Reduced, reduced, reduced

[fatspanner]

What a change a couple of months has made. All my Rightmove notifications include multiple reductions everyday. 

Nothing is moving even the higher quality older built properties. 

I'm watching the market closely as I'm ready to pull the trigger on a bargain. 

What is everyone else's local market doing? 

 

 

[fatspanner]

Oh forgot to mention. I'm in North Nottinghamshire, East Midlands. 

[Huggy]

35 minutes ago, fatspanner said:

What a change a couple of months has made. All my Rightmove notifications include multiple reductions everyday. 

Nothing is moving even the higher quality older built properties. 

I'm watching the market closely as I'm ready to pull the trigger on a bargain. 

What is everyone else's local market doing? 

 

 

Not much here (SE, outside M25). Lower numbers available, a few gone SSTC. My trigger finger is relaxed as I think this will be a year or more in the making of a monumental HPC (Yay!) that we can see as such, or more props and stagnation.

A very chilled trigger finger in fact

[Trump Invective]

4 minutes ago, Huggy said:

Not much here (SE, outside M25). Lower numbers available, a few gone SSTC. My trigger finger is relaxed as I think this will be a year or more in the making of a monumental HPC (Yay!) that we can see as such, or more props and stagnation.

A very chilled trigger finger in fact

Very chilled here too. It's crash, decline, or doldrums from here on in.

[“Nasty Piece of work”]

SE and Welsh Border, little selling - the Titanic has sailed already, and the Stamp Duty (and more) is now appearing as reductions.  Will Runny kick the can or bite the bullet?

[sammersmith]

Lots of reductions in the last week or so. I'm looking mostly in Lincs. 

I'm biding my time until the stamp duty holiday has passed. Looking on Mumsnet and MSE, there's a fair few people who believe the extension 'has to happen'. Therefore, their dreams need to be shattered before they're motivated enough for me. 

There's actually 2 specific properties i'm interested in. The first has been SSTC since July without any movement and the 2nd was withdrawn unsold. Both of these are cash-only purchases so i don't know what the hold up is. If the first house sale goes through then i might actually get the name of owner of the 2nd house from land registry and write them a letter directly. Agent for 2nd house was useless when i enquired and 1st house agent wouldn't let me view because they had enough 'proceedable' offers. Apparently they were not proceedable enough if they've been dithering for 7 months. 

[papag]

Lots of reductions on the Yorkshire east coast areas,  this surprises me as i would assume they would have at least held up with people wishing to buy in Spain etc dries up 

[Trump Invective]

We have to be careful of course to check reduced properties arent just reduced to get to the top of the reduced list on Zoopla or whatever - price counts

[wighty]

Isle Wight. Prices being reduced from extremely ripoff to just ripoff.

Wouldnt mind if decent (these seem to go in days) but it's 80% kack

[Roman Roady]

Whats the saddest phrase in the English language?

I TOLD YOU SO...and I have been telling you all since Aug 2020 in the Examples of big & multiple drops thread.

Forget the "I've given up" type threads started by our brethren who have run out of patience...this is going to be a once in 300 year recession and the UK is in a particularly bad position globally ATM.

Nobody will convince me that the UK housing stock is worth the amount of world wealth that it currently commands....now that will change in one of 2 ways. Either nominal drops in house prices (our HPC) OR a crash in the value of GBP....if we are really lucky it will be both with IRs increasing to eventually defend GBP.

Keep the faith...its coming...all of the printing etc of the last year has been to delay the inevitable.

[househunter123]

Leicestershire, FTB here, just checked on RM and most of the properties today are 'reduced' from around December prices. I'm viewing a place tomorrow and noticed that the agents in this case have reduced several of their properties.

Agent said, popular road, blah blah and when I called, insisted vendor wants asking price only, nothing below. And then next day, reduced by about 7%. I need further reductions for me to put in an offer...

[Insane]

East London Essex Borders Here

Small reductions in price but decent 2/3 bed houses do sell. Where I am North Romford is properly the cheapest area in this location as any train station over ground or underground is a fair bus ride away , the only other option is Barking and Dagenham.    

[dougless]

32 minutes ago, Roman Roady said:

Whats the saddest phrase in the English language?

I TOLD YOU SO...and I have been telling you all since Aug 2020 in the Examples of big & multiple drops thread.

Forget the "I've given up" type threads started by our brethren who have run out of patience...this is going to be a once in 300 year recession and the UK is in a particularly bad position globally ATM.

Nobody will convince me that the UK housing stock is worth the amount of world wealth that it currently commands....now that will change in one of 2 ways. Either nominal drops in house prices (our HPC) OR a crash in the value of GBP....if we are really lucky it will be both with IRs increasing to eventually defend GBP.

Keep the faith...its coming...all of the printing etc of the last year has been to delay the inevitable.

It’s like the UK has almost no fuel left in the tank and all the Government want to do is recalibrate the fuel gauge to show there is still plenty left.  When we finally grind to a halt its going to be very interesting.

[HovelinHove]

West Sussex here. The market was red hot up until the first week of January, but suddenly frozen solid. Not much new coming on, and those that do are often kite fliers, but also seeing lots of “NO CHAIN” and significant numbers of reductions. I also sense that quite a lot of the new builds are sitting around a long time.

I have deliberately decided to not even look at Rightmove for a month now until the whole SD debacle is through the system. We will know before the budget if Sunak is going to extend the holiday, but the fact that there has been no announcement suggests that it is one of two things:

1. No extension at all.

2. An extension only for those who have exchanged contracts but are stuck in the system and will miss the deadline for logistical reasons.

The latter is the most likely, but if he was going to extend for the whole market, it would have been trailed by now so as to avoid the cooling we are seeing. Maybe he is a decent bloke after all.

[PeanutButter]

I can see flats dropping a bit more often. 2 beds w garden not so much, but the sub-optimal ones are a bit more squeezed. Houses all selling unless kite flying prices (the 2.5mil 30s semi has not sold). SE Lond

[PeanutButter]

9 minutes ago, PeanutButter said:

I can see flats dropping a bit more often. 2 beds w garden not so much, but the sub-optimal ones are a bit more squeezed. Houses all selling unless kite flying prices (the 2.5mil 30s semi has not sold). SE Lond

Just to add that in one of the areas I watch (sussex) there is nothing for rent, nothing zip zero. Selling prices slowly coming down on a few places (5k increments or less). 

Edited January 26, 2021 by PeanutButter

[fatspanner]

Here's today email from Rightmove. 

3 out of the 4 reduced. One of them is on its second reduction in the last 3 weeks 😂

 

Edited January 26, 2021 by fatspanner
Remove personal details

[Freki]

I am about to buy  

House is decent, area is nice, mortgage will be less than half of my salary or my partners (read less than a quarter of our combined income). If the crash materialises, then so be it. 37 yo and at last buying something 

[Odysseus]

Stock seems about 40% down on normal and what is up for sale is expensive but seems to go under offer and then sit SSTC for ages. North Oxfordshire 

[househunter123]

15 minutes ago, Freki said:

I am about to buy  

House is decent, area is nice, mortgage will be less than half of my salary or my partners (read less than a quarter of our combined income). If the crash materialises, then so be it. 37 yo and at last buying something 

Very similar situation to you. Hope it works out and all the best.

I think I'd much rather be buying now then July-August 2020. Also, could be the Jan-Feb quiet time where houses for sale not coming on. I just need closure as do my family, to call a place home, a small cosy place will do with a small mortgage/loan as possible.

[steve99]

9 hours ago, Roman Roady said:

Whats the saddest phrase in the English language?

I TOLD YOU SO...and I have been telling you all since Aug 2020 in the Examples of big & multiple drops thread.

Forget the "I've given up" type threads started by our brethren who have run out of patience...this is going to be a once in 300 year recession and the UK is in a particularly bad position globally ATM.

Nobody will convince me that the UK housing stock is worth the amount of world wealth that it currently commands....now that will change in one of 2 ways. Either nominal drops in house prices (our HPC) OR a crash in the value of GBP....if we are really lucky it will be both with IRs increasing to eventually defend GBP.

Keep the faith...its coming...all of the printing etc of the last year has been to delay the inevitable.

As far as a crash in the GBP is concerned, that will only affect those properties for sale which are in  demand by foreigners with money to burn or hide tax-free, ie prime inner London or Home county estates.  3 Bed semi's in the midlands do not exist in their minds.  The return of stamp duty,  redundancy, BTL getting their bums whipped with non paying tenants, tightening bank lending and reverse-mania, any or all will help.  I see nominal drops outside of prime real-estate areas which could go up a lot or down a lot, it has its own corrupt ecology. 

[Trump Invective]

28 minutes ago, Freki said:

I am about to buy  

House is decent, area is nice, mortgage will be less than half of my salary or my partners (read less than a quarter of our combined income). If the crash materialises, then so be it. 37 yo and at last buying something 

Hope it all goes well!! Nowt wrong with buying a house, that's why we're on here after all!

 

Stating the obvious, if I was in a better position to buy, I would like to aswell.

[Freki]

1 minute ago, Trump Invective said:

Hope it all goes well!! Nowt wrong with buying a house, that's why we're on here after all!

Stating the obvious, if I was in a better position to buy, I would like to aswell.

Oh I know, I will keep rooting for people to be able to buy. One way or another, I hope HP crashes in real term: income / asset price. I am not too bullish on the deflation scenario TBH, so I am not that worried either. 

[Patfig]

Inland Cornwall, not much selling and not many houses coming onto the market but not too many reductions happening just yet.

[satsuma]

Reading through the posts and I see some similar situations to the places I am watching.  There are good value houses in the cities.  I am looking for more rural properties and my head says wait until the Furlough and repo ban starts to unwind.  Of course this is not easy as I am nervous that BJ and BallSunak are cooking up the next bubble blowing exercise.