TheStagMan Posted July 12, 2017 Share Posted July 12, 2017 26 minutes ago, rodders0223 said: I have a question, I have started trying to look at a few properties. Is it normal for estate agents to have a single day where you book a slot to view the property (usually when I am at work and very short notice as the property went up few days prior) What is this rubbish? I thought I am a buyer looking to spend £££s, can you not take the time out to let me view the **** after work or a weekend? It's not normal, but it is happening more and more nowdays with good properties is sought-after areas of there is a lot of interest - they call them open days. They normally try to turn these into bidding wars as well. Link to comment Share on other sites More sharing options...
Rodders Posted July 12, 2017 Share Posted July 12, 2017 36 minutes ago, rodders0223 said: I have a question, I have started trying to look at a few properties. Is it normal for estate agents to have a single day where you book a slot to view the property (usually when I am at work and very short notice as the property went up few days prior) What is this rubbish? I thought I am a buyer looking to spend £££s, can you not take the time out to let me view the **** after work or a weekend? they have open days soon after the property comes onto the market to book into, to try and encourage as many people to view it but you can always book viewings at other times ( assuming the seller allows them to. ) Link to comment Share on other sites More sharing options...
Risso Posted July 12, 2017 Share Posted July 12, 2017 52 minutes ago, rodders0223 said: I have a question, I have started trying to look at a few properties. Is it normal for estate agents to have a single day where you book a slot to view the property (usually when I am at work and very short notice as the property went up few days prior) What is this rubbish? I thought I am a buyer looking to spend £££s, can you not take the time out to let me view the **** after work or a weekend? I'd forgotten what utter cocksockets estate agents are. We sold our house earlier in the year, so have no chain. We found a house, offered full asking price and are cash buyers. The estate agent asked us to put down a non-refundable 10% deposit to "put ourselves in a stronger position"! How much more of a strong position could we be in? Link to comment Share on other sites More sharing options...
zak Posted July 12, 2017 Share Posted July 12, 2017 40 minutes ago, rodders0223 said: I have a question, I have started trying to look at a few properties. Is it normal for estate agents to have a single day where you book a slot to view the property (usually when I am at work and very short notice as the property went up few days prior) What is this rubbish? I thought I am a buyer looking to spend £££s, can you not take the time out to let me view the **** after work or a weekend? Open Days. Usually a sign of a large market with high demand. I was looking at Croydon 2 years ago and they used to have 30 min long open days on Saturdays. You ended up joining them for like 4 of the properties. There would be maybe around 70 people at each. Then they would go to sealed and final bids by lunch time the following Monday. Always went for like 10% over asking price. An absolutely crazy market but why would agents do any differently. they couldn't cater for all 70 people. Never heard of them doing them during usual working hours though, maybe if its a property with serious renovation needs and thus would be more catered for serious developers. Auctions are also different. FYI, i run a small resi property fund and manage a few properties. Mostly SW London, but also Oxfordshire and soon to be Sutton Coldfield Link to comment Share on other sites More sharing options...
TrentVilla Posted July 12, 2017 Moderator Share Posted July 12, 2017 4 minutes ago, Risso said: I'd forgotten what utter cocksockets estate agents are. We sold our house earlier in the year, so have no chain. We found a house, offered full asking price and are cash buyers. The estate agent asked us to put down a non-refundable 10% deposit to "put ourselves in a stronger position"! How much more of a strong position could we be in? Well that is a new one... No way would I agree to that. Link to comment Share on other sites More sharing options...
TrentVilla Posted July 12, 2017 Moderator Share Posted July 12, 2017 Open days are increasingly common around my area, they make complete sense for the vendor and agent. Not ideal for buys but then they tend not to happen in buyers markets. Link to comment Share on other sites More sharing options...
zak Posted July 12, 2017 Share Posted July 12, 2017 3 minutes ago, zak said: Open Days. Usually a sign of a large market with high demand. I was looking at Croydon 2 years ago and they used to have 30 min long open days on Saturdays. You ended up joining them for like 4 of the properties. There would be maybe around 70 people at each. Then they would go to sealed and final bids by lunch time the following Monday. Always went for like 10% over asking price. An absolutely crazy market but why would agents do any differently. they couldn't cater for all 70 people. Never heard of them doing them during usual working hours though, maybe if its a property with serious renovation needs and thus would be more catered for serious developers. Auctions are also different. FYI, i run a small resi property fund and manage a few properties. Mostly SW London, but also Oxfordshire and soon to be Sutton Coldfield Were you the only offer? Link to comment Share on other sites More sharing options...
TrentVilla Posted July 12, 2017 Moderator Share Posted July 12, 2017 21 minutes ago, zak said: i run a small resi property fund and manage a few properties. Mostly SW London, but also Oxfordshire and soon to be Sutton Coldfield Interesting... would be keen to know your thoughts on the market in regards the discussion over the last few pages. Link to comment Share on other sites More sharing options...
Risso Posted July 12, 2017 Share Posted July 12, 2017 19 minutes ago, TrentVilla said: Well that is a new one... No way would I agree to that. Funnily enough, nor did I. I'll confess, I may have momentarily let my normally calm persona slip, and let him have it with both barrels. There was a fair bit of interest in the house, but we were far and away in the best position. Link to comment Share on other sites More sharing options...
ender4 Posted July 12, 2017 Share Posted July 12, 2017 1 hour ago, Risso said: Funnily enough, nor did I. I'll confess, I may have momentarily let my normally calm persona slip, and let him have it with both barrels. There was a fair bit of interest in the house, but we were far and away in the best position. did you end up getting the house? Link to comment Share on other sites More sharing options...
Stevo985 Posted July 12, 2017 VT Supporter Share Posted July 12, 2017 3 hours ago, rodders0223 said: I have a question, I have started trying to look at a few properties. Is it normal for estate agents to have a single day where you book a slot to view the property (usually when I am at work and very short notice as the property went up few days prior) What is this rubbish? I thought I am a buyer looking to spend £££s, can you not take the time out to let me view the **** after work or a weekend? This seemed to be the case when I was looking last year (although I was only looking to rent) It's incredibly frustrating working a 9-5 job to be informed you need to view it the next day at 11am or not at all. I'm guessing it's what happens with properties/areas that are in high demand. The estate agent doesn't have to bend over backwards to accommodate buyers/renters because there's so many they know they'll get one easily. Link to comment Share on other sites More sharing options...
zak Posted July 12, 2017 Share Posted July 12, 2017 On 11/07/2017 at 14:15, zak said: This! People predict a housing crash every year but until supply outgrows demand, how and why would prices drop? To reduce demand, you would have to change the British viewpoint that one needs to own a house, which if it does happen it wont be in a year. This would also lead to a higher demand and thus prices for rent. are peoples beliefs still going to be you dont need to own a house if rent goes up and house prices go down? On 04/07/2017 at 09:53, zak said: This, People have talked about the bubble bursting for decades. The way i see it, is back to basic economics. Demand for housing grows faster than supply in housing. This makes prices go up. When i say prices thats the combination of rental prices and house prices. People need places to live and are either buying houses (house price increase) or renting houses (rental prices increase) or a mixture of both. Untill supply matches demand overall prices are likely to keep rising. My viewpoint is mainly from greater London though where the disparity between demand and supply is large I actually thought i had discussed quite alot over last few pages but it appears not as much as i thought. A you can see from the above i take a really basic Economical view, might be because i studied Economics at Uni. Either way as a fairly long term investments plan for the Fund, I am not too worried, we are not over-leveraged and we have bought well in what i believe are great locations (mostly Tooting and Kidlington) I completely understand everyone's worries and agree the pricing of housing in the county is ridiculous, i just dont see what drastic change will cause a major correction other than a destruction of the UK economy bigger than we would have seen in decades. Link to comment Share on other sites More sharing options...
Kingman Posted July 13, 2017 Share Posted July 13, 2017 Today's RICS Report. House price inflation dropped further in June, according to the latest RICS UK Residential Market Survey. At the same time there's little encouragement for sales activity with agreed sales declining alongside new buyer enquiries and new instructions. This trend is also being reflected in medium term sales expectations where the twelve month indicator, while still positive, has slipped to its lowest level since the immediate aftermath of the referendum [net balance of +12%]. Download the survey Survey in brief Price growth loses momentum across the south of the country. Activity indicators point to flat sales trend continuing over the coming months. Average stock on surveyors books hits a new low highlighting ongoing supply shortag. Watch: Our survey summary (52s) Political impact The RICS Residential Market Survey for June included additional questions to gather further insight regarding the generally flat trend in activity being seen. At a national level, 44% of contributors identified domestic political uncertainty as the biggest factor explaining the current state of the market. This compares to 27% who highlighted Brexit as the most important factor influencing the picture. Significantly, most parts of the UK apart from the capital showed a fairly similar pattern to the headline numbers. However, in London Brexit and the changes in Stamp Duty were all equally citied as contributing to the lethargy. Looking at price inflation, in June, 7% of surveyors across the UK saw a rise rather than fall in prices at the headline level. This has slipped from a net balance of +17% in May, and is the lowest reading since July 2016. However, this trend is not wholly reflected across the country. Regional changes In Central London the pace of decline in house price inflation continues, with 45% more respondents seeing a decline in prices over the month, while the South East and East Anglia are showing a flatter trend. By way of contrast, in Northern Ireland 41% more surveyors saw a rise in prices rather than a fall in June and in Wales 38% more respondents saw a rise rather than fall in prices over the month. The West Midlands and the North West are also regions where prices continue to rise and reported net balances of +33% and +28% respectively. Subdued activity Moving to overall activity and transaction levels, respondents once again saw a decline in newly agreed sales in June, with 5% more respondents seeing a fall in sales over the month. This decline is the fourth consecutive negative reading and reflects both the lack of stock coming on to the market and a more cautious stance from buyers over recent months. Newly agreed sales are predicted to remain broadly stable over the next three months but the twelve month sales expectations indicator reading, while still pointing to an increase in activity, has slipped to its lowest level since the immediate aftermath of the referendum [net balance of +12%]. Significantly for future activity, new instructions fell again and for the sixteenth month in a row, with 19% more respondents seeing a fall rather than rise in property coming on to the market. Against this backdrop, average stock levels have slipped to a new low. http://www.rics.org/uk/news/news-insight/press-releases/uncertainty-continues-to-stifle-the-housing-market/ Link to comment Share on other sites More sharing options...
Kingman Posted July 13, 2017 Share Posted July 13, 2017 (edited) The view from RICS The latest results demonstrate the danger, however tempting, of talking about a single housing market across the country. RICS indicators particularly regarding the price trend are pointing towards an increasingly divergent picture. High end prime properties may be seeing prices slipping back but, for good or ill, prices are continuing to move higher in many other segments of the market. Indeed, the disaggregated data suggests that this will continue to be the case over the coming months. Perhaps not surprisingly in the current environment, the term ‘uncertainty’ is featuring more heavily in the feedback we are receiving from professionals working in the sector. This seems to be exerting itself on transaction levels which are flatlining and may continue to do so for a while particularly given ongoing challenge presented by the low level of stock on the market. Simon Rubinsohn, RICS Chief Economist Edited July 13, 2017 by Kingman Link to comment Share on other sites More sharing options...
wilko154 Posted July 13, 2017 Share Posted July 13, 2017 I think from what has been discussed over the last day with agents not having to bend over backwards on viewing times etc just shows how the market is no where near a collapse. There are more people looking for housing than there are houses available and this is only going to continue as the population grows. The only thing I've found since looking at buying (currently in the process of buying my first property), is that a lot of houses on the market are massively overpriced. The house we have bought was originally on the market for for 15k more than it was on the market for when I viewed. I then bought it for 10k less than that... That's a massive drop on its valuation. I am now looking at houses in our area (just to check nothing better appears) on the market for a lot more than the property I am buying that are not half as nice. They will then stay there for a while until the agent and seller realise their mistake. Greed! 2 Link to comment Share on other sites More sharing options...
TrentVilla Posted July 13, 2017 Moderator Share Posted July 13, 2017 I accept there is a slow down in activity and growth what I don't get is the keep to that somehow being indicative of a 40% crash. Link to comment Share on other sites More sharing options...
Kingman Posted July 13, 2017 Share Posted July 13, 2017 View from inside the Deloitte Board rooms. "The quarterly survey of CFOs by Deloitte reveals growing gloom in business about the economic outlook. Hiring and discretionary spend were down in Q2, but still remain above levels experienced immediately following the Referendum vote. The top risks perceived by CFOs were: Brexit, weak demand and tightening monetary conditions. Fourth on the list was ‘a bubble in the housing and or other real / financial markets’ which about half of CFOs considered a threat to business." https://www2.deloitte.com/uk/en/pages/finance/articles/deloitte-cfo-survey.html Link to comment Share on other sites More sharing options...
itdoesntmatterwhatthissay Posted July 13, 2017 Share Posted July 13, 2017 (edited) 1 hour ago, TrentVilla said: I accept there is a slow down in activity and growth what I don't get is the keep to that somehow being indicative of a 40% crash. Not in our sector (SMEs), we are doing fine. In part it's because we don't land bank so pay existing land prices but also because our projects are finished more quickly so less time for financial worry and because we build for the local market so prices are not as speculative. Typically though the media only reports info about the biggest housebuilders. A bit like the terrible Shelter report, 'phantom homes'. Edited July 13, 2017 by itdoesntmatterwhatthissay Link to comment Share on other sites More sharing options...
bobzy Posted July 13, 2017 Share Posted July 13, 2017 21 hours ago, TrentVilla said: Open days are increasingly common around my area, they make complete sense for the vendor and agent. Not ideal for buys but then they tend not to happen in buyers markets. Which area are you in Trent? Link to comment Share on other sites More sharing options...
TrentVilla Posted July 13, 2017 Moderator Share Posted July 13, 2017 Just now, bobzy said: Which area are you in Trent? One close to the Trent I'm in West Bridgford. Link to comment Share on other sites More sharing options...
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