Reduced properties is the market calming down?

[frillypots]

I have quite a few emails of houses reduced over the last two weeks from Rightmove, is there happening anywhere else?

I am wondering if the prices are about to plateau? We're not looking to sell until late this year/next year so I'm keeping an eye on things. Our valuation was done in January this year.

What's it like near you?

It's happening quite a lot near me in London. Especially the £1.5m+ range.

I've noticed the vastly overpriced properties are not budging, and some reducing, but anything halfway decent and not too overpriced in hot areas are still flying out. I'm in Yorkshire.

Families with a school deadline are running out of time to sell and get moved by summer.

I suspect in a month they'll have either sold or moved to plan b.

@ThinkAboutItTomorrow that's a good point. Our bit of London has the crazy 0.4m secondary catchments so I imagine that's probably why all the £1.6-8mil homes are reducing now.
@Overdon I'm starting to lose my gauge on what is overpriced. There was a home on Rightmove I saw the other day near us. Not so desirable end of a very desirable area. Outside the catchment of the schools and far from the tube... £3ish million. I thought lol no one is buying that. It's not sold stc. I'm shocked. I wonder if they accepted an offer under. Who knows. 'Normal' family homes aka the £1.3-1.8mil are slowly reducing now. Instrestingly I've found people are listing EPC very high up the description if it's E or above. One I saw even listed utility costs which is funny when you're looking at a £1.8mil home.

Same here properties still selling very fast, those massively overpriced are not shifting, no surprise there and are gradually being reduced. Prices still rising.

Ours some properties seem to be hanging around on the market (not bad properties) and others are going. I do think prices have reached a peak but don't see them falling either. The reduced ones seem to be those that went up a little bit higher than others on the same estate which have sold

I'm finding, in my part of East London, there are very few houses being reduced in price.

Those that are reduced have obvious things which may put buyers off, such as being very near to a school, or parade of shops, or have bus stops right outside their windows.

Compared to this time last year, prices have risen slightly and the majority of places seem to sell quickly. If they're reduced it doesn't necessarily mean the house itself has something wrong, just its location. Or maybe the price was massively inflated in the first place.

I have hesitated about marketing my home because I thought the valuations were fantasy valuations. But I have realised that if I do not achieve the valuations x 3 or around there, I would struggle to buy elsewhere. I just feel slightly embarassed at the price as our house is far from perfect. It is a one off, not particularly great looking but in a v good location on a large plot which is picturesque. One agent said it was a plain house but gave the highest valuation. It is not an overdone house, but pretty up to date even though we are oldies.

And yes, similar priced properties are going pretty quickly tbh op. Even semis around this price range and ours is detached so I may still proceed.

Zone 2, SE London and I am still seeing some ridiculously overpriced houses on. They are so consistently high that they are reducing. The EA seems to be valuing them at rates seen in close but more desirable areas which they just won't get around here. But they are slow to reduce.

I am hoping the market does calm down soon but it doesn't appear to be yet.

Some reductions here (west mids town) for ones that are a bit odd or need a fair chunk of work in comparison to others on market.

But anything in right spot and potential is still going well above asking. Feel like there’s a bit pool of us all vying for the same places.

Just heard today from a chap who made an inquiry on a house round here (NE Lancs) that went on the market this morning. He rang at midday and the HA said they weren't taking any more inquiries because they had already had enough offers. For round here, that's insane. Not sure what's going on.....

SE London too, flats/apartments not shifting. Houses are way overpriced. But in areas outside London (where I'm looking to move) some prices are going down.