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How is the housing market actually doing?

(38 Posts)
rallytog1 Wed 14-Sep-16 12:26:50

We've been looking to buy a house for the last 6 weeks or so. Obviously in August we expected there to be not much on the market. However, now we're well into September, there are no new properties in our price range in our reasonably large search area, and all the agents we're registered with say they have nothing new in the pipeline.

We also went to look at a house yesterday, where the owners let slip that we were their first viewing since they put the house on the market in April.

All the agents seem to be able to get us to viewings within a matter of hours of us asking.

It all combines to make me think things are looking very slow and quiet indeed for this time of year. We're in the North West. I just wondered if other buyers are finding the same? I don't know if it means we can make cheeky offers or if sellers are more likely to pull up the drawbridge and decide not to move because they're unlikely to get a sale, even at a lower price.

YelloDraw Wed 14-Sep-16 12:31:52

Loads of stuff has come on during September in my area of interest (East London), including a couple of really nice properties.

But you can't really tell anecdotally I don't think - need to wait for volume and pricing data to come out.

Sprig1 Wed 14-Sep-16 13:00:20

Very slow here (Wiltshire), nothing new at all in my search area for the last 5 weeks. It seems that good properties are selling v fast at strong prices. Those that are still on the market have major issues or are seriously over priced (or both).

EssentialHummus Wed 14-Sep-16 13:05:03

SE London, checking RightMove daily. There's less coming onto the market and many more reductions than there were pre-brexit. I also check Kent daily (landlord), seeing far fewer reductions there than in London.

namechangedtoday15 Wed 14-Sep-16 14:01:05

Lots coming on here (also NW) - check RM daily. There are 24 properties that have come on today (last 24 hours) for my little town - but that's everything (not restricted by price range). Lots at the top & bottom ends, not very much in the middle.

What may be at play depending on where you are in the NW is the massive jump in prices over the last 12-18 months. Has calmed down a little bit now where we are, but certainly we could never afford to move now because the next rung of the ladder is so far out of reach. So maybe whereas people would have moved from (for example) a 2bed to a 3 bed, or a 3 bed to a 4 bed, they're now staying put and extending because its so much cheaper than moving.

rallytog1 Wed 14-Sep-16 14:33:49

That's a good point namechanged - I don't think there has been a massive rise here but I have noticed that in the last 6 months some asking prices seem to have gone through the roof - but they are never achieved. So I think agents might be talking up the market in the hope that the area will follow rises that have been happening elsewhere. Sensibly priced property sells quickly but all the houses with the hugely inflated asking prices just languish.

Essential we recently sold in Kent (Medway) and had a ridiculous number of offers, nearly all above asking price, in a very short space of time. I assume Kent is just always attractive because it's so much cheaper than London.

sall74 Wed 14-Sep-16 16:05:39

Namechanged - Whereabouts are you in the NW? In my area of the NW (SK13, SK14) the lack of supply is horrendous, 50% down in the last 2 years, and no sign at all of things improving.

The very few houses on the market and the tiny number of new instructions are all dreadful quality... crap houses in undesirable areas for stupid asking prices.

freshstart22 Wed 14-Sep-16 16:17:03

I live in Surrey. And I can tell you that high end houses aren't moving at all.

daisygirlmac Wed 14-Sep-16 16:21:16

I'm an estate agent in the NW (Cumbria) and it's really, really slow. Hardly anything coming to the market, probably a quarter of what I would expect for this time of year. Like you say a lot of what is on the market already is overpriced, lots of the time because the owners bought at the peak and can't afford to drop. Anyone who is sensible on the asking price is selling quite quickly but it doesn't seem to be increasing supply, we're certainly not getting many valuation requests through. Also offers which do come in are very very low! I would certainly start as low as you think is reasonable if you are looking to buy.

namechangedtoday15 Wed 14-Sep-16 17:12:46

I suppose the NW is such a big area that you can't generalise. I'm in South Manchester sall74 - prices have always been high but have gone insane for the last couple of years. We'd have needed at least £150-200k to move from a 3 bed to a 4 bed which is simply not possible.

rallytog1 Wed 14-Sep-16 18:49:54

Sall it's very similar here in the non-posh but still quite naice and desirable part of Cheshire.

apoorna Wed 14-Sep-16 19:05:51

I am watching SE London and I see many reductions. I wish people price the property right in the first place so interested people can view it straight away. It looks like they are still pricing them greedily, expecting to skim the market and later reducing them by which time a month or so passes easily. Do people really not expect anything to change after brexit?

apoorna Wed 14-Sep-16 19:35:15

I am watching SE London and I see many reductions. I wish people price the property right in the first place so interested people can view it straight away. It looks like they are still pricing them greedily, expecting to skim the market and later reducing them by which time a month or so passes easily. Do people really not expect anything to change after brexit?

Imperialleather2 Wed 14-Sep-16 21:05:31

I'm in Surrey. The really nice house circa 2.5M seem to be selling.

The houses around 1-1.3M (4 bed detached) don't seem to be and a couple have come back onto the market so obviously fallen through. I wonder if the jump up to this type of house from a victorian house with loft conversion is just too big now for local people. (it certainly is for us and most people I know)

A few price reductions but they are on properties where they were ridiculously over priced to begin with and.i mean ridiculous.

Sensibly priced nice houses still seem to be selling (600-800k) like hot cakes!!

Tootsiepops Wed 14-Sep-16 21:12:13

I'm in Kent. Our house sold in ten days for over the asking price (got two offers in that time too)

freshstart22 Thu 15-Sep-16 06:37:53

imperial I agree the houses £1m - £2m are stagnant. Some haven't even altered the price and they have been on the market for over a year. Dorking and Reigate are particular examples of property overpriced and not selling.

Imperialleather2 Thu 15-Sep-16 09:58:34

I live in one of those 2 towns you mention!

freshstart22 Thu 15-Sep-16 10:00:39

I live a stones throw too imperial! Some lovely houses but just not budging! Do you think the sellers are getting too greedy? I don't think the houses are worth that much (as lovely as they are)

MiaowTheCat Thu 15-Sep-16 10:09:41

Message withdrawn at poster's request.

TattyCat Thu 15-Sep-16 10:43:11

Shropshire here and it's really slow. But we're selling and have only had 2 views in the last month.

Lilmisskittykat Fri 16-Sep-16 12:57:23

North west here too.. very very quiet nothing coming on rm and lots of reductions.

Had mine for sale since June and it's been very slow and frustrating with Buyers struggling to get the mortgage after making offer so kinda glad there's nothing coming up that I've fallen in love with... but it's making the hope of moving feel like a pipe dream

alazuli Sat 17-Sep-16 02:24:22

was supposed to see a flat in new cross today. was told the viewing was cancelled because someone had put an offer in for asking price. it had only been on RM for a few days. things are definitely picking up in london.

freshstart22 Sat 17-Sep-16 07:10:09

I think London flats will always be sought after. I think the hardest hit areas are always beyond the London boroughs

JustGettingStarted Sat 17-Sep-16 07:25:16

I rent a flat in Manchester city centre. The landlord just listed it for sale. There were two viewings on the first weekday after it went on Rightmove, and nothing in the three weeks since.

I think the first two viewings were people the landlord had on a list of those wanting to see everything that is new.

I intend to get out, anyway, so I'm not bothered but I do think it's a bit odd.

I don't know if the flat is reasonably priced or not. But it is in great need of paint and new carpets.

JustGettingStarted Sat 17-Sep-16 07:40:47

Oh! Never mind... There haven't been any more viewings because it's under offer (I just looked it up.)

No idea if I'll be served notice soon or not. It's not my primary home and I've decided to drop it anyway, so I'm not bothered.

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