A new hurdle has emerged for first-time buyers – a lack of suitable properties on the market.
A shortage of ‘first-time sellers’ means that the number of terrace homes and flats being put up for sale are down 31% and 28% on the third quarter of last year, Rightmove said this morning.
One-third of potential first-time buyers said that their biggest single concern is being able to find the right property.
Only one in 12 cited their ability to meet monthly mortgage payments as a major concern, but raising a deposit was the biggest concern, cited by four in ten potential first-time buyers. One in 14 expressed concerns about fluctuating house prices, although a small majority – 55% of those questioned in the Rightmove study – said they thought asking prices too high.
Miles Shipside said: “For first-time buyers who are itching to get on the ladder, a lack of choice in apartments and terrace properties must be extremely frustrating. Owners of these property types, typically first-time sellers, are being deterred from bringing their property to market for a number of reasons.
“A continued policy of forbearance by lenders and low interest rates means that the market is short of forced sellers.
“In addition, those wishing to trade up are suffering from a lack of equity, lack of confidence to stretch themselves financially, and in certain micro-markets, difficulty in identifying a suitable property that they would like to move to.”
He added: “Finding somewhere to buy and being able to access the means to actually buy it are the two biggest concerns for first-time buyers. Many simply don’t have the means to get over the deposit hurdles put up by lenders.”
The survey showed that around one in four (24.3%) of all likely buyers over the next 12 months will be first-timers. While this is up 1.5% on a year ago, it is a long way short of the historic long-term norm of 40% – and the figures are disturbingly distorted by the London effect.
In Greater London, 41.5% of people intending to buy over the next year will be first-time buyers, but everywhere else, the proportion is far less.
In the Midlands it is 19%, in the South-West 20.1% and in the South-East 21%. Similar proportions are given for all other regions, with only the North-West looking marginally healthier at 26.3%.
The results were analysed from over 15,000 responses.
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Comments
Score Twaty Slappy zero FBA clear winner! Perhaps Slappy u need to go play on pampers blog? There's loads of crap there from others your mental age.
Anyway who addedthenumbers up 14 but perhaps you have that any fingers
Score Twaty Slappy zero FBA clear winner! Perhaps Slappy u need to go play on pampers blog? There's loads of crap there from others your mental age.
Anyway who addedthenumbers up 14 but perhaps you have that any fingers
Score Twaty Slappy zero FBA clear winner! Perhaps Slappy u need to go play on pampers blog? There's loads of crap there from others your mental age.
Anyway who addedthenumbers up 14 but perhaps you have that any fingers
Score Twaty Slappy zero FBA clear winner! Perhaps Slappy u need to go play on pampers blog? There's loads of crap there from others your mental age.
Anyway who addedthenumbers up 14 but perhaps you have that any fingers
"If you are selling, you are a vendor.
V.. E.. N.. D.. O..R"
Well done!..10 out of 10 so not a HPC'er then.
AoS
Who is the schoolboy playground mentality?
Look closely at this thread again.
No comment either way from me until .....
Mr Rant typed and posted
__________________________________________
Added by rantnrave on 2012-02-07 06:03:58
Anyone else think Spartacus is Fun Boy Agent?
___________________________________________
Obviously a schoolboy tactic by RnR, as you call him, to draw me, which it did.
He remains 'the idiot', now you stand alongside him. Stand together by all means. Idiots should club together, it is always best to keep them in one place, then you know where they are and know where to avoid.
Happy Chappy.
If you are selling, you are a vendor. V.. E.. N.. D.. O.. R
Nice and slow for you.
Advertise your property in any way you wish. You do not necessarily need to employ an EA on a no sale no fee basis. That is your call.
You know best.
Good luck with it. whatever you do
Fun Boy
"If you are a willing seller who is neither an over-eager nor a forced seller prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in the current market you will find an Estate agent will be your best rout to market". So are you saying only such sellers should use estate agents? There are certainly sellers who should use traditional agents and there a are other sellers who would benefit from using other types of agents such as online, there are some people around that help them decide which best suits.
I have told you on numerous times I am not a HPC'er
I have said that in many areas ftb type properties are financially out of reach to the target market., which in turn will (along with other influences such as low interest rates and lender forbearance) keep transaction levels low. This is exactly the point I made to Spartucus,...why that offended him I have no idea. I am sure he does come into contact with more first time buyers in the SE but if my opinion is incorrect I more than welcome his
Ps I am selling a flat in SE and looking to buy a property. What classification does that make me?
Rant , you must be so insecure to keep those few one liners of what you think as support, new on here and perhaps last time actually, but your massive rants to try justify yourself would to me say you have been well and truly beaten and look rather ridiculous to someone with no axe to grind either way. (I was interested in the HSBC story and wish I am stopped there!)
AoS,
You always take a 'plug' at me. ALWAYS.
Oh! And I think you need a new career as a priest, you caring sharing sould.
I wouldn't want you selling my house if you have that attitude. How would you get me the best price?
You failed before you started old chap.
Getting these people into perspective.
If you are a vendor or potential vendor reading comments on this site, please do not worry.
There are perhaps 10 or so of these irritating HPC’ers who have latched on to this informative Estate Agency website and forum to spout unmitigated dribble regarding their personal desires to see UK residential property prices reduce. It seems they believe they can influence the UK market with a sustained campaign on this website. Anyone related to the industry in a professional capacity will absolutely understand how futile their campaign is and the reasons why.
In a nutshell, Estate Agents advise owners in respect of the current market. Estate Agents have no collective desire to push property prices up or indeed have them fall. We understand it is a market and by that definition the agreed selling price of any given property will be agreed through negotiation following the sourcing of a genuinely interested party.
For any potential customers of Estate Agents up and down the country (and the term customer refers to a property owner who may wish to sell via an Estate Agent) please be assured all professional EA’s can sniff out these irritating nonsensical people at registration and prevent them from visiting your property thus wasting your time and that of the agent.
These ‘wannabe’ buyers who in fact never buy a property could only ever be described by Estate Agents as ‘applicants’. HPC’ers do not in fact even make the grade to ‘applicant’. All good estate agents spend their time sifting through 100’s of applicants daily to find ‘buyers’. We implicitly understand that it is our job to get you the ‘best price possible’ for your property within the constraints and limitations of this or any future market. Each agent will have strategies and methods to achieve that goal for you. We find and introduce buyers to you. We would protect you from idiots such as ‘rantnrave’, ‘happychappy’ or brit1234 et al. They would not darken your door. Please do not worry. An Estate agent would seek a genuine buyer for you, not a time wating idiot.
A genuine and willing buyer refers to one who is motivated, but not compelled to buy. This buyer is neither over-eager nor determined to buy at any price. This buyer is also one who purchases in accordance with the realities of the current market and with current market expectations, rather than on an imaginary or hypothetical ‘lower’ market which cannot be demonstrated or anticipated to exist. The assumed buyer would equally not pay a higher price than the market requires.
If you are a willing seller who is neither an over-eager nor a forced seller prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in the current market you will find an Estate agent will be your best rout to market. A willing seller is motivated to sell the property at market terms for the best price attainable in the (open) market after proper marketing, whatever that price may be.
HPC’ers are not a factor in the process of selling your property. Please do not worry about them, We don’t.
Call your local Estate Agent today to get a balanced view of your local market.
Fun Boy Agent - Your comments and attempts to 'get one over' RnR have been shocking. He has come out of this with his maturity and dignity un-questioned for me.
It's been extremely embarrassing to read your posts and certainly has done no favours to the way agents are perceived. More members of the public are looking at this site now and it presents an opportunity to learn from and understand your market. Although, I get the impression that you only want agents to post on here; who must expect prices to stay the same and rise, else you will start shouting.
To be a good agent, you have to understand the perspective of each individual you come across. You must work to satisfy their needs and work within your boundaries. There are occasions where you cannot meet a happy medium and that is the case in all lines of business. This is a great chance to "discuss" with Rant.
Rant is of the opinion that house prices are too high. He often has sensible debate to back up his claims. In fact, many agents would and do agree with him, that prices are too high (the actual % varies across opinions). There are a lot of HPC nuts who come on here and start shouting the odds, but Rant is not one of them.
It's ironic that you say nobody wants to hear from him, because I would much rather read one of his posts than yours. That got me thinking...I can only ever recall posts from you that were either (rubbish, non-funny) jokes or sniping comments at someone else. I have no memory of a logical or sensible post from you. Excuse the irony of my post, I felt this needed to be said.
Now, I'm not saying that I 100% agree with Rant's stance, I certainly don't. I feel that you have been an embarrassment with your crusade of trying to make him look silly and it has completely backfired on you. Where your opinion does not meet agreement, enter sensible, rational debate. Personal vendettas against posters, backed up with playground style abuse is not professional or in the spirit of this site.
So there you have it. An estate agent on an agency forum takes the time to post, an insight into what he is experiencing, if you will.
I said that FTB applicants for this office is higher than it has been and that they were the most common type of buyer. I also said we are selling to FTB's, a lot of them. Judging by the viewings booked in for the week ending it should end in a nice result for all concerned.
For this, I have been accused of not being an agent, been told to change my medication and this happy chappy idiot professes to know how my buyers got their deposits. Well you know what...Chappy. I guarantee you, I know infinitely more about the market than you, I talk to infinitely more FTB'ers than you. It is for us (the agents) to discuss agency on an agency forum. Wouldn’t of this article been nice if agents would have been able to discuss the content, seen regional variations and learnt a bit from each other? Why not highjack a website where someone will appreciate you, because I think you’re a bunch of morons.
You are like a damp patch on the ceiling that they paint over, but it keeps coming back. Unsightly, unwanted, no value and no use.
Please chose your analogies more carefully when trying to insult people.
Rant might be a damp patch but a damp patch on a ceiling always means there is a problem. One has to fix the problem before one can paint over it and move on else it Will keep coming back!
Rant has an understandable lack of respect for Agents, probably down to the experiences he has with the agents in his area. We on EAT can't address that for him but equally it is wrong of him to tar us all with the same brush.
Ultimately it is down to him to buy or not buy, if he gains or loses it doesn't matter to anyone other than him, the vendor and maybe a single agent. All the posting in the world isn't going to change that so best leave him to rant at the ducks in the park.
I find many of rants posts quite informative and well structured. I don't always agree with him, but his views are no less unbiased than your own or mine Fun boy....ps post your email address here I will also be happy to talk to you in person if you wish better still give me your telephone number and trading name.....fun boy more like silly little boy
Who was it used to keep their diary free on Fridays so they could spend the day on EAT making jokes about HPCers? You then complain when they respond and the site starts "smelling of them".
You've done more than anyone on this site to encourage HPCers to post in response to your comments. It is ironic that you say you only want to discuss these issues with other EA insiders, then direct half your comments to provoking a response from HPCers.
If you think the site has become overrun with people banging on about overpriced property, then you only need look in the mirror to find the cause of that.
Post your email address.
I will happily answer all of your questions in full and in person. I would spare the readers of EAT your private and insular dribble as you engage me.
Why do you think readers here want to read your bile?
In brief to your accusations.
1. None & No. (I have other business interests, not property)
2. No effect, you reckon wrong.
3. I get fired up at selfish 1 perspective idiots.
You can't spot a mickey take either.
Your accusations, opinions and calculations about me are 100% incorrect as they are about other posters too. You are not the guru you think you are. You are a self opinionated twit who spouts twaddle.
I believe I have a greater human insight into your makeup and motivations than you do mine.
This makes me 100% correct about you and you 100% wrong about me.
In that case, maybe are all your opinions wrong? Maybe not... but your perpetual banging of the same drum (issue) in the ears (eyes) of people (EA's) who cannot change or alter the position (prices up/down) you 'bang' on about is irritating in extreme.
How many months have you been banging on? Oh God! change that! Its years now isn't it? You soppy fellow.
As I said, go and 'bang on' to car dealerships about petrol prices. The effect would be the same as banging on at estate agents about property prices. You would be percieved as a wally. In EA terms, you are that wally, you just wont see it for yourself.
Why does this irritate me?
Because you are disproportionate to the the 'real' buying public. You are a wannabe buyer, that is all. I would want anyone not connected to my industry who might read this site by chance to know exactly what you are before they gave any second thoughts to your posts on here.
You want prices to come down because it suits you and the prospect that you might one day purchase a property.
As an EA I would advise a buyer or seller on current values. The market movement is, as it always has been, either up or down, no sure way to tell the future market.
You 'old son' are absolutely not a guru, you are 100% wrong about too much and you have a selfish opinion.
Just for the record.
You remain, 'The idiot'.... keep it up sunshine.
If I recall, your previous attempt to get me banned from this site garnered absolutely zero support from anyone else.
Posted below are two recent reflections on my postings which you seem so keen to dismiss as irrelevant and unwanted. For the record, during your absence after your hissy fit before Christmas (when you just posted under different names instead), not a single poster made reference to you or your comments.
Having read many of your musings on this site, I've yet to be convinced you are anything but a graduate of the "house prices only ever go up" school of thinking. Now they are no longer going up at 10% plus a year, instead of adapting, you're just angry at not getting your way.
Anybody with a different point of view than you needs to be belittled, swept aside, brushed off. It's a trait I've often observed in those who are in some sort of management role. They can't debate with someone who has a different opinion - just scream at them until they agree with you.
Several EAs on this forum believe lower prices would benefit their industry through increased transactions. If I, or another HPCer make that point, you can only respond by blowing off steam.
I'm not going to answer your questions. So here's a few from me that you aren't going to answer:
* What is your vested interest in house prices outside of work. Do you own BTLs? I'm guessing that you do.
* How much would your own personal finances be affected if house prices came down a further 10%, or 20%, or more? I reckon you've bought into the housing bubble in a big way and perceive your wealth to be directly linked to house prices.
* If EAs need high transaction volumes rather than high prices to earn their keep, why do you get so fired-up the minute someone suggest prices might be coming down? I'd put that down to the above two points, which you aren't going to disclose on this site. When it comes to the subject of house prices, you post much more as a concerned BTLer with a large mortgage than an EA.
-------------------------------------------------------------------------------------
Jonnie on 2012-01-27 12:54:26
Where on earth is rantnrave when you need him?
Come on rant – get on here and explain the inflation thing you use with house prices so we can all get on with our lunch break.
PeeBee on 2012-02-03 11:22:58
rant. I knew that you would be first in line to answer my question! ;o)
Here's the thing. I accept most if not all of what you say. You always offer sound, reasoned points for debate - and they make sense
Fine point Fun Boy Agent, in total agreement with you.
Mr Rant.
Put your email address on here. If Estate Agents then wish to engage with you, they can.
As for you and your personal (and very lengthy) campaign to attempt to influence the UK residential property market I regard you as a joke. I believe most Estate Agents who read this are absolutely aware of your position and thought process. We understand you believe (and want) house prices to reduce. You have made your point over and over. What more is there to say?
In your case, nothing!
You are like a damp patch on the ceiling that they paint over, but it keeps coming back. Unsightly, unwanted, no value and no use.
You really believe people want your comments? They are taking the 'hit and miss' out of you sunshine. You are being baited, its funny when you fall for it (a biy of value there perhaps).
Do you go on football forums. If you want an opinion on a team you wouldn't ask (lest's say) a Manchester United fan for an unbiased view on the Manchester United team. You are this. NO.. you are worse.
You just stink up what would otherwise be a very good site and very good forum with points that are of no benefit to anyone but yourself. YOURS is a very singular position and opinion. YOU, and YOUR desire to buy a single property at a price YOU want to pay (which is less than the current going rate) is noted by all. You need say no more.
How many properties have you been involved in either buying or selling since January 3rd this year? NONE!
You did not buy last year, you wont buy this year.
What is your involvement in property as a property professional? NONE.
As an EA I am very interested in price movements, up or down, I am also very interested in the factors that create the ups and downs. I am totally disinterested in an idiot with a one way perspective for his own selfish reasons campaigning actively in totally the wrong place for lower house prices. It is stupidity. Its meaningless.
You really are an idiot.
You have not answered one of my points.
But you can't can you? You have no experience or knowledge from the 'coal face'.
You are a wannabe buyer, that is all you are.
Go Buy ole son, go buy...
Look at this Mr. Fun Boy. EAT Founder Rosalind Renshaw speaking about this site:
http://www.estateagenttoday.co.uk/news_features/PBK-turns-the-tables-on-EATs-editor
"The internet is a responsive medium and a great promoter of free speech. There is also a well-established custom of using pseudonyms when people post up comments, not just on our sites but on most others, and that would be very hard to police. I don’t believe we should be putting obstacles in the way of people who would like to voice opinions."
You seem to be having a technical problem there FBA. Each post you make contains exactly the same words. Brian has that problem a lot of the time too.
Tight budgets mean you can't afford a software update?
Look at this Mr Rant.
http://www.lloydjames.com/list-media-management/EstateAgent_Today/
No mention of idiots spouting dribble about house prices dropping. A site for property professionals. Not wannabe buyers.
You idiot.
Post your email address.
Then if anyone REALLY wants to engage with you, they can.
Post your e-mail address then...
you idiot (Mr Rant)
You really are a vile excuse for a human being.
Your purhase of your 1 property (if you ever do it) will not impact on the UK property market.
Your dribble on here is of no relevance to Estate Agents and you have been told this by many, many people, yet you persist with your bile. What is wrong with you?
Are you devoid of common sense?
You are without doubt a TWERP of the highest order.
Post your e-mail address on here so that anyone who really wishes to engage with you can do so. Do not worry, I don't think you will find your inbox will flood.
NO-ONE wants to engage with you.... you idiot.
Actually, you're both wrong. Just checking back and in the last couple of weeks, two different posters have specifically asked me to make a comment.
You two both go ahead and burst a few more blood vessels over that.
Oh dear rant it appears no one likes you, not even you!
"NO-ONE wants to engage with you"
A few weeks back, I recall it was YOU who declared that you didn't want to engage with anyone on this site anymore! At least I'm consistent and don't try to hide behind a changing alias.
Are you as pleasant in real life as you are on this site?
you idiot (Mr Rant)
You really are a vile excuse for a human being.
Your purhase of your 1 property (if you ever do it) will not impact on the UK property market.
Your dribble on here is of no relevance to Estate Agents and you have been told this by many, many people, yet you persist with your bile. What is wrong with you?
Are you devoid of common sense?
You are without doubt a TWERP of the highest order.
Post your e-mail address on here so that anyone who really wishes to engage with you can do so. Do not worry, I don't think you will find your inbox will flood.
NO-ONE wants to engage with you.... you idiot.
Re: http://www.facebook.com/pages/Rant-n-Rave/219679159261
Not quite. I have two left feet when it comes to "strutting my stuff". My musical abilities don't go much further.
Besides all the usual friendly banter here, and in an attempt to bring things at least back to the housing market in general, there have been a couple of developments in recent days that haven't (yet) been featured on EAToday.
Osborne To Allow Curbs On Size Of Mortgages To Prevent Another Housing Bubble:
http://www.dailymail.co.uk/news/article-2097495/Osborne-allow-curbs-size-mortgages-prevent-housing-bubble.html#ixzz1lhn5N1Vx
'Sale And Rent Back' Sector Closed Down By FSA:
http://www.bbc.co.uk/news/business-16872205
http://www.facebook.com/pages/Rant-n-Rave/219679159261
you idiot (Mr Rant)
What part of "I am not Saprtacus" do you not understand Mr Rant?
You really are a vile excuse for a human being.
Your purhase of your 1 property (if you ever do it) will not impact on the UK property market.
Your dribble on here is of no relevance to Estate Agents and you have been told this by many, many people, yet you persist with your bile. What is wrong with you?
Are you devoid of common sense?
You are without doubt a TWERP of the highest order.
Post your e-mail address on here so that anyone who really wishes to engage with you can do so. Do not worry, I don't think you will find your inbox will flood.
NO-ONE wants to engage with you.... you idiot.
So it was you - same belligerent style of writing, same use of caps. Pretty obvious really
If I recall, you told us that you were no longer going to post on this forum?
Dear Mr Rant,
I thought 1,000's of people claimed to be Spartacus! But not me. I do not claim to be Spartacus.
As for you and your personal (and very lengthy) campaign to attempt to influence the UK residential property market I regard you as a joke. I believe most Estate Agents who read this are absolutely aware of your position and thought process. We understand you believe (and want) house prices to reduce. You have made your point over and over. What more is there to say?
Your postings are only relevant to you.
Totally meaningless to the EA industry.. an irritation
And.. "I am not Saprtacus"
Why don't you try campaigning to car dealerships that you want the price of petrol to reduce? It would be the same effect. Car dealers are aware of petrol prices but do not cause the rises and falls. As with Estate Agents, we are aware of house price rises and falls but our products are marketing, advertising and arranging sales.
You just don't get it do you?
You just stink up what would otherwise be a very good site and very good forum with points that are of no benefit to anyone but yourself. YOURS is a very singular position and opinion. YOU, and YOUR desire to buy a single property at a price YOU want to pay (which is less than the current going rate) is noted by all. You need say no more.
It is not just you, a couple of other bonzos who post on this Estate Agents site are obviously of a similar opinion that if you and they spout off enough to Estate Agents about your and their desire for reduced house prices that we can make it happen for you. WE CANNOT. It is a market. It finds it's own level.
Your campaign is therefore irritating to most as it is selfish and disproportionate in respect of your 1 purchase that you may one day make.
Added by rantnrave on 2011-12-07 12:30:56
100% deposits, not 100% loans. What would happen to UK house prices if it became illegal to buy a property with borrowed money?
No argument rant. You said it. Simples.Sorry
Anyone else think Spartacus is Fun Boy Agent?
'TBH I'm not fond of what Shipside has to say either but the point is Brit/Rant that FTB's are buying....in their droves.'
Classic Spartacus classic, that's not what the CML and BBA say. Still, i'm sure your branch is bucking the nationwide trend.
The problem twas ever thus is the absence of all but the most basket case of forced sellers and years of vendors having their fantasy values entertained.
Spartacus,
Well done on the 3 properties you have sold I suspect the buyers had been saving for a long long time, helped by bomad or inherited there deposit. This does not mean property is now at affordable levels or a sign of a turn in the market.... But if you are right with first time buyers buying in there droves the total sales and transaction levels will be up. Let's wait and see.....my bet is at the end of 2012 transaction levels will have remained low.
I'm all for a bit of new year bullishness but some of you guys are sounding a bit desperate. Town it down a touch or I'm calling BS.
@THE TRUTH
well I'll let you know in 8 weeks time when I cash the cheques....pal
@Spatacus......but the point is Brit/Rant that FTB's are buying....in their droves.
I think you need to change your medication pal.
"A new hurdle has emerged for first-time buyers – a lack of suitable properties on the market."
Edited for accuracy. "A new hurdle has emerged for first-time buyers – a lack of sensibly priced properties on the market.
Suspect away brit......
3 sales, all to FTB since the start of feb @ an average of about £165,000. More FTB applicants so far this year than any other type of buyer. Mortgages being arranged for two of the 3, One on a 20% deposit the other on a 10%.
(south east BTW)
Despite what people are saying, more and more properties are falling in price.
Give us evidence please, find 1 property you have been watching and show us what its price was in November and what it is now. There will be somone on here who can say what price you should offer.
You value my posts immensely Brian - you would have long since stopped visiting this forum if I wasn't here.
Good to know the message is getting across. If you're so fired up by my comments, I'll see if I can increase the amount of them. I have this great vision of you all fired-up over a keyboard every time you read of my comments. That is a great motivation to see what else I can post here to raise your blood pressure.
Despite what people are saying, more and more properties are falling in price. I watch my areas and can see a clear increase of properties coming into my affordability bracket and more coming down to just above it.
Waiting seems to be working for me.
Spartacus can you tell me where first time buyers are buying in droves? As I suspect you are not even an estate agent.
Nice cut and paste rant, at least you seem to have worked it out, no one values your opinion so copy someone elses!
Spartacus, are mums not allowed opinions?
Yorkshire Agent - Well done for leaving once they gave you that reaction. There is no helping some people. Over-valuing makes up for a lack of skill (or attempts to rather). We know what will happen, the vendor will be ticked off in 8 - 10 weeks time and the longer it doesn't sell, the more your words will echo in their minds. Their annoyance at Agent A will spread across to their friends and family. These agents that do it are very short sighted.
Brit/Rant - You two are a very unique breed. No, not like that ;) I mean that you can stay in rented AND save money and in Rant's case, be better off.
The majority are not so fortunate. Buying (with a mortgage they can afford) has always been a better option than renting, playing the guessing game, hoping for a crash. How much money have those people squandered in rent over the last 5 years? I'd not like to speculate, will make many feel sick.
Firstly, I couldn't give a fig what someone on mums net reckons. Why are you on mums net anyway rant?
The truth is all those first time buyers that have spent the last 4 years waiting for something to happen, are fed up and now taking the jump. TBH I'm not fond of what Shipside has to say either but the point is Brit/Rant that FTB's are buying....in their droves.
I went out to a perfect FTB property last week, a pretty cottage in a nice village, I was confident of getting the listing as i sold it to them back in 2006 for £125,000. They'd done little to it and after a chat about comparables and the market, (there is a similar but slighlty smaller one for sale at £117,500) I explained that we should be aiming to get what they paid for it (I believed they'd be pleased with this) Predictably their faces dropped, the'd had 3 other valuations, from £135,00 to £145,000, as they say I made my excuses and left - not being prepared to waste anymore time. The property is now for sale at £145,000 and will remain there for a long long time.
So basically a perfect FTB property but now rendered unsaleable by idiotic estate agents. I've listed very few properties this year and turned down many, my shelves are now empty, so how do I get more listings??? I know I'll make sure I tell people the price they want to hear!! and so it goes on.
More spring bounce ramping, yawn.
Buy now or you never will, so scary.
I'm happy renting and saving. There are plenty of first time properties that I can see in London and South East.
Case in point AC from the ladies at Mumsnet:
http://www.mumsnet.com/Talk/property/1400274-why-would-my-neighbours-do-this
It's actually worse than this.
Very few sales last year fell through because of downvaluations as far as I can tell (in my area at least).
What I did see was loads of houses coming on at mental prices, then reductions, then sales then withdrawn.
Checking the land registry, the properties never sold.
I am guessing that this is because at the correct price (ie non-wish price) it sold, but then left the owners with insufficient equity to get a mortgage on the next house.
And of course there weren't enough next houses to buy either.
One of my competitors works on the basis of high volume and low fees and from what I could see, at least 60-70% of all of the properties his company took on the market failed to complete.
That must have cost him a fortune.
Even worse though, loads of people must have spent fortunes on surveys and solicitors.
Ouch all round