What is the property market doing near you?

[summersun20]

Hopeless first time buyer trying to battle our way through the market and it seems to have come to a massive ground halt where I am in the North West.

Few properties being listed and when they are they are snapping up very quickly, feeling very frustrated! What is the market doing near you and where abouts are you based?

To those with a crystal ball (ha!) When do you think the market will settle? Its been a pirana pool recently and hoping those piranas are replaced with gentle fish soon 🤣

Cambridgeshire here, absolutely bonkers. Very little on the market and its selling quickly.

There are two houses on my road that sold around Xmas time and they’re both still occupied by the seller. What on earth is stopping everything moving ?

@dane8 also manchester, I am an estate agent but specialising in the rental market and its been constant enquiries for the rental market, its exhausting!

@DinosaurDiana I think there is a massive backlog because there has been that many sales over the last 12 months with the removal of the stamp duty.

We have put offers on houses multiple times but keep being out bid by around 20-30k, it's been a nightmare!

Exploding here for houses with outdoor space... and I have recently looked in the North West and it's insane up there too - literally nothing on the market.

We've had several flyers through and an offer made and we have not even listed our property on the market.

I've never seen anything like it. I think it's crazier than 2003-2007 just before the bubble burst. I remember houses selling before you even got a chance to view but I've not seen houses going for tend of thousands above asking price as a rule before.

I took mine off the market in March because I couldn't find anything to buy. I'm still getting letters pushed through my door asking me to contact them if I change my mind!

@summersun20 as an estate agent what do you think is driving it all? It can't be the sdlt holiday because nobody looking now is going to make it in time.

We've had several flyers through and an offer made and we have not even listed our property on the market.

We had a flyer through our door asking if we wanted to sell, then a neighbour suddenly went up for sale and sold. Maybe that’s the way to do it.

It is absolutely bananas here North Staffs. The prices make me want to weep and the speed stuff is selling at is just

@HmmmmmmInteresting I honestly think its a combination of factors, the halt of the market at the start of the pandemic for a few months which then reopened and created a back log of those who wanted to sell and buy, those who are now re evaluating what is important in their home I.e work space / garden/ now they are at home for longer periods of time and also may not need to commute into city centres and i do think the stamp duty removal is a factor, I know 3 of my friends movement prematurely because of it, all 3 had planned to stay in their home for at least another 2 years!

People have also saved more and not going out the same so have more to spend on a house!

For the rental market there has been a noticeable increase in customers from Hong Kong and other South East/ Middle Eastern countries, usually willing to put down a 12 month down payment which for a landlord is brilliant but fierce competition all round to secure a property!

What are your thoughts?

Unpopular part of Cambridgeshire- houses are selling much faster than usual.

Buyers still seem to want value for money though (thinking of neighbour’s house which hasn’t sold).

I'm just over the border from you Badger and things are going really quickly, well apart from the one 3 door down that's gone up for about 50k more than it's worth.

Popular part of rural Shropshire it’s crazy! I don’t need to move but I like looking at the property locally just because I’m a nosey bugger and I like to gauge prices etc.
There is hardly anything under 400k. Properties are listed like a 3 bed detached bungalow 450k then sold the next week.

East midlands - little coming on the market and selling within days.

Seems to be similar across the UK.

The big question when will things stabilise arghhh

I’m NW. parents’ house has been on the market for a long time. Plenty of interest but sales keep falling through - usually due to finances. In the village I live in houses seem to be up for sale for a very long time.

Everything about moving is just mad atm. I'm in Essex.
Last week, I was posting on a thread that we had a suggested moving date of the 25th June to get in before the stamp duty cut off. This week, looks like it's all going to crumble! It's so stressful and upsetting. We sold in March and got into a chain of 6. First time buyers on ours and our vendor is fairly straight forward, but it's the three at the top.
No. 6 at the top is looking for somewhere to rent and that's what the chain is depending on if there's a chance it can come together. However, this lady's house has been repossessed as she is bankrupt. This means that she's finding it hard to be accepted to rent somewhere. Meanwhile no. 4 have said they have to have it all done by the 9th July as that's when their mortgage runs out and they can't extend as they've just gone self employed. No. 5 decided to put their house back on the market this weekend as there's uncertainty with no. 4. Not sure what's happened with that. So it's all looking very unstable now unless the lady at no. 6 can find somewhere to rent in time for the 9th July.
If it does all fall through, I think we'll all have to start again because since this began in March, house prices have gone up. So we'd all have to go on the market for maybe £20,000 more.

I'm pleased we didn't get carried away with packing after all but I'm really disappointed in this turn of events. Just that horrible feeling that we might have to start all over again, like snakes and ladders. sad

Bonkers (Cornwall). Rental market and sales. Good stuff goes in days, best and finals for the really desirable stuff. Houses now going on for silly money though the really overpriced stuff is hanging around.

People from upcountry making offers without viewing. I've given up for the moment, I don't want to overpay or get into a bidding war. I'll see what it's like in six months time but I am wondering if it'll just be worse.

It’s slowed right down here in Sheffield. 11 houses have gone on today in the whole of the city, varying types & bedrooms. I remember some days back in April there were 11 in some postcodes.
Our house is going on this week so I hope on one hand it sells quickly but on the other there’s nothing we want to buy so a bit of a catch 22 really.

Stratford upon Avon, prices rising, houses sell quickly.

We sold in March for a good price, now in rental for a few months but I thought we would have something agreed by now and legal underway. Not much coming on and when suitable houses do they are going for fifty of sixty grand over the asking price
Someone tell me things will stabilise soon……..

Plymouth. Seems to have really slowed and nothing coming on is very nice. A lot of properties needing work being put on, I guess landlords offloading.

I'm in the process of buying. Open day was held before it was even listed on Rightmove.

Solihull. The houses are selling stupidly fast (except those that cost £3m+, they’ve been on the market for months).
I recently moved here and the house I live in now wasn’t even on the market when we bought it. It was like a pre-market house and 3 people saw it before we did! It was only online for a day!

East Mids.

House next door is subject to a bidding war currently between two couples. We bought ours for 65k or thereabouts 20 years ago. Next door may go for close to 300k.