House prices

[Gettingbysomehow]

Goodness house prices have plummeted. I live in a sought after Somerset town and going on rightmove today house prices are around £20k less than they were at this time last year.
I was about to move back to Sussex but there is no way I can now.
Has anyone elses area gone down?

I’m North Somerset.

We got our house 2 years ago and it’s gone up £100K (new build)

Have you resold and achieved 100k more?

We had it valued. - valued at £150 K more than purchase price. The one over the road sold for £175 K more than purchase price sold and exchanged! So prices definitely gone up!

Oh they were lucky.
Looking on Rightmove for North Somerset, entries are showing between a third to a half as prices being reduced.

In Lancashire our youngest is looking had an alert set up for between 150/200k last year got the odd shithole now loads of alright houses coming up in that price

I am in North Hampshire and would like to move. They're certainly not coming down in price around me. 🙄🙇🏻‍♀️

I think many areas have gone down (not all). Have you taken a look at sold prices in the area you’ll be looking at? Don’t worry about asking prices imo. Agents are still valuing high but I’m seeing deals being done that are pretty surprising.

Goodness house prices have plummeted

20k isn't that much but depends on price range. Market is undoubtedly softer, uncertainty and interest rate increases has lowered prices in most areas.

London. Plateauing / slight reduction in some, especially flats

Area dependent - around here prices are steady (SW London, three good primaries within walking distance as are two train lines/tube). But I own a flat in Zone 2 and my neighbour have just sold their flat at a loss if you take account of inflation. Have prices dropped where you want to move to?

We sold two years ago and the same style houses are now on offer at 25-50K less than we sold for. This is West Sussex, so I wouldn’t rule out being able to afford something in Sussex OP.

SE London, massive drop and market is dead. I’ve just taken my house off to go back on in Jan. have reduced 100k since March, 3 viewings. That’s it. Houses in my road used to in 24 hours. I think we paid a premium at the time for proximity to the station but WFH has changed that need.

The annual price change in Somerset is showing as a 2.8% increase.

You may be seeing prices being lowered to try to encourage sales at a slower period, but it isn’t indicative of the market over the last year.

Really? New builds don’t often go up in value for a while after they’re built. Or are you comparing the purchase price minus all of the extras you paid for the fittings?

More expensive houses are really struggling

basic mid range 3 bed semis not so much it seems

It’s tricky as a purchaser as you only have the asking prices to go on really. You can’t see what things actually went for for three months at least.