Less houses comimg to market!

lostinrates

Fewer houses coming to market is surely what has been expected? Threre are also fewer sales than recent history would suggest is normal: everybody is wary. If some of the increased enquiries convert to sales than more potential vendors might feel encouraged to put their properties on the market.

carolt

chucky wrote: »

hahaha - that was a quick back track, you were quick enough to quote their April release this morning :rotfl:
http://forums.moneysavingexpert.com/showthread.html?t=1682837

Sorry - think you missed my point.

That was exactly what I was referring to.

baileysbattlebus

carolt wrote: »

Oh of course it is.

I had noticed less supply round my way.

But nothing selling either, and I'm not currently looking to buy.

So fine for everyone - except estate agents, obviously.

Bit of a problem for them.

Oh and surveyors - maybe that explains this morning's desperate attempts at 'green shoots' growing out of a pile of poo.

I posted this on 8th April 2009 - this is the area where we live.

17 out of 62 properties sstc or under offer within a 1/2 mile of our house.

Within 1 mile it is 153 and 48 sstc or under offer

.

today
immediate area
94 out of 210 properties sstc - I didn't post the immediate area in April - there were so few houses for sale it wasn't worth it.

with in 1/2 mile
156 out of 376 properties sstc

within 1 mile
307 out of 740 properties sstc.

Figures taken from Rightmove - as were the April figures.

There has been quite a change from a month ago - both in the number of properties on the market and the proportion of those sstc. I know sstc doesn't mean the property has sold. But there certainly seems to be an awful lot more activity than there was even a month ago.

I'm quite shocked at the change actually - though there is a house around the corner from us which was sstc in April - fell through - went back on the market and was sstc within 2 weeks.

We can't be the only area seeing changes like this.


It must be the spring bounce.

penguine

So if the new HIPs have caused a decrease in the number of houses coming onto the market -- does that mean that those who are putting their houses on the market are more serious about selling? I'm thinking it would deter those who might speculatively market their property, just put it up for sale to see what they can get for it and if any offers they like come through then they go ahead and sell. Whereas those who really want to or have to sell are going to go ahead regardless of the HIPs.

Thrugelmir

baileysbattlebus wrote: »

It must be the spring bounce.

Our immediate neighbours put their house on the market in early April 2008. As they wished to move to get their daughter into a better school for the autumn term.

They finally completed a sale just before Easter this year.

Problem was, they perceived their house to be worth more than people offered. Was under offer 3 times before getting the final agreed sale. As property is in short supply in our locality seemed if people made an offer to reserve the house whilst still looking and didn't actually progress the purchase further.

So their spring bounce went very flat..........

the_ash_and_the_oak

agree w some of the above fwiw. feeling policies right now are reducing supply (particularly forced saled) to try prevent large falls early in the game. should work ok in short term (still expecting to see smaller falls in 2009 imo - despite Mays slightly larger fall) - not really expecting to see larger falls until supplies increase tbh - not really feeling we're near that point so much. Prob see the forced or distressed sales spread over a longer period imo - mostly postponed for now

the_ash_and_the_oak

still feeling there's plenty places to live at least - so not expecting too many to go without imo

dopester

the_ash_and_the_oak wrote: »

agree w some of the above fwiw. feeling policies right now are reducing supply (particularly forced saled) to try prevent large falls early in the game. should work ok in short term (still expecting to see smaller falls in 2009 imo - despite Mays slightly larger fall) - not really expecting to see larger falls until supplies increase tbh - not really feeling we're near that point so much. Prob see the forced or distressed sales spread over a longer period imo - mostly postponed for now

You really can't snap out of this thinking can you. You are so wrong.

Supply needs to increase to see larger falls? :rotfl:

Millionaires row near us. If there is just one house for sale there, and that one seller reduces their asking price to £900,000 to try and find a buyer, and eventually someone offers £850,000 which the seller accepts

---

it brings down the market value of all the other houses in the row.

Conversely, for prices of assets to fall, it takes only one seller and one buyer who agree that the former value of an asset was too high. If no other bids are competing with that buyer's, then the value of the asset falls, and it falls for everyone who owns it.

If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to disagree with their price.

dopester

StevieJ wrote: »

If fewer sellers there is less competition, are you saying that less competition reduces prices I think we are going to have to amend those economics text books

I think that just because someone sells at a discount does mean that other properties will fall in value, ever heard of 'priced for a quick sale'
BTW, I have seen house sell 20% under perceived MV and then the next one sold for 20% more (recently).

A clever counter-attack with your first part, Stevie.

People competing for the "limited supply" (checks Rightmove) are finding it tougher to get a mortgage, job and pay outlook increasingly negative, worried about their existing debt levels, want to find better value for their money.

Many sellers willing to take lower prices to trade down, and bank pension money. Not all sellers demanding top price, even though many would like it, and many others need it. Lots of people want to sell and are lowering their asking prices to try and find buyers. Check Rightmove.

Priced for a quick sale. That is the value. A quick sale still takes time, and need to find a willing buyer when there is less money about. It brings down the value of all other homes.

We're talking the big market overview here, which covers the main descent, which plays out over months and years.

Graham_Devon

Stevie, I'm going to organise a little collection for you.

Would you all have a root round the house for some straws, now matter how big or small, so we can give Stevie some more to clutch on to?

Many thanks for your generosity.