quilan

https://propertyindustryeye.com/property-industry-reacts-to-latest-bank-of-england-interest-rate-hike/ The industry seems bullish about the rest of the year. They don't see anything derailing the boom.

Possible. Nothing has yet filtered through to homebuyer behaviour though. The few houses on the market are still inundated with interest. There needs to be mass redundancies and fear of losing job or lower earnings to temper risk appetite to take on more debt. Or just being told can't borrow enough to meet high prices.

Of course they do. Bringing in and laundering dirty money for the world's kleptocrats and oligarchs is a key part of the UK's economy. Keeps us afloat. Just watch this and you will understand why. No government will ever stop it as without it we're finished.

Yes that's right. Still a frenzied atmosphere driven by lack of supply in NW. Viewed a house on Sunday had 15 viewings back to back. Another house went on market today and was told all viewing slots taken within couple of hours of listing going live and will not be able to view it.

Agree, I simply don't believe the figures. The Land Registry must be several months behind normal recording. Before the pandemic it was usually a 3 month delay. So an opaque market is now even more opaque. It makes me angry and frustrated that the only people in the market with accurate data are estate agents. Information asymmetry is a hallmark of dysfunctional markets.

This is definitely still happening. There has been no let up where I've been looking. Only the crappiest dross isn't selling. The good stuff is going to open days and sealed bids and desperate people are overbidding.

You're absolutely right about Wythenshawe. My brother told me not to touch it even though on paper it's great value by comparison.

It wasn't frenzied in 2019. It was busy but manageable up to the pandemic. Since the end of the first lockdown it has been very busy. It became frenzied when the stamp duty holiday started and reached mega frenzy in March/April this year when stamp duty was extended. It is still frenzied but perhaps a notch or two below the craziness of March/April but not enough to help. I'm actually not limited by school catchment but I prefer the areas with good schools as they are just nicer in general.

The market for family homes in South Manchester where I am is still frenzied. Anything decent 3-5 beds is wild. Wife viewed a 4 bed today. Told they are having 2 open days. 3 bids in immediately this morning. Agent stated normally have 30 houses in inventory but currently have less than half. Speculated elderly boomers are still reluctant to have strangers in their house.

https://www.gov.uk/government/news/major-intervention-from-government-and-lenders-to-support-leaseholders Has the feeling of a whitewash? Government commissioned report stating that cladding suddenly isn't dangerous after all. Now everyone can sell their lower rise flats.

Agreed. Waiting for this to shake out. Has been difficult but last 8 months especially from end of March to May have been mental to witness.

I'm pinning my hopes on it. There's still very limited stock on sale, mainly the dregs. Nothing much I like. A great deal depends on interest rates which they will only raise as a last resort.

Keeping an eye out for failed sales post 30 June but not seeing as many back on Rightmove as would have expected by this point. Is it too early to say? Are people still haggling over who takes the loss before deciding to bail from their purchase? What are you all seeing out there?

And a few more - couldn't post more than 4 at a time due to limits on the forum upload size (any way to circumvent this?)

Some examples round here of failed sales returning to market, in some cases at a higher price than before. Also interesting to note that some are going back STC within a few days...so on this small sample looks like market is still steaming ahead, at least in this locality.