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.

Massive overpricing in our area is a huge problem a house down the road went up for sale about 12 months ago needing complete restoration it had no kitchen or bathroom and the garage roof had fallen in. It was marketed at £205k after 6 months it sold at auction for £130k to a developer who told us he spent 30k doing it up and then if sold for £175k.

Southeast London/Kent border market pretty slow & practically everything being reduced after a month or so, but prices are still very high.

Barchester are you somewhere in the Harrogate/Wetherby region per chance?

At least 6 properties have sold on our road in this last year- our purchase being one of them. Regardless of EA asking prices, they have each sold at progressively higher amounts. We live in a nice part of our town near very good schools. It's the sort of road where people live for a long time, so the houses when they sell are large 4 bed properties with dated interiors and lots of potential. We paid 400k for ours in November; our ndn completed on Friday (smaller house, more work required) for 425k. We are in the West Midlands/Worcestershire .

Yes Yorkie, bit further north in a village between Harrogate and Ripon in Ripon Grammar catchment (our nearest secondary). Houses in a certain bracket are selling so quickly it is unreal, because there are so few for sale - the school being so well regarded means that houses in catchment are more expensive than equivalent houses in Harrogate.

I think prices are on the way down too. However good houses will continue to rent and sell, but not rubbish places for silly prices anymore.

Family homes in our part of central-ish London (zone 1/2 border) are down by up to 20%

Barchester ah yes I know where you are. Awful road though! I used to do my driving lessons there!

Am a mile from a road Yorkie, thankfully. 😀

I feel that what is on at the moment is not worth the prices being asked for. I've never really felt like that.

This. Some people are asking for the prices they would have got in a hot, fast-moving buyers' market. OK if you can wait for that perfect buyer that won't mind paying an extra 30% for that view that you love, even though your house has no garden or parking space like the other houses down the road . People who have to sell have to lower their asking price. Even with that houses are still very overpriced though.