There will be loads of houses coming on the market soon....

[Eggcited]

When is this mythical soon that people speak of?

Perhaps my local area missed the memo, as it feels like there's less coming on the market.
I just wondered if anyone else was in the same position?

It's a sellers' market at the moment because there are so few properties coming up for sale. Most seem to be going for over asking price.
I've just sold a relative's house (gone into residential care) and was told to get it on the market for Boxing Day, as that's the busiest day of the year for people looking on rightmove!
It used to be the day for going shopping at the sales, how times change!

We are the same
Trying to buy house for a year. Nothing.
I predict with rising prices more will come on soon, though.

So what do you all think is selling better? Are people moving to town or country?

Here's the question:

What changes were made after the 2008 banking crisis to prevent it happening again?

and...

What are the economic implications of this?

@crispmidnightpeace

Here's the question:

What changes were made after the 2008 banking crisis to prevent it happening again?

and...

What are the economic implications of this?

a, none

b, total collapse of fiat currency

@crispmidnightpeace

I thought loads of changes were brought in? Particularly the realisation that did bonds were being packaged up with good ones and sold on. The checks that were brought in to stop that (they were put in place weren’t they) must have an effect. Also 100% mortgages have gone. Self certifying? Etc.

[quote Bellalastrasse]@crispmidnightpeace

I thought loads of changes were brought in? Particularly the realisation that did bonds were being packaged up with good ones and sold on. The checks that were brought in to stop that (they were put in place weren’t they) must have an effect. Also 100% mortgages have gone. Self certifying? Etc.[/quote]
Back to 5% now aren't we. The fractional reserve never changed and bankers are greedy and short-sighted.

[quote Bellalastrasse]@crispmidnightpeace

I thought loads of changes were brought in? Particularly the realisation that did bonds were being packaged up with good ones and sold on. The checks that were brought in to stop that (they were put in place weren’t they) must have an effect. Also 100% mortgages have gone. Self certifying? Etc.[/quote]
The banking industry is self-regulated. What proof did you see of the purported checks? Who did the checking? Was it the banking industry?

I just thought perhaps that had been some changes, some regulation it I believe your cynicism. They are not going to cut out their most profitable customers who they can charge high interest rates to.

The government’s deposit scheme has gone fairly quiet too.

I live in a small town in East Anglia and there's not a lot going on here either. Literally 5 houses in this town within our (very modest) price range.
We have 3 years left of our 5 year fix and I'm very, very grateful to the mortgage advisor who encouraged us to choose a fixed rate. I'm hoping the economy will have recovered a bit by the time we need to renew our deal!

The problem is that it is really expensive to move (buy) another house, whether upsizing or downsizing.
It is not only stamp duty; there is also solicitor fees, estate agent fees, removal fees, and then as your furniture and other furnishings may not fit in your new house, there may be new furniture to buy, etc.
This means that those families who find themselves in a smallish houses, have over the years preferred to extend, rather than upsize, because it is so much cheaper than moving.
This means there are fewer and fewer smaller houses on the market, making it more difficult for older people to downsize.
An example of this are bungalows. I live in the London suburbs, and strangely there were quite a few bungalows built in the 1930s. Oddly, they seem to have been built with rather smallish rooms, and large gardens, so over the years, they have often been extended, and sometimes into the roof, thus they are no longer bungalows.
I mention bungalows specifically, as many older people would consider this a good choice, but they have therefore become fewer.

Rule of thumb in my area is if it’s not sold in 2 weeks it will struggle. My friends sold and went for 20k over asking

You're right @milveycrohn, bungalows are like hens teeth & getting fought over. That's what I've just sold on behalf of a family member.

I think I must have been forewarned, re the points you make, I moved in 2019 to a newish smaller house, from a big old cottage, neighbours on either side (warmer, less heating bills, hopefully) and below the stamp duty level (possible outside London!) Also cheaper council tax. Phew.

My father in law's says the extension are going up everywhere in his area because people prefer that than selling right now. Cost of moving is not cheap.

I’ve been hoping for more rentals but there’s been nothing listed for around a week now and we really need to find somewhere asap, the housing market is awful right now

Its quiet where I am too! Been looking since Jan! Offered on one house which was accepted, only for the sellers to pull out 4 weeks later!! Arghhhh! We are first time buyers so no immediate rush thankfully! We will just keep saving & pray for something exciting soon! Very disheartening though, saved hard for 3 years, got to our date to buy and the market dries up!!

If the cost of living keeps rising indefinitely then my house will almost definitely be on the market! Already squeezed by the impacts of covid!

I wonder if that will have an impact on the number of houses in the market.

Barely anything new where we are but prices are also still going up. We’ve only viewed two properties so far in 2022. Really hope it picks up soon, we’ve been looking for almost a year

Currently homes are selling quickly here.

There are quite a lot of houses (new builds just coming onto the market and more in the pipeline). Over inflated prices IMO and so prices might start to drop especially when mortgage rate increase, cost of living etc all kick in.

I personally wouldn't join the housing market as a first timer at present. Hoping that prices fall.

Southern Engand here, my DIL is an Estate Agent and she tells me things are very slow, properties are being reduced in both sale and rental markets.

My former house I sold in 2014 the same day it went on the market has been up for sale twice by the current owner and hasn't sold on either occasion even with a price reduction. Similar tale on other properties nearby.

I downsized to a 2 bed bungalow nearby which has increased in price proportionally more than my old, larger Victorian money pit.

@Curlewcall

Interestingly there are a rash of properties suddenly hitting the market here, just as I have decided to cease my three year hunt and stay put.

Rising inflation and memories of the sudden increase in Mortgage Interest rates to 17% in the late 1970’s in an attempt to reduce inflation then, together with the current astronomical fuel price rises, all cause a frisson of fear.

I nearly lost my home to negative equity while the late 70’s Conservative government tinkered with the interest rate mechanism and am too worried about where this is all going now, to factor in a move and more debt.

Late 80's not 70's

The market on the South Coast is mad - 5 bed detached houses are selling before we even get a chance to view!

Nothing much where we are either and if anything comes up it's sold in a day or two

Meant to reply to this thread on Thursday - we had estate agents around yesterday for a valuation. They told us that there's nothing on the market and buyers lining up to buy.
All 3 of them suggested 12-15% over where I thought they'd suggest and also suggested we do it all off market.
I'm gobsmacked.

nothing for sale here in trendy east london but lots of skips....people extending and adding lofts etc....spending huge sums on renovations!!