The state of the Housing Market

[CoronaIsWatching]

What's it doing near you?

Where I'm looking houses that would have been snapped up within 2 or 3 days 3 months ago, are now staying on Rightmove for a couple of weeks at least. More reduced properties, and more large detached houses coming on the market.

Things still seem to be moving fast around us, anything half decent anyway. I suppose it will slow into Autumn more but I think there will be a short slow down now anyway with the second wave and end of furlough etc. I suspect it won't be very long lived though.

@CoronaIsWatching. I have noticed exactly the same more detached houses coming on much higher than pre covid in my opinion and then reducing a couple of weeks later. Not sure what this is a sign of... it will be interesting to see what others think.

Cash buyers viewing properties over £1m moving out of London. We need a mortgage for a lot less. Feels a bit crap. 30+ viewings booked on properties within 2 days of going on the market and then going to final offers.
Nice commuter city with good schools in the SE.

@LazyFace are they not selling their property first then?

Our house (standard 3/4 estate box) has had a little interest and no offers. Not much selling round here at this level. Large detached country places selling as people move out of the nearest city, but regular houses don't seem to be shifting as much.

I’m in South Yorks and it’s slowed down here. Just before we put our house on the market houses a few months ago on our estate were being snapped up within a week of being online.

Now they’re on for weeks/months, ours included.

I'm seeing a big slowdown now. it was unsustainable two months ago now the demand has been sucked out and stuff is lingering much longer. Prices too can only go one way.

[quote positivelynegative]@LazyFace are they not selling their property first then?[/quote]
It seems not. One of my husband's mates is selling his house in the area, all viewers were cash buyers apparently.

The housing market seems to have stalled somewhat here. Nothing new is coming on regularly. Stuff that has stuck around is getting reduced. Some properties are selling quickly but mainly detached houses that are out of our budget. We have just offered on a house that was accepted that wouldn't have been accepted 2 months ago.

I have sold (well, under offer) and now looking to buy. The flurry of houses that came on over the summer has died down and now all that is coming on are houses being sold by chancers - very overpriced for run down, tatty houses but they are hoping they will sell because of lack of supply. Anything decent and at a reasonable price is snapped up immediately.
Flats are hanging around forever.
SE London

We are proceeding on the sale of ours, it went for over £25k more than it was valued at earlier in the year. Who knows whether we will get to completion....

We have started looking but the market in the areas we want has also been hugely inflated. I spoke to an estate agent last week who said that they were starting to see a slowdown and were expecting things to stall completely by the end of October. Our EA , who is a family member, had already said for us to push for completion by the end of Oct as he's also expecting the market to grind to a halt.

Luckily we can hang on and wait for the market to fall before buying, but I can see some buyers pulling out at the bottom of chains. Fingers crossed that doesn't happen.

Things have very much slowed down here (North East). Lots of properties being reduced.

We are proceeding with the sale of ours (sold in June) and moving into rented as have not been able to find anything we love enough. Worrie that that renting isn’t a good choice and we will get stuck there!

*Worried not worrie!

In Highlands seems about the same. However not many houses get built where we are so that skews it. It's essentially wait until someone leaves to get a house up here.

We're in the process of buying our first house and seems to be going well. We got it 5k under the offers over price.

Rural properties seem to be getting snapped up in the North. I viewed two that had just come on market only to be told when I got there they were under offer. I live rural but moving further out again rural. However many properties are coming back on the market within a few weeks. I suspect many who put offers in dont have the funds or cant get the mortgage. I find some overpriced some not. The town houses are slow to sell. However I think a lot of people who are moving from the towns to rural properties won't like it and won't last so I think those houses will be back on the market in a year or so.

Home Counties commuter town, houses of all prices selling quite well but flats sitting there for months going stale with price reductions.

In the north west and houses have been going within days. Ours sold within 7 days of being on the market but still looking for one to buy.

Have made offers on several and they have been going to best and final within a few days of being on the market - one that we bid on went for £30k over asking price!

Rural Scotland - country houses with kerb appeal selling within the week for well above asking ( the last one we viewed +30% ). Enquired about some recently and you can only view if you are ready to proceed / basically a cash buyer.

@Colinthedaxi

Rural Scotland - country houses with kerb appeal selling within the week for well above asking ( the last one we viewed +30% ). Enquired about some recently and you can only view if you are ready to proceed / basically a cash buyer.

That's interesting (and depressing!) as that's exactly what we are after. We will be cash buyers but am thinking there wont be much left on the market by the time we exchange in England.

DeliasDiner - you night benefit from all those who expected to “WFH from now on” living a pipe-dream and failing to complete.

I think there’s going to be a LOT of very pissed off vendors whose deals fall through ....

Lots of reductions but its too early to tell what that means. From my own observations I think most in my area were listed for far too much in the first place.

@DeliasDinner The EA im dealing with at present told me that three properties this week were back on the market as the sales had fell through. I suppose it depends where you a looking to live. I'm watching the market closely but I've had an offer accepted finally. I've put offers in on a few properties good offers and I was gazumped. Ironically those houses are now back on the market now. Vendors are sometimes too greedy. Instead of taking the offer 5k above they should look at circumstances more. I have no chain, MIP and a solicitor waiting for the nod. Instead the sellers in my case when for the higher offer in a chain of 25.
I didn't think I would find one but I did and fingers crossed the purchase goes through.

Chain of 25!!

Sitdown gladto hear you got there eventually! I'm in the same boat - houses been blatantly overpriced so offered on a few in the summer but always been outbid - one of those back on the market. No idea why people offer if they don't haev MIP or cash, what's the point. I wonder how did you mnage to win this time - have you compromised on something?

Interesting about sales falling through (though horrible for everyone concerned). Am hoping we'll be in a strong position as cash buyers, I'd always choose a cash buyer when selling, even if the offer was slightly lower.

Those of you saying properties are coming back on the market, is that specifically Scotland, or across the UK?

Really fast in Manchester! I emailed to view a house and got no response from agent, just rang and they aren’t accepting any more viewings on that property as they have no more capacity... don’t call us we’ll call you!