Looking at the thread re big discounts in Spain apparently involving Aifos etc and what looks like panic selling on the Costas, prompts the question, ‘is anyone experiencing similar problems here in the UK or elsewhere?’
We complete on the sale of our house in the South West this Friday. We had one viewer only but he paid about the full asking price. Our neighbour put their similar house up for sale for £5k more and had no luck and has dropped the price £20k but still no takers yet. A local agent has just reduced prices in his window on 8 properties out of 20, another agent has said the market has almost died other than for the half million plus country properties, and also says most Developers in this region have halted their build programmes.
Apart from London, is this regional or a sign of things to come generally here (is it panic setting in) with another expected interest rate rise? If so, this will further impact on the Spanish and other Emerging Property markets I would think.
I own properties in both London and in the Midlands and no, there is no panic selling in the UK and I doubt (in the foreseeable future) there ever will be. The UK housing market is very different in so many respects to the situation in Spain especially the Costas.
There, there’s a huge glut of vacant properties and few buyers chasing them. Worse, new development appears to be continuing unabated. Add in the emerging scandals many unfortunate folk on this forum have first hand experience of and you can start to draw your own conclusions.
To give you a feel, earlier this year I spoke with a chap who runs a property maintenance company in Torreveija (Costa Blanca area) In the UK he used to work for social housing in Kent. There he said, the main problem they had was too few houses with far too many folk chasing them. In Spain, the problem is the opposite. Too many houses and not enough folk chasing them. He described driving late at night by many large developments to see only one or two lights switched on the remaining apartments being empty.
If you were thinking of buying as an investment, I’d say that would be very risky right now! If on the other hand you’re buying to live in Spain then that’s altogether another matter 😉