What's the property market like near you?

[MakeLemonade]

We've only been on the market a few days and we've got a couple of interested parties but the potential numbers they are bouncing around seem v.low. We are in the home counties, good commute to London, outstanding school a five minute walk away.

I think the market is definitely overdue a correction - especially in London/South East - and anticipate we can get our next house at a reduced price but wondered what sort of reductions people were seeing at the moment? And where are you based?

There's a lovely empty three bed end of terrace with loads of off road parking and a very good school on the next road that's been up for sale since the start of 2017. So far no sale. No issues with it or anything and nice neighbours but it's not moving. Its £70K.
If we weren't struggling to save a deposit (hit a bad patch and still scrambling to get straight) we would have bought it. It's only across a street so could move by walking the stuff over too.

Houses around here either sell quickly, or have been hanging around for a year or more.
Also in the SE and good commute to London.

I’m in the South East and the family homes I’m viewing have generally been on the market 6-12+ months. A lot of stock is overpriced still. In the past week, I’ve seen 2 great homes shift finally, but only after both accepted offers around 15% less than the original asking prices (1 was a divorce sale, so they were keen to move on and the other had to sell quickly or lose their onward purchase).

Noticing quite a lot of multi-agency listings. 1 house I viewed last November has had 5 different agents since last April (it just popped up as a new listing on Prime Location...they still haven’t changed the overly optimistic price though, so I’m not sure what they’re expecting to happen). Not much new stock yet. Hopefully things will pick up around Easter!

SIL is struggling to sell her really lovely flat in the South East. Two bedrooms, two bathrooms, very spacious, excellent transport links, decent condition. The kind of flat that everyone was snapping up when she bought it about 8 years ago.

She has dropped the price twice within the last year or so. Estate agents were valuing it at about £75K more than she is currently selling it for (so, about a 15% drop in the initial valuation, I think).

Pretty slow around where I am which is the Buckinghamshire/Northamptonshire border area. Homes are taking longer to sell & prices are stalling if not declining. Luckily we won’t be planning on moving for at least 10 years or so.

I have just sold a small house in mid Bucks and reduced from £265,000 to £255,000 to sell. It did. Others vendors are asking the higher price still but a quick look at sold prices on this estate tells you no-one is paying the higher price for a 2 bed. If they pay marginally over £260,000 it’s because the kitchen and bathroom have been updated. So I do believe property is over priced by the agents who are not realistic. Neither are some vendors. If vendors want to sell, sold prices will tell you where you need to go regarding price.

We are buying a flat in London and the vendor reduced this by £40,000 to £600,000. Its perfect though and location is first class so we don’t think it will fall further. It’s all very difficult to guess though!

The market is very strong in Edinburgh (low housing supply & lots of demand). Places selling within days at over asking price, closing dates generally being set.

SE London. Sensibly priced things are selling but there are a lot of vendors with unrealistic expectations.

Cannaebersed

What part of the country are you in = where the terrace is for sale?

forgot to tag @CannaeBeErsed

I’m in South Wales valleys. The best houses sell within a day or 2 - I recently sold my refurbished 2 bed mid terrace for full asking (£98,750) within 24 hours of it being on the market. We bought our next one off a friend without it even going on the market for a cracking price (£110k -for a refurbed 4 bed mid terrace, 2 bathrooms, 2 receptions rooms, big kitchen and lovely front and back gardens!)

@sparklingbells - good to know - I'm moving soon and trying to work out were I can afford. What's the transport and health service like there?

I’m in outer London. Decent family homes seem to go under offer within days. However, it’s an area with top schools, affordable commuting costs (zone 5) and proper family homes (3 beds with garden and parking) starting from 400-500k so it’s very good value for money (relatively speaking anyway).

It’s not to bad- got good road and train links to Cardiff/Newport, I can’t really comment on buses as I don’t use them. Health services are a bit hit and miss depends whereabouts you are.

Also there’s a few new housing developments going up round here - 4 bed detached are starting at 230k.

We have a lot of new developments popping up. Probably 1500 new one and two bed flats in the last two years and they are selling before they are built. Older properties sell quickly if they are a wreck or fully refurbished. No one wants the properties that have had a lick of paint but problems lurk underneath. Prices are insane but considered affordable for the rest of SE - an hour by train from London.

I'm in Bristol and the market is flying here, with house prices still increasing. Our house (good condition, slightly rough area) just sold in less than a week for 20k over the asking price.

We moved recently from the SE. We sold our 3-bed terrace for 375k (asking price 385k) in July, went through in December and zoopla reckons it’s now worth 364k. Other houses of the same layout on the estate have been hanging on the market for ages, but they all seem to aiming for 400k mark and over. A few have reduced to nearer our asking price and have since sold.

We then moved to South Wales, we're currently renting as our sale fell through and very little is coming on the market in the area we’re looking for. Houses on the cheaper end of the market (under 200k) seem sell fairly quick, everything else stays on the market for a lot longer.

We have looked at a couple of houses that have been on the market for almost a year - overpriced and/or need a lot of work. We can accept a small drop from our asking price, about 10k ish, but we aren’t desperate to move and could just stay put and extend instead.

If the SM2 in your name is your postcode JoJo then we aren’t v.far away, the neighbouring borough.

Interesting to see the different regional variations, it can be so hyper-local when looking at what sells and what doesn’t.

North essex and a commuter town to London. Great schools but the market has slowed. We’ve priced our house 10k under what agents recommended and haven’t had loads of interest. There’s a lot of new developments popping up here so suspect that’s why.

We're in zone 6 east London/Essex. Been on the market for 6 weeks and have just reduced. Things seem to sell within days or hang around for months here ATM. We are currently on for 5k less than the house 5 doors alon sold for before Christmas and can afford to drop 10k from the asking price but the problem we are having is that the vendors of the larger houses we are looking to buy are just not dropping their prices so there are loads of overpriced lovely houses hanging around. We can't drop ours any lower if we hope to buy the house we need if those vendors won't drop.

Decent family houses (up to around £700k) selling quickly if priced correctly. Over that not moving as quickly.

Expensive bit of the NW

We’ve just had an offer of 10% below asking price which is way too low for us, estate agent advised against it and it’s early days so guess we sit tight and see what develops. Like PP, we’re not seeing the next layer up reduce, and we haven’t found anything we like anyway!

East of Scotland. Been on 6 weeks, 2 viewings a week but not a single person actually in a position to move.
We're new build and other houses in the development have gone within a couple of weeks. We're priced comparably to everything else and maybe even quite good value when everything else needs a kitchen and bathroom redo.

We have an onward purchase with someone who has had the house on the market for two years for the price paid for it in 2015. We wanted to do a price reduction to lubricate the move but could only do it if she would give us a bottom line ( if it's been on two years, your house isn't worth what you're asking for it). Not budging, so we can't reduce to get moving. This seems to be typical of the market up here, so everything is grindingly slow. We're now looking at a loft conversion. Might cost about the same as moving.

We are in Herts. Was on the market for 10 weeks last summer. Started at 435,000, dropped to 425,000 after 2 weeks as could see we were over priced - having never sold before we went with the highest valuation. 6 weeks at that price then dropped again to 415,000. The market was dead, similar properties were selling for less than 400,000 so we came off.

Fast forward to last month, went back on at 415,000 and accepted 410,000 with in the week. Sold signs are now everywhere I look and I am wondering if we sold too cheap!!!