To ask why the housing market is so slow?

[SafelySoftly]

Trying for several months to buy in London. Market is absolutely dead and I’m hearing of similar tales across the country. Anyone else finding it and why? Just general sluggishness/cost/Ukraine fears? Why isn’t it getting more press coverage (appreciate there is more important stuff but we love a bit of house price news)?

Hmmm interesting. Just completing on the sale of my flat (touch wood) and it went within two/three weeks. Sale has had taken longer than expected to complete despite being a simple chain free sale. I put it down to slow solicitors, Christmas, covid etc. I’m going to be looking again to buy in another area in about six months time, things are coming on and off. Looks fast paced but slower than when I bought in London a few years back. I do think economic uncertainty will play a part in people deciding to stay put but if people need to move they still will.

On fire. And then there will be weeping and wailing and gnashing of teeth and negative equity. Its a cycle. Don't buy in an over-heated market.

@Viviennemary

On fire. And then there will be weeping and wailing and gnashing of teeth and negative equity. Its a cycle. Don't buy in an over-heated market.

All very well to say that, but if you're renting then you're losing money anyway. I bought in 2020 and have paid over 15k off my mortgage which would otherwise have been spent on rent.

The market was crazy in 2020 and everyone said that it was going to crash. I'm glad that I didn't wait as the house value has gone up so much that I probably wouldn't have been able to afford it now.

I think the issue is more with type of housing that people are after. Where I am, there are plenty of flats, particularly one bedroom, but barely any houses available. People priorities have changed since covid. People who would have previously been happy with a one bed flat now want a garden and a home office.

Slow? Houses here literally selling in a few days, being on the market for more than 1 week is unheard of atm!

@Namechangehereandnow

Slow? Houses here literally selling in a few days, being on the market for more than 1 week is unheard of atm!

It's a similar situation here. Anything staying on the market for more than a week is overpriced.

We're also in an area where a lot of properties are being sold before hitting rightmove / zoopla.

[quote SafelySoftly]@Myhousemyhome have they started conveyancing/done survey? If not just put back on the market. Very weird, doesn’t sound like you are actually under offer.[/quote]
Houses around here are selling instantaneously. Nothing in the calibre that’s we want has come up in the past 12 months. That’s the material point. It’s no point right now.

Well, where I live, houses are typically being put up for sale only when the owners have found something they want to put an offer on, then the estate agent is jumping in and organising a whole day of viewings, after which the house is typically under offer very quickly.

This could be because my area has suddenly become very attractive to buyers wanting more room and moving further from London (I’m to the South-West of London) and the EA’s have books of people looking for these large properties, who are ready to make offers immediately…

In my area houses are selling within days. Many don't even make it on 'the market' via the main rightmove websites or anything. Many buyers form really good relationships with the estate agents so get advance notice of new listings. I live in a quite sought after residential area. We actually had a note popped through our door (as I suspect a few of us did on the road) from a young family interested in buying our house because they wanted to move into the area so bad. No chain either. So some people may be trying to skip estate agents and official listings all together.

Our LL is currently selling our house. She put it on the market end of Jan and the EA said he would do a viewing day and it would likely have offers that day.

Then when i next spoke to the EA asking what day the viewings would be he said their phone literallt stopped ringing the afternoon of Rishi Sunaks speech regarding NI increases etc.

Inflation is nuts, people are worried about meeting basic expenses. Not a good time to have to shell out for all the associated costs that go with buying a house. I reckon it'll be like this for a while yet....

The market is overheated here in the NW. A good proportion of sales fall through though, I assume because valuations are coming in lower than the agreed price. So back on the market it goes…

Id say the market is quick...Our house had 16 viewings booked before it was even marketed. 6 offers and sold above asking price, 2 days after being put up for sale.

Took us then 2 weeks to find somewhere, we are now waiting for our vendors to find somewhere... hopefully will be soon.

@Viviennemary

On fire. And then there will be weeping and wailing and gnashing of teeth and negative equity. Its a cycle. Don't buy in an over-heated market.

This is absolutely the worst advice that no one should ever listen to. Because it assumes that anyone is clever to know when the market is hot or cool. Timing the housing market is a fool’s game and people rarely win trying to play it. In fact most regret waiting because they just price themselves out altogether.

I think I would have regretted, say, a 95% mortgage in 2007. I know a couple who bought a back-to-back in Yorkshire then, which dropped from £140k to £90k in value, and they were stuck there for 10 years in negative equity.

At the moment, deposits required are such that if you want to move because you want to move, as opposed to making equity, you'll probably be in a much better position despite the peak pricing.

I would be reluctant to buy now with a 5% deposit tbh unless very strong job security & future pay rises.