‘Too many over-priced houses are on the market’ (From Keighley News)
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‘Too many over-priced houses are on the market’
8:00am Sunday 2nd September 2012 in Keighley
The region’s housing market failed to pick up last month as interest from would-be buyers dipped, according to a report.
A survey shows that an increasing number of chartered surveyors have seen a fall in demand.
And, says the Royal Institution of Chartered Surveyors (RICS) report, the volume of new homes coming on to the market has also continued to drop.
The RICS said the subdued level of demand and supply, compounded by ongoing difficulties many buyers were experiencing with mortgage finance, had resulted in a slight decrease in transactions. The average number of completed sales per surveyor last month was 19.
Prices had also fallen. Mark John Hunter, spokesman for the RICS in Yorkshire and Humberside, said: “The general lack of confidence in the economy is not helping the housing market.
“Even after five years of recession, the market remains over-supplied with too much property that is over-priced.”
He added: “It is unlikely that we will see any real movement in the housing market until purchasing a property is more affordable and accessible, especially for first-time buyers.”
Yravinalarf! says...
10:21am Mon 3 Sep 12
The reality is we are still in the housing bubble in England, because of this collaboration. Don't believe the fiction of the current house prices! How is it that there are so many houses for sale, yet they are only marginally less than the peak of prices in 07 - 08.
Take a look at Oxenhope for example. You will see so many houses for sale, which have been for sale at the same price for over 2 years. The reality is that they should be a third less for just the asking price; but somehow the sellers and estate agents are dreaming that some fool will invest their life savings in the deposit; only to find it wiped out within 2 years.
Even new build houses are overpriced, considering in Oxenhope, where they are being constructed in the so called "timber framed" method. In fact they are made of panels of chip board, upon which the whole structure of the house and roof rests. The exterior skin of stone is merely cladding for decorative purposes and keeps the rain out. Why do you think that insurance proposal forms have a specific section on "timber framed" houses?
Any buyer in my view should sit tight, unless you are certain you have a bargain. DO NOT LOSE YOUR SAVINGS IN THE FALL THAT HAS TO COME. The correction has not happened yet.