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?

@Saz12 but lots of posters have said it's Londoners who are buying up their local to property.

Where I live houses are selling very quickly at the moment. They’re selling quicker now than they were before COVID. My theory in my area is that people are buying here because we have bigger houses & gardens (we’re about 20 minutes drive from a busy city) so after the whole lockdown/being stuck indoors with children, pets etc plus working from home, it has made a lot of people need or want extra space. So they’re moving a little further out from the city to something slightly bigger.

Market flying here in N.Yorkshire, but I have noticed that at least four of the properties I was interested in, which sold within days, are now back on the market.

I can only assume either Mortgage difficulties or Survey problems.

A close friend who is an Estate Agent has advised caution. Her view is that ‘buying into a boiling market is how you get burnt’

We have Brexit in 15-16 weeks and a second spike threatening !!

I don't think the buyers here are sellers in London. They may have been long term renters who have made the move now, covid being one factor, wfh another.

I work with agents, it's discussed a lot. If there's a definitive answer I'll come back and let you know

Of course if you are downsizing this bubble could be perfect !!

Houses where we live are going under offer without even being put on the market. Agents just offer them to the people who lost out on the last one or two.

We've been getting flyers through the door offering discounted commission.

Selling super quickly here.

Medium/large sized village 20 mins north of Manchester.

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

^this

There’s a structural change happening, as the differential between London prices and rural property levels out. Our house didn’t even get to go on the market, we had an offer for 10% over asking price (Well, what tue asking price was going to be) which we’ve accepted.

Rural south west, very large garden.

I think there was an understandable release of pent-up demand from June/July onwards, as everyone who couldn't move in the previous 3 months did (including my sister). I notice a bunch of places sold on our street in the last 3 months when there's only been about one sale a year since we moved 5 years ago.

Some wealthier people have decided to get out of cities/nearer private schools I suspect. My ILs live in a very wealthy area and their neighbours have just moved out of their £2.5m house to a £9m one without even selling the first! How the other half lives, eh?

But anyway, even if things have lifted for a few months it's completely unsustainable; I fully expect things to collapse from now on and then stagnate/fall for the next few years.

We are SE London and it is booming. Everywhere is sold signs.

My friend’s house went before it went on the market and had 11 views booked the first day.

My friend’s flat in central London is not getting any viewings.

My landlord has put the house I rent up for sale out of the blue to cash in I'm now having to move out during the secondary school application window and dd's school place is now up in the air. I'm gutted.

I'm not surprised and I think the stamp duty change is a small part of it.

London is full of people on good salary renting horrible places because they had no choice. Now these people have been given WFH freedom. With perpetual renters buying, it's making other renters buy before they are priced out permanently. Basically, housing is the new toilet paper at the moment and the north has become Costco.

Does anyone know what the market is like in Croydon? Have a fairly elderly family member considering selling.

@Faraway20

My landlord has put the house I rent up for sale out of the blue to cash in I'm now having to move out during the secondary school application window and dd's school place is now up in the air. I'm gutted.

Can you buy it?

Sold my house in a week.
One over the road went up on Monday and sold yesterday. It's crazy.

Things are selling crazy fast round my way (commuter belt near Glasgow) and for quite a lot over the asking price.

A house a neighbouring street went on the market this morning and is already under offer!

NE & NW are shifting like lightning. Especially places with outside space.

I think people are put off London because of prices. The increase in flexible working means that more people can work anywhere rather than being tied into SE prices because of access to London.

@YellowNotRed I'm not in a position to at the moment, 18 months and I would have the deposit to do so! I believe a lot are asking for 20% deposits atm too so even less of an option

An interesting read

inews-co-uk.cdn.ampproject.org/v/s/inews.co.uk/news/uk/house-prices-uk-fall-when-will-property-values-start-drop-prediction-641688/amp?amp_js_v=a3&amp_gsa=1&usqp=mq331AQFKAGwASA%3D#aoh=15998463814672&csi=1&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Finews.co.uk%2Fnews%2Fuk%2Fhouse-prices-uk-fall-when-will-property-values-start-drop-prediction-641688

I had an offer accepted at the beginning of August. I was the first viewer and the offer was accepted within 2 hours of it being on the market.
Although it's taking so bloody long to get a mortgage approved. Working day 23 today

We put house on market on a Thursday, first couple to view it on the Saturday, bought it full price. We are in Surrey.

@inmylifeIlovedthemall

Of course if you are downsizing this bubble could be perfect !!

That’s what we’re banking on!

We are buying a house in London having sold/selling our two separate flats, one here and one outside London.
I lived outside London for ten years and am much happier here. We love the diversity and the community and buzz in our part of it, about 25 mins from the centre of London. People don’t just live here to go and work in offices.
I guess if you have kids and need the space it might be more attractive to move out but even then we’d probably try and stay around here. It depends what you value and not everyone’s values are a small quiet town with a big garden and a utility room/en suite or two in or near the countryside (much as I love visiting those places). We also have several massive green spaces and lakes on our door step as well as easy transport options for getting around London or to the countryside or coast so we’re not cooped up Londoners in awful flats (our flat here is also spacious in a leafy area) which is all people’s imaginations seem to stretch to sometimes on these posts. We know others moving around London too and we had to compete for houses when buying a few months ago even before stamp duty.
I grew up in Yorkshire and am well aware of the quality of life there for less money (possibly not for long, who knows?!). We’d maybe like to try that in a few years but London has a lot to offer us still for now.

@Rubytoosday

By central London, I mean zone 2

Off topic but central London is surely just some parts of zone 1