Petition to stabilise house prices

Green3

Please sign this petition if you have been priced out by the current scenario.

http://www.pricedout.org.uk/prices_petition

nzseries1

May I ask what the "current scenario" is?

Green3

Current scenario is properties being highly overvalued by estate agents and banks lending easy money. Open houses every saturday, more than 30 viewers, sealed bids, and people paying thousands of pounds above asking price for an already overvalued property. Rogue estate agents who are to blame for inflating prices.

Annie1960

House prices are determined by two factors, namely supply and demand. EAs do not set the prices.

mrginge

Green3 wrote: »

Current scenario is properties being highly overvalued by estate agents and banks lending easy money. Open houses every saturday, more than 30 viewers, sealed bids, and people paying thousands of pounds above asking price for an already overvalued property. Rogue estate agents who are to blame for inflating prices.

Where is this mystical world you speak of?

Is it the wonderful hamlet of London?

If so, i must inform you that no-one north of watford could give a monkeys.

TheCyclingProgrammer

mrginge wrote: »

Where is this mystical world you speak of?

Is it the wonderful hamlet of London?

If so, i must inform you that no-one north of watford could give a monkeys.

Not just London. Matches with my experience looking in Essex around the Chelmsford area. Houses being massively overvalued compared to only 6 months ago but with so little stock compared to demand people are paying above asking price and stamp duty thresholds too.

Estate agents might not set the eventual price a property sells at but they greatly influence it with ambitious asking prices and playing buyers against eachother using high pressure tactics like sealed bids and mass viewings.

Running_Horse

You should try this in the house price forum created for the purpose.

Running_Horse

Green3 wrote: »

Current scenario is properties being highly overvalued by estate agents and banks lending easy money. Open houses every saturday, more than 30 viewers, sealed bids, and people paying thousands of pounds above asking price for an already overvalued property. Rogue estate agents who are to blame for inflating prices.

You sound a little confused.

Estate agents do not set prices, buyers do (as you stated) by "paying thousands of pounds above asking price". Do you believe banning open houses on Saturdays will make one iota of difference to house prices? Banning easy money may help reduce demand, but will advantage those with rich parents who can help them.

If you want lower prices there are two things that may help. Build unlimited numbers of houses across the south east and London, and/or reduce the relentless flow of immigrants to this region. Are you willing to take those steps?

jjlandlord

When I hear the 'proposals' certain politicians make I tell myself that no-one would be gullible, naive or, let's face it, stupid enough to believe any of them.

Then I read OP's post and that petition and I realise that politicians are smart and know exactly what they are going: It works.
Then I cry...

PS: Ah right, someone already mentioned that it was in fact all the immigrants' fault. Wasn't long.
Let me cry some more.

msnigella

If a property has been 'overvalued' by Estate Agent or vendor it will not sell. A house is worth whatever someone is willing to pay for it. Therefore, if someone pays the asking price (or above) then that is the current value of the property.

AdrianC

Green3 wrote: »

Current scenario is properties being highly overvalued by estate agents and banks lending easy money. Open houses every saturday, more than 30 viewers, sealed bids, and people paying thousands of pounds above asking price for an already overvalued property.

Can I presume that you're trying to be an FTB? Just a wild guess, like.

You've clearly forgotten one small detail. If the banks weren't to "lend easy money", then - sure - demand would soften, as all those who are trying to become FTBs find that they can't get a mortgage. Sure, prices might soften slightly, but it wouldn't actually help people get on the housing ladder, because they still wouldn't be able to access the funds needed. And, if prices did soften slightly, what about all those people who would dip into negative equity? Add in interest rate rises, and there's a recipe for massive repossessions and ongoing personal debt.

Open houses etc just show that there are plenty of buyers, so restricting purchasing won't help. The problem is in supply. And who's going to want to sell, if they're in negative equity?

TheCyclingProgrammer wrote: »

Not just London. Matches with my experience looking in Essex around the Chelmsford area.

Oooh! Not just London, but Chelmsford, too...