Is the market slowing/prices coming down?

[Notmyyearthisyear]

Just this, really. Share your experiences.
I’ve seen a few properties coming back to the market or just not shifting in a rather desirable area, perhaps not reductions but it’s possible they got renegotiated after initial sale agreed. Is this a sign of a change?

Not here. The market isn't as busy as this time last year but the few that do come to market get picked up quickly and are noticeably higher than just a few months ago.

Market cooling but good houses still selling fast here but not as frantic as 9-12 months ago. Home Counties town with a quick commute to London. If you’re on the ladder it doesn’t really matter if they go up and down, I accept I am likely buying at top of the market but my house I’ve sold went up 200k in in just over two years so I’ve benefitted from the market rise. If it drops, my current house value would to, so the differential would likely be similar.

My point is that if they are coming back to the market after barely 3 months there must be a reason the sales are not completing.

Because they're being overvalued and banks won't lend

I think the OP's point is that this is a new phenomenon in what has been a red hot market up until the last (few) month(s).
There could be a number of reasons including change in personal circumstances but the most likely reason is what @girlmom21 about banks valuation being less than agreed price.
@Wisteriaroundthedoor - I must admit that I'm a but amused at your suggestion that the Bank of England's predictions are more accurate than anecdotes. Their predictions have been woeful recently. The average person on the street could have told them the inflation is much higher and much less transitory than they were predicting based on their personal experience.

East Midlands here. Market seems to have calmed down a little here from Christmas/New Year. I'm now seeing lots of properties being reduced (these haven't been marked as sold either so doubt it's because of being rejected by the mortgage lenders). I suspect people don't want to increase their mortgage to buy a new property when the cost of living is really high and have decided to stay put for the time being.

That being said, there's a lot more properties on the market now than there was in Jan/Feb/Mar the only difference is they are taking longer to shift.

I also have been noticing a lot more reductions.

Its getting more difficult to get a mortgage. This might be the reason for under offer in Feb properties coming back on.

I think your suggestions are all valid in that it’s a combination of several factors, banks valuing under agreed price, stricter lending criteria as a result of the increased living cost, people experiencing change in personal circumstances, and finally also buyers being more cautious. All combined, it seems to be leading towards the market slowing and prices if not dropping then at least stagnating. Makes buyers like myself who agreed the purchase price during the worst crazy period (in good faith!) a little concerned 😕

I'm sure it varies round the country, where I am in the South West I have noticed several properties coming back on the market and within a mile of my house there are 20 houses for sale, 9 of them have been reduced over the last two weeks. I think some were over priced by a considerable amount but then I think everything is over priced at the moment so that might be me.

Not in my area, good houses viewing were always full and sold out quickly, asking 8-10% more and still can’t get it.
The house without parking, weird design or need big renovations will stay in market for longer.

Not round here -- greater London. We've had lots of interest, and have accepted an offer over the asking price (one of several).

I've noticed lots more reductions and lots coming back to market. I think that banks are being more cautious and if the mortgage doesnt meet the offer and the seller will not negotiate the sale falls through.

2 I'm interested in fell through after months. I asked what the price expectation was and the sellers still want much more than the asking price. So these might just sit there.

Not slowing down for desirable (4 beds with good schools nearby) houses in my northern city. A house on our road had 2 hours of viewings last Saturday and was SSTC by Tuesday morning.

People thinking mortgages rates will forever remain low, shocked that they're going up & that they might continue to do so, so pulling out when they realise they've over commmitted.

Banks altering their affordability calculators.with the energy price hikes.

business costs going up hugely & resulting redundancies.

if I was in your situation (& I may well have been except I didn't manage to get an
offer accepted) I'd simply base my decision on how long I planned to live there and what it was worth to me. If I planned to be there for years & I could easily afford it then I'd still buy it because over time the exact price is irrelevant really IF you can afford it. .

@Notmyyearthisyear - I can totally relate! We’re offering 15% over asking price on a house we love that’s gone straight to best and finals. I’d be lying if I said the changing market conditions hadn’t been a consideration for us, but we’re prepared to put in more cash if things get tricky at valuation stage and are not over-stretching ourselves affordability-wise as we factor in future cost of living rises. For us it’ll be our 20-30 year home so I’m not too worried about things dipping in the shorter-term. Completely agree with @ATadConfused’s point that it’s all about how long you plan to live there, what the property is worth to you, and that it’s affordable!