Is the market changing?

[Zooforhouse]

We sold in December in about a day, buyer pulled out, few viewings and no offers since. We decided to come off the market and try again in Autumn figuring that maybe the energy crisis, war etc were affecting the market (biggish house, 700k, Essex). Didn’t want to be ‘that’ house on Rightmove.

However the agent says that the market is picking up again, and spring is a good time etc etc and to be fair we’ve had 4 viewings this week after a lull.

Anyone else experiencing this? Obviously if we come off they loose the sale so I’m not sure what to think.

It’s gone silly again where I am (West Yorkshire) stuff that would have gone on for £120/30 in the summer is going on at £150/60 and shifting!

Where I am in London prices are going up again. I follow the market closely and we've had nearly two years of every property being price-reduced. Now that is very rare.

I find it unbelievable that prices won't fall a bit over this year - due to high food etc prices. Also won't the demand for Airbnb drop as people tighten their belts. So possibly more properties going back on the market.
I'm in Scotland and selling a buy-to-let - due to the nightmare getting tradesmen over the last 2 years plus new regulations for smoke alarms and rules in favour of the tenants. I suspect other landlords will do the same. More properties on the market would reduce prices.
But this is the long term not now.

I also think mortgage affordability criteria may be tightened, in light of the rising cost of living (food, energy).

So people might not be able to borrow as much as they would previously, which presumably must have a knock on effect on house prices.

@anappleadaykeeps

I also think mortgage affordability criteria may be tightened, in light of the rising cost of living (food, energy).

So people might not be able to borrow as much as they would previously, which presumably must have a knock on effect on house prices.

I think the fear that affordability will reduce is conversely adding to the rush to buy now while people are still "allowed". Particularly first time buyer properties. Rent is generally higher than a mortgage, so affordability often feels like a bit of a mockery, when you are already paying £100s more per month on rent than mortgage anyway.

Add to that talk about more and more landlords selling up, there seems to be more pressure on ftbs to get on the ladder asap

Thanks. I guess the decision we need to make is do we take it off now for 6 months, get it revalued and try again (we’ve lost our onward purchase anyway) or continue to allow viewings as and when with the hope of selling eventually.

I’m just not sure if being on the market for a while unsold in the current climate is damaging….

It depends where you are, and what kind of house you are selling. There are still a lot of people around with a lot of money, and very little to buy.For those with cash or huge amounts of equity, the other economic factors aren't really important. Good family houses still sell overnight here. One came on yesterday for a full half a million more than it sold for four years ago, with only minor cosmetic updating. There will be an absolute scrum to get it. Crazy.

If it's not selling, I hate to break it to you, but it's always the price! If you are desperate to get moving, reduce it a bit and get under offer. If you are not desperate you could wait it out but you still might end up reducing the price and miss out on properties that come up. Are you upsizing or downsizing?

What I would say is that I can't think of anyone who doesn't regret not selling and buying sooner. We'd have saved a fortune on upsizing if we'd done it at any point before last summer. Both larger family homes and starter two-beds have risen eyewatering amouts even since then (leafy South East).

We have reduced it recently. I guess what I’m wondering is if the lack of properties available in December meant that it sold easily at asking, and now perhaps there’s more about and it won’t.

A few more viewings booked in now so we shall see. Definitely more interest this week without a new price change.

Upsizing

It's absolutely ridiculous where we are (south London).We're under offer but can't find anything to buy as it all goes to best and final above our budget. We don't want to have to move areas but it's looking inevitable now

New photos worth a try OP? Anywhere that needs a lick of paint? Come off for a couple of weeks, give a bit of a revamp - garden maybe with spring coming? And then relaunch with new photos, maybe small price reduction. You’ll be a “new” property and top of the listings but essential to have new photos.

Changing estate agent was key for us. We switched from a huge national chain to a small local guy. He understood far better the type of right buyer and it sold almost instantly after having been on the market for nearly 5months!

@Perfectlystill

Where I am in London prices are going up again. I follow the market closely and we've had nearly two years of every property being price-reduced. Now that is very rare.

You can't gauge overall prices on what EAs get up to. London house prices rose by 2.2 percent in the year to January 2022.

What you're seeing is EAs taking advantage of the crazy market where demand far outstrips supply to market at an unrealistically high price and then reduce. I don't know where you are that many are being reduced. Many are going for over ask with multiple offers.

Most houses sell in Spring to move In late summer, I wouldn’t think autumn would be a good time to sell, no one wants to be moving at Christmas. If you want to move, perhaps try another EA. Good luck OP, moving isn’t easy I know.

Very buoyant round here. Properties going over asking price. Not London but a city that has expensive properties.

Probably just overpriced. Because as someone said there are a lot of people with money still looking around. But since they’ve missed stamp duty holiday they’re really in no rush to buy overpriced properties. As per all the comments above, realistically priced properties are selling fast.

I’ve noticed that relatively large and expensive houses aren’t selling fast though. In South London they stay on Rightmove for years. Maybe yours is an equivalent in Essex and will take time to sell.

Still crazy here with houses going for more than the asking price! It'll depend to some extent on type of house and location. A family house is likely to be in demand, as are houses in attractive locations as more people have flexibility over where they work now with remote and hybrid working models. I have a colleague who bought near the coast between the lockdowns and only comes into the office once a week. It's a 200 mile round trip but worth it for him for the lifestyle

nothing for sale here in e london.....but prices flat in zone 4...essex borders..aunt trying to sell her place.....near central line, good schools, a lot of house for the money but very slow market.

Lots seem to be falling through round here (West Country) as they appear back on the market 2 months after selling. Prices seem high but I think people are trying their luck because there’s so little on the market.

@NeedAHoliday2021 whereabouts are you? Roughly? A family member is looking to move to the West Country and is struggling to find something; things get snapped up so fast. Sounds like they need to be looking round your way if things are frequently coming back on the market

Prices still high, and family houses rare near me. 3 bedroom semis in zone 4 West London go for a premium. An absolute wreck, probate property needing the full works, had a fully booked open day last weekend and is on for £700k. I'm sure it's sold, as I haven't seen it in my usual searched since Monday.

I’m not selling but I’m rightmove obsessed. Things are going quickly, marked as SSTC within a week and sometimes within a day. It seems to be 5 beds not 4 beds for sale and no many of them either on the market.

@YukoandHiro

It's absolutely ridiculous where we are (south London).We're under offer but can't find anything to buy as it all goes to best and final above our budget. We don't want to have to move areas but it's looking inevitable now

Exactly the same here (also south London). There simply hasn't been enough going on the market. I couldn't get to see anywhere at all last weekend. I'm hoping there's a bit more coming on to the market now as I've got 4 viewings to go to over the next few days, but not in my original area of choice.

I’m not sure if it’s the market or my house or if I’m just cross 😂. We have a small but lovely garden for a biggish town house, maybe that’s it. We bought it tho so….. 🤷‍♀️