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.

I don’t see why a bedroom would have a mezzanine, never seen that. I’ll wait to see what OP says about it

www.rics.org/globalassets/rics-website/media/knowledge/research/market-surveys/uk-residential-market-surveys/june-2022-rics-uk-residential-market-survey.pdf

This is interesting. Supply slightly up, demand slightly down. Prices stable.

Here we go. I love them as presumably the buyer did

I will wait to see what the person who spoke about her sons mezzanine bedroom says about it. In most flats I have seen online the mezzanine bedroom is above the living room.

This is all a bit odd.

the flat sold for £250k.
Obviously someone was happy to pay the extra £20k for the mezzanine and the duel aspect balcony, comprising 0.9% of the total sale price.
as would I. As would a pp Who says they would “easily pay £20k more for a mezzanine and duel aspect balcony”

in your own words, “personal reference”. Not worth £20k to you. Worth £20k to me. To the pp. and, more relevantly, to the person who actually put their money where their mouth is - and spent the extra £20k!!

£20k on £230k is an extra 9% not 0.9%! It might have been worth it, it just seems a bit jump.

i know it was 0.9%

(the one you said!)

but my phone is buggered and every time I tap last two numbers on screen it puts in 0. And I can’t stop it! Roll on new phone delivery!

Sorry I should have clarified. I’m so used to it I don’t even see the 0. Anymore!

I think the market is slowing in my area (a desirable part of town due to school catchments). A year ago, most properties were snapped up within two days of appearing on Right Move. Now, several of them are lingering for a few weeks.

Prices have increased a lot over the last year, though. Last June, I viewed a flat priced at £140,000. Similar flats are now on the market for £190,000.

I'm not surprised that properties are lingering on the market near you in the sellers have decided to increase the prices by 35% in a year!

@Cattenberg @rainingsnoring

I wonder how asking prices will translate into actual sold prices.

You can see from the RICS link I posted below that supply is up and demand is down. It also says that asking prices are stable. We won't know what actual sold prices are until they hit the land registry in 3-4 months though. My guess is that they are dropping slightly.

To be fair, the £190,000 flat is probably worth a bit more than the £140,000 one, as it’s ground floor rather than first floor and was redecorated more recently. Same block and same size flat, though.

I do think some sellers have got too greedy and the mortgage valuation will be significantly lower than the asking price. We shall see.

Our area, south coast, the market is stalling, many people wanting to move, enquiries and viewings, even offers but long or complex chains. waiting for someone to pay over their money. Taking a longer time now.

They have gone up by a similar amount near me - houses that went on for £850k last year are now being marketed at over £1m.

There is literally nothing on the market though, so I assume they think buyers are desperate and will pay it.

Sorry, that was in reply to @rainingsnoring

Where I am they have gone up approximately £150,000!

But you live in Chelsea - this would mean a teeny tiny teeny increase

Location is key

www.dailymail.co.uk/news/article-11051961/US-home-prices-brink-substantially-tanking-cratering-demand.html

Where the USA goes, we follow. Canada, NZ and Aus all seeing property price drops of c10%.

Wonder what the BoE will do next Thursday, given the Fed raised rates by 0.75% today?

This thread has been running for 6 weeks. In that time, supply is noticeably increasing and I can only assume demand is down, as houses are sticking on RM for longer. In my suburb of a popular city at least.

And back to the U.K.

www.thisismoney.co.uk/money/mortgageshome/article-11002381/House-prices-fall-10-soon-rates-rise-economists-warn.html

Definitely changes in part of C London, where I’m looking to buy. I’m viewing flats and talking to agents. All are saying things are slow. I’m getting more alerts of price drops and emails from agents saying reduced to sell.

I saw one property today. It was a flat in a Victorian building. Gorgeous but the common areas were run down and it was clear a big capital spend was needed. Her flat is back on the market after it went under offer months ago. The poor owner is using her own money to decorate the common parts and do up the shared garden to get it to sell.

I think I’ll sit it out until the end of the year when we will know more about where the market is heading. Not entirely clear given that London is quiet in summer. I expect an increase in supply. Most of the flats I’ve seen have been rented out.

I assume so. I think some sellers (and agents) have got too greedy. Prices will have to come down now as the cost of everything, particularly borrowing increases. It could all get messy very fast in the UK economy. Gas prices have shot up today. Goodness knows what people will need to pay by next year.

"But you live in Chelsea - this would mean a teeny tiny teeny increase

Location is key".

I do not live in Chelsea, I think you're confusing me with someone else.

An interesting video here by Fidelity, from their quarterly updates, on the property market:

video.fidelity.tv/view/vftaU65yqrlKPqtOIEMf9A?start=20

This says prices are still going up.

news.google.com/articles/CBMiYGh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2hvdXNlLXByaWNlcy1jb250aW51ZS10by1yaXNlLXVwLWZvci10aGUtMTJ0aC1tb250aC1pbi1hLXJvdy0xMjY2Mzk1NtIBZGh0dHBzOi8vbmV3cy5za3kuY29tL3N0b3J5L2FtcC9ob3VzZS1wcmljZXMtY29udGludWUtdG8tcmlzZS11cC1mb3ItdGhlLTEydGgtbW9udGgtaW4tYS1yb3ctMTI2NjM5NTY?hl=en-GB&gl=GB&ceid=GB%3Aen