Lewes Forum thread

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Overwhelming demand?

On 6 Jun 2011 at 5:42pm Unsportsmanlik behaviour wrote:

I just want to say that a L*w*s Estate* (agent) is getting right up my nose at the moment. My house has been with them for weeks now and I have had very, very little interest. Price is right. Have all the buyers gone?
Yet estate agents continually advertise for more houses due to "overwhelming demand". My a*se.

On 6 Jun 2011 at 7:26pm the old mayor wrote:

Maybe your £1,250,000 house in Houndean Rise might be a little eye watering. However L*w*s Estate do love to push the boundaries. Its a waiting game mate.

On 6 Jun 2011 at 8:07pm Deelite wrote:

Market is very flat. If you want to sell lower the price, otherwise if it's a less than a fantastic property it'll be on the market for years.... and I do mean years.

On 6 Jun 2011 at 9:44pm Landlord wrote:

Any property will sell at the right price. Get tough with the agent and don't be greedy. There are plenty of other agents out there if they don't play ball..

On 7 Jun 2011 at 3:32pm Ed Can Do wrote:

It's pretty basic market forces at work here. High supply (Lots of people trying to sell houses) means the people looking to buy one are willing to pay less for it. Combine that with the fact that all the idiots who spent the last few years buying houses as an investment rather than somewhere to live succeeded in pushing prices way past what properties round here are actually worth and the current doom and gloom about the economy making people lower their expectations as to what they want to spend on a house and the banks not giving out mortgages to people who can't afford to pay them back any more and it's pretty clear that you're probably asking too much for your house.

Clearly in your case, the price is not as right as you think. I'd suggest that you either drop the asking price or employ a London based estate agent and try to persuade some cash-rich DFL to buy it at the above market price you're asking.

On 7 Jun 2011 at 4:49pm jrsussex wrote:

Property is, and has been for the last 10/15 years, overpriced. The major share of the fault lies with those that grant mortgages. In the past they have knowingly lent money with the certain knowledge that if anything goes wrong in the lives of the borrowers they will not be able to repay the mortgage. Where is the sense in granting 100%, and at times more than that, to the average working man? It was common practice until 2008.
I hope that out of the madness of the last few years house prices will stabilise at a sensible level. It may mean hard times for the next couple of years or so but it will be worth it long term.
I recently saw a 3 bedroon terraced house in East London priced at 225,000k. utterly ridiculous.