Foxtons (House Prices)

[Alan Dale]

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[SeanMacGabhann]

Of course not. and because its you mr dale i wont even rise to the bait

But the mix of public and private housing was better in the past. I would definitely limit the number of houses per person tho. . Apart from that live and buy or rent wherever you like

[Alan Dale]

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[SeanMacGabhann]

I have never rented off a government but have often rented from private landlords. Long before the buy to let market was so inflamed. People often need to let their properties for reasons other than private gain

and in countries where renting is not seen as an inferior choice there are plenty of available lets. Being a private land lord is not inheretly bad. But we have surely passed the point where it was a way to make a living and has now entered a fantasy land of numbers. Landlords buying property and keeping them off the rental because its easier to let it sit vacant while its value rises

[Alan Dale]

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[SeanMacGabhann]

Cant agree with you on the nurse v commodity trader. The former would exist if the later never did.

by all means buy a house and do it up As you see fit. Its just recently that that is seen as investing

all im after is a more level playing field. Its not difficult to see how that might be achieved. But dont fret. I wont do anything and the government wont do anything. It will correct itself. Shame we cant be proactive and ease the pain first

[Alan Dale]

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[Domitianus]

Don't know if anyone saw recent comment from economist at ABN Amro (large investment bank for those of you not amongst the initiated). ABN commented in April that UK house prices are 50% over-valued. Economist there recently added the comment "Rising real estate rates could result in greater economic volatility. I believe this leaves housing markets vulnerable to a correction on a global scale." Referring to the commonly cited view that shortages of new homes in UK will continue to fuel house-price increases he observed that these opinions have "as much credibility as Britney Spears' latest comeback." Not encouraging news!

I have commented before on this site that, in the opinion of informed individuals I know, the UK housing market is not an appealing asset class for investment. Every new piece of news or opinion that comes along seems to reflect this. As already observed in this thread there is always the phenomenon of 'bull-market geniuses' - those who invest in a bull market (such as property over the last number of years) when value of everything is going up and then think that the profits they make as a result of a favourable market are testament to their investment genius. The result? These investors keep attempting to replicate the same 'get rich quick' magic and don't realise that the market can turn against them. When it does they are f***ed! The only public figure I have seen recently who has been optimistic about continued rise in property prices is Grant Bovey (husband of Anthea Turner and property speculator himself). Not someone I personally would view as an economic guru!

Just a word to the wise that nothing can keep going up for ever - not even house prices.

[ibilly99]

I've heard from a savvy developer friend when they come in they will charge a 1% fee and hold it at this rate till they squeeze the less able competition out. Once they've got their market share then will return it to their normal fee. Sharks real sharks.

Track property reductions at www.propertysnake.co.uk

[Amelie]

I used to work in Essex and there was a chain of estate agents locally that was known as 'Bastards and Thieves' because it rhymed with their name. I was reliably informed that the nickname was entirely deserved.

[Ultraconsultancy]

An acquaintance of mine is a PR manager for Foxtons [but despite this she really is a totally lovely girl]. I'll get her to have a look here and she if she'll respond...

[Jeremy]

The thing is, I suspect people WILL put their properties on the market with Foxtons, because they have a reputation for being ruthless salespeople.

[*Bob*]

More because they'll add ?XXXXXk to the price they tell you they can get - and let greed do the rest.

Most people can't be bovvered to change agents during a sale, so it doesn't matter if the inflated price is never achieved, of course.

They often have a huge amount of stock on their books (thanks to hyped prices and by this 'Foxtons are ruthless' word-of-mouth rubbish that perpetuates the myth) - half of which is just left to rot whilst they concentrate on the easy-sellers.

I've viewed a lot of properties with Foxtons, and it was all too easy to see the ones they weren't interested in. Viewings conducted by people who were visiting the property for the first time ("Aaaand here we have the, er, *looks round door* - the lounge!". Half the time the agent told me what the property would 'probably realise' - before I'd even had a chance to exhibit any interest in it, let alone put an offer in.

If you have a really nice property, Foxtons can get top dollar. But so can most of the other agents.

[Brendan]

What the bloody hell is the point of selling your property for an inflated price when the fact that you are doing so means that the bugger who is selling you your next house will be doing the same thing?

All this kind of thing is doing is promoting the proliferation of these poxy, parasitic, purveyors of property ?profit?. Their gaudy store fronts and logo emblazoned minis and beetles are clogging up high streets from Penge to Perth.

I am also pretty sure that their heinous fashion sense is supporting sweat shops in the third world where those abominable mauve on mauve and pink on pink shirt and tie sets are made. (Although admittedly I do not AT THIS STAGE have any hard evidence to back this statement up)

[nutty]

"What the bloody hell is the point of selling your property for an inflated price when the fact that you are doing so means that the bugger who is selling you your next house will be doing the same thing? "

If only we could choose to sell our houses at a "uninflated" price based on an agreement the seller of the house we wish to move to would do the same! Unfortunately these two aren't linked other than that everyone wants to make as much as possible out of their home so they can buy bigger and better ones or just pay off the mortgage quicker.

At the end of the day simple market forces apply I think. If you don't want to pay "inflated" prices then don't., but you'll most likely find that others are (despite the Sun's endless house price scaremongering about crashes). A house is worth what someone is willing to pay for it. If some people think that makes current buyers stupid then fine, although I think plenty of us on here might have suspected we were being a little stupid when paying so much for our properties in ED - only to find out it currently looks like a good investment.

No reason to blame Foxtons directly. I should point out here I hate Foxtons with a passion for their general bad practices (many alraedy documented in earlier threads), but blaming them for house prices being high does seem a little unfair...

[Jeremy]

I agree with Brendan. On all points.

[Alan Dale]

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[Mark]

Can I just draw people's attention to the Residential property in East Dulwich section of this website. People can advertise their house/flat or their requirements for a property in the area for free. Use it in conjunction with an Estate Agent or instead of. No charge. No catch.

[mockney piers]

Out of interest, have we had any feedback of actual sales that have come about from the forum, commission free etc?

It'd be great if there had.

[Brendan]

"No reason to blame Foxtons directly."

I was by no means blaming them for anything Nutty. It was just an observation on how ridiculous the whole business really is when you take a step back and look at it. Come to think of it this does not only apply to the housing market.

[Jeremy]

Alan - yes, I have a flat for sale in ED (currently under offer). Why do you ask?

[Alan Dale]

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[Alan Dale]

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[nutty]

Alan Dale Wrote:

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> I definitely think they should be given credit by

> homeowners or blaimed by those who can't afford

> homes for their inflationary tactics. Whenever a

> new office opens there is a sharp upward spike in

> local values.

>

> They are perceived to be an indicator of

> gentrification. It's sort of a self fulfilling

> prophecy. Enviable position to be in.

Them along with things like a nice butchers, fishmongers, good restaurants, pubs etc. Obviously Foxtons come in to an area which is already on the up and maximises it. Surely it wouldn't try and go into a run-down area and do the same?

As I said before, I don't like Foxtons, but them arriving in ED is just another marker on it's upward spiral, they may cause a bit of a spike, but it's all just part of a general upward trend (for now).

Brendan - I agree it seems a bit ridiculous, but I'm not sure there's anything we can do to change it as it just seems to me to be down to human nature, Foxtons just have a good (if perhaps not very ethical?) business model...

[Jeremy]

Alan Dale Wrote:

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> Jeremy- Because if ,like Brendan, you are not

> interested in maximising your sale price then I

> would be interested to know whether there is

> potentially an arbitrage opportunity.

>

> Are you offering a discount that would exceed my

> transaction costs and also cover my bridging

> finance and leave me with a healthy windfall on

> sale? If so then I might be able to help you

> out...

You're totally missing the point. Of course, my (modest) home is on sale for market value. But I would still prefer that the market had not gone up - I would have still been able to make the step up. Something's wrong when first time buyers have to find the best part of 300k for a one bedroom flat! But I guess it all depends on your point of view.