Calling all vendors!

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This topic contains 33 replies, has 16 voices, and was last updated by Profile photo of Inez Inez 9 years ago.

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  • #53485
    Profile photo of Anonymous
    Anonymous
    Participant

    Dear All
    As an agent working in the supposedly desperate and tricky Costa del Sol real estate market right now I thought I’d share with you the reply I have just received via email from one of my vendors after:
    1) I had emailed to give him feedback from a viewing (yes, I know this is rare)
    2) He had told me he wanted to increase his price (I had already warned him that his property was expensive)
    3) He had told my clients the lowest NET price he would take during one viewing instead of the lowest SALES price.
    4) I had offered to come to his house and show him all of the similar properties in the area which my clients had seen so that he could see for himself what he was up against.
    “Well, I do not agree with the statement that you know what our competition is, and we are the one who will decide the price of the house not the estate agents.
    And the net price is the net price and there is no discussion about it. We do not agree with “negotiating”.”

    This house had been on the market over a year before I took it. I have done several viewings with different clients and given the vendor feedback each time. 3 months ago he told us he’d take an offer of 100k less as he was “desperate”. Now he won’t budge on price.

    This is not the end of my shaggy vendor dog story either!
    🙁 The vendors of the first house my clients decided to make an offer on had said in the evening that they’d accept an offer under a million euros. The following day they withdrew the property from the market.
    🙄 The vendors of the second house my clients made an offer on decided not to sign and accept the offer as they really didn’t want to sell anymore as they couldn’t be bothered with the hassle of moving.
    👿 The third vendor (Mr “I don’t want to listen to you”) had said he’d accept a decent offer…which of course I had indicated to my clients…and then back-tracked on his word.

    To anyone thinking of selling: if your estate agent is being proactive, then please listen to them! And if you really don’t want to sell then please take your house off the market!
    Many thanks.

  • #76311
    Profile photo of Inez
    Inez
    Participant

    Dont panic re your vendor – they tend to blow with the wind depending on their current circumstances and of course hate losing money. Also the pub agents and firneds and family all have a take on it and persuade them otherwise, mainly saying that if their property doesnt sell its cos the agents are crap!.

    I used to find it extrememly frustrating and its contributed to the agreements I now have in place! I cant have that sort of nonsense in auction and I also know that although it may take a year or so, they do often come back having to accept a lower price than initially!

    Otherwise if they are too highly priced and especially if they are adamant on their net price, I refuse to take them as its too much hassle as you have found out! I tell them to go to other agents!!!

    Hang in there 😆

  • #76321
    Profile photo of Anonymous
    Anonymous
    Participant

    The penny will drop with estate agent in Spain at some point ❗ ❗
    Remember the customer is ALWAYS right even if they are wrong. If you remember that then you will have more success.

  • #76324
    Profile photo of Inez
    Inez
    Participant

    Ahhhh we do know that and practise is to the hilt!

    Sometimes its good to let off a bit of steam, but then how can you help someone after they ask your advice, you tell them and they do the opposite??? Oh and then moan at you?????

    Hey ho!

  • #76325
    Profile photo of Anonymous
    Anonymous
    Participant

    @jwc wrote:

    The penny will drop with estate agent in Spain at some point ❗ ❗
    Remember the customer is ALWAYS right even if they are wrong. If you remember that then you will have more success.

    Surely an agent will be more successful investing time on clients (buyers or sellers) who are likely to go to completion.

    There are plenty of time-wasters in any market……why waste time pandering to fools like the agent has identified here.

    I would tell the vendor that you are unable to invest time in actively marketing the property at that price and suggest they use another agent…….

    Personaly I would much prefer an agent who was honest and upfront than one who ran round telling me what he thought I wanted to hear.

  • #76326
    Profile photo of Anonymous
    Anonymous
    Participant

    unfortunately fellow agents “you are damned if you do and damned if you dont”

  • #76328
    Profile photo of Anonymous
    Anonymous
    Participant

    @jiminspain wrote:

    unfortunately fellow agents “you are damned if you do and damned if you dont”

    The problem being caused by agents who rip people off (which are in the majority)and now customers don’t know who to trust. How could they. I personally now would only deal with an agent who comes recommended.

  • #76331
    Profile photo of Anonymous
    Anonymous
    Participant

    @jwc wrote:

    The problem being caused by agents who rip people off (which are in the majority)

    Ok so the literal inference is that 50% plus of all agents “rip people off” come on chaps and chapesses defend yourself!

  • #76332
    Profile photo of Anonymous
    Anonymous
    Participant

    …….only 50%?

    no offence to you genuine guys, but if that’s true, even odds on finding an agent who wont rip you off, is higher than i would have thought by most people i’ve spoken to over the years.

  • #76338
    Profile photo of Inez
    Inez
    Participant

    To be honest I agree with all of the above! The big agents have bad vibes around them, both english and spanish! With large overheads and staff on commission only they are very into hard sell techniques – blatently seen via the jobs sections here!

    Works in the off plan situ when people are parting with smaller amounts than buying a resale, but in the now emerging resale market, strangely enough one has to actually work for ones money. And smile!

    I dont deal with unrealistic owners. I tell them how it is, back it up with pure fact and let them decide – but I wont put anything on my books thats obviously overpriced – I do advise them to go to the bigger guys.

    Result is more time to myself and higher conversion rate than some big agents as well!

    And yes, we all have a bad name due to the practices that have been going on – the big guys have the money for the marketing and therefore buyers think they are the only ones out there and therefore all agents are bad! It affects us all, consequently I do not call myself a real estate agent – trying to distance myself from it, and have, over 4 years, carved a different niche in the market.

    Us small guys who work on recomendations will reign in the end, though it will take a lot of us as casulties on its way.

    EA is a recycling business – always has been and always will be!

  • #76344
    Profile photo of Anonymous
    Anonymous
    Participant

    @inez wrote:

    Us small guys who work on recomendations will reign in the end, though it will take a lot of us as casulties on its way.

    Normally I agree with all your well thought-out posts Inez.

    But not on this one.

    Large companies, such as ***, won the “war” long ago.

    When you have 200 million GBP in the bank no one can stand in your way, you steamroll them.

  • #76346
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi Drakan

    Powerfull post!

    Where ever you are in the world, whatever your job or profession there will always be room for the small guy to make a good living.

    SV

  • #76348
    Profile photo of Anonymous
    Anonymous
    Participant

    You will have your niche Steve but you won’t “reign in the end”.

    Good guys only win in movies. This is the real world.

  • #76350
    Profile photo of Anonymous
    Anonymous
    Participant

    Draken things are a changing. Small is becoming beautiful again because of overheads, the less overheads you have the more competitive you are. The big problem for the successful small company is to know when to stop expanding because if they do then the will increase their overheads and become less competitive.

  • #76370
    Profile photo of Anonymous
    Anonymous
    Participant

    ‘jwc’ is right.
    After 40 years experience and having endured lots of ‘ups & downs’ I am satisfied ‘small is beautiful’, especially when there is a downturn.
    The ‘Inez’ of the estate agents world will survive because they are small enough to adapt quickly to what is going on around them.
    Small is always beautiful on my books; 40 years in ‘small’ business tells me I am right!

  • #76372
    Profile photo of Anonymous
    Anonymous
    Participant

    The smartly run large companies are also downsizing to cut large overheads closing down outlets, cutting down on futile marketing brochures and ads and making sales executives redundant.

    The difference with you small guys is that they have very deep pockets after selling properties by the bucketload after 8 years and are well prepared for the next economical cycle and you small ones don’t have this financial clout, you survive month-by-month.

    Yes you will have your market niche, no doubt, but you won’t rule the market and “reign supreme on the end” as Inez pointed out. Spoils of war really.

    Anyway, it’s just my opinion.

  • #76373
    Profile photo of Inez
    Inez
    Participant

    Ohhh I Lurve a good debate. 2 sides of the coin I guess and having lived through the 80s 90s UK property market (yawn) it was the biggies that hit the wall depsite the money they had made over the previous years – too much expansion and too high salaries!

    I do agree some of the biggies have made their money and are pretty much deflation proof, but as the market in general worldwide tightens and as (and this is from experience over the last 2 days Im soooooo glad to report) 1. bank valuations come in many thousands under the purchase price causing the buyers to pull out and sue for thieir money back after being told of huge increases and rental returns – I wont mention the name of THAT company but the clients are looking to buy form me now!! 2. Both buyers and sellers prefer to go to the small guy for economical and customer service reasons (again I just made a sale meanwhile knocking out of the frame another large agent) 3. The money they had coming in is being claimed back by numerous unsatisfied customers, thats across the board on the big guys, they cannot afford and will not pay for after sales services, their sales ethics are now totally outdated etc etc etc and most importantly, as they are NOT making the huge margins as before, they will look to making money elsewhere – so you will find as now they cannot sell their agencies as its too late and too much knocked off the value (no money in the books to show to a buyer) it will actually make sense to close down!

    They in the main have not adapted and still rely on gimmicks, exhibitions and advertising as their webs dont bring the leads in and the buyers are wiser and cannier than before!

    The days of the naive people off the planes has gone – you cannot hard sell with lies anymore so that leaves the ‘normal’ guys in the frame

    You will see more doors close over xmas and not reopening – now that people have to actually work for their money, theyre not interested. They will look for other countries and fields.

    But for sure, the times have changed

  • #76374
    Profile photo of Anonymous
    Anonymous
    Participant

    It’s just the end of the cycle really. In 8 years time we will have new or the same ABC overseasproperty international again selling (marketing) with hype in 16 countries.

    People will have forgotten in 8 years time and we will see it start all over again because one cannot underestimate human greed, a powerful force that propels people to take foolish decisions.

    Let us wait until properties start rising at 15% p.a. again and the stock market is looking bleak, we will then see the whole thing unwind before our eyes again, as we saw it in the 80s 90s. Human history is cyclical.

    A new generation will rise without experience who will fall victim again of their own greed like a bunch of lemmings jumping off a cliff.

  • #76377
    Profile photo of Anonymous
    Anonymous
    Participant

    Drakans Post
    A new generation will rise without experience who will fall victim again of their own greed like a bunch of lemmings jumping off a cliff. 😯

    Well lets hope many of your profession do a better job than last time in protecting us poor lemmings legal interests.and not their own slimey pockets 👿

    Frank 8)

  • #76380
    Profile photo of Anonymous
    Anonymous
    Participant

    Hi to you all

    Ive only been a member since april but the last post by Inez on this topic has got to be a contender for post of the year 2007.

    Fantastic, says it all on this subject, this is how small business works the world over and in whatever industry

    SV

  • #76382
    Profile photo of Anonymous
    Anonymous
    Participant

    @Drakan wrote:

    A new generation will rise without experience who will fall victim again of their own greed like a bunch of lemmings jumping off a cliff.

    Great prediction for all the corrupt, devious developers & their disgraceful bed companions labeled as ‘lawyers’ working in the interests of greed & collusion rather than their profession. All headed for a major fall.

  • #76383
    Profile photo of Anonymous
    Anonymous
    Participant

    Suzanne

    i hope your’e right as much as anyone, but do you think the whole Spanish justice system is up to the job of fitting the punishment to the crime yet, even after all that’s happened? Unless right and wrong is accepted and acted upon from the so called ‘top’ judges downwards, i think it might still be a case of biggest buck wins, however wrong it might be?

    Sorry to sound so gloomy, i realise change is in the air, with regards planning/licenses etc, and the whole mess being bought out in to the open, but while court decisions still seem based on the lottery of a decent judge who will use common sense, i’m not filled with confidence!

  • #76395
    Profile photo of Anonymous
    Anonymous
    Participant

    Interesting stuff

    The real problem here is certain vendors think there property is worth more than it really is and the agent is trying to knock them down to get a quick sale but this is rarely the case in today’s market.

    The vendor then tries to sell the house privately and advertises no agents and this is where a purchaser can get really burnt as they think they are getting a bargain because the agent has been cut out of the deal when in a lot of cases the property price was too much to start and he can probably get a similar property for far less through a decent agent.

    Then you read another story about some poor purchaser being ripped off, a good lawyer and a good agent are essential when buying in Spain but I do recognise that if you dont know the market that might not be that easy.

    My other pet hate is people buying a property through an english based internet agent who obviously won’t know as much about the market as someone living there but they trust an English person, pure madness if you ask me

  • #76401
    Profile photo of mike
    mike
    Participant

    @Drakan wrote:

    It’s just the end of the cycle really. In 8 years time we will have new or the same ABC overseasproperty international again selling (marketing) with hype in 16 countries.

    I think it will take longer to forget the lessons this time. The amounts people spend will not be so easily inflated away as they were in the 90s.

    @Drakan wrote:

    People will have forgotten in 8 years time and we will see it start all over again because one cannot underestimate human greed, a powerful force that propels people to take foolish decisions.

    It was fascinating to observe.

    @Drakan wrote:

    Let us wait until properties start rising at 15% p.a. again and the stock market is looking bleak, we will then see the whole thing unwind before our eyes again, as we saw it in the 80s 90s. Human history is cyclical.

    A new generation will rise without experience who will fall victim again of their own greed like a bunch of lemmings jumping off a cliff.

    And they won’t listen to boring old gits like me and you cos it will be different next time. It always is

  • #76415
    Profile photo of Inez
    Inez
    Participant

    And 15-20 years sees a big difference in attitudes and ages.

    Also, each ‘crash’ or cycle is different, with differing forces creating differing outcomes. Yes there is a large oversupply mainly in 2b2b boxes, but the undercurrent is the type of buyer is changing.

    Its not just the wealthy buying – anyone with sensible money is going to Italy to less spoilt areas – if I had millions Im not sure I would buy in Marbella!!!

    The middle classes who dont want to work their socks off any more and can now see a way of a better lifestyle while still carrying on some form of work and looking to buy here. Easy access via Malaga makes it quicker to jump on a plane than to drive from London to Cornwall for the weekend! It is very cosmopolitan here, very english speaking and with international schools expanding (and new ones opening) one can see it is becoming a place for families to settle.

    And so there will be a shortage of decent sized family homes, 3/4 bed houses for normal families to live in. This is where I se the market shifting to – commuters basing families here.

    I lived in Palma Majorca for nearly a year in 98 and the airport at that time was the most highly used in europe transporting commuters monday and fridays – Im sure its where Easyjet started off, I was on one of the first planes out of there. I know of quite a few families where hubby works either in uk or on the oilrigs etc – no need to base in the UK – why on earth would you!!

    Anyway, back to the thread, yes it is a cycle, but mainly due to lack of demand the price falls, when the price becomes atttractive again, demand will rise and people will not want to miss out, having waited for the supposed right time.

    And yes initial increases will be heavy, but for a short time, bringing prices back up to probably where they were a year or so ago – then it will stabilize and be a normal trading market – wont happen for some time though, Im afraid!

    So there you go, more to ponder over the weekend. Im off home now – its been a jolly hard busy week when I was expecting it to be steady and quiet! Next week is starting in a rush as well – and here was I thinking I would get a good 3 quiet months!

    Hey ho! Good weekend everybody and back to fight again on monday! 😀

  • #76427
    Profile photo of katy
    katy
    Spectator

    Speaking to someone who works for a smallish agent and he says the agency is losing 3000 euros a month and they may have to close around Christmas. He also said there is a lack of people even looking so they can’t actually say a property is overpriced. Another agency says they haven’t sold a property for 5 weeks. Can’t just blame the sellers, many salespeople come along to value and they know less than the seller, having only lived/worked on the coast for less than a year.

    The guy above told me that another issue is that spanish families who are in a position to move to something larger are held up because they cannot sell their property.

  • #76435
    Profile photo of Anonymous
    Anonymous
    Participant

    @katy wrote:

    Speaking to someone who works for a smallish agent and he says the agency is losing 3000 euros a month and they may have to close around Christmas. He also said there is a lack of people even looking so they can’t actually say a property is overpriced. Another agency says they haven’t sold a property for 5 weeks. Can’t just blame the sellers, many salespeople come along to value and they know less than the seller, having only lived/worked on the coast for less than a year.

    The guy above told me that another issue is that spanish families who are in a position to move to something larger are held up because they cannot sell their property.

    The thing is here that its not like an English market most people dont need to sell so they hold out for what they think there house to be worth realistic or unrealistic. The only real bargains are where the vendor is in financial trouble or is very ill and just wants to go back to the UK. The Spanish have there view of the price and wont sell below. However to be fair the spanish market is more like the market in the UK as when your a local you can take your time looking but obviously If your in the uk and want to buy somewhere you probably only have a couple of weeks twice a year to find what your looking for.

    The market is defo flat but eventually it will come back, Personally I believe if you have money you can make good money now. The problem for most of us is that our money is tied up in property which we cant sell.

    The interesting thing is to see what developers now do with a lot of the newer developments that are comming up to completion and the units arent sold, will they sit tight or will they take an offer?

  • #76436
    Profile photo of Anonymous
    Anonymous
    Participant
    Senor Nick wrote:
    The interesting thing is to see what developers now do with a lot of the newer developments that are comming up to completion and the units arent sold, will they sit tight or will they take an offer?

    Spanish market is very similar to US market. In USA the developers are driving the crash, on all popular markets the brand new houses are currently MUCH cheaper than the old ones (comparing apples with apples of course, i.e. houses in similar developments).

    Expect BIG discounts starting in 2008 for new buildings.

  • #76440
    Profile photo of Inez
    Inez
    Participant

    They are already starting.

    In the last 10 days I have had 3 developments offered to me, at around 50% of bank vals BUT you have to buy the whole lot.

    There are pension funds and investor groups buying at the moment – not so much the individual!!

    As I said earlier, anyone not established will find it hard and end up having to close. Its sad but its a shaking out of the market in all aspects. Some people are doing well and if you are good honest, reliable and stubborn, you will survive!

  • #76444
    Profile photo of katy
    katy
    Spectator

    I hope my pension fund managers aren’t investing into the spanish market 😯 Even at 50% off!

    One of my spanish neighbours was a head waiter at one of the main marbella hotels. He was made redundant during the last recession. He invested in commercial properties and a couple of houses near the beach. He owns a whole block of shops and offices and they are fully rented all the time. He just potters around his own (large) garden now.

  • #76448
    Profile photo of Inez
    Inez
    Participant

    Theyre all sorts of funds and groups and going for hotels large commercial and all sorts. Its the big money coming in now.

    The spanish are still buying but not as headily as before – the ones with money are coming out of the woodwork now!

  • #76541
    Profile photo of Anonymous
    Anonymous
    Participant

    This is exactly what I’ve be been saying for years without wishing to offend anyone (Frank, Suzanne…). I even wrote in a thread in SPI the Kennedy-shoeshine boy story regarding the stocks frenzy in the late 20s.

    These are the poor lemmings who have been misled and will be trapped in the real estate aftermath:

    http://www.telegraph.co.uk/core/Content/displayPrintable.jhtml;jsessionid=IU1OVNJSGDZ53QFIQMFCFGGAVCBQYIV0?xml=/opinion/2007/12/07/do0701.xml&site=15&page=0

    Too much cheap credit can be ruinous

    By Jeff Randall
    Last Updated: 12:01am GMT 07/12/2007

    Have your say Read comments

    In Roaring Twenties’ America, Joseph Kennedy knew it was time to off-load his shares when the shoe-shine boy started giving him stock tips. In New Millennium Britain, we have been witnessing a similar, equally clear, “sell signal”: mini-cab drivers as property tycoons.

    During the Blair years, it seemed that taxis, especially those in London, were driven largely by aspiring landlords.

    In return for a £10 fare, many cabbies would throw in a free 15-minute lesson on real-estate economics, which often ended with the revelation that they had just bought a place on the Costa Plonker as an “investment”.

    advertisementOthers preferred the domestic market, where acquiring property for the sole purpose of renting it out had become, in City argot, “a no-brainer”. On one occasion, during a slow trip along the Thames Embankment, I recall a driver pointing across the river and telling me how he hoped to own more than one flat in an attractive waterside development.

    Nothing wrong with that; I’m a cheerleader for aspiration. But when I asked him how he was going to afford space in a block that seemed more suited to bullion dealers and cosmetic dentists, he beamed: “BTL, mate, BTL.” This had nothing to do bacon sandwiches.

    The driver was referring to a commercial phenomenon known as Buy-To-Let. The process, he explained, couldn’t be simpler: “Borrow £150,000 and get an apartment. Interest charges: £625 a month. Rental income: £1,000 a month. There you go, guv, off to the races.”

    Money was cheap, repayments were low, lenders were feeling generous, demand for homes was rising, property prices always went up (didn’t they?) – you couldn’t possibly lose. Or that’s how it must have appeared from behind the steering wheel of a licensed people-carrier.

    The obvious question troubled him not: if it’s so simple, why doesn’t everyone pack up work and join the rentier class? To be fair, in the heady days of Labour’s second term, many BTL pioneers did achieve prosperity beyond their fruitiest fantasies. Yes, the lucky ones had it large.

    The prospect of a free lunch created a surge of buy-to-let punters. The sector experienced an old-fashioned gold rush. Ordinary people, who wouldn’t normally risk a pound on the lottery, went mining for riches. In 1998, there were 30,000 BTL mortgages; today there are about one million.

    BTLs were symptomatic of the Blair-Brown boom: a period of uneven wealth explosion, much of it illusory, created by pumping out easy credit and sucking in foreign moolah. British house prices went up 200 per cent in 10 years, until they reached the point where a man on the average annual salary of £25,000 had to borrow eight times his income to afford the average house.

    For many, the numbers did not add up. So debt affordability was “redefined” to mean simply servicing the interest. Worries about repaying the capital were dismissed as “outdated”, a bit like tank tops and loon pants.

    Those who predicted disaster were branded as “mugs”. Reality was suspended in favour of excess. Too few wanted to miss out on the eternal summer of perpetual house-price inflation. It was a time of collective deceit, into which borrowers, lenders, regulators and ministers happily bought.

    At the peak of investor exuberance just before the 1929 Wall Street Crash, American stockbrokers were opening offices on cruise ships and at seaside resorts to feed the masses’ addiction to the upward tick of share prices. In a similar vein, contemporary real-estate peddlers have combined with television companies to nurture our obsession with house prices through “property porn” shows.

    When bull markets turn into asset bubbles, something dangerous occurs: vulnerable folk start to mistake themselves for financial geniuses. They begin to believe they are blessed with insights and talents not available to previous generations. They become susceptible to revivals of faith in “a new era”.

    According to Incademy.com, an investor education website, an insidious assumption takes hold: “It is different this time.” As a result, established rules for wealth preservation are flouted. Eager buyers become blinded to overvaluation and start to pay too much, often with borrowed money.

    “Repeated on a large scale, this is how a whole economy loads up with too much debt, supporting too many over-priced assets. The unwinding of this process is one of the leading causes of recessions,” Incademy observes.

    Paul Atkins, head of the US Securities and Exchange Commission, concurs: “Human gullibility is displayed throughout the history of investment … the herd mentality, overly rosy expectations, the feeling that somehow today is much different to yesterday, the bigger fool theory.”

    In modern Britain, the army of bigger fools, I’m afraid, includes many who bet significant sums of borrowed money on BTLs. The credit crunch has squashed the availability of funds – and the cost of debt has soared.

    Worse still, financial gravity has reasserted its pull on real estate: house prices are falling at their fastest pace for 12 years. Morgan Stanley, an American investment bank, forecasts that they will drop by 10 per cent in 2008, with the possibility of further declines in 2009.

    You can see where this is leading. As Mervyn King, the Bank of England Governor, once said: “House prices are a matter of opinion, whereas debt is real.” When the cost of funding a BTL mortgage becomes greater than the property’s rental income, ie, the landlord starts subsidising the tenant, the get-rich-quick bubble goes pop.

    Industry experts report that, in recent weeks, there has been a sharp rise in the number of buy-to-let flats and houses coming on to the market, as anxious investors try to get out before conditions worsen. Last year, 300,000 properties were bought on BTL mortgages – many will soon be under water.

    “At the margin,” says Bill Bonner, author of The Daily Reckoning, “the BTL investor is no better off than an American sub-prime borrower or leveraged hedge-fund hustler. He will have to sell into a declining market to stay solvent. Result… rising defaults, failing economy.”

    The Council of Mortgage Lenders forecasts that 45,000 homes will be repossessed next year, an increase of 50 per cent. In part to prevent that number becoming any bigger, the Monetary Policy Committee cut interest rates by 0.25 per cent yesterday.

    It may be enough to save some on the brink, but it will not undo all the damage done between October 2001 and August 2004, when base rates were set too low for too long, at 4.5 per cent or less, encouraging hordes of naive consumers to binge on debt. Like too much cheap drink, too much cheap credit can be ruinous.

    Roger Bootle, the City economist and Daily Telegraph columnist, wrote four years ago: “Once the property market has come down to earth, people will have to face the awful truth – no more money for nothing.”

    He was right. That moment is now.

    Have your say

    Information appearing on telegraph.co.uk is the copyright of Telegraph Media Group Limited and must not be reproduced in any medium without licence. For the full copyright statement see Copyright

  • #76546
    Profile photo of Anonymous
    Anonymous
    Participant

    But there are also a lot of misleading stastics quoted in price rises in the UK.

    My property has risen in the region of 4~5% anually over the last 5 years, and obviously most other types of property in the area have seen similair rises. I don’t see a fall in prices if interest rates remain at current levels or fall. However, those regions that have seen high price rises, I think will see substantial falls.

    So I predict on average a lowering of hosue prices, but it will not be mirrored across the entire UK.

  • #76554
    Profile photo of Inez
    Inez
    Participant

    It will only be realised once you or others try to sell.

    Then you will find out the true market price. Here in Spain there have been reported rises of up to 20% per annum, meaning my house must be worth over a million!

    However, I very much doubt I will be able to actively get that and will be luckty to get what I paid for it!

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