How Far Will House Prices Fall? [Volume 6]
Discussion
Jobbo said:
V6Alfisti said:
There was a little spurt of 5 homes going right at the start of January near me, 2 are already back on the market.
Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.
Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.
Surely that's something you could take advantage of - must be the time to strike rather than trying to call the bottom of the market? You aren't buying the whole market, you're only buying one house after all.Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.
Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.
Jobbo said:
urely that's something you could take advantage of - must be the time to strike rather than trying to call the bottom of the market? You aren't buying the whole market, you're only buying one house after all.
Indeed, just need something I want. I know offers are going in much under asking at the moment and being accepted. Just keeping an active eye open.Shnozz said:
I think we’ve all established V6 will never consider it the right time to buy and consistently makes more money with his investments than his rent costs him.
That is still the case, but now we are more settled/have a less mobile job - different life priorities...so it makes sense for me now given many factor, albeit maybe dissapointing to the limited Pistonheads crew who think the only way to enjoy life and grow money is lock yourself into property regardless of personal circumstance. Clearly I disagree 
Shnozz said:
Jobbo said:
V6Alfisti said:
There was a little spurt of 5 homes going right at the start of January near me, 2 are already back on the market.
Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.
Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.
Surely that's something you could take advantage of - must be the time to strike rather than trying to call the bottom of the market? You aren't buying the whole market, you're only buying one house after all.Everything else is getting reduced in £50-100k chunks and nothing sold in last 2 weeks, with a few interesting but no stand out properties coming on at my level.
Seems really quite slow given the news focus on mortgages, which interestingly now seem to be creeping back up due to the inflation news. Uncertainty seems rife.
Professional house price crasher
G-wiz said:
What's the strategy, here? On the market for 10 months and then reduce by only 2.4%, Does not compute:
https://www.zoopla.co.uk/for-sale/details/64071021...
My eyes!!!!https://www.zoopla.co.uk/for-sale/details/64071021...
Someone teach them how to hang a picture straight.
The Ferret said:
G-wiz said:
What's the strategy, here? On the market for 10 months and then reduce by only 2.4%, Does not compute:
https://www.zoopla.co.uk/for-sale/details/64071021...
My eyes!!!!https://www.zoopla.co.uk/for-sale/details/64071021...
Someone teach them how to hang a picture straight.
Kitchen wall near ceiling, next to door. Optimal :hehe;
Mr Whippy said:
That one is weird… anyone mentioned the radiator positioned like a picture on a wall?
Kitchen wall near ceiling, next to door. Optimal :hehe;
I did notice that Kitchen wall near ceiling, next to door. Optimal :hehe;
Given its location and the fact its not much bigger than the air fryer sat underneath, I'm not sure how effective that would be.
Also the caulking in the corner of the WC. Applied with a mortar gun and smoothed off with King Kongs finger.
Might be relevant from the the secondhand price car crash thread, money supply continues on a downward trend
https://tradingeconomics.com/united-kingdom/money-...
https://tradingeconomics.com/united-kingdom/money-...
I'm wondering how much of the market falls have been due to incompetent estate agents.
Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
skwdenyer said:
I'm wondering how much of the market falls have been due to incompetent estate agents.
Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Check the local Golf club or Rotary club - wouldn't be surprised to find a common denominator!Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
The only rational explanations I can think of are:
1) The agent is in cahoots with the buyer.
2) The agent is absurdly lazy.
3) The agent is thick as mince.
4) The agent thought a bird in the hand was worth two in the bush, and only with the benefit of hindsight was the extensive delay clear.
1) The agent is in cahoots with the buyer.
2) The agent is absurdly lazy.
3) The agent is thick as mince.
4) The agent thought a bird in the hand was worth two in the bush, and only with the benefit of hindsight was the extensive delay clear.
Whilst Occam's razor does apply, we put an offer in of £lots on a property a couple of years ago and it was accepted.
After the three big issues highlighted in the survey had been priced the vendors refused to negotiate, but had they done so then the price would have dropped by about £100k.
Anyone else that had been looking to buy it would have ended with a similar view to the OP.
After the three big issues highlighted in the survey had been priced the vendors refused to negotiate, but had they done so then the price would have dropped by about £100k.
Anyone else that had been looking to buy it would have ended with a similar view to the OP.
It's fairly straightforward. EAs are paid on commission for a sale. Say 1% for example on a £500k asking price. The EA just wants his/her money. The buyer chips the price 10% from the asking price, the EA will still get £4.5k if it goes through, the EA has no incentive to go back to the seller and propose other buyers to get the seller the extra money, because the EA would have to wait longer and do more work just to gain £500, much easier to plough on with the deal in progress even if it means the vendor loses out. EAs are absolutely not on the side of the vendor.
M1AGM said:
It's fairly straightforward. EAs are paid on commission for a sale. Say 1% for example on a £500k asking price. The EA just wants his/her money. The buyer chips the price 10% from the asking price, the EA will still get £4.5k if it goes through, the EA has no incentive to go back to the seller and propose other buyers to get the seller the extra money, because the EA would have to wait longer and do more work just to gain £500, much easier to plough on with the deal in progress even if it means the vendor loses out. EAs are absolutely not on the side of the vendor.
Exactly this - set out very clearly in Freakonomics a couple of decades ago. If the agent gets the sale through eventually they’ve still done the job. Who is to know the second in line wouldn’t faff about or chip the price too?
Jobbo said:
M1AGM said:
It's fairly straightforward. EAs are paid on commission for a sale. Say 1% for example on a £500k asking price. The EA just wants his/her money. The buyer chips the price 10% from the asking price, the EA will still get £4.5k if it goes through, the EA has no incentive to go back to the seller and propose other buyers to get the seller the extra money, because the EA would have to wait longer and do more work just to gain £500, much easier to plough on with the deal in progress even if it means the vendor loses out. EAs are absolutely not on the side of the vendor.
Exactly this - set out very clearly in Freakonomics a couple of decades ago. If the agent gets the sale through eventually they’ve still done the job. Who is to know the second in line wouldn’t faff about or chip the price too?
The EA may not in reality be on the side of the vendor, but I’m pretty certain the Estate Agency Act is still in force… but since we don’t actually enforce regulations…
classicaholic said:
skwdenyer said:
I'm wondering how much of the market falls have been due to incompetent estate agents.
Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Check the local Golf club or Rotary club - wouldn't be surprised to find a common denominator!Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Jobbo said:
M1AGM said:
It's fairly straightforward. EAs are paid on commission for a sale. Say 1% for example on a £500k asking price. The EA just wants his/her money. The buyer chips the price 10% from the asking price, the EA will still get £4.5k if it goes through, the EA has no incentive to go back to the seller and propose other buyers to get the seller the extra money, because the EA would have to wait longer and do more work just to gain £500, much easier to plough on with the deal in progress even if it means the vendor loses out. EAs are absolutely not on the side of the vendor.
Exactly this - set out very clearly in Freakonomics a couple of decades ago. If the agent gets the sale through eventually they’ve still done the job. Who is to know the second in line wouldn’t faff about or chip the price too?
Louis Balfour said:
classicaholic said:
skwdenyer said:
I'm wondering how much of the market falls have been due to incompetent estate agents.
Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Check the local Golf club or Rotary club - wouldn't be surprised to find a common denominator!Here's an example. In June 2022, we put in an offer on a one-of-a-kind property in the Dales with views to die for. We offered over asking, and were one of two bidders. We were told at the time that we lost out not because of our bid (which was said to be similar to the other), but because the other was a cash buyer. We were proceedable, with no chain, etc. We made it clear to the agent that we would be keen to step in if the other bidder became an issue.
Never mind.
Last week, out of interest, I checked the Land Registry. The sale did not complete until May 2023, and did so at a price substantially below our offer. Not only did the "cash buyer" take 11 months to complete, they seem to have been allowed to negotiate a very sizeable discount (12% - not small) to boot.
At no time were we contacted by the agents to check if we were still interested, could proceed, and so on. For much of that time we would absolutely have been willing to step in.
I can't help but imagine the agents have served their vendor badly here. So I started looking at other properties, and saw a surprisingly consistent pattern, over several years, of properties closing significantly below what I knew the bid levels to have been.
Whilst I realise that a "shrewd negotiator" of a buyer will feel happy to have gotten a >10% discount post-handshake, it does seem as if there's something odd going on here. Why on earth would an agent not have a quick ring-around to see if there was still interest at the original price?
Louis Balfour said:
More likely the survey flagged issues.
We had a belter of a situation a couple of decades ago. We went to look at a house for sale. Due to the level of interest they did an open morning. Lots of people. Popular location etc. We were by far the youngest couple, no kids etc. we offered the asking and were surprised to have our offer accepted by the elderly vendor who was moving abroad. I had a structural survey done which found the house needed significantly underpinning as it was on the side of a steep hill and the walls were showing signs of movement. I went back to the EA (Halifax) and gave them the report. The EA said they would speak to the vendor. Next day got a call saying the vendor would sort everything out and the sale was still on. A week after than I got sent a written invoice from some builder for £1200 as proof all the works to correct the structural issues had been completed (I think this is why the vendor chose us ‘young guns’ to sell to). Obviously this was not great so I went back to the Halifax and explained we would withdraw our offer. The EA was shocked by this, and when I explained that we were advised by the engineer it might cause an issue with a mortgage (we were with the Halifax lol) the EA was having none of it. It went back on the market and sold some time later. To be fair, it hasnt fallen down.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff