House sales hit new 30-year low (again)

tomstickland

It's become an interesting exercise on just how long people will hold on to unrealistic expecations. Rather than agree that prices were out of line and things were going to have to change eventually they think that if only the government could restart a lending bonanza then things could pick back up and continue forever.
It's a depressing lesson with the conclusion being that some people really are delusionally thick.

GDB2222

ad9898 wrote: »

:rotfl:I know you're takin the p*ss, I reckon they have probably put away about as much as our great leader, none.

I fear you are right. Our local area had 5 estate agents within 100m of each other. Now 3.

Also, the mighty Glentree Estates (who sell most of the houses in the area over £10m), have closed their offices for refurbishment and seem to be operating out of a portacabin.

ad9898_3

GDB2222 wrote: »

I fear you are right. Our local area had 5 estate agents within 100m of each other. Now 3.

Also, the mighty Glentree Estates (who sell most of the houses in the area over £10m), have closed their offices for refurbishment and seem to be operating out of a portacabin.

Oh dear, can't Ecclestone, Abramovich etc being happy doin business in a portacabin:D, and their offices are being refurbished, look out for a new Poundstretchers opening soon.

headcoat

Who actually puts the price on the house? The estate agent.....and he is the one that gains with high prices, so they slowly push them up bit by bit and people bite.

The banks profit from the high prices as higher mortgages are needed.

If someone says your house is worth £500K and you only paid £50K you'll love them and take their word for it your not going to argue with them and sell for £100K.

It needs the buyers to STOP paying ridiculous prices forcing a drop in prices.

Just my two penneth worth or in EA language "two grands worth"

penguine

headcoat wrote: »

Who actually puts the price on the house? The estate agent.....and he is the one that gains with high prices, so they slowly push them up bit by bit and people bite.

The banks profit from the high prices as higher mortgages are needed.

If someone says your house is worth £500K and you only paid £50K you'll love them and take their word for it your not going to argue with them and sell for £100K.

It needs the buyers to STOP paying ridiculous prices forcing a drop in prices.

Just my two penneth worth or in EA language "two grands worth"

EAs, banks, the government, sellers, MEWers all benefit from higher house prices so I wouldn't put the blame solely at the EAs' door but I like your idea that buyers have to just say NO to put an end to the madness. The past few months have shown that "house prices can only ever go up" is a myth, so hopefully a lot FTBs are thinking twice now before taking out a crippling mortgage to get onto the ladder.

chucky

From the link on the original post:

"The market has still yet to experience significant numbers of forced sales but surveyors are surprisingly optimistic that sales will increase over the next three months," said Rics."

Sounds good -

just shows that there may not be that many desperate sellers as portrayed. in addition it looks like the volume of sales will improve.

moanymoany

In February when our house was valued three EAs were in £10k of each other. The other gave a price 12% higher. I was amazed and the guy looked at me and asked me it it wasn't enough!

I asked him if he really believed we would get that much. No reply.......