Bruce Banner Posted August 17, 2023 Share Posted August 17, 2023 My wife was pointing out all the sold signs in our area. I took a photo of one and blew it up so she could read the miniscule "STC". She had completely missed that. Quote Link to comment Share on other sites More sharing options...
Gigantic Purple Slug Posted August 17, 2023 Share Posted August 17, 2023 16 hours ago, Insane said: Trawling the internet and clicking on property here there and everywhere ensures I get many adverts pop up from Developers. What I have noticed a lot recently is the amount of build complete units they are holding. Developers hate empty build complete units as they cost a huge amount of money. My question is if they cannot sell what they have already built how are they going to sell what they are building now? Yes seen a lot of new adverts/changes in price from developers in my area. Trying to get ahead of the curve I guess. Quote Link to comment Share on other sites More sharing options...
nero120 Posted August 17, 2023 Share Posted August 17, 2023 1 hour ago, wighty said: Or they have a minimum price they can accept to pay the mortgage off an buy something cheaper. If they can't sell at that price they hope interest rates come down back to an affordable level or the mortgage gets inflated away before they are repossessed. Yes well in that case they're kind of stuck. If they can't sell, prices are falling and interest rates keep rising then they're future is negative equity and they better hope they can keep up mortgage payments otherwise they'll lose everything. Sadly I think that will be the fate for many. Quote Link to comment Share on other sites More sharing options...
Fromage Frais Posted August 18, 2023 Share Posted August 18, 2023 On 17/08/2023 at 10:41, Armus said: Seems to have been an uptick in supply too. Town I regularly search (almost every day) has had about 190 places for sale at any given time over the last couple of years. Recently gone up to 210 - 220. Deffo the case around here also. Still trying to get last years prices though but after a few weeks they come down and then hang about. Loads of people away on holiday atm I think we will see a very large supply surge when everyones back for school etc Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 18, 2023 Share Posted August 18, 2023 2 minutes ago, Fromage Frais said: Deffo the case around here also. Still trying to get last years prices though but after a few weeks they come down and then hang about. And here. Properties on the market here still have a significant number hanging about from when they first went on the market a year ago, on top of all the new listings at last years prices. Nothing much selling, even after reductions. These trends have got to be hitting the data in the next 3-6 months max. Quote Link to comment Share on other sites More sharing options...
Timm Posted August 18, 2023 Share Posted August 18, 2023 In my search area (North of Oxford) I have not seen a significant uptick in supply, but I am seeing more houses being listed at somewhat more sensible prices / being reduced to more sensible prices. Having said that, none of the houses listed in the last week have gone SSTC and only 2 of the 60 listed in the last 14 days have gone under offer. Quote Link to comment Share on other sites More sharing options...
ConH Posted August 18, 2023 Share Posted August 18, 2023 Developers are ahead of the curve, they are cutting faster than private sellers in my area. The corporate memory is longer than the individual. Quote Link to comment Share on other sites More sharing options...
Flopsy Posted August 18, 2023 Share Posted August 18, 2023 In my Bucks and Beds search there is plenty of new stock coming through but at old peak prices. Notable are the listings over 500k, the empty smaller houses and the flats. It may be that the glut of larger houses reflects unaffordable interest rates. Even the empty houses (LLs selling up?) are being listed at ridiculous prices, nothing is selling and any reductions are slow. I saw one house listed for sale that I viewed as a rental last year. There were more reductions a month ago. My guess is that sellers are listing and then going on holiday. Interestingly, rentals are slowing down as well. 2 listed in my area sat on the market for weeks and when I phoned they were open to offers. It may just be the holiday season but i looked at this time last year and things were busy. Quote Link to comment Share on other sites More sharing options...
Casual-observer Posted August 18, 2023 Share Posted August 18, 2023 (edited) 14 minutes ago, ConH said: Developers are ahead of the curve, they are cutting faster than private sellers in my area. The corporate memory is longer than the individual. That largely boils down to the female factor in private sellers who pile ludicrous amounts of emotion into their property and it's sale. You may as well stamp "I'm not giving it away" in a huge banner across their houses. The male heavy HPC forum grotesquely underestimates how far down a blackhole a females emotion will drive them on this subject. There's a legion of women on the property market who got divorced as they operated under the cast iron promise they'd get to keep the house, that credit would always be cheap and they could bank on that house never falling in value. That's a problem when you put all your eggs into one illiquid asset on a one way bet. Edited August 18, 2023 by Casual-observer Quote Link to comment Share on other sites More sharing options...
TheResponsibleHouseBuyer Posted August 18, 2023 Share Posted August 18, 2023 Rightmove is down. I think the show is over...... Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 18, 2023 Share Posted August 18, 2023 2 minutes ago, TheResponsibleHouseBuyer said: Rightmove is down. I think the show is over...... It's a rug-pull.. Quote Link to comment Share on other sites More sharing options...
msi Posted August 18, 2023 Share Posted August 18, 2023 2 minutes ago, TheResponsibleHouseBuyer said: Rightmove is down. I think the show is over...... system reboot and reset all the dates when houses were reduced. convenient. Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 18, 2023 Share Posted August 18, 2023 "no healthy upstream" now.. Quote Link to comment Share on other sites More sharing options...
msi Posted August 18, 2023 Share Posted August 18, 2023 22 minutes ago, Sackboii said: "no healthy upstream" now.. back up now Quote Link to comment Share on other sites More sharing options...
MerchantNavy Posted August 18, 2023 Share Posted August 18, 2023 On 8/17/2023 at 11:16 AM, Bruce Banner said: My wife was pointing out all the sold signs in our area. I took a photo of one and blew it up so she could read the miniscule "STC". She had completely missed that. In general, they do sell? I've not had an agent call back after a property has gone STC despite showing a lot of interest. Quote Link to comment Share on other sites More sharing options...
Sackboii Posted August 18, 2023 Share Posted August 18, 2023 38 minutes ago, msi said: back up now Still down here.. Quote Link to comment Share on other sites More sharing options...
Flopsy Posted August 18, 2023 Share Posted August 18, 2023 1 hour ago, MerchantNavy said: In general, they do sell? I've not had an agent call back after a property has gone STC despite showing a lot of interest. I am finding that hard to tell as they seem to go SSTC and then stay that way. Around us no sign of anyone moving in or out of them. Might be too soon to tell. Quote Link to comment Share on other sites More sharing options...
wighty Posted August 18, 2023 Share Posted August 18, 2023 1 hour ago, MerchantNavy said: In general, they do sell? I've not had an agent call back after a property has gone STC despite showing a lot of interest. If SSTC falls through many give up and take off market. Or change agent after few weeks. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 18, 2023 Share Posted August 18, 2023 On 17/08/2023 at 11:41, nero120 said: Yes well in that case they're kind of stuck. If they can't sell, prices are falling and interest rates keep rising then they're future is negative equity and they better hope they can keep up mortgage payments otherwise they'll lose everything. Sadly I think that will be the fate for many. Lots of drops for those that already own, but they are not losing anything, they can now buy for less.....win for the borrower that can buy taking on less debt, win for the buyer that can buy for less. Quote Link to comment Share on other sites More sharing options...
nero120 Posted August 18, 2023 Share Posted August 18, 2023 12 minutes ago, winkie said: Lots of drops for those that already own, but they are not losing anything, they can now buy for less.....win for the borrower that can buy taking on less debt, win for the buyer that can buy for less. Owners have to sell before they can buy, bit of a problem currently. Quote Link to comment Share on other sites More sharing options...
winkie Posted August 18, 2023 Share Posted August 18, 2023 4 minutes ago, nero120 said: Owners have to sell before they can buy, bit of a problem currently. If they want to sell, be assured they will sell. Quote Link to comment Share on other sites More sharing options...
Stewy Posted August 18, 2023 Share Posted August 18, 2023 2 hours ago, Sackboii said: "no healthy upstream" now.. That message was pretty amusing... Quote Link to comment Share on other sites More sharing options...
Nick Cash Posted August 18, 2023 Share Posted August 18, 2023 6 hours ago, Timm said: In my search area (North of Oxford) I have not seen a significant uptick in supply, but I am seeing more houses being listed at somewhat more sensible prices / being reduced to more sensible prices. Having said that, none of the houses listed in the last week have gone SSTC and only 2 of the 60 listed in the last 14 days have gone under offer. We’re a bit north of you but it’s a similar picture in south Warwickshire. Slightly more moribund than earlier this year but not a significant drop - yet. Quote Link to comment Share on other sites More sharing options...
nero120 Posted August 18, 2023 Share Posted August 18, 2023 18 minutes ago, winkie said: If they want to sell, be assured they will sell. Oh I have no doubt they will sell for a certain price. Problem is sellers in the main don't seem to be able to accept that what their house will sell for is far lower than they want... Quote Link to comment Share on other sites More sharing options...
Timm Posted August 18, 2023 Share Posted August 18, 2023 18 minutes ago, Nick Cash said: We’re a bit north of you but it’s a similar picture in south Warwickshire. Slightly more moribund than earlier this year but not a significant drop - yet. Ohh, that is interesting. For a long time, I have seen the areas north of Woodstock and south of Warwick (with the exception of Banbury) as very similar. Yes, there will be variations with proximity to rail, the M40 and places like Stratford, but it does seem to form a cohesive area west of the cotswolds. Quote Link to comment Share on other sites More sharing options...
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