Busy weekend for estate agents

tommy75

National bull week.

chaotic_j

Just had a look on RM and in my area out of 184 properties, 3 SSTC and 3 Under Offer.

I assume that SSTC doesn't necessarily mean they've paid the asking price?

One that is SSTC was one that I was looking at.. a 5 bed end terrace. I'm quite surprised it is SSTC given the fact that it needed a whole new heating system and boiler since thieves had broken in and stolen it, and also looked like it would benefit from a new roof, as well as bathroom etc..

The price was £125K.

I also haven't seen prices go down all that much. All of this talk of prices going down a lot, is that generally, or for the South only? (I live in the North-West where house prices have been historically cheaper..)

terrierlady

12 reservations this week in the new homes dept so yes things looking up lets hope this is the start of the normal spring surge due to ftbyrs returning to the market

lil'H

loads my way have gone under offer in last week. Clearly sellers are more realistic and buyers more motivated. Doesn't mean prices aren't dropping but things are selling at least. All the ones I'm referring to are on my watch list as I had viewed them before finding the house i'm buying, so not old ones that EA's are relisting either as someone suggested.

besonders1

It certainly gives sellers confidence that if they were prepared to lower their prices then they will get serious buyers. Although you won't see the offers until the appear on the land registry which can take months and EAs will never disclose the offer. I did see a couple of repos advertising offers which were almost close to 2007 prices. Then again as other have said many houses can alternate between "sold" and "available" so there could be a case of "panic offering" from worried buyers that may be taken in by EAs spin about house prices could rise again. Technically speaking anyone could "offer" on a house and many EAs don't verify that they have a mortgage approval.

Kez100

I do think the gvernments various stances on avoiding reposession and low interest rates if these policies continue will keep prices from bottoming out at a terribly low price. FTBs have to afford to buy that will be the key.not sure if any but the pretty wealthy are in that position quite yet.

I would have expected a lot of BTLs to have problems but I suspect the low interst rates are keeping the wolf from their door.

We wait and see. There was a whole raft of different problems last time and very few intervening policies to help.

confused31_2

There must be some truth in it, because usually you will have the same people posting a link from a month ago about houses not selling, they all seem to have gone very quiet.

You will have the odd one spout up, but they havent put any link with their comments as they must have had a look at right move themselves, and seen it in black and white.

The good thing is if it is picking up, historically january and february are the quietest times of the years for estate agent, so hopefully march, april and may it could be even better.

carefullycautious

I dont know if this helps but reading the Home magazine in the Sunday times it states that there are lots of expats selling up abroad and buying back in England as they get more of a bargain with the exchange rates.

confused31_2

Kez100 wrote: »

I do think the gvernments various stances on avoiding reposession and low interest rates if these policies continue will keep prices from bottoming out at a terribly low price. FTBs have to afford to buy that will be the key.not sure if any but the pretty wealthy are in that position quite yet.

I would have expected a lot of BTLs to have problems but I suspect the low interst rates are keeping the wolf from their door.

We wait and see. There was a whole raft of different problems last time and very few intervening policies to help.

I think the interest rates have helped a lot of people, as i know loads of people that if they would have put rates up they would have gone under, hopefully now they will be okay.

This could deifnately have a factor on whether people are going to be forced to sell, a lot of people predicted interest rates to go up and th people with 125% mortgages to go under, but the rate drop has helped these people.

Hopefully the rates will stay low for a few years so these people can get themselves into a better position.

carefullycautious

Also people may be worried about what is happening to their cash in the banks ie no interest and have decided that buying property is the way to go?