To think all this talk of a roaring house market is rubbish

[womty]

Or at the very least very localised?

I'm in SW London & in the last month or so almost every 5th house in my area has been put up for sale, some for prices that made me question whether we should do the same. Except now they are getting reduced by 25k plus (houses look pretty much the same) and are still sitting on the market. Plus for many who bought after 2015 the prices are only about 50k higher which once you factor in stamp duty/work is not great. Just me?

I think it must be localized. I’m on Manchester and anything nice in a good area is selling super fast. We sold our house on the first day on first viewing over the asking price and had to offer over the asking proce to get the house we are buying

Things are definitely selling quicker here (North East)

Congrats!

I kinda got used to the idea of moving but now I think we shouldn't try but then what will the market look like in 6 months

Everything up here in the south east.

I don’t think it’s a boom I think it’s a “phew it didn’t down turn”...I know London flats are a bit stagnant. I will say the biggest surge was 2014-2016 in London so it’s unrealistic to expect those levels.

@womty

Congrats!

I kinda got used to the idea of moving but now I think we shouldn't try but then what will the market look like in 6 months

Christ if anyone knew that they would be a billionaire. No one can predict the future. Not even those who pretend they can. [ confused]

Selling like hot cakes around here (North West) and prices have gone up I've noticed.

Selling within 7-10 days in good areas here and for a lot more than the "offers over" and valuation prices. It's not just the stamp duty thing because it only applies up to £250k in Scotland and there are houses on at a lot more than that still being sold quickly.

I'm in East Dunbartonshire in Scotland and prices are through the roof. Houses selling in a matter of days, some for 40% over asking price.

We have been told by our non-bullshitty estate agent that the market round here is in great shape as many are are selling/buying to take advantage of the lower stamp duty. But you have to complete before end of March, I gather. So whether it remains that way after I don't know.

Just had another look & another one has gone on but at least 50k cheaper then the next expensive one. However that last sold 15 yrs ago & gone up by 600k so they can take a hit if keen to move. I wonder if that will drive prices down?

One house doesn’t drive prices down no. Do you want them to drop?

Housing market is most definitely roaring in the north west. One of my DC's has lost out 3 properties - all had multiple offers and went to sealed bids over the asking price. Not the cheaper end of the market either.

@Bluntness100 I meant against the backdrop of Covid & Brexit.

No it won’t drive it down, if anything it will drive it up as likely will start a bidding war.

@OnlyFoolsnMothers I agree but I assume people who bought then won't want to sell for less?

Maybe everyone is leaving London?

Around here, in rural Hampshire prices have risen and houses are going within days of being put on the market. It’s the stamp duty holiday plus people wanting bigger gardens and more space which is driving it.

@Bluntness100 no I don't, but the houses are pretty much identical so if one sells for 900k, will people still pay 1m for the one next door? I've only sold one property before so a novice really but if I was buying I would obvs want to pay the lower price.

Maybe everyone is leaving London?

I really think there could be an element of that. Rural Scotland especially has always had an issue with 'rich' southerners buying holiday homes and driving the prices beyond what the locals can afford in their own villages. That could now be spreading to other parts of the uk as people decide to wfh permanently.

I think the market was moving along nicely a couple of months ago, but my friend's agent has told them that the market is flooded right now. I can totally see that - half the flats on our road seem to be on the market at the moment.

@unimaginativeusernamehere we never thought we would think about leaving even our zone in London but we started to entertain the idea because DHs work are looking at 1-2 days max a week. He's not even gone back yet. I already work remotely.

Insane here (Stirlingshire). We lost out on a house with a survey value of £500k.... it sold for £740k.

Yet to see if all the overheated offers complete, of course!

my neighbours bar 1 have sold (completed) but they sold in June for 30k under asking (We are friends, they were renting it out as already left London) but obviously no one can see the sold price yet but I do find it odd that one across the road is now on for 50k above their original price but actually 80k above the sold price but maybe that's just how it works?

It's crazy here. We sold our house in 4 days and anything that's not ridiculously over priced is going similarly quickly. I'm in York.