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Confounded

Local Market Conditions?

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I would not normally start a thread like this on the main forum but realy quite amazed at the market in my local area, and want to see how things are panning out in other areas.

Having stagnated for nearly a year now with very little selling, slow price movements (down) and virtually no stock coming on the market the last few weeks has totally changed that.

Prices: All price movement have been down and there have been more adjustments in the last 2-3 weeks than the last 6 months puts together.

Stock: After hardly anything coming on the market since the winter a huge number proportionally has come on in the last few weeks. As an estimate I would say 20-30% increase in the last month. The house next door to ours has been on the rental market for quite a while and after dropping its price has eventually been filled by someone we know who is being moved out of his house so his landlord can sell. :rolleyes:

Number being sold: After a period in April/May where things shifted for both old and new stock (although a lot eventually fell through) there is very little selling now and with the new stock on the market this is only going to get worse.

Many people have been panicking about the recovery the the mainstream media have been touting but in my area it is just what was needed.

Bring on the recovery :rolleyes:

Edited by Confounded

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About 6 months of stagnantion in supply with steady asking price falls, steeper actual falls in selling prices. Slight increase (10%) in houses up for sale with asking prices still coming down and selling prices mirroring but bigger houses seeing the biggest selling price reductions. Actual sale volumes still down about 70% from peak but up about 20% from Jan/Dec and down 20% YoY.

In my RM search list ONE price went up last week (about 30 went down). The second price increase I've seen since I started tracking, the first reduced the price a few weeks later and then went on to reduce more and more and is still not sold 18 months on.

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(Surrey)

I've been doing occasional viewings since about April as I am in the market for a house at the right price (FTB).

Early part of the year was just dead, nothing coming on, nothing shifting. Most houses seemed to be late attempts to STR or speculative punts.

The early summer was quite a shock even for someone expecting a bounce, many houses sold or at least went sstc quite quickly.

Since the mid/end of august though it has started to go quiet again, some houses are coming on but not shifting or a lot are coming back after being sstc, eaking to agents it has been chain collapse or redundancy of buyers. But nothing has come on in my price range in the last week in one of the towns I am looking at.

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I have to admit to being quite lazy.. I tend to use Rightmove to look at whats on offer, and propertybee to get the gossip.

I have very little idea what prices are doing in the area of Cheshire I am looking at because NONE of them are shifting. There were lots of reductions up to May.. then prices hit some kind of resistance, perhaps the sellers all felt they had reduced as much as they were prepared to and would wait for things to pick up.

But they haven't. Still nothing shifting and I am wondering whether they will just take them off the market or start dropping the prices again.

I guess time will tell.. eating_popcorn.gif

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A house identical to the one i sold last sept for £120k came onto the market last week for £73k. Ok, it needed "modernisation", but so did the one i sold! It hasn't hung around long and apparently is under offer. BTW, £60k is nearly down to 2001 prices round here.

Another one that was for sale for £140k when we sold ours has recently gone SSTC at £117k (minus £2k "cashback" :blink: ).

Unfortunately that area isn't what i'd call desirable, although we quite liked it. In "nicer" areas i'm not seeing reductions from 2007 prices. But then again they've mostly been for sale for 1yr+

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I would not normally start a thread like this on the main forum but realy quite amazed at the market in my local area, and want to see how things are panning out in other areas.

Having stagnated for nearly a year now with very little selling, slow price movements (down) and virtually no stock coming on the market the last few weeks has totally changed that.

Prices: All price movement have been down and there have been more adjustments in the last 2-3 weeks than the last 6 months puts together.

Stock: After hardly anything coming on the market since the winter a huge number proportionally has come on in the last few weeks. As an estimate I would say 20-30% increase in the last month. The house next door to ours has been on the rental market for quite a while and after dropping its price has eventually been filled by someone we know who is being moved out of his house so his landlord can sell. :rolleyes:

Number being sold: After a period in April/May where things shifted for both old and new stock (although a lot eventually fell through) there is very little selling now and with the new stock on the market this is only going to get worse.

Many people have been panicking about the recovery the the mainstream media have been touting but in my area it is just what was needed.

Bring on the recovery :rolleyes:

In the last month i have seen a 10% increase in the total amount of properties for sale in my area of yorks. Not much selling thus the increase in total property count.

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