What’s the housing market doing near you?

[MistyIsland]

Been keeping my eyes open for a while around here, we are quite rural. Only 2 houses have come up for sale in about 5 years. But have been keeping an eye open at the next neighbouring towns/cities (I just like a nosy when new houses come up)

Seems to be lots of houses coming on to the market for inflated prices?? Like a typical 3 bed with a garden is around 15/20k more than before lockdown. I’m just wondering if we will actually have the predicted crash.

Old area we moved from (Wiltshire) houses have been selling within days of going on the market.

Just wondering if all areas are similar 🤷‍♀️

Oh no I’m joining the Shropshire crowd!! Been planning to return to Shropshire to be near my parents after 18 years in West Yorkshire. We were all ready to put on market just before lockdown but hit the pause button. Pressed go late yesterday afternoon and have 5 viewings booked in already and lots of people driving past this eve.

The worrying thing is that everything we like in Shropshire is selling overnight, so we think we’ll have to rent for a bit. Working out school moves when schools aren’t fully open is stressing me out. Still can’t decide town (nr mum & dad) or country so have cast a widish net around the places I know and love. Pre covid mum and dad would have a gander at a property and then we’d book a viewing for the weekend if they thought it was worth us seeing it. Really need to be down there to have a look quickly, might have to leave DH and DS (who’s back at school this week) up north and stop down with my parents. Probably looking at all the same things as you are @boredboredboredboredbored

@Katkincake It's a bonkers market isn't it?! I actually don't need to be there until next June as Ds finishing GCSEs here. I'm selling to rent the pounce when I need to! Yes it's a very hot market - I'm looking in Shrewsbury but has to be in walking distance of the town...good luck 👍🏻

@boredboredboredboredbored. That’s a good long window for moving. DS is only year 1 so no ties to exams etc, just want to move him before he gets too settled in friendships. In essence we’re not in a hurry, but keen to sell now if there might be a slump later on. Leaning more to Shrewsbury but DH fancies something more rural (must wean him off too much escape to the country!!) and we’re close to countryside for lockdown walks now, so don’t want to lose that. good luck with your sale / move.

Newbuilds on the development I'm buying are still selling at advertised prices, but the builder is offering incentives again too (they had actually stopped incentives before lockdown because they were selling well and didn't need to offer them anymore, but just brought them back in recently due to covid I assume).

Recent news from Nationwide about lending to FTBs may mean they are more likely to be looking at new builds with the Help to Buy offering 20% to help boost their chances.

A friend of mine has sold within days in Berkshire

@smallgoon SW London zone 2/3. I think the affordability ceiling has hit tbh as before that you could make 200k plus in 2 yrs. I think a big problem is people who have bought in the last few yrs don't gain much equity particularly with stamp duty so people are stuck.
Plus people are buying (in London at least) much later so they don't have the time to make gains.

Newbuild estate near Glasgow.

Houses selling faster than before lockdown, at the same price they would have been without COVID (10% more than 2 years ago).

I also check land registry and houses that sold during lockdown were normal prices.

@GallusAlice79 yeah, but the houses that completed during the lockdown were probably officially sold sometime in 2019...

Again, it's too soon to tell and there are lots of lags. There are lags from sales going through to da being available. There are lags from offers being accepted to actually completing. The figures we are seeing now are from sales agreed pre Covid and the prices being advertised now might not receive full asking price offers and even offers received might well be dropped in the 3 months it takes on average to get to exchange. Be cautious and be very aware of the economic outlook.

@Moomin12345

No, I mean houses that went up for sale in the last 4 weeks. More than half already reserved, and seen similar in other estates.

Second hand houses selling too.

The question was what is happening in your local area, and that is the case. I've seen some 1 bed flats in less desirable areas reduce by a small amount, but everything else looks pretty strong so far.

In any case, your house is worth what someone will pay for it, irrespective of what is happening in general.

Things are a bit crazy in Leeds but only really for very large/attractive properties. Still better than this summer, possible to get viewings now even a few days after listing.

I've been looking at sold vs asking prices and everything in North Leeds seems to have sold very close to asking (August and July), with a few listings going 5-10% over, but relatively rare.

Of course when I offer the properties go way over (10-15%) so doesn't help me. Looking like well priced properties still go way over with multiple offers and best and final. Makes it really difficult to judge the correct price.

East london here....about a 15k discount now going on ..thats for a 3 bed house...terrace....ok condition...but not much for sale....seems the frenzy is over...

Edinburgh frenzy is over too. There will always be the odd exceptional house that sells for massively over asking.
Currently seeing lots come back on after closing date. Lots sticking on the market for ages.

Feel a bit sorry for anyone who overpaid.

There are lots for sale but at inflated prices and lots are selling but then the buyer is pulling out often months later.

I think some people assumed that working from home and reduced costs would continue and based their finances on this. I think the market has to crash, drop or re stabilise soon.

@earsup, am also in East London. I completed on my Sale in August, and pulled out of onwards purchase due to issues with the legal enquiries. Staying at folks now. I can't work out if the frenzy is over or now. Agents are responsive now, and usually I can get a viewing, but stuff seems to be selling quickly still. You are right that there isn't much on Sale now, I think it is usually quiet this time of year anyway.

Market has definitely slowed where I am, things sitting on the market longer and those with ridiculous price tags no longer selling.
Bidding wars rarely happening now whereas they happened all the time in Spring/ Summer.
Not many properties coming on though. They must have all sold in the last 18 months!

[quote areyouhavingagiraffe]@earsup, am also in East London. I completed on my Sale in August, and pulled out of onwards purchase due to issues with the legal enquiries. Staying at folks now. I can't work out if the frenzy is over or now. Agents are responsive now, and usually I can get a viewing, but stuff seems to be selling quickly still. You are right that there isn't much on Sale now, I think it is usually quiet this time of year anyway.[/quote]
Well last summer there were about 5 houses in my road up for sale...mostly opposite me as a whole group of tenants took a big pay off and moved out etc....there was bidding wars going on and all sold for good money...650k to 700k and needed everything doing....nothing up for sale now for past few months...its hard to say ... i know someone who bought locally and has paid less than last summers prices...and its not a wreck as were the other houses i mentioned....

Ex-mining area in West Yorkshire / border of South Yorkshire & North Yorkshire, made up of several large villages, beautiful countryside close by (literally a minute down the road from me is a lovely duck pond), there's still farms in the village, it's a great local community, great road and rail links to several cities, yet houses have been undervalued for decades (which is why we bought here), the prices are now going up tremendously though, our house has increased in value 30% in a year (it only cost £100k to start with though).

A house near us has just sold to a family up from London, 3 bed semi with several garden offices for less than £200k. We came here from Leeds (we were priced out of the market there), several other people locally have come from cities, it's 30 minutes to Leeds on the train, people are starting to look further afield than previously and getting a lot more house for their money here, even with the recent price increases.

Oh, and houses are selling above asking price and within one day at the moment! 'Tis very strange!

Not much on the market in York at all. Houses that are priced well are still selling pretty quickly but not as quickly as in the summer and the inflated ones seem to be sticking and not selling at all. So I’d say it’s showing signs of slowing up here but the market is coming in for the quiet months now like a pp said. Hoping the New Year brings some nice houses on, we’re in rented.

Prices have been soaring in my town. We are seeing a rise of million pound properties and developments of luxury homes. Since lockdown there’s been an influx of people from London wanting to live here.

@Mondy

Oh, and houses are selling above asking price and within one day at the moment! 'Tis very strange!

Here in NE Lancs it looks a bit stagnant. Larger houses for sale, under offer after a few months, then back for sale again, others not selling, I think because very overpriced. Some sellers seem to think that a decent sized house with a garden should get close to or over half a million quid, which round here is stark raving bonkers. I think they have been reading too much about people overbidding in totally different areas. Smaller houses, sensibly priced, seem to be moving.

ZOMBIE alert thread!

@BridesmaidHelp

ZOMBIE alert thread!

People are commenting on the changes since the first post, so it's not a zombie thing.