No, that's completely wrong.
It's down 3.1% over the whole country in one quarter which is the largest first quarter drop on record.
House prices..
- Thread starter fendi
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No, that's completely wrong.
It's down 3.1% over the whole country in one quarter which is the largest first quarter drop on record.
Can I ask which estate agent you work for?
I'll be looking east of Hull, didn't know which areas you'd deal with.this is exactly what i am saying. its the same for me down in devon! Spit sorry to single you out but it seems to be only you and myself that are estate agents on the board, have you found that there has been a decrease in non-proceedable purchasers?
yet sales have stayed relatively good!
again, you have said the same as me, that its very much media hype, and it makes good news!
do you think the media have a large part to play in what happens with the property market?
the fee's for our agency have always stayed the same, valuing a property years ago used to go on square footage, this is different now! its all done one comparisons. this is the EXACT same way that surveyors value a property when caring out a mortgage valuation!
sorry if none of this makes sense, i have just got in after a shocking night out and im very very ****** off!
Its because endowment mortgages were very popular back then. In fact many people were MIS-sold them and have since been paid thousands in compensation by the banks and building societies. An endowment mortgage was interest only but you took out a seperate assurance policy which was supposed to grow to cover the repayment of the capital at the end of the term. The reality was that many fell way short.
Vendors set the prices. Estate agents simply agree to get the property on the market (on their books) in the first place. Generally a contract will be for three months, during which an estate agent will attempt to get the asking price down. They will say something like "Ok we'll try it at that price for a couple of weeks, and then see how much interest you've had".
I see a lot of 3 bed houses in my area come on the market at around 275-280k and then see six months later that they sold for 250k, which was all they were ever worth. The estate agent gets the sale at 250k so they're happy, it's just cost them time and effort to get the price down to what they would have advised in the first place. The press would have you believe that's about a 10% drop. Really?
Every vendor thinks their house is worth more than the identical one down the street. Greed was the driving factor, not the estate agents.
hit the nail on the head!
when we send out a valuation letter (once the valuation has been carried out etc) we always put that we are open to vendors suggestions and if they would like the property to be marketed at a higher price then this is fine!
its not all greedy estate agents. its greedy vendors!
Agree 100%. Vendors have pushed the market up. Dont forget that at 1% commision we get £10 extra for every £1000 increase. Hardly worth overvaluing for!
Nicely presented houses in good locations are doing fine thanks.
Can I ask which estate agent you work for?
Help2move. me and my girlfriend run it.
Soldato
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And he portrays himself as a clued up expert. I rest my case if he can't even read a RICs report properly.
But the reason I hate the media for is this reason:
I get the reason the same as you. Its the general public that seem to view a crash as a certain date looming that we all have to suddenly reduce our prices by 15% regardless of value or location. They seem to hang on then waiting for this date, its weird. They talk of it like that to me and I try to explain the process for them. The so called house price crash is a gradual development over time of overvalued houses in less than desirable locations readjusting to reality.
The comment I made was regarding a post I miss read! I don't even bother Reading the reports it ****** me off far to much! All I am doing in this thread is saying my thoughts on the Market in my area! Please do not **** me off for my thoghts all I did was miss read the other post!
End of the day you obviously can see the future so I bow down to you sir
Edit. Have I ever said I'm a expert? No!
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this is the same with this thread! I'm getting annoyed with it now!
Aha, I've looked you up. You've got nothing where I'm looking though at the moment, but it might be useful to speak to you in future
so are the media not just undoing what they did in the first place when they reported 10+% rises every year and told everyone to buy property which ramped up the prices of houses in less than desirable locations
didn't recall any estate agents moaning about the media then
Maybe not, but why should there have been?
A typical Estate Agency fee would be in the region of 1%-1.5% of which the actual salesman would get a small proportion of that. Work that out for yourself.
Therefore, I don't understand what point you're making.
As I do recall, there was lots of moaning from the "General Public" along the lines of "How am I going to buy a house when the prices keep going up and up?" Now that prices are coming down (apparently), the "General Public" is still moaning.
What's the common denominator? The Press? The Public? Our thrifty Government?
Or is all still the fault of the Estate Agent?
Maybe not, but why should there have been?
A typical Estate Agency fee would be in the region of 1%-1.5% of which the actual salesman would get a small proportion of that. Work that out for yourself.
Therefore, I don't understand what point you're making.
As I do recall, there was lots of moaning from the "General Public" along the lines of "How am I going to buy a house when the prices keep going up and up?" Now that prices are coming down (apparently), the "General Public" is still moaning.
What's the common denominator? The Press? The Public? Our thrifty Government?
Or is all still the fault of the Estate Agent?
I'm not blaming the estate agents, I just find it funny that people blame the media for house prices falling/recessions but don't say anything about the media during the good times
Ahh. Ok, I see what you mean.
The problem with the Press and the Public though, is that "No news is good news". During the good times the emphasis is on the unaffordability of houses, and during the bad times it's on the unaffordability of houses!
Ouch, this is looking a little scary now.
Just been having a look at the figures from Nationwide.
That 4.4% fall comprises of a 2.4% rise in 5 months and then a 7.2% drop in the 7 months since the peak.
Basically, prices have been falling at an annualised rate of 12.6% since the peak.
On that basis I would expect to see year on year falls of more than 10% come October of this year.
Wow, that's faster than pretty much anyone has been suggesting.