We're about to get a huge slump aren't we?

[Potatoduster]

My sale has just fallen through as my renegotiated price on the place I'm buying has been agreed!

There has been a rush to exchange before September and brexit. But now any new buyer isn't going to exchange before then

Anyone else think the slump will start soon? I was getting ready to move in a month. Now I'm thinking it could be at least another 6 months

Yeah. And it’s not just the people desperate to move. We’ll need to upsize at some point. If the market was climbing we’d be in a hurry to do it now. As is we’ll be waiting until things stabilise. I keep an eye on the local market (which has generally been quite resilient-no massive bubble here) and many of the houses ‘up’ from us in size/area/price have been sitting for ages. Buyers of next-step homes like us are obviously sitting tight and making do with what they have rather than risk a purchase and sellers of big family homes are deluding themselves about value.

Houses in my area of the SE have been falling in price for the past year or so. Sadly ( for me) the area I need to move to hasn't been quite as affected ( University city). So I'm having to stay put for the next couple of years. Two big houses nearby have sold after over a year on the market and each dropping around 100,000
people will still have to sell homes and people will still need to buy, I just think if it's not necessary for work or something we'll need to sit tight

Market is very slow, not helped by the back log at the probate office.

Everything feels as if we're about to slump into recession, the high street is floundering again, housing market is slowing, little things like companies scaling back spending (for instance a luxury hotel we regularly stay in has scaled back mini bar and other freebies this summer).

Hopefully it's just inertia rather than decline ☹️

I have been watching house prices near me - just out of interest - there has been a definite drop in the asking prices in the last few months. Whether or not it regains after Brexit will depend on the deal outcome, I suppose.

We've noticed it really slowing in the west mids. The number of houses coming onto the market has really dropped in the last month.

Ironically, every viewing we turn up to has quite a lot of interest and the houses priced correctly are selling very quickly (we've looked at two in the last month that sold within a week). But people only seem to be selling if they need to rather than wanting to move up the ladder.

But there is also a good number of deluded sellers who believe that house prices are on some sort of immovable linear trajectory from 2011 prices and are unwilling to accept the slow down in house price increases in the last couple of years. Those houses aren't selling.

We've had this in London for a couple of years now (in fact since the referendum) - not much coming onto the market, not much selling. Prices don't seem to be going down any further now though, but who knows what's going to happen after Brexit.

Were desperate to move, in London at moment but it seems that houses in our road are taking ages to sell. Moving much further out also. We've decided to wait another 2 years and hope for the best.

I think it's already started, well here in my corner of the SE. I echo other comments that the over priced properties are not shifting, but recently priced ones are. There isn't much coming on to the market at all.
From my personal prospective, the talk about the stamp duty has peaked my interest. It might be nothing and I'm not trusting of any politician - but it would save me and DH a minimum of 10k if it did happen. There's nothing suitable for us to buy but we do need to move and it's really frustrating.

Most main stream economic forecasters are predicting an imminent recession, so yes.

Yes. Rental reforms coupled with the threat of brexit has put a huge dampener on the market.

I’m also noticing that many of the bigger family homes coming on round here are obviously being vacated by much older people-don’t know if that’s just normal but it sort of feels like the only things coming up are houses that HAVE to be sold.

Some of the London boroughs have already dropped by over 20% in values.

I have to say the market in my bit of London is very good - with good houses it's still a case of open day on Sat and best offers by Monday noon. Less attractive houses take longer to shift but still pretty quick.

Yes I think so. Certainly for the short term people don’t want to move before Oct 31st in case it all goes to shit.

I bet the guys on HousePriceCrash are rubbing their hands. They’ve been waiting for this for decades.

I certainly hope not! We’ve had our flat up for sale since June, we’ve had a few cheeky offers (one at 90% of asking ) but we want at least what we paid for it 3 years ago.

I don’t think it’s the price but just people holding out until brexit is sorted.

We are in the process of moving. We priced realistically (SE London) and got 2 asking price offers within a week. We are upsizing and I am seriously thinking about renting for a few months (we have had an offer accepted in somewhere but I am worried the market will crash). Due to complete on 15 October.....

I don't think 90% of asking is cheeky, lots of things have gone down in value over the last few years.

Mine has gone up a bit since bought but even if it was worth less the next one would be worth less so it's all a zero sum game really!

Well I have a 95% mortgage, so a 90% offer would leave me with no equity. I’ll hold out for longer but unfortunately have only had 1 viewing this month with no offer.

It’s a desirable area and I’m certain will pick up post brexit, I just need to hold my nerve just now.

I feel it's been slowing for a while now, we only purchased our first home last year but large financial changes mean we will be able to move to a bigger house in a more desirable area much sooner than expected. However everything is signaling that we will be unable to move as soon as we hope! But on the other hand it's not urgent at all and we bought this house with plans for years so we will just wait it out..

I really wouldn't be certain things will pick up post brexit, it could easily lead into a slump that lasts for years. It's a very overheated market and prices are all out of sync with wages.

I wish I had of sold mine earlier this year, buyer pulling out now means it's selling at the worst possible time!

No issues where I am in the NW. Anything half decent and attractively priced is still selling within a couple of days/weeks.

rzasoshp - Just because your poor judgement and lack of financial sense has left you on a poor position doesn't mean that a 90% offer on your overpriced flat is ''cheeky''

Houses are selling well here (just under an hour outside of London) but there's not much going on.

I think it's a number of factors, people can't afford to move as costs are increasing and wages aren't, prices are very high, worries about brexit etc. I've noticed a lot of extensions, loft conversions etc around here.

But historically it always seems to be a cycle where they go up and crash and then start to increase again.

How is a 90% offer cheeky?!

Like others - in my bit of London realistically priced stock is shifting, but the "sealed bids after open day for a damp basement flat on the A2" phenomenon ended immediately after the referendum result.

Paying 90% of the asking price is pretty standard I'd say.