcher said...

paul - the secret is for them to stick to their asking price and wait for the offers to come rolling in as the market continues it's recovery apace.

Yes, they are determined and believe that it's only a matter of time before the boom continues......but the bigger they are, the harder they fall - it's just getting underway - very tough times ahead.

Sunday, September 27, 2009 07:45PM Report Comment
 

6. mark wadsworth said...

Good find. This chimes in with the overall picture, i.e. Rightmove claims to have 650,000 properties for sale; there were 700,000 total sales in the last twelve months; and the number of properties coming up for sale exceeds the net number being bought (i.e. the gross number is all sales, but you can net off people selling one and buying another) is down to 200,000, so stock of unsold and time on market (which is on average a year) are building up and up.

When will the expression "pent up supply" become more widely used than "pent up demand"?

Sunday, September 27, 2009 07:48PM Report Comment
 

7. Eternal Sceptic said...

There are a lot of numpties out there that seem convinced everything is ok. No doubt harsh reality will strike after the election, when crash gordo and his cronies are sent packing.

Sunday, September 27, 2009 07:50PM Report Comment
 

8. fubar said...

It's the recovereh in action. So many people sitting on so much debt haven't the first clue how simple market economics works. It's enough to make you proud to be British.

Sunday, September 27, 2009 07:53PM Report Comment
 

9. mander said...

By now the cash rich buyers have already bought a property and we will be talking a recovery in this form: VL
We need to move on. Property is not everything to our economy. Property depression is good.

Sunday, September 27, 2009 07:56PM Report Comment
 

10. happy mondays said...

@ 4, The secret is the Emperor has no clothes..

Sunday, September 27, 2009 08:12PM Report Comment
 

11. alan_540 said...

Can someone post the "Lifecycle of a bubble" chart? I suspect that we're at or near the top of the "return to normal" stage... next stage "fear" as the next led down begins... when this happens the wider market might start taking a HPC more seriously.

Sunday, September 27, 2009 08:17PM Report Comment
 

12. stillthinking said...

Apart from Tunbridge Wells, the most popular destination for Europeans looking for 6 months residency and friendly UK bankruptcy laws.

Sunday, September 27, 2009 09:05PM Report Comment
 

13. jack c said...

mark wadsworth - I thought you might like this one (fits in nicely with the number crunching you conducted last week alongside Uncle Tom)

Sunday, September 27, 2009 09:08PM Report Comment
 

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19. mark wadsworth said...

@ jack c, thanks. Hopefully Uncle T will read your comment and mine.

Sunday, September 27, 2009 10:00PM Report Comment
 

20. fubar said...

alan 540,
It's here;
http://www.housepricecrash.co.uk/images/bubble-lifecycle.gif

http://www.housepricecrash.co.uk/images/bubble-lifecycle.gif

Sunday, September 27, 2009 10:04PM Report Comment
 

21. fubar said...

[img]http://www.housepricecrash.co.uk/images/bubble-lifecycle.gif[/img]

Sunday, September 27, 2009 10:09PM Report Comment
 

22. fubar said...

I give up.

Sunday, September 27, 2009 10:10PM Report Comment
 

23. jonb said...

The secret is to price your property sensibly. If you do, it will be snapped up within weeks. You might even get a bidding war as there is a severe shortage of sensibly priced property on the market at the moment. There are a lot of properties on the market for higher than 2007 prices, and those are not shifting because they are too expensive.

Sunday, September 27, 2009 10:11PM Report Comment
 

24. Smasheroonie said...

lol.

Sunday, September 27, 2009 10:15PM Report Comment
 

25. jackas said...

Those of you reading the thread the other night will know I'm giving in and buying a house.

I registered interest in a property around 3.30pm on Thursday on Rightmove. I got called at 3.40 pm by the local agent, but I missed the call. Those of you familiar with the Vendor Performance index leading indicator will know whether that is a good or bad sign for the market. (common sense can also be applied)

The agent also called me Fri and Sat, both calls unfortunately I missed. I can't bring myself to pick up the phone and talk to an estate agent, because they might start telling me about the green shoots of recovery, and how this is a perfect time to buy. I think that would send me postal.

Sunday, September 27, 2009 10:53PM Report Comment
 

26. crunchy said...

18. jackas

When you feel the need to ring an agent that many times, it's time to buy your new home.

Look at it on the bright side. Finding that (just right) place may take some time.

Monday, September 28, 2009 12:00AM Report Comment
 

27. dgj said...

Would a house sell if it was priced at £10k no doubt it would without a problem, no matter how large or small...

My point is that every house will sell at the right price but as hpwatcher people are deluded into thinking that house prices only go up. I know of people who couldn't afford to pay for their yearly estate agent fees so took their house off the market after not getting a single viewing....

Another person I know has all their money tied up in their house and can barely afford the mortgage repayments but will not drop the price....

It comes down to people don't want to make a loss so they hold back until they have no choice...

Monday, September 28, 2009 01:15AM Report Comment
 

28. krustyatemyhamster said...

Forced sellers v Forced buyers

Forced buyers are rare as they need to put down a substantial wodge of cash. Unforced buyers with large piles of cash that don't want to miss the boat are getting rarer. BoMAD willl need a bail out soon. The mortgage lending criteria being applied at the moment looks likely to stay the same for years. Therefore (increasingly desperate) forced sellers will dominate the market for a long time yet.

Monday, September 28, 2009 06:56AM Report Comment
 

29. smugdog said...

I had an in depth discussion with Pu, my Estate Agent mate this weekend. Inundated with work and cannot cope with the demand for their services. Now actually selling the properties once on the books is another story. Too many properties and so few buyers can mean only one thing, the autumn rush is just around the corner!, or is it?

Monday, September 28, 2009 08:06AM Report Comment
 

30. tyrellcorporation said...

Palpable softening of the market in Exeter. We did have a mini-boom in the Spring and again in August/Sept but this IMO was driven by cash-rich downsizers buying to get little Byron and India into the good local schools. 3/4 bed houses are insanely priced now and I can honestly say asking prices for these properties have leapt by about 15% this year :(

Exeter is slowly being Londonised; we now even have Ferrari/Aston Martin dealerships FFS! The single biggest indication that I'm about to be priced out forever though is that Carluccio's is opening in the city centre today. At fricken last the Boden mums have somewhere civilised to sip their white wine!!!

Do I sound bitter? LOL.

Monday, September 28, 2009 09:11AM Report Comment
 

31. uncle tom said...

Jack/Mark,

I'm not sure which bits you're hoping I'll comment on - have they been deleted?

Our site moderators have been on a bit of a deleting spree - I'd be happier if they stopped hiding in the shadows..

Monday, September 28, 2009 09:20AM Report Comment
 

32. greenshootsandleaves said...

paul @ 1 'Can anyone help these people? Does anyone know any secrets to securing a sale from the buyers in this climate?'

Well, why not increase the asking price every month by, say, an average of 0.2 to 1.8%? Won't secure a sale but should produce a few encouraging headlines. Honestly, I don't know where I get 'em from.

Monday, September 28, 2009 10:11AM Report Comment
 

33. mark wadsworth said...

@ Uncle T, the thread makes sense without the deleted comments, these findings are also questionable in their precision but the overall picture is pretty clear - there is huge "pent up supply".

Monday, September 28, 2009 10:16AM Report Comment
 

34. Mrperegrination said...

In my area the market is about to get hammered. We are looking for a new place to live because the landlord has decided to sell but there is virtually nothing coming on to rent. As soon as a tenant leaves people put the houses up for sale. This has started to happen in the last couple of months as everyone sees the market 'improving'. Just had an interesting chat to our receptionist who owns a number of houses (yes, you heard me right - receptionist) asking if she had anything to rent. She is selling as soon as the leases come up and she mentioned her friend had a number of houses she rents but "unfotunately she is doing the same thing and will be selling them instead of reletting". Finding a place to rent around here (south east) is going to hurt but there are going to be a hell of a lot of houses coming on for sale just as winter arrives. I expect that will make house prices go through teh roof or something....

Monday, September 28, 2009 10:20AM Report Comment
 

35. letthemfall said...

tyrellcorp
You have my sympathy. I can happily imagine living down in the SW, away from all the odious trappings of affluence that one has to endure daily here in Surrey. But it seems half of Surrey has bought second homes or retired down there, so that I would find I was living in Surreyvon or Surreywall. It'll have to be the North.

Monday, September 28, 2009 10:30AM Report Comment
 

36. uncle tom said...

Mark,

That there is excess supply is beyond dispute. That the situation is getting worse rather than better can be demonstrated beyond all reasonable doubt.

The 'shortage' word is being parroted by the VI's without any serious evidence to back it. There will always be a shortage of certain types of property in certain locations, this year's dearth becoming next year's oversupply, and vice versa. However, from a macro perspective, there clearly isn't a shortage nationally, or even regionally.

The only legitimate use of the word shortage at the moment relates to the supply of property that is competitively priced - and there's only one way to correct that..

Monday, September 28, 2009 10:46AM Report Comment
 

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