Is it just my area, or are there a huge number of new properties on the market?

nembot

Blacklight wrote: »

Love these threads.

"I reckon..."
"I've noticed round my way..."
"Round the corner from me..."

It's like everyone's little cul-de-sac is a barometer of the entire UK property market. Perhaps try adding some facts sometime.

Well, when it's happening across most of the country, the anecdotal evidence is far more convincing to me than words in black and white, printed by companies with billions at stake.

There are more homes for sale and it's beginning to filter into the media.

That's the supply & demand argument, right up the swanny

zappahey

nembot wrote: »

That's the supply & demand argument, right up the swanny

Could you elaborate on what you mean by that?

chucky

Doctor_Gloom wrote: »

I've noticed this in my local area too. I strongly suspect vendors know the next leg of the crash is just around the corner and are trying to bale out while they still can. The phrase "rats fleeing the sinking ship" clearly springs to mind.

from where i am it looks like it's the next leg up - Nationwide 1% up :eek:

the usual crowd believe that it is the case (minus Dopester of course - nuff respect to your solid principles)
carolt (27-04-2010), dopester (27-04-2010), rewired (27-04-2010), TD5 (Yesterday), torontoboy45 (Yesterday), treliac (27-04-2010)

Harry_Powell

One thing to consider is that if the Lib Dems get into power (i.e. via power share), they will be looking to remove the 40% tax rebate for higher earners and they will also be looking to increase capital gains in line with income tax.

Given this double whammy, many tax & investment experts are saying that it'll create a second housing boom as the middle classes pile into property - buying the largest home that they can afford to avoid Caps Gain Tax and BTL for the mortgage tax relief.

Really2

Harry_Powell wrote: »

One thing to consider is that if the Lib Dems get into power (i.e. via power share), they will be looking to remove the 40% tax rebate for higher earners and they will also be looking to increase capital gains in line with income tax.

Given this double whammy, many tax & investment experts are saying that it'll create a second housing boom as the middle classes pile into property - buying the largest home that they can afford to avoid Caps Gain Tax and BTL for the mortgage tax relief.

Don't forget adding Vat on to new builds also that is instant HPI.

Harry_Powell

carolt wrote: »

What, you think they're going to go from 'on sale' to 'sold' in 1 week?

Um, I think it's a pretty safe bet to say that's not going to happen, given I've never heard of the sale process taking less than a month from start to finish (bar auctions, which these aren't), and 3 months is, I believe, a more typical timescale.

The property we bought last year had a 'Sold' sign up within a couple of weeks, though it stayed at 'under offer' on the website for the duration. I queried the EA and he said it was standard practice (I dunno if that's standard practice in the industry, in Hayes or just in his shop) to put a sold sign up once the buyer's survey has been completed and nothing untoward has been discovered that would upset the deal.

Emy1501

chucky wrote: »

from where i am it looks like it's the next leg up - Nationwide 1% up :eek:

the usual crowd believe that it is the case (minus Dopester of course - nuff respect to your solid principles)
carolt (27-04-2010), dopester (27-04-2010), rewired (27-04-2010), TD5 (Yesterday), torontoboy45 (Yesterday), treliac (27-04-2010)

It takes months for Haliwide to catch up on any problems in the housing market. RICS is a much better indicator. Just look back to the summer of 2007. The market was in clear problems then but it was not till Nov that Haliwide caught up.

I think its safe to say April has been a real struggle for sellers in many areas. Whether this continues is another thing.

MrEnglish

carolt wrote: »

Loads of new ones on every day at the moment...

Obviously, it's spring, but I don't ever recall, in any of the last few years since I've been keeping a close eye on the market, this number of new-to-the-market properties coming on at once.

These aren't the same old coming on at marginally different prices - these are all new sellers.

Will be interesting to see what happens to them all post election - appears to be a case of cold feet pre-election; obviously none will sell beforehand, so we will have to wait and see...


Anyone else noticed the same trend?

I have noticed in North London more than ever the number of new houses coming to market.

If you type into RMove NW something and a few mile radius then check new properties last 7 or 14 days, there are more than ever.

I have been doing this for a while and there are more than I can ever remember at the moment.

Is this going to increase as prices continue to fall and people rush to sell before the big crash comes?

chucky

Emy1501 wrote: »

It takes months for Haliwide to catch up on any problems in the housing market. RICS is a much better indicator. Just look back to the summer of 2007. The market was in clear problems then but it was not till Nov that Haliwide caught up.

I think its safe to say April has been a real struggle for sellers in many areas. Whether this continues is another thing.

i'm not silly enough to think that one months mortgage approvals is going to tell us where the housing market is going...

i'm surprised that you're looking at the RICS data now. at least the Halifax virtually mirrors the Land Registry, so both indexes can't be wrong...

one thing RICS does tell you though... viewings are way down in the last 12 weeks, whatever anyone says this impacts the levels of HPI (up and down).

Harry_Powell

MrEnglish wrote: »

Is this going to increase as prices continue to fall and people rush to sell before the big crash comes?

Can anyone please tell me how this bit of logic works? It's spouted by a lot of the bears (dopester, et al) and yet none explain how a significant amount of home owners (significant enough to cause a double dip) are going to 'cash in' on the recent HP rises.

How do they 'cash in'?

Or do the bears expect us to believe that the only people who will be selling their houses over the next 12months will be BTLers disposing of assets, debt strapped repo-monkeys and downsizing retirees?