Cashflow has become king and mortgages a less dominant feature of the housing market, with most sales now financed by equity.
A new report from Savills says that the shift away from mortgages to equity has been a key change in the market.
It says that in 2001, mortgage debt funded 62% of all housing transactions. By 2006, it had fallen to 55% and last year it stood at 46%.
The report says that constraints on mortgage debt have been the main catalyst – citing bigger mortgages and more rigorous vetting of mortgage applications.
It estimates that in the year to the end of September 2011, based on Land Registry figures, £150bn was spent on house purchase. That was 47% less than the £284bn spent at the peak of the market.
Lucian Cook, of Savills research, said: “Equity has replaced debt as the dominant source of funding of house purchase. It favours high-value markets, particularly those in the South of England.”
The new research also says that equity will reign for some time to come, because of new proposed reforms.
The Financial Services Authority wants mortgages only to be lent where they can be repaid without borrowers having to rely on house prices going up. The FSA also wants lenders to account for future interest rises and, whilst not banning interest-only mortgages, wants these to be assessed on the basis of repayment.
The report says that the biggest consequence of the shift from debt to equity has been the growth of the private rented sector. It estimates that the value of private rented housing stock in the UK has risen by 42% in the last five years to just over £900bn.
It says further growth is inevitable, with ‘many potential large-scale landlords and housing providers’ still waiting in the wings. Savills expects the private rented sector to expand to 20%-23% of housing stock in England by the end of 2016.
The report also warns that the UK property industry needs to adjust to the new reality. It says: “The valuation of residential property is still predicated on the old mortgage-funded, owner-occupied world.”
However, the report adds, if UK housing is “to attract new forms of funding, as it must in the new age of debt drought, we have to understand equity and the cash it can generate”.
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Comments
HD We had double sided tape held on much longer.
Peebee. as I said excellent post earlier..........you, I and plenty of others do not always agree but seeing things from a different perspective cant be a bad thing....occasionally we agree, occasionally I learn something....somtimes I even change my point of view, grrrr!!!!
Lets try and refrain from petty point scoring and stealing nics.
Peebee
Selling and letting houses was a lot more fun before the tinernet came along.
Obv we have some great tools now, perhaps a bit too much information.
It was a lot mre exciting having to pop down to the photo developers to pick up the photo that we would then prit-stick onto the particulars.
AoS. Thanks, mate - most appreciated. In reality I expect that there are many more who would gladly wave me goodbye - and they may well get their Christmas box early this year!
I find it a shame that having been involved 24:7 in the property market for nearly three-and-a-half decades, that looking at virtually every thread on this site, the main elements of selling homes - buyers, sellers, and Agents - have taken to behaving in such appalling manner to each other. As you say, 'keyboard warrioring' is an unfortunate product of today's society. In fairness (and with some sadness...) - I admit to having become one myself in speaking out over matters which I believe are damaging the industry and the homebuying process.
Unfortuantely, the lunatics seem to be taking over the asylum at present. What is being achieved - is one step away from anarchy.
Maybe those who have demanded this to be a 'members only' site are right after all. The HPCers; Agent-knockers and general nut-jobs who want to read what Agents have to say can read all about it - and post their own responses on their own sites.
Believe me - if this is "the future" then I'm glad that I am nearer to retirement than starting out on the path...
I don't remember all this malarkey in 1993 - do you?
Bob
'How are so many agents surviving? Many must now be hanging on by the skin of their teeth? '
Bob, I will try and answer this one, but can only really comment on my own geographical locations we cover, but we are selling houses, quite a few actually, and along with a thriving rental market that also helps.
We are currently don't have enough to sell at the moment, demand is out stripping supply.
Prices aren't going up, homes still have to be correctly priced, but there is a bit of competition for good homes out there.
PeeBee - Missed your post earlier. I completely agree with you. Too much bickering and squabbling going on amongst other visitors AND agents.
So many eyes of the ball, each trying to be a keyboard warriror/comedian/maverick/dictator - It's just tiring and the simplicity of a once useful and friendly site disappears.
Keep with It Pee, characters like you disappearing will certainly do the forum no good at all.
How are so many agents surviving? Many must now be hanging on by the skin of their teeth?
I know one major chain in Swansea is very worried - in 12 months they have gone from cock to being frightened about where the next sale will come from.
Unfortunately, the game of out-valuing each other continues and, from where I am standing, I would say that most properties are a good 20% over-valued in my patch - perhaps 10% higher again.
This has created an unrealistic expectation amongst sellers and, rather than drop asking prices by the sums needed to get buyers, sellers simply swap to another agent... and another... and another.
With so little mortgages being available, and this year probably being less again, the future does not look bright at all. I guess more of us will be out of work come the end of the year.
I read the post about agents fallicitating the market rather than setting prices - that is just pure bull IMPO. The above mentioned over-valuing to get properties on to books is a major part of setting prices in the market. As long as 1 or more competing EA chains is content to over-value a property in a given area by 20% or 30% then it will be setting prices and not fallicitating the market.
I'm simply stating that falling houseprices are needed to kick start the market..and that people are in denial about what is about to happen
prices will probably fall 30-50% and not start to recover for 20 years
things are really really bad financially which is why interest rates are 0.5% and boe is printing money
Dave is sitting in the local pub slowly getting drunk after a hard morning farming.
A man comes in and asks Dave, "Hey, why are you sitting here on this beautiful day getting drunk?"
Dave says, "Some things you just can't explain."
"So what happened that is so horrible?" the man asked.
Dave then decides to try an answer, "Well if you must know, today I was sitting by my cow milking her. Just as I got the bucket about full, she took her left leg and kicked it over."
"That's not so bad, what's the big deal?"
Dave says, "Some things you just can't explain."
"So what happened?" the man asked again.
Dave relenting, continued, "I took her left leg and tied it to the post on the left with some rope. Then I sat down and continued to milk her. Just as I got the bucket about full she took her right leg and kicked it over."
"Again?"
Dave says, "Some things you just can't explain."
"So, what did you do then?" the man asked, intrigued.
"I took her right leg and tied it to the post on the right. I sat back down and continued to milk her, and just as I got the bucket just about full, the stupid cow knocked over the bucket with her tail."
"Wow, you must have been pretty upset! but that's no reason to just sit here getting all depressed."
Dave says, "Some things you just can't explain."
"So then what else did you do?" the man asked again.
"Well I didn't have any more rope, so I took off my belt and tied her tail to the rafter. That's when my pants fell down and my wife walked in."
Dave if you are wishing to go into Poultry Farming you must have Cock and Pullet.
But oh! You are ok in that dept, I see
Q What's brown, sticky and found in the countryside?
A Dave
Thats not me posted below, its dave the rave!
As my old maths teacher Fergus used to say
'House prices double every seven years'
Get into bricks and mortar, you cannot go wrong!
I think 'Dave' the 'idiot' clearly admits to being the 'poster' in other peoples names. Oh what a lack of imagination.
Dave,
Help yourself out mate.
Estate Agents are A. G. E. N. T. S.
nice and slow for you there.
We facilitate the market, we do not set the market.
You are spouting your bile in the wrong direction.
If prices drop 60% or even 90% as you have said in the not so distant past, that is the level we would advertise at (with the consent of owners of course). There is no evidence to show any sign this could or would happen.
You really are not helping anyone, not even yourself. Not unless you have a little schoolgirl giggle each time you post something.
I think that is it Dave, you are a schoolgirl at heart, admit it.
Dave, Can I ask your opinion on the thousands of houses that ARE being sold? Are these "Over-priced"?
Property is still selling. It may take a little longer to achieve a sale within a satisfactory price range for the vendor, but they are happy to play a longer, sensible game. Although, I know of a few instances where houses sold within a week in January - all to FTBs actually.
Transaction levels are quite respectable when you consider we are crawling our of a Global recession.
dave said
'agents are unwilling to recognise prices need to fall because of their own personal interest in property'
What personal Interest is this then Dave?
Agents, or at least agents, will adapt to market conditions, with prices or rising or falling. Admittly it is more difficult in a falling market as people want as much as cash as possible for there home.
Agents don't have a hidden agenda to keep prices higher. not that prices are falling in my area of work, they are stagnant, but homes are still selling quite quickly compared to rest of the country, but I would have no issues if prices dropped a bit.
its quite clear what I have said..estateagency/estateagents will benefit from an increase in transactions
transactions will increase as price falls force sellers.
they could double...this is good for the industry and offshoots.
agents are unwilling to recognise prices need to fall because of their own personal interest in property
anyone with a portfolio of mortgaged buy to let 'investments' faces a whole lot of trouble
Dave, you even argue against yourself
“Prices fall more transactions, good for agent” and then agents have a “personal interest in hoping prices remains high”. and then of course low volumnes!!
Even you must now admit you have made yourself look even more stupid which you deserve credit for I didn’t think it was possible.
Peebee, nice post!
Is the the recent announcement by the government re: rules on income multipliers a clear indication that they will try to avoid house price deflation at all costs and only limit inflation...thus ensuring more property is sold to to investors rather than owner occupiers??
this is a discussion board for all views
if prices do fall then transaction numbers will rise which is good for the estateagency business and things that feed off it.
in my view estateagents are overexposed to the property market themselves and they have a personal interest in hoping prices remain high
which of course they won't
I am sorry Dave, of course you are right.
However.
I believe you are one of the non property professionals getting on this informative estate agency website and killing it as Pee Bee refers to.
You are killing it for no reason, but killing it you are.
What an idiot
you spook people because of your naivity
this will come back to haunt you just like estate agent,developers and banks in ireland and spain
uk housing bubble is so bad prices may not recover for 20-30 years
Oh yes, if only it were I posting such dribble.
Unfortunately, it was not me. Someone with little imagination, but much angst has taken my thoughts, blown them out of proportion in their own small and tiny mind and posted 'as me' in an attempt to discredit my thoughts.
Out of all proportion, whoever you are !!
I apologise for and on behalf of the idiot doing it.
The below was not me, sorry folks.
____________________________________________
Added by Fun Boy Agent on 2012-02-14 09:36:45
Cutting out all the crap, what I am trying to say is:
Buy, buy, buy, buy now, it's always a good time to buy, you can't lose on property, miss the boat etc. etc. ad infenitum.
____________________________________________
I simply believe it may.... MAY..... be a waste of a buyers time to hang on for lower property prices as the gains may....MAY... be outstripped by the cost of borrowed money, that is if the banking market takes a bit of a turn.
It may ... MAY... work out to be a 'no gain' situation, just lost years of renting. Gain on price drops, lose on mortgage repayments.
On the other hand, property prices might drop significantly, as some folks would like, and mortgages might remain cheap, as the same some folks would like. I sincerely doubt it though. Some folks want a utopic world just for themselves, to meet their own needs. If only life were like that.
Sorry once again that I obviously spook some people enough to want to post as me in an effort to discredit my warnings.
Oh, dear - here we go again! Playing silly bu99ers gets no-one anywhere - it weakens whatever argument you are trying to make and simply p!$$eS off the majority of people when you think you are being smart! And so it kicks off again...
Look. Buying a home is - and should be - a lifestyle decision. The minute you start counting - or even spending - the 'profit' before it has been made is the minute you have forgotten what it is that is important in the process for the great majority of homebuyers.
Whether a house makes or loses money over a period of time should be irrelevant. Rent a house and the money is gone. Take a property 'worth' £100k to buy; £500 a month to rent. If you were to rent the property for 25 years, you will probably pay in excess of £200k in rent over the period taking into account rent inflation. To buy the property with a mortgage will cost you roughly the same. Of course, you will then have to repair it; update it and all the other things that your Landlord would do for you if you were renting it - but it will be YOURS.
If THAT is what you want - then do it. If not - then rent. You don't even have to stay in the same property. You can move every six months if you like; without having to pay to sell!
And before you jump up and down and make yourselves sick, of course I appreciate that for a huge number, affordability is the issue that stops them from buying in the first place. As I have said before, I have two sons who currently rent for that single reason - although one of them is now in the processes of buying. He's doing what we had to do in the late 70's - buying a place that needs work in order to get on the market. I doubt if many out there would comtemplate that these days - it has to be in 'just add water' condition or noses turn up from what I see.
To those who think that Agents want prices to rocket exponentially forever; that it is the fault of Agents that prices are where they are; or that they can bring them back down for you - go take your heads for well-overdue sh!ts will you!
An Agent does not DICTATE a market - they REACT to it and work WITHIN it. When prices are rising; they go with the flow - sometimes following the curve; other times ahead of it. When prices are falling; they will advise their clients accordingly but CANNOT make them follow the flow. That decision is with the seller. The only 'influence' that an Agent can have in this case is to refuse the instruction - but there will always be another (or three...) ready to take it on.
There is no denying that there is a high likelihood of widescale benefit to the housing market if prices were lower than those that are currently being asked (and, it has to be said, achieved albeit in reduced numbers...) - but as long as these figures ARE being achieved, then it is an Agents' responsibility to continue to achieve those prices for their sellers.
Getting backs up isn't winning you your personal war - or any support.
TO BOTH SIDES...
Offer sensible argument and at least you will get civil response. Offer what you currently do - expect it back twofold, as you are now experiencing.
From what I can see, this site is losing visits. There are several good quality posters now don't seem to bother - and I would suggest that this is as a result of this pratting about by others. And the less people reading - the weaker your argument becomes - so you shoot yourselves in the foot.
That is a shame. And a bigger shame that you seem not to see it for yourselves.
Long, sanctimonious rant over. PeeBee out.
Seriously debating whether to come back again.
(Feel free to start celebrations in the hope that I don't...)
FBA you are dead right. At last somebody talking sense. The price you pay for a house doesn't matter. It wouldn't even matter if you paid 25% over the odds. Prices always go up. Fact.
Cutting out all the crap, what I am trying to say is:
Buy, buy, buy, buy now, it's always a good time to buy, you can't lose on property, miss the boat etc. etc. ad infenitum.
Maybe Peter should team up with Vebra, teach them how to value properties properly, vendors can then list all the correctly priced properties on Facebook and Homo Agentus Ignoramus will become extinct taking Extreemus Richicus Maximus Rightmove with them.
Oh dear Sibley's B'stard Child,
Your point that the said 'good' mortgage product was on the market briefly, then gone is EXACTLY my point.
Who is it sitting at the back, not paying attention? This is not in question 'old boy'. It is you 'old boy'.
Own foot shot springs to mind.
As for Mr Rant,
Come on .... read posts correctly before you reply your dribble.
I clearly said that if you are an HPC'er with a hefty deposit NOW... what part of NOW do you not understand?
"If you bleat on that you have a hefty deposit now, I would suggest you extract a digit NOW".
To this I am not refering to a house price being anywhere between 1% and 10% off the pace, £1,600 to £16k for the FTB. I am refering to what our HPC'er might save (lets have a stab) £5,000 by waiting a year or 2 or 3, only to find fixed interest rates on offer are higher than fixed rates at on todays market.
That would be penny wise, pound foolish.
What I am driving at is it may not worth putting your life on hold, paying out rents to a landlord just to try and save an insignificant sum when spread over a lifetime.
Get with it Mr Rant.
No mention of saving in my post. That was you who mentioned that.
Richard: "would be you admitting you know nothing about how to value a property or your crass web site would get to the point and not go on and on about Land Registry being the sole way of pricing something."
But that's where you are slightly wrong. The gent doen NOT advocate Land Registry - he pushes people to a site with a name that is ALMOST IDENTICAL TO the official LR website when he states "Instead, IF everyone placing houses up for sale in the market used proper valuations to determine asking prices, e.g. by using..."
Now here's the funny bit. On said company's website, regarding these Instant Valuation Reports, they state
"This report is provided for information purposes only. You are advised to seek independent advice when buying or selling a property."
You couldn't make it up - could you? ;o)
Happy Chappy: "You are forgetting result C: it remains on the market at the inflated price for a very very long time. I see lots of these around my way. "
Yes - I accept that. However, eventually, they will become a statistic either for pot 'a)' or pot 'b)'.
Rather than consider your choice 'c)' as being a result, think of it being more like the walk from the plane to green or red aisles at the Arrivals Suite..! ;o)
Thats it everyone run out and release your equity and buy buy buy....for god sake buy :0)
"Unlike you, agenst only get paid if they sell," Only if thats the only model the agents use and for some vendors this is not the right model.
Peebee - afternoon. You are forgetting result C: it remains on the market at the inflated price for a very very long time. I see lots of these around my way.
Realising Reality, would be you admitting you know nothing about how to value a property or your crass web site would get to the point and not go on and on about Land Registry being the sole way of pricing something.
Your private sale web site is just that and why its so poor, until you know what reality is, can I suggest you stick to playing at web sites and try very hard to get in the real world. Are you even in the UK?
Unlike you, agenst only get paid if they sell, yes some wil over price and I don't agree thats good, but all do one thing you don't, put their money where their mouths are.
"No, I happen to be of the view that current asking prices are all over the place. Some too high, some too low and that's the problem with the housing market - at present. "
WHAT??
Okay - time for you to realise reality. House prices that are too high result in EITHER:
a) the price being adjusted downward in order to 'meet the market', and eventually selling;
b) the owner getting cheesed off and taking the property off the market.
On the converse, house prices that are too low result, in the vast majority of cases, in:
a) THE HOUSE BEING SOLD!
What is 'wrong' - in BOTH instances, is that if the Agent KNOWINGLY over-or under-inflates the price of a property is guilty of not doing the best job for their vendor - which is in direct contravention of the requirements of the Estate Agents Act 1979.
IF a vendor wants a property to be placed on the market at a figure which is either somewhat over or under what the Agent would consider to be its' 'worth', then that is the vendor's perogative and the Agent then has to make a business decision as to whether or not to agree to marketing. It needs to be said that BOTH scenarios can affect the Agent adversely.
Sorry, RR - but these words do not fit with your constant rantings over the months. They do not fit with your own 'blog' entries - nor of the words on your property website: "If estate agents always put asking prices at the very top of the range of values within which a house should sell, they will always be out of range! Doing this will always mean they are quoting prices in excess of the current true value and this is naturally misleading to buyers."
There is an old phrase - that in order to be a good liar you need a good memory. But don't worry... you don't have to rely on YOUR Swiss-cheese memory - ole' PeeBee is here to act as aide-memoire to remind you of your MANY inaccuracies!
Gnaw...gnaw...gnaw... ;o)
@RR
I did ask for a non waffle explanation.
Realising Reality, How can agents improve their valuations?
@Realising Reality on 2012-02-13 14:29:30
I agree with most of your first three paras but not the last two and refer back to parts of my own last posting.
As FBA says, buy now before you miss the boat.
ps. Does anybody still believe this lame ass, cr@p?
To qualify what I said earlier, by improving the market appraisal processes I do not necessarily mean lower figures would automatically apply. I mean figures that are closer to the market's pulse should be used.
To those who are saying their figures are always higher than the market's pulse well, therein lies the problem!!
No, I happen to be of the view that current asking prices are all over the place. Some too high, some too low and that's the problem with the housing market - at present.
I think that unfortunately agents seem to have no inkling whatsoever that the problem is of their own making.
Until they understand and accept this and decide to address it, nothing can be done to improve the chances of buying and selling in what has become a chaotic housing market - even though many people wish to move house and have had a need to do so for some time.
Rant- nice words, will leave you alone now I've got Dave!
Have a great day.
Totally depends where you are in the country FBA. The Land Registry shows annual falls of 5% in many locations across the north, north east, Wales and Midlands.
The 'buy now before it becomes more expensive' line therefore doesn't carry much weight in the current market. Even if prices are static, every £1 added to a deposit is £1 that doesn't have to be repaid and a further (approx) £1 handed over in interest to the bankers.
The deal you are highlighting would require a deposit of at least 25%. Halifax reckons the average property FTBs are buying at the moment cost £120K. So, that's just £30,000 FTBs have to find - more than the average UK salary. Across the South East, that would be higher. Not exactly an easy goal in an era of rising inflation, static wages and job insecurity.
I take it then Ray that you're not impressed with the latest government interference in the housing market as mentioned in the second story on EA Today? Behind with your mortgage? Here's a cheap loan or even gift of £5,000 of taxpayers' money to help you through.
(no Brian, I am not Dave. Unlike others on this site, I don't resort to using multiple names. For what it's worth, I reckon he's over doing the comparison with Japan)
Oh dear FBA, you're a bit behind the times old boy. Please do keep up at the back.
That particular N&P mortgage product was pulled less than two weeks after launching:
http://www.housepricecrash.co.uk/newsblog/2012/02/blog-forbearance-and-low-interest-rates-key-in-keeping-down-repossessions-35939.php
anyone who doesn't realise we are in the biggest property bubble in history is plain stupid.
classic mentality of a propped up bubble...just like dotcom boom and US property bubble..tulips fromamsterdam
I think pointing this out has a validity on a free discussion board about the property market
remember...property investors were BAILED OUT...NOT clever...
Realising Reality , you actually believe the twaddle on your web site don’t you? Property Match, match your nut to other nutters me thinks!
Dave are you also Rantnrave, about as stupid?
Nothing about Japan this time?
Realising Reality on 2012-02-13 08:30:48
“………buying market start to return to the levels of throughput desired by the inhabitants of this country.”
So, just the BUYING market and (ALL?) the inhabitants?
What about those who bought during the ten boom years before the ‘crunch’ – based mainly upon the advice of the money ‘experts’ who were also responsible for the credit problems in the first place by selling toxic assets among themselves? Many owners just cannot sell at the present time, even if they wanted to, because of the amount they still owe in the early years of their mortgage.
I do not pretend (as some do) to know the full answer but I do know that, as above, there is more than just FTB problems or EA’s turnover. However, in my view the market will eventually sort itself out and quicker, without government interference.
If you are a brow beaten HPC'er I would respectfully point out that you may or may not get your wish of lower propert prices. No-one really knows, not even Henry Pryor. 1%, 2%, 3%, 4% or even 5%.
But...may I respectfully point out? ... it may be that you are looking in the wrong direction if you are trying to save a couple of your hard earnt bob.
If you hang on another year, and prices do drop say 5% this year (which I doubt, no signs yet that they will), how much will that money you borrow to make your cheaper purchase cost you?
If you bleat on that you have a hefty deposit now, I would suggest you extract a digit NOW.
Look at this for instance (below)
Norwich and Peterborough Building Society (N&P) has today announced that it will launch a ten year fixed rate mortgage – the lowest ever on the market offering excellent value for those looking for a longer term option.
From Wednesday 25 th January the new mortgage product is available at a best buy rate of 3.99% up to 75% LTV with a fee of only £295. Adding even more value to the product, borrowers receive a free valuation and free legal fees (for re-mortgages) or a £200 cashback option (for purchase customers).
My advice to HPCers.
Don't be penny wise and pound foolish.
Getting it in 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 whole of 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.
If you need advice on your local market please call your local Estate Agent who will be only too happy to give you an unbiased balanced view of your likely selling price.
Your selling price may differ somewhat to your asking price. Your agent will discuss this with you also.
Come on RR, enlighten us. Why don’t you come clean and give us your 'plan'. No waffle, no comparing it to brass bands, just a plan and simple model for valuing property.
The floor is yours.
"It estimates that in the year to the end of September 2011, based on Land Registry figures, £150bn was spent on house purchase."
Erm... based upon the supposed 'average' house price that LR quote, of £162,000, and assuming an 85% LTV, that would make 1,083,925 transactions, unless someone cares to check my calculations, please?.
Mr Realising Reality. Care to tell me your propeosals, under your suggested 'plan', for properties which fall under an asking price of £100,000?
At present, you do not seem to recognise that there ARE, or WILL BE, any - which I find absolutely amazing, seeing as you want the price of properties (...especially in Devon, huh...? ;o) ) down, down, DOWN!
prices in london could easily half and still be expensive
So 54% of all property transactions at this moment are cash only?
Surely not.
I've been an agent for twenty years and even using the normal figure of 62% I just don't see it.
I have worked everywhere from Central London to little rural and that would mean that 1 in every three purchases were pure cash.
Surely not, or am I missing something.
I would have said no more than 10%...
(BTW remortgaging my house to buy another one is definitely NOT a cash purchase).
I don't understand why everyone has to tiptoe round the real problem. The following is indicative of the prevailing spirit of denial: "The report says that constraints on mortgage debt have been the main catalyst – citing bigger mortgages and more rigorous vetting of mortgage applications."
What fact is everyone ignoring? Simply that prices are far too high. The lack of crazy lending is the solution, not the problem. I have £150k to put into a deposit, and I am only looking to buy a reasonable terraced place in South London. Banks will lend me enough to buy a place, but there is no way I'm going to borrow £500k to buy a not-particularly-nice place in Zone 3.
The only reason to part with my savings would be if it looked like the pound was going to evaporate in a bout of hyperinflation, which might look feasible in a year's time.
So today Mr Hendry is using the handle Realising Reality, I suppose it better suits his argument for this particular thread.
Read through the twaddle and his proposals basically amount too 'agents, please undervalue' that way he stands more chance of winning instructions for his private sellers website. He currently lists all of our properties on his scrapper website but unfortunately we are not paying him anything. This won’t do for his retirement fund.
I’ve tried to find out how the perfect market appraisal should be carried out but unfortunately he conveniently swerves that conversation. I can only assume he has no idea.
Correct.
As I have been proposing, improvements to current valuation as well as market appraisals techniques by estate agents, are overdue.
Only then will the buying market start to return to the levels of throughput desired by the inhabitants of this country.