Number of Houses for Sale falls to all time low.....

HAMISH_MCTAVISH

The national inventory has hit an all-time low, property search engine Home has reported.

It says the overall volume of property for sale is now 38% lower than six years ago in December 2007.

It says the “supply crisis” is frustrating in the hottest regional markets which show no sign of rebalancing.

According to Home, which takes property listings from virtually every single estate agency website and portal in the country, there are 481,000 properties currently for sale. In late 2007, there were 771,000.

It says that the monthly flow of new property into the UK market has fallen by 16.9% in the last year and by 61% since 2007. Even in the north-east, where fresh stock supply has risen, it has gone up only very marginally, by 0.7% in the last 12 months.

The site claims that “new stock has all but disappeared in London”. Here, it says, the volume of new properties has dropped 28.5% in the last year and is down 74% from 2007.

http://www.estateagenttoday.co.uk/news_features/National-inventory-of-homes-for-sale-hits-all-time-low

Prices are simply not high enough to attract enough homes onto the market yet.

Too many people still in negative equity or with such low equity they can't get a new mortgage deal on good terms.

Housing shortage so great, and consequently rents so high, that 'renting it out instead' becomes a more attractive option.

The market is obviously prepared to wait until prices recover to previous peak and then some to make up for the lost years of HPI.

:beer:

Running_Horse

There is just one (overpriced) house left for sale round my way, everything else comes on and sells in a day or two which is quite remarkable for November and December. The normal spring surge is going to be manic this year.

calicocat

A house identical to mine has just sold in under two weeks....and for 15K more than I paid 5 months ago if they got asking price.......and that's the northeast!

Other than new builds, nothing much new on the market than when I was looking a year ago. Not much about and lots going for the same properties in my area it seems still.

TruckerT

HAMISH_MCTAVISH wrote: »

http://www.estateagenttoday.co.uk/news_features/National-inventory-of-homes-for-sale-hits-all-time-low

Prices are simply not high enough to attract enough homes onto the market yet.

Too many people still in negative equity or with such low equity they can't get a new mortgage deal on good terms.

Housing shortage so great, and consequently rents so high, that 'renting it out instead' becomes a more attractive option.

The market is obviously prepared to wait until prices recover to previous peak and then some to make up for the lost years of HPI.

:beer:

Within a couple of weeks of the announcement of help-to-buy 1, we were being told that new building starts were at a new high. Why are these new-builds not yet affecting the number of properties for sale?

A few days ago, you told me that prices went up in the years preceding the crash because the builders were responding to the massive demand and building lots of houses.

Has it occurred to you that the reason why existing home-owners are staying away from the market might be because they are still licking the wounds of their last ride on the property-price roller-coaster, and have absolutely no confidence in the market's stability?

Persuading existing home-owners to put their houses up for sale will do nothing to solve the housing shortage.

TruckerT

TruckerT

calicocat wrote: »

A house identical to mine has just sold in under two weeks....and for 15K more than I paid 5 months ago if they got asking price.......and that's the northeast!

Other than new builds, nothing much new on the market than when I was looking a year ago. Not much about and lots going for the same properties in my area it seems still.

I'm a bit confused by the statement that 'other than new builds, there is nothing much new on the market'.

TruckerT

Loughton_Monkey

TruckerT wrote: »

Within a couple of weeks of the announcement of help-to-buy 1, we were being told that new building starts were at a new high. Why are these new-builds not yet affecting the number of properties for sale?

A few days ago, you told me that prices went up in the years preceding the crash because the builders were responding to the massive demand and building lots of houses......

TruckerT

Chalk and cheese again. Fairly obvious.....

Houses start 'moving' again. Thanks to FFL. HTB1 is launched. Builders finally wake up and start a few foundations. HTB is launched early. New houses now on stream. Selling like hot cakes. Prices going up. Builders accelerate their building. Houses literally flying off the Estate Agents' books as fast as the freshly f*cked fox in a forest fire.....

What is this likely to do with the stock of houses up for sale on any one day? Hardly going to increase the stock is it?

Meanwhile.....

A few years since I last had my house valued. I hauled round a local EA for a 'free appraisal' to check my own assumptions. He's selling one down our road anyway. He puts down a 'guide price', then organises an "open day". Then instructs all viewers to put their sealed bids in before 6 weeks is up. Highest bidder gets it. Always higher than 'guide price' he reckons. Best case recently was an £850K guide price, went for £1,050K

Anyway. Nice to confirm my own 'book value' was spot on, thanks to Nationwide Regional Index.

... large gin & tonics all round...:)

calicocat

TruckerT wrote: »

I'm a bit confused by the statement that 'other than new builds, there is nothing much new on the market'.

TruckerT

No older properties on the market since I was looking a year ago other than a small few (and they tend to get snapped up). Here they are building all over the flipping place and I don't know how quick they are going as don't tend to look at them.


I get mighty confused with all the information on house bubble/house price crash to be honest. Bundles of conflicting theories and thoughts, all I can go by is my area and look at what is going for what in comparison to a year ago.

They do seem to be going up for now, so i'm pleased I bought when I did.

Loughton_Monkey

HAMISH_MCTAVISH wrote: »

http://www.estateagenttoday.co.uk/news_features/National-inventory-of-homes-for-sale-hits-all-time-low

Prices are simply not high enough to attract enough homes onto the market yet.

Too many people still in negative equity or with such low equity they can't get a new mortgage deal on good terms.

Housing shortage so great, and consequently rents so high, that 'renting it out instead' becomes a more attractive option.

The market is obviously prepared to wait until prices recover to previous peak and then some to make up for the lost years of HPI.

:beer:

A relevant piece, and not surprising - especially coming from our Estate Agent friends....

I think, however, you should have dressed it up a bit to make poor Graham feel better. I sense he is probably a bit 'down' at the moment, and its our job to cheer the boy up. Season of goodwill to all men and all that....

So perhaps you can re-post. Something like the following....

Despite government subsidies, predictably the building trade are simply not stepping up to the plate. Estate Agents are surviving on the dregs of dwindling stocks of properties remaining on their books.

All this taxpayer money into HTB is clearly not working and all it's doing is pricing out the renters who yet again suffer at the hands of vested interests.....

We can no longer trust house price figures because they simply aren't selling. The whole thing's a disgrace and just what we've all been predicting....

The bubble is bursting. Carney will cut off HTB, and double mortgage rates, bringing misery onto thousands in negative equity while the taxpayer picks up the bill....."

I'm sure the boy would appreciate it.....

TruckerT

Loughton_Monkey wrote: »

Chalk and cheese again. Fairly obvious.....

Houses start 'moving' again. Thanks to FFL. HTB1 is launched. Builders finally wake up and start a few foundations. HTB is launched early. New houses now on stream. Selling like hot cakes. Prices going up. Builders accelerate their building. Houses literally flying off the Estate Agents' books as fast as the freshly f*cked fox in a forest fire.....

What is this likely to do with the stock of houses up for sale on any one day? Hardly going to increase the stock is it?

Meanwhile.....

A few years since I last had my house valued. I hauled round a local EA for a 'free appraisal' to check my own assumptions. He's selling one down our road anyway. He puts down a 'guide price', then organises an "open day". Then instructs all viewers to put their sealed bids in before 6 weeks is up. Highest bidder gets it. Always higher than 'guide price' he reckons. Best case recently was an £850K guide price, went for £1,050K

Anyway. Nice to confirm my own 'book value' was spot on, thanks to Nationwide Regional Index.

... large gin & tonics all round...:)

If I were a builder, and had spent the last few years licking my wounds, laying off employees and had nevertheless been lucky enough to survive, then I would be very careful about launching myself into another 'boom'.

If I were a home-owner, with no particular need to move house, then I would be equally doubtful about the wisdom of entering the market.

If I were a mortgage lender, I would be similarly reluctant to start offering high LTV loans, and I have to say that I do not understand why 95% mortgages suddenly seem to be readily available from lenders who are not participating in the HTB scheme.

Housing, like energy, is not a 'market', it is a government policy.

TruckerT

chewmylegoff

I'm pretty sure it's not an all time low and the strapline is just sensationalist as usual. I remember when I came back from the Agincourt campaign back in 1214 there was literally nothing on rightmove whatsoever.

Loughton_Monkey

chewmylegoff wrote: »

I'm pretty sure it's not an all time low and the strapline is just sensationalist as usual. I remember when I came back from the Agincourt campaign back in 1214 there was literally nothing on rightmove whatsoever.

A typical act of cowardice if I may say so, coming home from a campaign 201 years prior to the battle!

In 1415, Henry V had Rightmove closed down since he feared a price bubble, fuelled by half the population of France looking to flea here to escape the treachery of Charles VI of France.

A good move, since it forced the French to build more houses themselves, anxious to 'boast' that they always build at least twice as many homes as England - whether they need them or not. A law enshrining this remains in force to this day in France.

Shakespeare would have documented all of this, except that he shunned technology and prefered to write with feather quill and ink. Ann Hathaway kept reminding him to put in the bits about bubbles and Rightmove and forcing it offline, but he misconstrued it as some rather sordid suggestions on her part aimed at keeping the marriage exciting. Besides, he wanted to get "Part 1" out pretty sharpish because he was in negative equity and needed the royalties quickly.