House prices

[Breadyl]

Are they going down?

we’ve sold and can’t find anything. Looking everyday and we’ve viewed 2 in 2 months!

Not in my area, if anything they've jumped up in the last month or so. A 3 bed house that normally would have been £135k has just sold for £190k. Maybe not expensive for parts of England but definitely a steep rise here in NI.

Not in Hampshire as far as I can tell.

I think most people are sitting tight, not moving up because of the cost of living rise.

If interest rates are going up, monthly costs will rise and maybe people are worried about spending on stamp duty and all the other expenses.

No, not here in th south east, house prices aren’t expected to drop in the uk according to the Bank of England, but growth is expected to slow, which is very different to value dropping year on year and I think folks get confused with the two,

East Anglia here - they are no longer rising anyway - in my opinion - the crash and recession is coming, I’m no longer opting to buy.

We bought our house for £355k in Dec last year. Identical ones on our estate are now selling for £405k 😬 We couldn’t have afforded it at that price i’m not sure it’s worth that much either

They appear to have gone up again my my area. A local EA said it's simply supply and demand. Not enough houses in the market

Gone up here too (SE). A neighbour is under offer since January and another has just sstc for £30k more for the same type of house. The £30k more one is probate and needs a complete renovation. Other neighbour's house is all up together.

I can't see further rises. I am solidifying my cash position for the impending market falls. The housing market over centuries only matches inflation. We as humans look at the last 25 years and think it is normal. Is isn't and the early 90s crash can and will happen again.

Market is cooling where I am in the NW people are having to reduce prices.

East midlands here.
Houses that were sstc are coming back on the market because banks are disagreeing with the valuation...£250k for a small 2.5 bed semi?? Mad.
Also, quite a few price reductions too. A cottage near my mum has gone from asking £450k to £395k in a few weeks.
The houses not reducing price have been on for months

Looks strange here... a couple of houses have come on recently that are monumentally taking the piss: £835K for an unremarkable 4 bed detached 70s house. It's been done up, but they bought it for £360K a year ago! I think that, and a couple of others are hoping someone will panic buy while the prices are high. They won't sell anytime soon. This is South Wales! It's ridiculous that very ordinary family homes are out of the reach of very ordinary families.

However, some far more beautiful houses for far less money have also cropped up around here, so there are some signs of more reasonable prices.

Market has stalled here, nothing is moving. SE

I'm in Yorkshire and the market is ridiculous. Houses are being marketed at inflated prices and selling due to the lack of inventory. We have been searching desperately for the last couple of years without any luck. Anything reasonably priced is sold within minutes of being advertised or privately.

I've seen fewer properties coming on the market and those that are on are starting to reduce the prices .... also in NW

Noticeable number of reductions in the 4-bed/£500-£675k market in the West Mids, in the last couple of weeks.

I believe the rise in prices was fuelled by two things. One a feeding frenzy supported by a lack of stock and driven by estate agents determined to reverse the losses they sustained in previous years so, extremely aggressive marketing of the 'buy or you will miss out' type.
Availability or rather lack of. reinforced the above so much so that people who never though of moving wanted to cash-in, perhaps down trading to pay for the attendant legal, stamp duty, and agents costs. Before this we had a period of slow sliding in house prices and lack of availability of reasonable quality housing. Since buying our last house, prices have dropped by 2-5% and now have risen by up to 20%.
In truth demand and supply will do this - fuelled by aggressive marketing. The future leads one way, assuming a 'normal' availability of housing. The market should level off and go into reverse slowly, reflecting the rise (unprecedented) in the cost of living. Everything is going up fuel, electricity, gas, petrol diesel, Council tax, shopping basket, services - there isn't a single sector which is not looking to suck-in extra income.
In my view (don't count on it) house prices will fall where the local economies are not buoyant (capable of maintaining current standards by pay rises or growth in employment). Logically any future rises will be specific to sectors ( i.e. 540k to 750k) and NOT overall rises. The sectors which will maintain prices are those fuelled by intelligent mobile, primarily service sector 'workers'. finance, IT, etc.
So the picture is not simple but the massive rises we have seen must go, as long as people hold-off panic buying. If buyers can look more than 2 years ahead, the older population is looking for smaller, less expensive to run housing, taking the property price hike dividend to live better etc perhaps fuelling supply side.
My view would be wait - for up to 3 years and watch the prices fall, no buyers, increasing stock will cause a free-fall in prices but with so many idiots panic buying market trends are less easy to predict.

Greater London here and the property market is fast at the moment. It's not showing a sign of slowing as yet.

Gosh where are you in the south east? That must be the first time in history the market has stalled in the south east, even in the crash it didn’t stall

Market of two halves here - anything fundamentally of good quality (location, space) barely makes it to market it’s so hot. But there is also a lot of optimistically priced dross, some of which goes because there’s not many other options right now, but the rest of it hangs around.

This is in an affluent area of the SE.

Where are you in the SE? I live there and it's bonkers even the million + £ones are selling . Its always been expensive here but even the bad areas are expensive now

I am a FTB looking to buy a 1 bed new build in Surrey, very few on the market that would suit my budget even with HTB. I have been advised that the prices will slightly drop next year ... not sure what to do, I am afraid that they will continue to rise and I will be out of the market completely 😔

Still rising here, East Anglia.

The market is ‘cooling’, by this I believe sales are slowing as people tackle the cost of living rises alongside banks increasing interest rates.

It won’t crash, you just need to use every available strategy to get the home you want.

House prices WILL go down. People are going to need an extra couple of hundred a month for gas and electricity, an extra £100 for petrol or diesel, an extra couple of hundred for food, extra hundred or 2 for their mortgage or rent, prices for everything else will rise too. People are going to run out of extra money and will need to lower their bids.

Still going up in my area. Very little on the market and what does appears is STC within a few days.