Anyone noticed the market has changed?

[yaxe]

We are in the process of buying (have sold) & it was mad in March, lots of overbidding etc. I've noticed now reductions & stuff is staying on rather than going in a wk. It's making me a bit nervous tbh.

Not where I am. Decent stuff and anything even half decent is still getting a full open day of viewings and best and final offers with bids going 10% over and more. Lack of supply is the issue.

I've been SSTC to one buyer or another for over a year and trying to find an onward property for that whole time. 80+ houses viewed in one postcode area that I feel I know like the back of my hand now.

Just so little on the market full stop and it's getting worse not better.

Everything I looked at today was reduced or has been on a few months. It’s becoming an uncertain market.

Here is west Scotland things are still shifting rapidly and at a huge amount over the home report in a lot of cases. There are still loads of buyers with serious liquid cash and buying power .

Property is still selling quickly in our county, overpriced properties are being reduced or remaining unsold, but that would be the same in any market.

Where I am looking there's barely anything coming on the market. It's just the same few over priced/odd ones hanging around.

It's so frustrating. Each day I think, this'll be the day that things pick up. And get disappointed when there's nothing new.

I saw a great house Ill never see anything like it again within budget

No change here.....purpose built flats, one up and one down....sold within hours, small gardens....other new build flats unsold....very few houses on market...

I have noticed a lot more available and reduced prices, just in the past month. I do think its cooling down fast.

A house and a bungalow in my road sold very quickly a couple of months ago, the bungalow went back on the market a few weeks ago, the house is back on the market today.

I have to say I think they were way overpriced and I'm not surprised if there was a problem with mortgages. I do think people got very greedy.

I hope so but not the case here in Guildford. Still full open days and best and finals. We sstc in March and still need an onward property. A couple that went for silly money have come back on, but that’s buyers pulling out due to impatience - the sellers can’t find onward properties either. Seeing two tomorrow but right at top of budget so will need to be the only one who wants one of them to be lucky. Seems unlikely.

Yes trying to sell been on market 3/4 weeks had offer but they've not sold a about 5 viewings.

Estate agent said people are scared, cost of living etc, mortgage rate which I didn't t think was particularly high, I had a mortgage in the late 80s early 90s when it was 15%.

Market definitely slowed here in kent

More places coming onto the market in the South Midlands especially in 400k range.
And also 300k houses not selling so quickly. This group maybe folks are pausing and waiting to check budgets.

Not in our area m. Houses on for 650k go within two weeks for 850k to cash buyers.

We are searching for a period property in Market Drayton and each house we bid on goes to a Best and Final, and again we are left disappointed. The agents are sayinvvthe market is cooling, but not what we are experiencing. Sold over 3 weeks ago to couple in rented that will soon be pushing to complete! Should we rent and hope for a drop in the market? Always seemed like wasted money 😫

Considering moving into rented here too - but only because we want to be in a certain location by Oct for school applications. The thought makes me very nervous. What it prices keep going up and banks loan less in a year’s time (we’d need to stay put that long).

I wouldn’t rent unless needing to move by a certain date. In this market if your buyer won’t wait I’m sure you’ll get another without too much trouble.

And? Did you bid??

Don’t hope for a drop in the market
would be negligible if happens where you are searching
but yes you may need to rent

Our buyers paid top dollar, 45k over asking on a 250k house, and im sure that it the market drops and we keep them hanging around whilst we search, we're terrified of losing them and going through it all over again!
Never Again eh? 🤣..... think we said that last time!!!

Still mad here, although the 'optimistically' priced places are sitting for longer. Very little choice in my chosen area but all the new stuff is just going up in price. Hoping my purchase doesn't fall through because I'm not sure what I'd do.

It's definitely cooled here and particularly in the last 6 weeks or so. More houses coming on the market too compared to the last 8 months or so.

Not round here, a friend sold her house very quickly and hasn't found a new property herself yet - not many coming up to view. It might be that some areas are slowing down a bit but not where I am (SW).

I've had 3 valuations over the past two weeks and they all say exactly the same, the market is slowing due to the threat of recession and the interest rates. Luckily it makes no difference to me because if my house is worth less now so will the one I'll be buying.

I'm wondering if people are still bidding over asking but will get a shock when they try to secure the mortgage. Particularly those who are maxing out affordability, have low deposits and are self employed. Banks are tightening up lending due to interest rate rises and the cost of living going up. I suspect we'll see quite a few recent SSTC houses back on the market in the next month or so.