henry the king Posted November 22, 2022 Share Posted November 22, 2022 Where I am looking volume of houses on the market is up a lot and new builds are doing "deals" worth about £20k (on 350k houses). What about you all? Share some stories. Estate agents desperate? Quote Link to comment Share on other sites More sharing options...
Grumio Posted November 22, 2022 Share Posted November 22, 2022 I had an email from an estate I register with in 2010 and hadn't heard a peep from them in 10 years. More in my Rightmove area for sale, and they're taking longer to go sstc, if at all. Quote Link to comment Share on other sites More sharing options...
shlomo Posted November 22, 2022 Share Posted November 22, 2022 A lot of houses and flats coming on to the market, being reduced by £5k or £10k so going down but not by much Quote Link to comment Share on other sites More sharing options...
TheResponsibleHouseBuyer Posted November 22, 2022 Share Posted November 22, 2022 Stuff getting relisted. Relisted for the same price tho. Some of my watch list has gone sold stc, i don't know who is still paying these stupid prices or they just making shit up now. Quote Link to comment Share on other sites More sharing options...
valiany88 Posted November 22, 2022 Share Posted November 22, 2022 Lots of HMO`s for sale lately, here in Plymouth. Prices dropping slowly. About 30-40 new listings a day on Rightmove. Not a lot actually selling. Of those that do, there a lot that never seem to complete. Quote Link to comment Share on other sites More sharing options...
Square Mile Posted November 22, 2022 Share Posted November 22, 2022 The areas I look at are flooded with new listings and reductions, still at silly asking levels for mort rates that are now at 4.5 -5.25%. Its crashing in slow motion. Go Long candles, Short Lockdown dogs. Quote Link to comment Share on other sites More sharing options...
Clarky Cat Posted November 22, 2022 Share Posted November 22, 2022 Things are slowing and stock is building up. Starting to notice some new listings coming on 5-10% less than the peak reached earlier in the year. Quote Link to comment Share on other sites More sharing options...
HousePriceTooHigh Posted November 22, 2022 Share Posted November 22, 2022 Getting flyers every couple of days from EAs... Quote Link to comment Share on other sites More sharing options...
Glental Posted November 22, 2022 Share Posted November 22, 2022 No real movement but some crappy old places staying on the market for a long time. The numbers don't add up with high rates (although I never thought 8-10x average salary made sense). Rents extortionate and gone up a lot this year Quote Link to comment Share on other sites More sharing options...
Plasmaz Posted November 23, 2022 Share Posted November 23, 2022 Looking a lot better than they were 6 months ago. Lots of emails through from Zoopla/rightmove with reductions. It had been a while since I browsed by older properties so I just flicked through the pages on rightmove. Lots of properties with multiple reductions, very glad to see. Some odd ones there with no reductions in the past 2/3months that aren't SSTC, still just sitting there. Unfortunately I just see a government prop coming (as usual) and I'm not expecting this to last long but I really hope it does. I fear the new living wage will send round a wave of pay rises country wide and further inflate away my savings too... Quote Link to comment Share on other sites More sharing options...
Housepricecrash91 Posted November 23, 2022 Share Posted November 23, 2022 I'm in South East London. Prices are still ridiculously high, but it is now noticeable that a few properties here and there are now being reduced by 5-7% to try and get a sale over the line. This wasn't happening at all around 6-12 months ago. I've also noticed houses that were 'sold' are now back on the market at a small discount. However, there are still a large amount of properties being listed for unrealistic prices, I'm guessing it's homeowners who are in denial and still think just because a property 'down the road' sold for £475k six months ago.... they can now get £500k... because 'house prices always go up by c. 5% every 6 months init' Quote Link to comment Share on other sites More sharing options...
MARTINX9 Posted November 23, 2022 Share Posted November 23, 2022 1 hour ago, Housepricecrash91 said: I'm in South East London. Prices are still ridiculously high, but it is now noticeable that a few properties here and there are now being reduced by 5-7% to try and get a sale over the line. This wasn't happening at all around 6-12 months ago. I've also noticed houses that were 'sold' are now back on the market at a small discount. However, there are still a large amount of properties being listed for unrealistic prices, I'm guessing it's homeowners who are in denial and still think just because a property 'down the road' sold for £475k six months ago.... they can now get £500k... because 'house prices always go up by c. 5% every 6 months init' To be fair its hard to find much below £500k in London that isn't a dump/cr**py flat to be fair including even in some of the less desirable areas. Quote Link to comment Share on other sites More sharing options...
Smiley George Posted November 23, 2022 Share Posted November 23, 2022 New listings, reductions and relistings increased markedly last couple of weeks. EA's starting to get desperate and we're now getting 2 or 3 calls a week, just 3 months ago this wasn't happening and hasn't happened for years. Still plenty of denial in vendor land, had a call from an EA about a new listing which we'd seen, it is a hugely overpriced property being flipped, (bought end of 2021). Lots of properties up for sale/SSTC on the same street to gauge against and it's about 10% above peak SDLT craziness. Simply told the EA we would be interested, but price is "ridiculous", EA agreed but its what the vendor thinks its worth. Quote Link to comment Share on other sites More sharing options...
nero120 Posted November 23, 2022 Share Posted November 23, 2022 Seeing consistently big reductions in St Albans. I met up with friends over the weekend and one who is looking to buy said his 5 year fix deal at ~2% is valid until end of dec. Think we need to wait until the new year before all the <5% deals are no longer in the market. Quote Link to comment Share on other sites More sharing options...
winkie Posted November 23, 2022 Share Posted November 23, 2022 Little coming on market at moment that most could afford to buy..... need to build more affordable homes for growing families. Quote Link to comment Share on other sites More sharing options...
henry the king Posted November 23, 2022 Author Share Posted November 23, 2022 The areas I am looking there are now 288 homes on Zoopla. In July it was 203. In August it was 220. So a 40% increase from the low. Quote Link to comment Share on other sites More sharing options...
henry the king Posted November 23, 2022 Author Share Posted November 23, 2022 3 minutes ago, nero120 said: Seeing consistently big reductions in St Albans. I met up with friends over the weekend and one who is looking to buy said his 5 year fix deal at ~2% is valid until end of dec. Think we need to wait until the new year before all the <5% deals are no longer in the market. Absolutely. We had this discussion in another thread and people were disagreeing with me that the rise in mortgage rates won't be in much of the data yet. We need the older, lower rates to filter out of the "buyers pool" of mortgages. That is when you get the best price drops, when the collective mortgage rates of prospective buyers are highest. ATM the average is being dragged down by these mortgages agreed months ago. We are only a few months from seeing most of these low rate mortgages out of the market though. The HF/NW indexes released early Jan/Feb should show a lot. Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 23, 2022 Share Posted November 23, 2022 overpriced and stagnant, I don't know what deals are being done below asking price Quote Link to comment Share on other sites More sharing options...
henry the king Posted November 23, 2022 Author Share Posted November 23, 2022 10 minutes ago, Smiley George said: New listings, reductions and relistings increased markedly last couple of weeks. EA's starting to get desperate and we're now getting 2 or 3 calls a week, just 3 months ago this wasn't happening and hasn't happened for years. Still plenty of denial in vendor land, had a call from an EA about a new listing which we'd seen, it is a hugely overpriced property being flipped, (bought end of 2021). Lots of properties up for sale/SSTC on the same street to gauge against and it's about 10% above peak SDLT craziness. Simply told the EA we would be interested, but price is "ridiculous", EA agreed but its what the vendor thinks its worth. This was always the case, people will always try to rip people off, irrespective of the state of the housing market. I remember a place in 2019 that was originally listed at 620k or something. It sold for 450k in the end I think. The essentially hoped to catch a moron to pay 620k. It was only ever worth 450k. Quote Link to comment Share on other sites More sharing options...
mynamehere Posted November 23, 2022 Share Posted November 23, 2022 It's going to be very regional, and sadly for me, I'm stuck in an area where stock has fallen from about 390 in october to 350 today. Mostly lemons and any new stock is usually relisted lemons. I think the only way to really know what's going on in your area is to undertake as many viewings as possible and be actively making offers, then you get a real sense of what is going on with current prices, as you have actual knoweldge of what kind of offers are being accepted. I'm not offering so have less knowledge, but anything half decent at higher end still going to closing and sealed bids. Lower end looks a bit more like a standoff. Overall asking prices do seem to be softening a bit, maybe 5% down. However desirable higher end stuff still being priced at peak and selling. Quote Link to comment Share on other sites More sharing options...
nero120 Posted November 23, 2022 Share Posted November 23, 2022 1 minute ago, henry the king said: Absolutely. We had this discussion in another thread and people were disagreeing with me that the rise in mortgage rates won't be in much of the data yet. We need the older, lower rates to filter out of the "buyers pool" of mortgages. That is when you get the best price drops, when the collective mortgage rates of prospective buyers are highest. ATM the average is being dragged down by these mortgages agreed months ago. We are only a few months from seeing most of these low rate mortgages out of the market though. The HF/NW indexes released early Jan/Feb should show a lot. Indeed. And by then the base rate should be at least 3.5%, winter will be in full swing and perhaps even the recession will be kicking in and companies will start mass redundancies. The headwinds coming for the property market are about to hit full on. Quote Link to comment Share on other sites More sharing options...
henry the king Posted November 23, 2022 Author Share Posted November 23, 2022 33 minutes ago, nero120 said: Indeed. And by then the base rate should be at least 3.5%, winter will be in full swing and perhaps even the recession will be kicking in and companies will start mass redundancies. The headwinds coming for the property market are about to hit full on. And prices are already falling according to RICS, HF, NW, flat according to LR (which lags more) and falling according to Rightmove (I think - although asking prices matters least). So prices are already falling nicely. And that is with manipulation of house price indexes from house builders, who instead of reducing prices are offering vouchers and £15k mortgage payments over 2 years. But it will be from about now that things change. Will still take a few more months for that to fully show up in the data though. But we should see the first green shoots in the data released in the next few weeks. (even more so than the data which has already shown falls) Quote Link to comment Share on other sites More sharing options...
turkeydogshrimp Posted November 23, 2022 Share Posted November 23, 2022 Loads coming on the market but all look like ex-council houses and massively overpriced which is annoying. Quote Link to comment Share on other sites More sharing options...
Aidan Ap Word Posted November 23, 2022 Share Posted November 23, 2022 My RM Query went from 18 in June to 51 today, most of which are huses returning to the market. A few folks trying to catch a falling knife at reductions of 1% to 2% per time ... (eg: 5k reduction on a 500k asking). Normal results for my query (in terms of properties on the list) is likely - anedote/not evidence - to have been 80 to 120 against the criteria I am using. The relative absence of forced sellers (this area is chock full of the "paid it off years ago" boomers) and forebearance (for the few folks who have been able to buy in 2019/2020) ... not holding my breath then. Quote Link to comment Share on other sites More sharing options...
HomeAlone2 Posted November 23, 2022 Share Posted November 23, 2022 My search criteria on Rightmove is quite spercific so I'm not seeing the big picture but for what I'm looking for there's been a slow increase in the number of properties on the market. I'd see an average of 20 to 30 pre Covid which dropped to three when things were going crazy last year and the first half of this year. Now there's 16 with the oldest being on there since August and September but the rest came on in late October. One or two reductions but nothing much. Quote Link to comment Share on other sites More sharing options...
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