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wherebee

Good news thread

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It is interesting, though.

The businessman in me wants to say something like "actually it should be 7,000 estate agents failed to plan for the obvious business cycle in property by putting money to one side during the boom years to cover the shortfall in the bust years'.

But actually that is wrong.  They're a cyclical business with no substantial setup or closure costs, compared with manufacturing, say.  So you really don't want to keep an estate agents open during the bust, and even where there is a massive brand (often with estate agents in provincial towns), there is an imperative to downsize during the bust periods.  So the headline should actually be '7,000 estate agents foresee a downturn in the property market and are expecting to close rather than wait it out'.

The really surprising thing to me is that when the downturn in the economy happened in the UK (in 2008, say, but it has been the same for most downturns in the last 50 years), the government acted to save the 'low cost of exit and entry' businesses (FIRE) , but let the 'high cost of entry businesses' (manufacturing, say) go to the wall.  The point being that when the economy turned there was little chance of restarting those high capex requirement businesses.  Crazy, really.

Well, I say 'crazy', but it is inspired in it's own way -- we've kept all the businesses that are completely tied into the UK population, and offshored all the stuff that can be offshored.  This has actually worked, while the QE economy has kept wallets open -- but at some point it'll all unravel, and all we'll have to show for it is a pile of 30 year old's highly trained at operating high pressure espresso machines.

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Posted (edited)

Its not the internet that's killing them, they all advertise on the net, its their 3% greed/business model which is being destroyed by purple bricks.

 

They can't control the business cycle.

 

What the can control are the insane asking prices that are destroying them.

I've said for some time. The banks and 2nd hand house salesmen need sales volume, there is an obvious way to get that.....

Edited by TheCountOfNowhere

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7 minutes ago, TheCountOfNowhere said:

Its not the internet that's killing them, they all advertise on the net, its their 3% greed/business model which is being destroyed by purple bricks.

 

They can't control the business cycle.

 

What the can control are the insane asking prices that are destroying them.

I've said for some time. The banks and 2nd hand house salesmen need sales volume, there is an obvious way to get that.....

Not in the time frame most estate agents need for them to survive...

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5 hours ago, One percent said:

It’s all because of brexit, the article said so. Even though nothing has actually changed 

#hotelcalafornia 

I think that is a Spanish brothel.

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The writing has been on the wall for years, more than a decade in fact. If EAs have not adapted in that time then that is their fault - any business owner has to adapt quickly to survive in any niche, it's a sign of nothing but the agent's greed if they have not.

Incidentally I think a lot of these internet based agencies will need to merge soon, there are too many of them now and if the housing market crashes then a lot of them are going under, even with their famously lower overheads. Purplebricks are the most well known and now the largest, even though they are the most recent entry into the market - just goes to show the power of marketing. HouseSimple, Yopa etc have been around for years.

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Posted (edited)

There is an area in East Belfast called Ballyhackamore - used to be working class but the last 10 years the prices have been flying going up because it's being perceived as 'posh' all of a sudden because they have a fucking Cafe Nero and a couple of restaurants. They can fuck right off, I was born and bred round there and it aint posh.

I walked down through Ballyhackamore's main street a few months back and counted 8 different estate agents (and a 'mortgage shop') within half a mile. An economy built on selling houses...

If ya don't believe me, take a virtual walk down the street yourself and see how many you can spot:

https://www.instantstreetview.com/@54.595395,-5.870868,98.89h,0.02p,1z

Edited by JoeDavola

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I would have thought that currently the lettings side is propping them up.

I would also assume that, once it is the LL paying the fees, this market will get a lot more competitive. Add in three year leases, meaning only 1/3 the revenue that they have been used to, and they are toast.

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2 minutes ago, Cunning Plan said:

once it is the LL paying the fees

Anyone know what happened to that? I recall Hammond's budget in which he did not say "We will look at banning letting agency fees", he said, unambiguously: "We will ban letting agency fees".

That seems like a long time ago now. Apparently there was to be a "consultation".

With whom? Letting agents? I wonder what they might say.

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3 minutes ago, DTMark said:

Anyone know what happened to that? I recall Hammond's budget in which he did not say "We will look at banning letting agency fees", he said, unambiguously: "We will ban letting agency fees".

That seems like a long time ago now. Apparently there was to be a "consultation".

With whom? Letting agents? I wonder what they might say.

Still in progress:

 

https://www.gov.uk/government/news/government-action-to-end-letting-fees

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Posted (edited)
20 hours ago, dgul said:

It is interesting, though.

The businessman in me wants to say something like "actually it should be 7,000 estate agents failed to plan for the obvious business cycle in property by putting money to one side during the boom years to cover the shortfall in the bust years'.

But actually that is wrong.  They're a cyclical business with no substantial setup or closure costs, compared with manufacturing, say.  So you really don't want to keep an estate agents open during the bust, and even where there is a massive brand (often with estate agents in provincial towns), there is an imperative to downsize during the bust periods.  So the headline should actually be '7,000 estate agents foresee a downturn in the property market and are expecting to close rather than wait it out'.

The really surprising thing to me is that when the downturn in the economy happened in the UK (in 2008, say, but it has been the same for most downturns in the last 50 years), the government acted to save the 'low cost of exit and entry' businesses (FIRE) , but let the 'high cost of entry businesses' (manufacturing, say) go to the wall.  The point being that when the economy turned there was little chance of restarting those high capex requirement businesses.  Crazy, really.

Well, I say 'crazy', but it is inspired in it's own way -- we've kept all the businesses that are completely tied into the UK population, and offshored all the stuff that can be offshored.  This has actually worked, while the QE economy has kept wallets open -- but at some point it'll all unravel, and all we'll have to show for it is a pile of 30 year old's highly trained at operating high pressure espresso machines.

 

That's where the government have been very clever in importing millions and millions of skilled technicians, scientists and engineers who can immediately fill the jobs when the economy turns and they'll rebalance the economy ...er.....

Well at least Britain will still have the bankers and the estate agents.

Edited by twocents

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5 hours ago, JoeDavola said:

There is an area in East Belfast called Ballyhackamore - used to be working class but the last 10 years the prices have been flying going up because it's being perceived as 'posh' all of a sudden because they have a fucking Cafe Nero and a couple of restaurants. They can fuck right off, I was born and bred round there and it aint posh.

I walked down through Ballyhackamore's main street a few months back and counted 8 different estate agents (and a 'mortgage shop') within half a mile. An economy built on selling houses...

If ya don't believe me, take a virtual walk down the street yourself and see how many you can spot:

https://www.instantstreetview.com/@54.595395,-5.870868,98.89h,0.02p,1z

hmm, looks posh, hahaha. I like the murals, plus the day gets nicer as you get down to the river.

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A hero Army dog reportedly saved the lives of a number of British soldiers after it tore out the throat of an armed jihadi and fought off eight more.

The dog was on patrol in a village in Syria with a group of six SAS soldiers, who were ambushed on all sides by a group of nine terrorists as they left their vehicles.

The Belgian Malinois, leapt into action as the British soldiers opened fire and the dog’s handler removed his muzzle and directed him into a building where they were being shot at from.

A source told the Daily Star: ‘They could hear screaming and shouting before the firing from the house stopped, when the team entered the building they saw the dog standing over a dead gunman. His throat had been torn out and he had bled to death. The dog was virtually uninjured.’

https://metro.co.uk/2018/07/08/hero-dog-saves-british-soldiers-lives-by-ripping-out-terrorists-throat-7692375/

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2 minutes ago, Chewing Grass said:

A hero Army dog reportedly saved the lives of a number of British soldiers after it tore out the throat of an armed jihadi and fought off eight more.

The dog was on patrol in a village in Syria with a group of six SAS soldiers, who were ambushed on all sides by a group of nine terrorists as they left their vehicles.

The Belgian Malinois, leapt into action as the British soldiers opened fire and the dog’s handler removed his muzzle and directed him into a building where they were being shot at from.

A source told the Daily Star: ‘They could hear screaming and shouting before the firing from the house stopped, when the team entered the building they saw the dog standing over a dead gunman. His throat had been torn out and he had bled to death. The dog was virtually uninjured.’

https://metro.co.uk/2018/07/08/hero-dog-saves-british-soldiers-lives-by-ripping-out-terrorists-throat-7692375/

The above probably ain't the truth.:Old:

 

xD

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1 hour ago, ccc said:

The above probably ain't the truth.:Old:

 

xD

But... but... if you are right, that would mean that armed forces sometimes put out exaggerated stories for morale and propaganda purposes.

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1 hour ago, ccc said:

The above probably ain't the truth.:Old:

 

xD

"Sarge - I shot them there prisoners"

"No problem, son, just smear a bit of blood round the dogs mouth"

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On 2 July 2018 at 13:44, JoeDavola said:

There is an area in East Belfast called Ballyhackamore - used to be working class but the last 10 years the prices have been flying going up because it's being perceived as 'posh' all of a sudden because they have a fucking Cafe Nero and a couple of restaurants. They can fuck right off, I was born and bred round there and it aint posh.

I walked down through Ballyhackamore's main street a few months back and counted 8 different estate agents (and a 'mortgage shop') within half a mile. An economy built on selling houses...

If ya don't believe me, take a virtual walk down the street yourself and see how many you can spot:

https://www.instantstreetview.com/@54.595395,-5.870868,98.89h,0.02p,1z

It's clearly up and coming - it's got.a Tesco express ! 

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