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Low pipelines of business worry agents

07 October 2009
Written by rosalind renshaw

Halifax have reported a third consecutive monthly increase in house prices, but agents warned that their pipelines are looking awful.

Despite yesterday’s apparently positive Halifax report, the number of For Sale boards has dipped.

The latest findings from Agency Property show the lowest level of monthly sales in September since February this year – a huge monthly fall of 8.7% from August. This was also a drop of 1.5% in three months.

The firm, which measures new For Sale boards, yesterday warned that the trend is extremely worrying.

One agent, James Siebrits of CB Richard Ellis, responded to the Halifax figures by saying both sellers and buyers are currently wary, with fewer repossessions on the market to grab the attention of property investors.

Siebrits said: “House prices are likely to end the year higher than at the start of 2009, but only slightly. A sustained recovery is some way off.”

He added:  “Recent increases in the number of house-hunters have not fully translated into transactions.”

If the agents are right, then the housing market looks seriously depressed for the rest of this year, with low stock, rather than price rises or increased buyer demand, the major issue.

Yesterday, Halifax insisted the recovery in prices was encouraging people to put their homes up for sale, adding that this could curb any further growth in values.

However, on the ground, agents are in reality reporting few signs of emerging sellers.

Agents contacted by Estate Agent Today in the last few days have all said that while new instructions have been so low that further prices rises could be stoked, actual supply remains worryingly negative.

Halifax said the 1.6% September increase could be partly attributed to the low level of houses for sale.

Its housing economist, Martin Ellis, said: “There are also some signs that the improvement in market conditions is encouraging more people to put their properties up for sale. This development could loosen market conditions by alleviating the current shortage of supply and curb the pace of house price growth evident in recent months.”

According to the Halifax, the annual change in house prices now stands at -7.4% from this time a year ago, although there has been a 1.7% rise since the end of 2008.

Prices, however, do not seem to be the issue: pipeline business is.

Comments

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    Hi! Abject klooper in F7*&%^! in order of my english jer, buti faithfully warm-hearted re set forth .

    • 29 October 2009 07:32 AM
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    MonkeyTennis - surveyors are being so negative a)because they can, and b)because they are sh*****g themselves about their PII. Can YOU guarantee a surveyor that prices will not fall to lower than today's in the next 7 years (I believe that is the PII timescale...)? No. Can I? No. No-one can - so they err on the only side of caution they can. Am I happy with that? Absolutely not. But a down-val doesn't have to equal a lost sale if you can prewarn and forearm.

    • 08 October 2009 17:40 PM
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    sales seem to be happening, overcoming the many obstacles like tight finance, down valuations (why are surveyors being so negative??)chain breakdowns, job lossess etc is a different matter. The abortive rate aint what it used to be.

    • 08 October 2009 11:44 AM
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    CBeebie - you really don't want to come on here, calling someone a t**t, only to then mis-spell 'agent'. Doesn't do your credibility much good - but then you seem to have the mentality of an underdeveloped amoeba (that's 'ameeba' to you). How did you find this website? Your mummy shouldn't leave you unattended on the internet...

    • 07 October 2009 22:17 PM
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    Anybody think CB is a twat? Yep, me also....seems like an estate agnet to me.

    • 07 October 2009 18:54 PM
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    You've got to laugh at the comments on here. It doesn't really matter what the subject matter is there is always some smug tw@t like Bill with an 'issue' with estate agents who has to post an insightful comment. One day someone with an ounce of intelligence will realise that agents have behaved the way they did in the past because of the people the have to deal with and their complete inabilty to grasp how the process works and what is at stake. As for this report by Halifax, when have these stats really meant anything? Do they take into account regional variations, seasons, VAT changes, stamp duty, etc?
    In conclusion there aren't enough houses to buy as many vendors are financially unable to sell, prices are going up a little as demand outweighs supply and when the government decides to start clawing back some of the obscene debt this country has incurred they'll put interest rates up and VAT to even more than it was. Estate agents will be well and truly ruined and Bill (who coincidently is a co*k)will be grinning from ear to ear.

    The end!

    • 07 October 2009 15:34 PM
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    who are you bill? don't be shy, your mother wasnt last night.

    • 07 October 2009 14:56 PM
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    Oh, dear, bill. First, there is your grammar. Appalling. Secondly, your attitude. You enter a lions den and start shouting "EAT ME..." at the top of your voice. Bright move - not. From your post I guess you are either awaiting your b***s dropping, or have a genuine need for professional help with your issues. Was your mother an Estate Agent? Did she love her job more than she loved you? If so - that is sad - but a professional's passion for their job is sometimes all that keeps them going...especially whan they have to deal with arrogant, nasty pieces of work like yourself. Yours, PeeBee (NOT an Estate Agent - just a voice of reason)

    • 07 October 2009 13:03 PM
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    Bill, you bitter little man, I do hope you have been gazumped or worse! Bound to have blamed the EA for everything a not the seller who benefited. Suggest you find another site to play with, CBeebies? You have no idea what agents have gone through in the last 2 years? Actually are you a banker?

    • 07 October 2009 12:16 PM
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    Graham Boyd - the last few houses we have marketed at the newly 'adjusted' prices have flown out the door above guide price with several going to 'final bids'. I hear this is once again common in London.
    We don't make people pay more, we are mindful of surveyors' valuations, it's just that are too few properties out there - supply and demand.
    Good comment about the BBC from 'To Late'

    • 07 October 2009 12:01 PM
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    Thank you 'bill'. Your profoundly insightful posting serves to remind us what a joy it is to deal with some members of the public.

    • 07 October 2009 11:57 AM
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    Posted By Agency Insider on Wednesday 7th October 2009 09:53:37

    will result in the disappearance of substantial numbers of agents during this winter.


    ........ great isn't more parasites joining the dole queues , what skills are required to be a EA hmmmm lying , bullshitting , playing games with people .... you've had your big boom now accept the bust you scum .

    • 07 October 2009 11:45 AM
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    Mr Boyd - the thing about 'the bottom of the market' is that by the time you realise it has happened, things are on the 'up' again. If you don not get your foot on the property ladder, you will never benefit from the increases that it has enjoyed decade upon decade. For every one year of price falls, there are three of growth. Continue to rent (assuming that is your plan) and you will have nothing at the end of it. Buy a car and it loses thousands in your ownership - yet nobody ever seems to mind... A house is, first and foremost, your place of abode. A possession. Whether it makes you 'rich' over the course of a few years is secondary - but too many fall into the trap of seeing it as a cash-cow. If that's what you want - buy gold... but don't blame me if it doesn't perform. The price of ANYTHING can go down as well as up.

    • 07 October 2009 11:31 AM
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    The market goes up-the maket goes down. We don't care because one of our negs has bought in the best Honey Cake ever. Selling houses, no, eating honey cake, a big YES.

    • 07 October 2009 10:39 AM
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    Falling sales volumes and the stupidity of cutting of fees to uneconomic levels to win what few instructions are out there will result in the disappearance of substantial numbers of agents during this winter. There isn't enough cake to go around and that means some agents are going to starve. Get the fee levels up and more might survive!

    • 07 October 2009 09:53 AM
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    Graham, you snooze , you lose,,, dont read the papers,you worked it out for your self, should have bought at the bottom not followed the BBc scaremongering machine..remember, good news dont sell...

    BBc have been the biggest crooks throughout this 'recession'

    • 07 October 2009 09:39 AM
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    "Prices, however, do not seem to be the issue".

    As a prospective purchaser, prices are an issue. At the start of the year, as prices appeared to be nearing more reasonable levels, I began to look for a new home. However, for whatever reason, new asking prices have climbed to near the ridiculous asking prices at the peak of the market. As a result, even if I had the money to undertake a transaction at these higher levels, I wouldn't. Result, 2 fewer houses bought and sold.

    Maybe I am an exception to the norm, however, as someone with a healthy income, I have often wondered who is paying such ridiculous prices.

    • 07 October 2009 08:59 AM
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