Asking prices take another tumble

Why be rude?: I think you will find that Jonnie was not being personal in the least. He referred to "...the Jennifer's of this world..." and was therefore describing a GROUP, not an INDIVIDUAL.

If you are going to castigate on this site, for your own benefit ensure you are correct. Otherwise I will have to lump you into the category of people I refer to as GRIPPERS (nothing personal, you understand...).

• 23 September 2010 15:02 PM

A refreshing comment? That rather depends on whether you think it's a good tactic to dismiss people who disagree with you as dull at dinner parties. By all means, attack the argument but not the person.

• 23 September 2010 10:30 AM

Jonnie, whatever your argument, making rude personal comments (eg Jennifer is a dull person) does not strengthen your case. Why is it necessary to try to insult someone just because you don't agree with their point of view?

• 23 September 2010 09:28 AM

Jonnie - YOU ARE "The Voice of the Industry!!


I, for one, look forward to your first weekly Blog entry, mate... ;0)

• 22 September 2010 09:52 AM

At last, a refreshing comment, thanks Jonnie!

• 20 September 2010 17:38 PM

It’s nice to see so many members of the public here – welcome everyone!

Now, I don’t speak on behalf of the industry but with 20 years in estate agency and an pretty impressive CV I think im as qualified as anyone to comment;

If you are a short term investor – don’t buy, bore all you mates with stories of the property you didn’t buy and sit tight and hope a huge crash will come, then dive in at the bottom and get your self a bargain, but if that happens don’t carry on telling everyone its not low enough yet get on with it just before it turns up again – judge it right and you can then bore everyone about how you called the market right

If you are a long term investor – Buy when you’re ready / now / doesn’t matter – you can’t loose money on property in the long term (I think its been impossible over a 10 year cycle anytime in history)

If you are leaving your husband / wife, want a better school for the kids, having a baby, got you dear old Mum moving in, a bit skint and downsizing, moving with a job, dead, moving in with a partner, got a chance on something in a village you have always liked or just fancy it – do it when the time is right for your own circumstances not when the Jennifer’s of this world reckon its right as they have never called it right in the 20 years ive been dealing with them – also avoid them at dinner parties, dreadfully dull people.

• 20 September 2010 17:25 PM

You're not alone in your decision, Jennifer. I'm doing the same. As you're a cash buyer, take no notice of those who say you're in danger of 'missing the boat'. That might have been true when prices were rising fast but this particular boat is stuck in the mud.

• 20 September 2010 16:34 PM

Jennifer, if you are talking about buying a house as an "investment" then you are part of the problem, as this type of buying (along with very easy credit) is mostly to blame for the house price bubble getting out of control in the first place.

This was not the fault of agents - you can put more blame at the hands of the media, TV show madness, the government and regulators, the banks, and last but not least, smug homeowners who thought they were suddenly wealthy for not doing anything. Agents may not have dissuaded high prices, some may have even encouraged them, but they are NOT to blame for the high prices.

But if you are talking about buying to live in, then why not make offers on the properties you are interested in and see what happens. The difference between the average figures quoted in the article is 27%, so put in some offers at 27% below the asking price.

If all potential buyers put in these lower offers then most agents are intelligent enough to realise that their vendors need to lower their expectations and will inform them accordingly.

• 20 September 2010 15:50 PM

Jennifer: Don't forget to factor into (or OUT OF, as the case will be...) your 'investments' the amount you are throwing away every month in rent payments - money which you could be spending on your new home!

Also remember the oage-old saying - "the value of investments can fall..."

• 20 September 2010 14:06 PM

A lot of people who bought during the last 10 years with large morgages CANNOT reduce by the ludicrous amount that you and others advocate. They would not be able to pay off their mortgage. Does not apply to everyone but does to a large number.
In my view the market will eventually settle as it always does to a balance of supply & demand. Don't miss the boat!

• 20 September 2010 13:04 PM

I am a cash buyer ready to buy but I have been turned away from buying a house by the absolutely ludicrous asking prices that sellers and EAs are asking for property in West Wales from Carmarthen to Swansea.

I almost think that there is a bidding war going on between some agents to get as many properties on their books by valuing houses higher and higher and higher.

My cash will stay in investments and no where near houses until the local estate agents see sense, stop over-valuing wildly and get sellers to drop asking prices by 20 to 30 percent.

I suspect a few estate agents will be going bust in the coming year?

• 20 September 2010 12:19 PM

I'm not really surprised, agents have fallen straight back in to the trap of over valuing to get the instruction. Every sensible vendor will survey RM to find out how much theirs is worth before they get it valued by 3 agents, so can also see prices "rising". The exuberance of the Spring coupled with a nervous summer gives us prices falling.

• 20 September 2010 10:26 AM