Am I the only one told by estate agent that prices are falling?

[hooliodancer]

We sold our house twice for 475k. First one our buyer dropped out the day before exchange. Second one our seller dropped out, and our buyer didn't want to wait for us to find something else. This was the day of exchange.

Since then we have only had 5 viewings, and an offer of 425k. The estate agent now says we should reduce to 450k, and accept 440k as the market is plummeting!!! He said the only houses selling are ones who take low offers.

I haven't heard this anywhere else though! We have actually now decided to rent it out, so it's academic. But I'm curious to know if others are finding this?

I am in the South east, but not London.

Yes they are. Well in my part of SW London.

We are thinking of selling so I've been keeping an eye out at what's happening in the local market.

I've heard that prices are dropping, yes. Been in the papers. Good job too.

Well, pretty bad for those who have bought recently and may be in negative equity I would say.

Round here yes (midlands)
My brother and my dhs sister are both house hunting and have both secured houses for less than asking price
Lots of houses coming back into market too after sales fall through

Round our area prices have fallen

I don't know if prices have dropped yet around here (midlands) but certainly the market has stalled and things aren't selling. Typically property around my area has always moved quickly (two outstanding primary schools and an outstanding secondary) but I know three people who have put their house on the market in the last couple of months and they aren't even getting viewings.

Absolutely nothing us selling where we are (outer London borough).

Our neighbours have has their house on the market for a year and have dropped the price three times.

Prices still creeping up in my area (nr Stansted) but there is a lot of building going on and there will be a lot more starting soon so they'll start dipping before long I imagine.

I don't think prices are going to drop much, according to news reports. It's thought they'll carry on at a steady price for the rest of this year, and still rising in areas in great demand.

Lending restrictions have tightened. Now it's harder to get a mortgage so it's only to be expected that price will drop. Current interest rates are unsustainable anyway, you may consider renting in case there is a crash.

Basically what has happened to me in the East. No offers at 475, reduced to 450 after a couple of months and offers of 437 and 440 came soon after. I knocked 17 k off the house I'm buying which made up some of my shortfall ( on probably a more saleable house anyway)

I was thinking the opposite today. We sold and bought at the end of last year but I like to keep an eye on the market. I feel that what is on at the moment is not worth the prices being asked for. I've never really felt like that. Thank goodness we've moved already! Slim, expensive pickings.

Why did your buyer pull out the day before exchange? Ok

Didn't mean to put ok

Prices are not falling, they're just not rising as fast as they previously were.

www.cityam.com/270349/mapped-house-prices-have-changed-every-london-borough-since

www.theguardian.com/commentisfree/2017/jul/06/shard-house-price-drop-luxury-london-market

Puckered...i agree.
Prices are insane even in my neck of the woods.
We bought 5.5 years ago for £172k
Valued in April at £240k
How is that sustainable?

My brother offered £13k less than asking (it had already been reduced) and it was accepted.
We bought in the slump of 2011 and I see a similar slump now...i think that this time there will be no bounce back.

Yes, started at 375k and getting offers of 300k. Listed at 360k now but not holding my breath. Thankfully don't need to sell but feel for those who do.

Knope similar for us - DH has a 3 bed semi, bought for 155k 2 years ago and now supposed to be worth 195k.

It's mad isn't it?
This is a nice house but nearly 1/4 million quid worth of nice???
Nah

Prices where I am in the NW are absolutely insane but I suspect they're going to drop off a cliff.

Prices are not falling, they're just not rising as fast as they previously were.
I think prices are falling where I am (Herts), but that is in asking prices now, so it'll take a while to feed through into the sold price statistics.

I think we will see a fall in the next quarter stats

We live in a village of maybe 750 houses currently there are almost 150 listed on Rightmove. Prices do seem to be rising but so do the number of homes for sale. Talking to friends I think much is down to estate agents their neighbors house recently sold for £125k they had valuations ranging from £110k upto £200k the highest guaranteed to sell within a month!

I sold my house for asking price; DP took £15k under asking price for his (Midlands), but in both cases it took nearly a year for the right buyers to turn up. Our problem is that, having sold, there's almost nothing coming onto the market in the bracket we're looking in - not starter homes, but not £1m estates either. The estate agents are all saying how unsually static it all is. I guess the rural countryside market's probably a bit different, in that not many people have to move here, and it tends to be driven by death/divorce/downsizing, as much as anything.

I sold recently. Put house on beginning of May for 435, sold same day for a smidge over asking. At the same time 3 similarish houses went on for 450. 2 sold dont know what for but both back on. Market is dead at the mo where we were selling. I think yoy have to take a view. We were very comitted to selling and wanted to buy in an area with scant supply in our price range. We were only ever going to suceed if we had sold to commited buyers.