What's the market like where you are?

[JammyDodgers75]

North Wales based. I'm a FTB and have been trying to get on the ladder for the best part of a year. I had a purchase fall through September last year after 3 months then decided to take a break for a while. Around the time I started looking again, prices shot up and most properties were over my budget. I've put an offer in on one house since then but it went to best and final and my offer wasn't accepted. I keep getting different opinions/advice from family/friends. Some say to wait as prices will drop and others have said to try and buy somewhere sooner rather than later as it will only get harder. I want to wait which might be risky, who knows. I've noticed that the market is slowing down a bit now. Prices are still crazy around here but a lot of them are either reducing or sitting there for ages with no interest. Do you think prices will come down? I'm sure this question has been asked a 100 times already but I'm curious to see what other people think. Of course we can't predict the future but I'm hoping by waiting it will pay off. What's it like where you are? Have you noticed a change?

Where I am houses are selling before they even go on the market, I am in the middle of buying at the moment and the estate agent has already told me the day I move in I would sell the house for 20-30k more.
it shows no signs of slowing where I am, 5 houses on my road that all went up within days of each other, all sold within a week, all for above asking price.

The house opposite us sold within a week.
There are often posts on the local FB pages asking if there are any 3 or 4 bedrom houses for sale, so I would say it is pretty buoyant right now round here (rural South Yorkshire)

We're in n Wales it's mental here. Estate agents chasing you to sell if you've asked for a valuation. Houses sold before they hit Rightmove. We paid full price for our house our agent took us round before she had even photographed it. Cash buyer is king

We’re in East Yorkshire and there’s very little for sale; what does go on the market seems to sell quite quickly, usually within a week, prices are low compared to the South.

Crazy in my part of the SE. Snapped up so quickly for over asking price.

nothing much coming onto the market here in Devon, lots of new builds though. I’m in a similar position to you op and decided to act sooner rather than later. I’ve had an offer accepted on a house which was in for a week and had one low offer before mine. I’m concerned that if I wait I won’t be able to borrow as much as I need to buy here.

I wouldn’t wait, you’ve already made that mistake once.
I’m in the NW and houses are selling before the board goes up.

I’m SE in outer commuter territory. I saw a house come back on RM that had been reduced. First one I’ve seen since I started looking in September.

There still seems to be plenty of supply around here.

However, I don’t know how much cash you’ve saved up as a deposit, but that is earning DIDDLY SQUAT in the bank. Interest rates will be going up further.

Personally, I’d get on with it. It’s a huge leap of faith as a FTB, but there will always be a reason why you can’t do it.

SW, couple of months back house on my street sold at above asking, within days. House across the road from it went on the market about two weeks ago, still not sold and is £30k lower than the one that sold

Affluent SE market town
absolutely flying market.

West Yorkshire - my parents are selling a property they used to rent out and the estate agent has said it’s pointless even listing it as she has so much interest already. It will be gone my the end of next week. House next door to me went in 6 days.. doesn’t look to be slowing down at all here.

Are you in rented? Is there a difference between the rental Vs mortgage?
Also, sometimes it's the growth rate that slows rather than prices going down materially.

Personally, I would always buy rather than rent. And try to buy something you can live in long-term - if possible. That would mitigate the risk somewhat.

SE

House prices still going up when listed, but many being reduced & still for sale. Quite a few coming back on the market (all kinds of reasons I suppose, but I think banks valuing them lower & people not able to finance the offer they made).

compared to this time, even just last year, let alone before that, the sold prices are much higher!!

House prices have been 'about to crash' since Adam was a boy. They never really have significantly. There was one drop that caused a bit of short term negative equity, but if people waited it out it came right & only really affected those who couldn't wait to sell.

In your position I'd get a decision in principal (the online calculators say they'll lend you more than they will) and stress test the mortgage repayments to make sure you're comfortable with the repayments at a reasonable hike in interest rates (most places seem to think adding 2% is enough, personally have been adding 6%.

Another 'fun' test is to see how much you'd LIKE to borrow would cost you. It hurts less then, when the bank won't lend as much as you'd hoped.

Then go for it, IF you intend to keep it for more than 5 years.

I personally don't see house prices crashing to the point where in 5 years you'd be in negative equity.

Your deposit savings are effectively losing money.

Speak to ALL the local Agents, you might just bag a property that doesn't even hit the market.

Good Luck

Where I am houses are selling before they even go on the market

It's the same where I am, and most of them are selling for above asking price. A friend has just paid 10k over asking price for a house that hadn't even had photos taken.

OP if you want to buy then you would be better to try and do it soon, rather than waiting.

I think in the short-mid term a reduction in growth followed by stagnation I'd probably likely. Due to little coming onto the market (so supply issue) interest rates making mortgages more expensive (reducing demand). But I can't see prices dropping significantly tbh, not in the current economy.

Affluent south east market town. Been looking for a year and a half, properties starting to come on at more realistic prices, some reductions, so I'm sitting there not selling. Spoke with estate agent yesterday who said he was surprised at lack of interest on new properties. Lots of negative press about prices at the moment in the financial papers. 🤷🏼‍♂️

There's hardly any houses coming to market in my area, maybe 1-2 a week. They also seem fairly overpriced too and selling very quickly unless too overpriced. We bought recently (offered back on Sept) according to HPI the value has increased by 23k, we've only been in the house for 4 months. Crazy times.

For us buying was more important than the buoyancy of the market, we'd bought in the height previously. However we do have a large equity amount to mitigate any house value reductions in the future but as it's a renovation project it should increase in value anyway once finished.

Put an offer in yesterday on a house under the asking price. Turned down and told seller would like the asking price. I was discussing with the estate agent that I'm nervous about over-offering as the market is slowing down and I'm reading lots about falling prices and rising interest rates.

He agreed with me that he'd really noticed a change in the market in the last 6-8 weeks where we are (Home Counties).

Certainly, compared to recent experiences, where estate were all busy and viewings were 30 people crammed into 1 day and best and final offers afterwards, this has felt very different - the estate agent had loads of availability for viewings, no other offers etc.

And noticed new properties coming on 25-50k cheaper than similar properties did a month ago even. So think the market's peaked here.

Suspect people telling you the market's still red hot aren't actually in the process of trying to buy right now - their figures relate to sales that were agreed months ago.

It's still absolute madness here. It looks to the uninitiated that there are fewer house coming to market but the reality is that houses are selling within days of the vendors instructing an agent.

You don't even need to wait to have the photos taken or have a viewing for the house to have sold, 99% of stuff here is still going over asking and or to best and final.

Cheshire here.
Prices are crazy here, we bought our current home outright two years ago and it's value has gone up by about 50%.
The only thing that seems to be slowing down is apartments and flats. Doesn't seem to be as much demand for them.

Everyone keeps saying there's going to be a crash, I'm not sure about that but I think current prices are unsustainable so may be more of a gentle correction in the market.

This is my experience too (edge of SW London) - a real slow down in the last 6-8weeks, reductions and properties sitting on the market.

Suspect people telling you the market's still red hot aren't actually in the process of trying to buy right now - their figures relate to sales that were agreed months ago.

Nope trust me I wish it was slowing we had our 3rd offer accepted yesterday. We've been gazumped once and had a sale fall through due to the sellers circumstances changing. Just because it's not as crazy where you are doesn't mean the market isn't still red hot across much of the country.

Similar position as you. FTB, renting and house hunting for a year. The market is still pretty hot here but we have finally found something. Early days - offer has been accepted and we are waiting for the mortgage offer.

Our offer was accepted a good few weeks ago but I’ve carried on looking at rightmove daily, just in case. Haven’t seen anything new we would want to look at. Have noticed a few price reductions or previously sold houses coming back on the market as “unexpectedly re available ”.

I have wondered if we are buying the right house, it doesn’t excite me and I do feel like we have just settled a bit. But it ticks a lot of boxes and with our age we can’t afford to wait much longer to buy. I’m not sure prices will fall much as demand still outstrips supply.

Yesterday out of interest I searched for houses to rent in our town and there were only 10 which really shocked me. That’s incredibly low. When I narrowed the search down to a specific postcode area, and not a small area either, it went down to 1 house and that was £3k pcm. That scared me, if we weren’t buying and our landlord suddenly decided to give us notice on this place, we would be screwed as the rental market has gone nuts too.

Everyone is in a different situation but for us it’s made me realise we need to buy this house and get out renting asap.

Where I am buying SW London was a bargain during lockdown, went mental beginning of year & ridiculous Feb/March. Was outbid by crazy amounts but started to calm down April. Still very competitive for good priced property & we had an offer accepted simply because we are chain free & had healthy LTV, EA told me lots were getting downvalued & buyers were offering crazy amounts with a view to renegotiating after down valuation (maybe I should have gone with this strategy!).
I've noticed now prices are softening & things are hanging around for longer unless priced well. More supply too.

If I wasn't in a rush then I would personally wait. If paying lots of rent & low LTV & good mortgage offer I would proceed.

Whereabouts approx are you in the country, @Beees ?

Wonder if as is usual in the property market, the slowdown is starting in London (we're edge of) and rippling out?

One difference I've noticed is that certain estate agents are now ringing me/started spamming me with multiple emails - clearly doesn't suggest they're overwhelmed with buyers.

And property coming on mostly just sitting there now - some reductions. The one I offered on apparently came on 2 weeks ago 50k higher, had zero interest, now reduced and getting limited interest. Even though now at a price that would have had it go within a day or two previously.