The property market

Cheshire where I am and prices staying steady with loads of sold signs around. Sold my place recently for full asking price in 10 days.

@gillygeey we’ve had a near doubling in price in our area over the same timeframe. (Since covid) It definitely is happening in some areas. Still rising here this year, as I said 10-20% higher than at Christmas.

Slow here. Not much added and not much selling. We wanted to buy but darent with rates as they are

I’ve seen lots of “sold” signs this week on houses that have been for sale for months. Maybe just a local issue.

One has has been reduced from £2.45 to £1.75 m and still hasn't been snapped up.

even on good salaries borrowing a lot with interest rates at 5% vs 1% makes a big difference. And even if you can afford it it's quite a change in mindset to get your head around spending so much more just on debt plus there isn't the confidence that the house value will just keep growing.

It's perfect for me! I'm looking to buy within the next 6 - 9 months, and there's absolutely LOADS of nice places around in the areas I want.

We bought our house pre-covid for about £500,000....current valuations (based on price per sq foot) would put it closer to £900,000. It's insane.

pre covid as in 2019 or 2010? to almost double in 3 yrs is definitely unusual

We are in a sought after area & prices are still creeping up. Especially family homes, there is a shortage of supply and high demand. I'm glad we bought when we did (2021).

Currently pregnant with third baby living in a 2 bed flat… we went on the market in early July, had one viewing which was a thanks but no thanks and then crickets… reduced asking price by £10k in mid August, one more viewing, thanks but no thanks, now crickets again. It’s thoroughly depressing and I don’t know when or if we’ll be able to get out of here.

My village has a steady stream of houses but they are getting sold signs up. No idea if near asking price.

But last week we drove down to the south coast aling a regular route we take. and I have never seen so many for sale boards on the journey.

Property market is very stable where I am. Probably not as much being put on as usual, but the ones that are are being snapped up very fast. Houses are being valued at crazy prices though. We bought our house pre-covid for about £500,000....current valuations (based on price per sq foot) would put it closer to £900,000. It's insane.
In the north in a very desirable affluent area.

Honestly? Mine is going up and I’m getting nervous. I had wanted to buy this year! I’m going to have to rethink neighbourhood. (London.)

I am seeing absolutely no sign of the supposed price drop.

In Surrey near Gatwick.
I mainly eep an eye on the detached 4 or 5 bed houses as that is what I want to move into and they are still massively over priced.

There are price reductions of £50k to £1.55m which is still a laughable price.

One has has been reduced from £2.45 to £1.75 m and still hasn't been snapped up.

People haven't accepted that there houses aren't 'worth' what they were 18 months ago.

One house was put on a year ago at an over inflated place, I remember saying to the agent that it seemed a bit pricey to be told that they were on the crest of the wave and the market would catch it. Well, it's still sat there year later.

In the last couple of years it has been sealed bids and insane prices.

It looks like there are some more reductions around here/properties taking longer to sell and there are more on the market than there has been since the pandemic, but still not as many as when we bought in 2019. I think maybe with interest rates being higher at the moment some people who’ve got their current mortgage on good fixes are staying put (that’s us) and a lot of people are also waiting to see if rates come down a bit before either upsizing or becoming FTBs. I’m in Berkshire.

Steady. It's a popular area (SW London, good primaries, parks and walkable to tube/train). Properties don't tend to hang about for long. I'd say the prices are still higher than when I bought exactly two ago - then there were a few for £900-£1m, now they are all over £1m, even the ones that have been reduced, and the average is over £1.1m. Rentals get snapped up immediately.

A fair amount on the market in my area, no reductions and all seem to shift within about six to eight weeks still. Maybe a slight price softening. Very much not a holiday area and mostly owner-occupier.

Small village. Lots of houses for sale but none selling. Massive houses being built in village in really unsociable places (road noise in this area is terrible) but listed on RightMove for a million
pounds. It’s completely bizarre.

Where we live has gone mad house price wise as it’s on a fast route to London but still quite a distance so much cheaper than London. Had a lot of people move up from London who work mainly at home but go down once a week or so, new neighbours do this. Locals are pretty peeved at this because it’s pushed prices up.

We are looking to move about 30 minutes further North and as it’s just that bit too far for commuting and not on a fast train line, it’s much cheaper. We are starting to look at areas and prices, it’s too uncertain at the minute to make the move.

I didn't know that about St Ives. I'll read up, it sounds interesting.

@PinkCherryBlossoms possibly on a more local level. St Ives for example have done it and it was the local council acting. Other places looking at it. Wales too. It’s an outrage when local people have no home because there are so many holiday homes.

Bridgwater Somerset. Prices continuing to rise, especially at top end of market due to demand from skilled workers at Hinkley Point. Hard to rent, hard to buy here. Was a cheap town; is no longer. Attractive villages also strong.

And I can see legislation to prevent homes being turned into holiday homes too- some towns are already doing it. And Airbnb being more regulated too etc. It’s long overdue- a house is a home not an investment.

With Labour do you mean @TheColourofspring? I'd love to see a legislative way to tackle the holiday home problem but not sure the Tories are the ones.

Prices haven't really changed in my area, a London suburb. Apparently lots of people are moving here from inner London zones because the houses are big with big gardens. Flats are actually going up in price. But very little on the market anyway.

Very little has come on to the market here. We have been looking since spring. Same old houses have been on for nearly a year. Some are starting to make small reductions but nothing much moving. We have a buyer for ours but cannot find one we either want to or can afford to buy with the current interest rates. Several houses that were on for ages last year have come back on recently which makes me thing the sales fell through too.

@TheColourofspring I just don't see a massive correction, more some small falls & then stagnation as so much is driven by equity. We never recovered from the 08 crash.