theRatandMouse - London's property blog

Thu

Nov

Don't expect discounts

That's the message from Royal Institution of Chartered Surveyors chief economist David Stubbs. There is and won't be a market free-fall, and so don't count of vendors biting any pillows in the near future. (Not his exact words.) The market isn't being flooded, he says, and so there's no incentive for sellers to drop prices:

"At the moment the supply side is actually holding up much better than most people would have imagined, and that’s actually keeping the market fairly tight, and should actually prevent sellers from having to give discounts to most buyers."

[via HotProperty]

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Comments

This is RUBBISH! An article by a buying agent in today's Telegraph London Property suppliment confirms that her clients are asking her to make offers on properties. Agents even in London confirm that they are getting offers between 5% and 10% under asking price. We are at the classic phase in the market cycle where buyers make offers even if a price was meant to be realistic. The result is that as soon as a deal has been agreed, either someone thinks they have sold too cheaply or thinks that they have paid too much. The RICS are trying to keep the illusion going that all is well. Supply is down, buyers are hiding - everyone is sitting on the fence which is no good if you're an agent being paid on results!