Heart rending plea... (by estate agents)

[snorky]

Through the door today, addressed to " the homeowner, Snorky Mansions, SE London"

"Keeping you informed about local property. We're writing to tell you we've been instructed to sell a property on Avondale Rise. We often find residents like to invest locally, or have friends or family who would like to move into their area.

If you, or someone you know ,is interested you can find more details on this house on our website kfh.co.uk

If you would like to arrange a viewing or find out more .... please give me a call."

The stench of desperation is nausiating..

[danrees]

Makes a change from the:

"WE HAVE LOTS AND LOTS OF CORPORATE TENANTS WHO ARE WILLING TO PAY LOADSAMONEY!!!!"

[seanmlow]

Unfortunately, people have become 'mini property experts' due to media/papers etc.

I frequently hear people discuss 'market conditions' and 'property crash'. It's funny how the people who know most about property (i.e. buy to let investors), are buying by the truck load!

[SeanMacGabhann]

they know so much about property and so little about homes

[seanmlow]

What does that mean Sean?

The job is to sell property. You make it a home

[Muttley]

seanmlow Wrote:

-------------------------------------------------------

> It's funny how

> the people who know most about property (i.e. buy

> to let investors), are buying by the truck load!

Ahem, let's wait a year or two before deciding just how much these b-t-l investors really do know about 'property'. The ones buying by the truckload in Leeds and Manchester don't seem to have been very smart.

[SeanMacGabhann]

sorry seanmlow - t'was a slightly facetious comment on my part, given the lack of argument I put around it

buying and selling property I have no problem with - and you are right, it's the buyers who make it a home

But I have a problem with buy-to-let investors, in fact the general property-as-investment ethos... so it was the statement that it is they who know most about property that prompted my response.

[xone262]

It's definitely a great time to buy. Property is a long term thing and that's what a lot of people seem to forget. To many TV programs have brainwashed people into the buy and turn around quickly plot. That's the only risky strategy right now. Long term investment is better now than it was 12 to 18 months ago as there are some good deals around.

Even if prices go down a few more percent this year people still need somewhere to live so all this holding on means lots of lovely rising rent for the people who buy to let.

[Brendan]

Well unlike most of European countries the UK doesn?t make it difficult for people to buy houses as an investment rather than a home. So those with spare cash lying around can take opportunities like this to snap up cheap property and exacerbate the country?s housing crisis.

At least it will help keep the estate agents off the dole.

[Muttley]

> Long term investment is better now than it

> was 12 to 18 months ago as there are some good

> deals around.

> Even if prices go down a few more percent this

> year people still need somewhere to live so all

> this holding on means lots of lovely rising rent

> for the people who buy to let.

I wonder if this is what they said in the heavily populated island of Japan in 1991, when prices had begun to fall. 17 years later, house prices in Japan are about half the price they were in 1991.

[Guest]

I've been looking for a place recently and it does seem to be true that rents have gone up by about 15-20% in the last couple of months so I suspect the BTL's who supposedly left are returning.

[macroban]

Rising rents? The "this time it will be different" assertion.

The last time round when times got bad:

Children stayed at home with parents longer

Children returned to their parents' homes

Couples in broken relationships lived under the same roof for longer

More youngsters packed themselves into flat-shares

People became lodgers in financially stressed mortagees homes

People squatted

A difference this time is likely to be the number of void distressed buy-to-let flats.

xone262 might like to run some reverse leverage spreadsheets.

Does anyone remember the extensive squatting that took place in East Dulwich in the 1970s?

[macroban]

We should also spare a thought for local mortgage brokers. When John Charcol is in severe financial difficulties one has to wonder about how the local guys are doing.

[jollybaby]

Another desperate estate agent

I paid a visit on Saturday to the estate agent who's been trying to sell my flat for the last few months. I told her after 2 offers falling through I've had enough and want to let my flat out to get me some dosh to fund my ED lifestyle. There was panic in her voice and she told me to wait until after their forthcoming sales promotion 'make me an offer' This basically involved them phoning potential buyers and telling them that vendor x is willing to take an offer on their property!! Isn't that bleeding obvious in this climate? Can't be a fun job at the moment.

Now where's that lettings contract . . .

[Muttley]

jollybaby Wrote:

-------------------------------------------------------

> There was

> panic in her voice and she told me to wait until

> after their forthcoming sales promotion 'make me

> an offer'

I can understand why she'd be panicking. Prices going up and down is only of secondary importance to EAs. What they want is a quick sale, at any price. So 'make me an offer' is very much in the EA's interest - maybe that's who the "me" refers to.

[benmorg]

xone262 Wrote:

-------------------------------------------------------

> It's definitely a great time to buy. Property is a

> long term thing and that's what a lot of people

> seem to forget. To many TV programs have

> brainwashed people into the buy and turn around

> quickly plot. That's the only risky strategy right

> now. Long term investment is better now than it

> was 12 to 18 months ago as there are some good

> deals around.

it's in the nature of a falling market that prices look like bargains all the way down to the bottom. Buying now is still a risk because the bottom could be a long way off. The last crash took 5 years to go from peak to trough, but it was steep and dramatic. The current slowdown looks to be shallower but longer. Mervyn King claims it will last 10 years, so you really do have to take a VERY lonterm view if you're buying at the moment.

[????]

I've taken to smiling in through the Foxton's Goldfish bowl and then drawing my finger accross my throat in a cutthroat gesture that is deeply childish and yet deeply satisfying

[karter]

good thread this, i had a call from 2 agents selling the same house. One I hadn't heard from in 3 years, out of the blue (sounded desperate) and the other saying its on at so much but they will take 100k less. Things are definately look shaky. A chief economist says that a recession will be here by next year.

[seanmlow]

People still need houses and people still need to sell. Hence the fact that we are not all living in cardboard boxes just yet...

[Keef]

This whole thing does worry me, Mrs Keef and I are hoping to get a fingernail on the bottom of the ladder this year... Obviously we're happy for prices to come down a bit, but then we don't want to buy something only for the whole world to collapse around our feet 6 months later... This is all far too grown up, I think I'm much more suited to sitting in the pub talking nonsense! :-S

[*Bob*]

Don't worry about it, Keef.

It's not just an investment you're buying.. it's a home. You'll be paying for the privilege of owning one and you'll like that feeling. As long as you can afford the mortgage and you've allowed for it rising by a certain amount, then just do it and forget about it.

If you're property goes down, so does everyone else's. As a first time buyer (probably a flat?) this will help you even if the market slips and you want to move up the ladder.. the % yours goes down by will be smaller than the % the property you hope to move to goes down.

I still have friends who were 'waiting for right moment' three years ago and now they've blown it.

[Keef]

Cheers *bob*, guess along with having kids, it's about the biggest plunge you take in your life, and I guess there is never a "perfect" time for either...

[*Bob*]

When it comes to handing-over your life's savings and locking yourself into a working-lifelong commitment to repay a huge loan, two pounds for every one you borrow, you're probably right - there isn't a perfect time.

But as long as you keep in mind the long term picture and you've been sensible about what you can afford, you can't go too far wrong.

[seanmlow]

*Bob* -

You speak much sense!

I think the mass media scare tactics are really putting people off. I know so many people saying theyy are going to wait, and have been doing so for several years.

At some point one must take the plunge!

[macroban]

Takes deep breath...

The baseline valuation of an East Dulwich one bedroom flat is now in the ?55k-?72k range.