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Old January 7th 06, 01:19 PM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?

This week. Straight from the horses mouth......estate agents admit to
"persistent overpricing" by some agents.

The chief executive of Redrow builders described it as ...."the worst
market for new and secondhand homes for 30 years."

The chief executive of Persimmon builders said that "adding 20 per cent
to a property's value might be achievable in a buoyant market but in
tougher times it is likely to leave property prices "marooned".

Which way for house prices now I wonder ?

..........and what price on a recession ?

FINANCIAL TIMES

Estate agents admit to pushing up values

By Roger Blitz in London

Published: January 6 2006 20:42 | Last updated: January 6 2006 20:42

Estate agents, members of a profession not especially known for
frankness and honesty, have confessed to a practice long suspected by
homebuyers and sellers: overvaluing people's homes.

The National Association of Estate Agents on Friday conceded that
housebuilders' accusations of "aspirational pricing" by estate
agents, which they claimed had contributed to the stalling of the
market last year, were mainly valid. "I would accept that," said
Peter Bolton King of the association. "Some estate agents
persistently overpriced over the past year."

There were examples, he said, of agents overvaluing properties solely
to get instructions from homeowners. But there were also big numbers of
homeowners who refused to lower valuations in spite of months of
inactivity.

This week Redrow said aspirational pricing by estate agents was
contributing to what Neil Fitzsimmons, its chief executive, said was
the worst market for new and secondhand homes for 30 years. Property
transactions in the year to November were 13 per cent lower than the
previous 12 months, according to official statistics.

The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)


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Old January 8th 06, 09:04 AM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?


"Crowley" wrote in message
oups.com...

The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)


Why not, it's a stupid message.

How does "adding 20% to a property value leading to property prices
"marooned"

Equate to:

"Worst housing market for 30 years"

Sorry, there is no correleation between these things whatsoever.

(though both could still be true)

FWIW around my way no-one has added 20% (pa) to their
house selling price for three years. My flat is currently valued
at less than one that sold two years ago. Prices in other blocks
confirm that house price inflation where I like has been 0%
for at least two years and you'll not find a professional who
will tell you otherwise.

tim


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Old January 8th 06, 10:34 AM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?


"tim (moved to sweden)" wrote in message
...

"Crowley" wrote in message
oups.com...

The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)


A friend of mine had their house (3 bed terrace ) valued by 3 local estate
agents who all valued it about the same.
its in Surrey/ village 2 mins walk to a station with a train journey into
London about 30mins.
So in many ways very desireable.
Good nick ...nice road...nice area.
On the market for 2 months..............1 person has viewed.

The market is dead.

Barry


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Old January 8th 06, 10:50 AM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to"overpricing". House price crash on the way ?

Barry wrote:
"tim (moved to sweden)" wrote in message
...

"Crowley" wrote in message
groups.com...


The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)


A friend of mine had their house (3 bed terrace ) valued by 3 local estate
agents who all valued it about the same.
its in Surrey/ village 2 mins walk to a station with a train journey into
London about 30mins.
So in many ways very desireable.
Good nick ...nice road...nice area.
On the market for 2 months..............1 person has viewed.

The market is dead.

Barry



Or the local estate agents routinely overvalue properties, particularly
in relation to equivalent properties in other, currently less-desirable,
areas in the locality.

Remember that estate agents are primarily interested in their
commissions. If they're doing good business anyway, they've no
particular interest in receiving a lower commission on your friend's
house now rather than waiting a few months in the hope of making a sale
at the higher price, inconvenient though this may be for your friend.

Steve

Steve
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Old January 8th 06, 10:51 AM posted to uk.politics.misc,uk.finance
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Posts: 1,617
Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?

"Crowley" wrote in message
oups.com...
This week. Straight from the horses mouth......estate agents admit to
"persistent overpricing" by some agents.

The chief executive of Redrow builders described it as ...."the worst
market for new and secondhand homes for 30 years."

The chief executive of Persimmon builders said that "adding 20 per cent
to a property's value might be achievable in a buoyant market but in
tougher times it is likely to leave property prices "marooned".

Which way for house prices now I wonder ?

.........and what price on a recession ?

FINANCIAL TIMES

Estate agents admit to pushing up values


What ever next?

Lawyers admit to pusuing cases for self interest, not clients?

Second hand car dealers admit to selling dodgy cars?

--
Tumbleweed

email replies not necessary but to contact use;
tumbleweednews at hotmail dot com




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Old January 8th 06, 11:31 AM posted to uk.finance
MM MM is offline
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Posts: 153
Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?

On Sun, 8 Jan 2006 11:34:21 -0000, "Barry"
wrote:


"tim (moved to sweden)" wrote in message
...

"Crowley" wrote in message
oups.com...

The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)


A friend of mine had their house (3 bed terrace ) valued by 3 local estate
agents who all valued it about the same.
its in Surrey/ village 2 mins walk to a station with a train journey into
London about 30mins.
So in many ways very desireable.
Good nick ...nice road...nice area.
On the market for 2 months..............1 person has viewed.

The market is dead.


Huh, two months is nothing! How about a year for some of the
properties in my road? On my RightMove shortlist I still have
properties on there for sale (which I was considering for purchase)
which I added in June 2004. On one the price has come down in stages
from 150k to 135k now.

That said, the Guardian reported last Thursday "Housing upturn as
mortgages hit 2004 levels".

MM
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Old January 8th 06, 12:37 PM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?


MM wrote:
The market is dead.


Huh, two months is nothing! How about a year for some of the
properties in my road? On my RightMove shortlist I still have
properties on there for sale (which I was considering for purchase)
which I added in June 2004. On one the price has come down in stages
from 150k to 135k now.

That said, the Guardian reported last Thursday "Housing upturn as
mortgages hit 2004 levels".


Yes thats the way they like to spin it but a HALF of lending is
remortgaging ;-)...............

"Remortgaging

Normally, demand for mortgages tails off towards the end of the year
and then revives in the spring as people start house hunting again.

However, the CML pointed out that the figures were being bolstered by
high levels of remortgaging.

This happens when people stay put but simply move their mortgages to
another lender to take advantage of a more favourable deal.

This currently accounts for about half of all new house lending. "

http://news.bbc.co.uk/1/hi/business/4544842.stm

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Old January 8th 06, 01:43 PM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?


"Stephen Glynn" wrote in message
...
Barry wrote:
"tim (moved to sweden)" wrote in message
...

"Crowley" wrote in message
groups.com...


The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)

A friend of mine had their house (3 bed terrace ) valued by 3 local

estate
agents who all valued it about the same.
its in Surrey/ village 2 mins walk to a station with a train journey

into
London about 30mins.
So in many ways very desireable.
Good nick ...nice road...nice area.
On the market for 2 months..............1 person has viewed.

The market is dead.

Barry



Or the local estate agents routinely overvalue properties, particularly
in relation to equivalent properties in other, currently less-desirable,
areas in the locality.

Remember that estate agents are primarily interested in their
commissions. If they're doing good business anyway, they've no
particular interest in receiving a lower commission on your friend's
house now rather than waiting a few months in the hope of making a sale
at the higher price, inconvenient though this may be for your friend.



Only applicable from a monopoly position. A bird in hand better
than two in bush, him said. Volume of business is more important
than profit margin.




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Old January 8th 06, 01:43 PM posted to uk.politics.misc,uk.finance
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Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?


"Crowley" wrote in message
oups.com...


The chief executive of Persimmon builders said that "adding 20 per cent
to a property's value might be achievable in a buoyant market but in
tougher times it is likely to leave property prices "marooned".


Prize-winning gobbledegook. If someone could make sense
of this sentence do let us know.


Which way for house prices now I wonder ?


Try applying the affordability test.

.........and what price on a recession ?



What's the correlation?



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Old January 8th 06, 01:50 PM posted to uk.politics.misc,uk.finance
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Posts: 195
Default "Worst housing market for 30 years" as estate agents admit to "overpricing". House price crash on the way ?

On Sun, 08 Jan 2006 11:50:18 GMT, Stephen Glynn


typed:
Barry wrote:
"tim (moved to sweden)" wrote in message
...

"Crowley" wrote in message
egroups.com...


The chief executives of Persimmon and Wimpey on Friday said
aspirational pricing had made market conditions more difficult. John
White of Persimmon said that adding 20 per cent to a property's value
might be achievable in a buoyant market but in tougher times it is
likely to leave property prices "marooned".

http://news.ft.com/cms/s/1834c4cc-7e...0779e2340.html

http://www.housepricecrash.co.uk/for...howtopic=21733

PS. don't shoot the messenger ;-)

A friend of mine had their house (3 bed terrace ) valued by 3 local estate
agents who all valued it about the same.
its in Surrey/ village 2 mins walk to a station with a train journey into
London about 30mins.
So in many ways very desireable.
Good nick ...nice road...nice area.
On the market for 2 months..............1 person has viewed.

The market is dead.

Barry



Or the local estate agents routinely overvalue properties, particularly
in relation to equivalent properties in other, currently less-desirable,
areas in the locality.

Remember that estate agents are primarily interested in their
commissions. If they're doing good business anyway, they've no
particular interest in receiving a lower commission on your friend's
house now rather than waiting a few months in the hope of making a sale
at the higher price, inconvenient though this may be for your friend.


a standard game of estate agents is to tell the greedy seller that they'll
sell the house for a higher rate than the market level...
this way said greedy seller puts the house with said agent....and
not with a more honest rival agency...
over time the agent then gets the seller to reduce the price or
the market price rises to the originally unrealistic figure....
this is very bad for the (usually) innumerate seller who loses the
use of the money during the period of flummery (technical term)
and finds themselves 'having to' buy into and even greater rise
in that 'desirable' larger property....

regards...

--
web site at www.abelard.org - news and comment service, logic,
energy, education, politics, etc 1,544,346 document calls in year past
--------------------------------------------------------------------------------
all that is necessary for [] walk quietly and carry
the triumph of evil is that [] a big stick.
good people do nothing [] trust actions not words
only when it's funny -- roger rabbit
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