Time on market increasing?

[Guest]

Where do we get time on market stats get published? Is it RICS report?

Houses in my neck of the woods have suddenly stopped going SSTC. I'm looking at 3 bed semi so flats and top of the market may still be shifting.

Anyone else seeing this?

[Patient London FTB]

4 minutes ago, The Crow said:

Where do we get time on market stats get published? Is it RICS report?

Houses in my neck of the woods have suddenly stopped going SSTC. I'm looking at 3 bed semi so flats and top of the market may still be shifting.

Anyone else seeing this?

It's Rightmove, they do it for London and for Britain. London's been slowing for ages but the rest of the country has been speeding up. 

Areas near London could be slowing too due to the ripple, but you can't prove that with Rightmove data. RICS is worth a look in that it will show whether sales volume expecting to rise or fall in different regions though. 

[Jabbabhoy]

Recently been viewing properties in SE London, many are vastly overpriced. The narrative from a few EAs is that people "up the chain" cant get moving as either FTBs are unwilling to pay the prices asked/secure the loan or 2nd jumpers(originally FTBs) have purchased new builds and can't sell them. Many FTBs who originally brought new builds flats are now struggling to sell and move on to buy a house, this is due to 1) the flats not being worth what they paid for them and 2) the amount of shiny nice new builds coming on for similar prices - why would you buy a 2nd hand new build property for the same price as a nice new shiny one?

There has def been a fall in SSTC

[ebull]

17 minutes ago, Patient London FTB said:

It's Rightmove, they do it for London and for Britain. London's been slowing for ages but the rest of the country has been speeding up. 

Areas near London could be slowing too due to the ripple, but you can't prove that with Rightmove data. RICS is worth a look in that it will show whether sales volume expecting to rise or fall in different regions though. 

London 70-90 days on market. LOL.

Don't believe that.

NW5 + 1/2 mile RM says

896 sold in last year

1213 currently for sale [or 1601 if you include sstc]

Even if around 1/3 are double listings, I make that a whole YEAR's stock available and suggests more like 360 days on market until sold or seller gives up the kite-flying facade.

 

[the_duke_of_hazzard]

1 hour ago, Jabbabhoy said:

Recently been viewing properties in SE London, many are vastly overpriced. The narrative from a few EAs is that people "up the chain" cant get moving as either FTBs are unwilling to pay the prices asked/secure the loan or 2nd jumpers(originally FTBs) have purchased new builds and can't sell them. Many FTBs who originally brought new builds flats are now struggling to sell and move on to buy a house, this is due to 1) the flats not being worth what they paid for them and 2) the amount of shiny nice new builds coming on for similar prices - why would you buy a 2nd hand new build property for the same price as a nice new shiny one?

There has def been a fall in SSTC

Stock rising also. Up over 50% in a year in my part of SE London.

[Democorruptcy]

2 hours ago, Jabbabhoy said:

Recently been viewing properties in SE London, many are vastly overpriced. The narrative from a few EAs is that people "up the chain" cant get moving as either FTBs are unwilling to pay the prices asked/secure the loan or 2nd jumpers(originally FTBs) have purchased new builds and can't sell them. Many FTBs who originally brought new builds flats are now struggling to sell and move on to buy a house, this is due to 1) the flats not being worth what they paid for them and 2) the amount of shiny nice new builds coming on for similar prices - why would you buy a 2nd hand new build property for the same price as a nice new shiny one?

There has def been a fall in SSTC

If these were bought using Help to Buy, they were able to ignore 20% (or 40% London) of the price. Plus banks are more willing to lend using Help to Buy, when taxpayers re-imburse them if it's alter sold at a loss. Now they need to find someone who can pay full price with no trouble getting a mortgage. Help to Buy is going to trap a lot of people in a house that's too small for them, unless they buy a house larger than they need but cannot really afford!

Edited June 6, 2018 by Democorruptcy

[Patient London FTB]

1 hour ago, the_duke_of_hazzard said:

Stock rising also. Up over 50% in a year in my part of SE London.

Ditto in SE1. Stock of unsold one bed flats up 66% in a year. 

[Patient London FTB]

1 hour ago, ebull said:

London 70-90 days on market. LOL.

Don't believe that.

They only count the houses that actually sell!