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Original poster

Is the market slowing?

37 replies

Fritilleries · 07/05/2022 21:34

Same 71 houses meeting a set criteria for a few weeks now. All overpriced/old/weirdly organised/hideously decorated. In NW. Doubt it'll crash but is anyone expecting a period of slow prices?

OP posts:
Nsky62 · 07/05/2022 21:37

Maybe, they say interest rates far too low for too long, very bad for savers, great for mortgages.
they forget the days of 17%

Mooserp · 07/05/2022 21:38

I have a few rightmove alerts and I'm seeing an increase in new properties and also in price reductions.

hannahcolobus · 07/05/2022 23:47

This reply has been withdrawn

This has been withdrawn by MNHQ at the poster's request.

Neverreturntoathread · 08/05/2022 00:14

Every single year the house market starts rising in Jan (after everyone spent xmas with too many family guests in house & got xmas bonus), prices rise til people find what they want over Easter hols and then it slows after Easter. Every yesr.

Teets · 08/05/2022 10:30

Exactly what Mooserp says - seemed to peak a few weeks ago; since then, lots of price reductions. Prices got downright silly in March around here. Seems to be calming down now.

InTheCludgie · 08/05/2022 10:37

Definitely noticing a slowdown here (affluent area west coast of Scotland). Quite a few properties coming back on market after going SSTC, last year even the shittiest house was going to a closing date then selling for tens of thousands of pounds over asking. So far this year only two within our price bracket have gone to closing date.

MidnightMeltdown · 08/05/2022 10:49

Not in my area of Yorkshire as there's barely anything coming onto the market except 1 and 2 bed flats. There's seems to be a huge reduction in available houses compared to this time a couple of years ago.

OakPine · 08/05/2022 21:18

Huge number of properties coming onto the market here now. Lots of reductions.

If you are thinking of buying, hold on, lots of bargains coming soon.

sst1234 · 09/05/2022 07:18

OakPine · 08/05/2022 21:18

Huge number of properties coming onto the market here now. Lots of reductions.

If you are thinking of buying, hold on, lots of bargains coming soon.

Is the worst advise. Buy when you need to. You will never win the game by timing the property market.

Anyway, yes the market will slow. The stock will get lower, those that wanted to move have been doing so for two years. Those that don’t need to, but would like to, have the luxury to stay out and wait for something to come up. This is a supply side choke on the market. Much like every other commodity in the market.

SkankingWombat · 09/05/2022 07:39

My area has a shortage of buyers and properties, and has been that way for some time now. One friend got a buyer fairly quickly in the 2nd half of last year, but after months of looking, wasn't able to find any suitable properties to move to (they aren't fussy people!) so gave up and decided to stay put for now. Another friend has been on the market for a few months now. Lovely house, good village location, priced fairly in comparison with other properties. 12 months ago it would have been snapped up almost immediately. They have barely had any viewers, let alone offers, but also can't find any properties to move to. Houses have always sold very quickly in our village, but I notice the few that are currently up for sale have been so for months and aren't shifting.

DappledShade · 09/05/2022 07:44

I don't think so around here, although maybe the ones that are overpriced despite beeding an awful lot of work are hanging around for longer. Anything decent and priced right seems to be gone in days. I think people are still looking to move into the countryside and generally it is quite good value here, while still being fairly connected.

Overdon · 09/05/2022 15:43

Yes @MidnightMeltdown it's almost bizarre how few properties are available in my area of Yorkshire too. I do hope th

Overdon · 09/05/2022 15:44

Opps!

hope things improve soon.

Bedsheets4knickers · 09/05/2022 15:56

Neverreturntoathread · 08/05/2022 00:14

Every single year the house market starts rising in Jan (after everyone spent xmas with too many family guests in house & got xmas bonus), prices rise til people find what they want over Easter hols and then it slows after Easter. Every yesr.

No I don't agree with that . We had nothing coming on from January . Then approaching Easter a few came on and sat there . They then got reduced and now the markets slowly picking up . Slightly better priced too .

OrangeSamphire · 09/05/2022 15:58

I’m not sure but perhaps it’s very localised.

houses are flying off the market here. And today a one bedroom wooden beachside hut went on the market for the same price we paid for our 5 bed beachside home ten years ago. Can’t get my head round that and it’s not good news for young local people.

APurpleSquirrel · 09/05/2022 21:37

It seems to be cooling a bit here (town in Somerset), some houses are being reduced, some have been overpriced & are just sitting. Others that are coming on at a fairer price are selling quickly. One on the estate we're on has gone under offer before they even got the photos up on RM. Overall it's positive for us as we'd like to move, but not in a huge rush atm.

Hallyup89 · 10/05/2022 10:34

There's hardly anything on around us. We're in a large town and it only has 13 four-plus bed houses on, and most of them have hung around for months. One's been on for 4 years. Others are next to A roads, have annual charges despite being freehold, require a lot of work etc. I'm loathed to put mine on when there's nothing to buy.

Wizzbangfizz · 10/05/2022 11:34

I’m a bit baffled to be honest as we put ours on at the weekend and only have 3 viewings booked. We went with the lower end of valuations and it is a 4 bed family home so it certainly seems to be slowing here!

justfiveminutes · 10/05/2022 12:10

It's slowing here. The EAs are still talking the talk, but anything that came on in the past four weeks is still there. The garbage that has been sitting there for 2-3 months is reducing. I went to see on last week that had been renovated by a builder. It wasn't ready and therefore overpriced so I didn't offer, but the EA said 'it isn't ready really but all of the people renovating are in a rush now to get them on...' I assume due to gloomy forecasts.

The new build estate that wouldn't reduce by £5k three months ago (I tried) are now offering £15k 'towards your deposit' and upgrades on many plots. They are texting or ringing most days and haven't sold a plot in weeks.

Overdon · 10/05/2022 13:23

@justfiveminutes are you in a rural area?

The picture sounds very mixed /localised .

justfiveminutes · 10/05/2022 18:53

No I'm not rural.

Housebuyingfamily · 10/05/2022 20:50

Pretty sure it’s slowing here in Z3 east London, in what was one of the busiest markets nationwide. A house we pulled out on was relisted 3 weeks ago, and is still there. Viewing day passed. When we secured it, we were part of a 10 man bidding war. And none of those have come
back for it.

Crikeyalmighty · 10/05/2022 21:05

I think a lot of people who suddenly found they were able to work remotely and move areas have already done so now , both in buying and rental market and hence the last 18 months saw an artificial boost in the market.

Amichelle84 · 10/05/2022 21:34

I can definitely feel a difference.

Been looking for nearly a year and kind of gave up because we could barely get a viewing in before properties were sold. This Saturday I already have 4 booked in. We're looking around Basingstoke area.

areyouhavingagiraffe · 10/05/2022 21:34

@Housebuyingfamily , I'm in Z4 East London and I also think it is slowing. A few houses came on last week with viewing day this Saturday and it has already been reduced before the viewing day.
Out of interest, why did you pull out?