Jump to content
House Price Crash Forum

What market trends are you noticing in your areas?


Recommended Posts

Hi All

I am noticing a noticeable 'slow-down' in the number of properties coming to the market (I am in South East London and looking for properties in S-E / S/W London). I have not tracked flat sales since I am looking for houses. In July/Aug/Sept one could easily notice the pace of activity with houses turning SSTC within days. However, over the last 2-3 weeks, I have seen that period slow down considerably w/ very fewer properties coming to the market now. Few properties have come back to the market after being SSTC few weeks ago with same prices or slightly reduced prices. Not sure if it is in line with reduced activity in winters or economy (with furlough scheme coming to an end) 

Please share your experience on what you are noticing in your markets of interest. I think national statistics in news only provide a lagging indicator and therefore, anecdotal evidence is appreciated. 

Cheers!

 

Link to post
Share on other sites
 

Not sure if it is in line with reduced activity in winters or economy (with furlough scheme coming to an end) 

Things always get quieter now as winter comes on and with many people not wanting to go out during lockdown everything in London will be quieter.  Traffic is much less than it was a month ir two ago

Link to post
Share on other sites

Agree with the trend of the original post is similar in and around Bristol. Prices seemed to be listed about 10% up in July/Aug/Sept and moving quickly to SSTC, now prices seem to be down a bit and property not moving much, slow down of property being added and reductions creeping in.

Link to post
Share on other sites

in the areas of noth london I'm looking at. 

flat prices have collapsed. (I am tracking the price / m2) and now seeing places come up for £4666/m2

House prices are kite flying. In June - August pretty much all junk houses sold reasonably well. Now they are just sitting around.

Link to post
Share on other sites

Barely any supply as in lockdown here in Wales - not a market that can be compared/measured within any period in my living memory! 

PS. God the fuss about lockdown for 17 days - the usual alt right fruitcakes and the Daily Torygraph at it as ever, stirring away... a bit like going on holiday but without the hassle but oh no... but to the loony right wing media it's the end of the world yadda yadda yadda! 

Edited by gruffydd
Link to post
Share on other sites

Also in south London, a very wide range between Clapham and Charlton, £800k and above. I’ve seen barely anything decent quality come to the market lately and very very few going SSTC. This is vs August September when lots was coming on and going to SSTC pretty quickly at high prices.

Having said that a good quality house in a good area came up today and went under offer within hours. This was clearly a much better house than has been on the market in its price range for a while so I’m not surprised it went quickly. However it was listed £200k more than an identical house on the same terrace last year. I assume it must have gone at asking price as it was so quick. Not an uncommon price rise around here in just 6 months...

Expecting to see a few houses come back onto market once people realise their MiP from a few months/weeks ago is no longer available or much more expensive.

Link to post
Share on other sites
 

in the areas of noth london I'm looking at. 

flat prices have collapsed. (I am tracking the price / m2) and now seeing places come up for £4666/m2

House prices are kite flying. In June - August pretty much all junk houses sold reasonably well. Now they are just sitting around.

Interesting, I also use m2 when looking at houses, not sure why it's not more widely used.  What kind of price where you seeing pre collapse?  

Link to post
Share on other sites

NR12/NR13 4 bed detached 150-200m2 market 

As posted before as soon as tax cut came in all SSTC.

Some completing many if not most still SSTC those I was considering  priced as 400-475 so that asking offer + tax cut.

New ones on asking 50-100k more even in some cases more than they sold last year (depressing how many folks buy and die).

Not really shifting it's slowed or maybe even people where happy to buy July prices but not now.

Such low volumes and I hear that North Norfolk maybe a council which are not going to do any new searches until circa December.

 

Edited by Fromage Frais
Link to post
Share on other sites
 

Nice, how did you get those stats? Do you plot this manually? What did it look like this time last year?

I captured then manually I'm afraid and only started in June this year. I just count number of new/amended listings on Rightmove for a given week. It's a bit inaccurate because if a listing is reduced in 3 different weeks it will appear in my count of those 3 weeks, but those are quite rare.

The percentage of SSTC has gone from about 50% to 75%, despite number of listings approx double. Definite mania! And I say that ashamedly as I'm about to exchange on a house.

Link to post
Share on other sites

My chart shows only second hand properties so excludes HTB. I wonder how many FTBs are buying at the mo, and if so how? Gifts from parents who are fed up of being cooped up with them in lockdown?

The person about to buy our rental is 50ish, buying it for/with his two sons to get them on the ladder. I think buying with a sibling/friend is strange... As soon as one wants to move area or live with a partner you're stuffed.

Link to post
Share on other sites
 

Interesting, I also use m2 when looking at houses, not sure why it's not more widely used.  What kind of price where you seeing pre collapse?  

Before covid there was nothing less than 6500/m2 

Now offer prices down to 4666/m2 (I'm sure some desperate sellers will accept even less).

So the fall is very substantial indeed. 

I'm seeing some new builds completing now with massively reduced asling prices... down to 5500/m2 . 

Before locking the new build flats were going for no less than 7500/m2

Houses are not being reduced much though. 

Edited by hayder
Link to post
Share on other sites
 

My chart shows only second hand properties so excludes HTB. I wonder how many FTBs are buying at the mo, and if so how? Gifts from parents who are fed up of being cooped up with them in lockdown?

The person about to buy our rental is 50ish, buying it for/with his two sons to get them on the ladder. I think buying with a sibling/friend is strange... As soon as one wants to move area or live with a partner you're stuffed.

I don’t know my daughter and son bought together far cheaper than renting for her - helps he doesn’t live there lives in the US

Their deal is when it’s run it’s course one will buy the other out or sell it - they split all core costs and she looks after her consumable running costs - her boyfriend moved in so now paying his third 

They are over paying the mortgage so have already built up a fair chunk of equity 

They and her boyfriend are all sensible types seems to work well

Link to post
Share on other sites
 

I don’t know my daughter and son bought together far cheaper than renting for her - helps he doesn’t live there lives in the US

Their deal is when it’s run it’s course one will buy the other out or sell it - they split all core costs and she looks after her consumable running costs - her boyfriend moved in so now paying his third 

They are over paying the mortgage so have already built up a fair chunk of equity 

They and her boyfriend are all sensible types seems to work well

They sound very sensible but I fear are in the minority.

I wonder if guarantors on multi generational mortgages will get nervous once unemployment starts rising.

Link to post
Share on other sites
 

Barely any supply as in lockdown here in Wales - not a market that can be compared/measured within any period in my living memory! 

PS. God the fuss about lockdown for 17 days - the usual alt right fruitcakes and the Daily Torygraph at it as ever, stirring away... a bit like going on holiday but without the hassle but oh no... but to the loony right wing media it's the end of the world yadda yadda yadda! 

It won’t be 2 weeks, that’s why.

Link to post
Share on other sites
 

They sound very sensible but I fear are in the minority.

I wonder if guarantors on multi generational mortgages will get nervous once unemployment starts rising.

I think you are right - we are a tight knit family Dad was Eastern European - in many respects more like Asian families - money and financial stuff talked about all the time so we are pretty good at working together

My wife was on the mortgage because of my sons US tax status but came off last few weeks at my daughters behest because she could justify the remaining sum on her own and her brother would of thrown in some cash to get it to that point if needed.

I think the multi generational mortgage thing is risky where it was a stretch in the first place 

 

Link to post
Share on other sites
  • 3 weeks later...
 

What are you looking for and in what price range?

Spacious detached 4 bed needing some reno, flat garden, garage. Sub 800k. Walking distance to shops/schools/transport.

Extensive list of no-nos (no shiny red kitchen, no white vans parked on the verges, no badly designed extensions, no yoofs etc).

Prefer 60s bungalows. Stick a Honda Jazz on the drive and I’ll be happy as a clam. 

 

Link to post
Share on other sites
 

Spacious detached 4 bed needing some reno, flat garden, garage. Sub 800k. Walking distance to shops/schools/transport.

Extensive list of no-nos (no shiny red kitchen, no white vans parked on the verges, no badly designed extensions, no yoofs etc).

Prefer 60s bungalows. Stick a Honda Jazz on the drive and I’ll be happy as a clam. 

 

You're right. There are no sub 800K bungalows around without red shiny kitchens in the counties of Surrey and Sussex (joking).

I think that you must have incredibly specific personal requirements that you may need to compromise on. Start with the price and accept places only costing 500-600k. As far as the kitchen goes. Just pay a 16 yo £500 to smash it up and then you can put in whatever you like.

Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 439 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.