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.

Same here. We have been in this house 40 years, love it actually, but have decided to move somewhere more suitable before we are too old to move. Not downsizing but better location. I want to move from rural to small market town. House prices are low here compared to much of the UK, which makes no difference to us as we aren't going far, but it's the fact that houses take months at best to sell.

@ArseInTheCoOpWindow - I posted this below on a different thread yesterday.
The rise is 0.1% in a month and that relates to prices and mortgages rates agreed several months ago:

So house price growth has stalled then just as lots of people have been predicting.

Even a higher end estate agent, ie one of the people who want to talk up house prices because of their rather large stake in maintaining demand, is quoted in The Times today saying:
"The rise in house prices is partly due to slow demand in July 2021 rather than strength in sales this year, according to Lawrence Bowles, director of research at Savills, the estate agent. “In July last year the market took a brief breather after buyers sprinted to complete before the full stamp duty holiday ended in June,” he said. “Prices fell by 0.3 per cent between June and July last year.”

Another one in The Telegraph today:

'Tom Bill, of Knight Frank estate agents, said: “A slowdown is in the post. Mortgages have become notably more expensive in recent months and inflation will get worse before it gets better.”

In addition, these figures represent mortgages agreed in January-April approx. The rates have continued to go up since then and prices (of nearly everything) have increased more.

Things may well change from tomorrow, depending on the interest rate announcement. However we won't see the impact for a few months in terms of sold prices, due to the lag between offer and completion.

Although, those of us watching closely, may see houses sticking on the market longer and reductions in asking prices.

Even a broken clock is right twice a day

They are where I live. I also overheard a conversation while we were away this week, where a couple were talking about prices being reduced and houses hanging around on Rightmove wherever they live (maybe they're local to us, but that would be one hell of a coincidence 100-ish miles from home).

There are a number of reductions just this week in our town.

Chances are they live somewhere else, it will all turn around the same time IMO, sentiment can change very quickly, so quickly that it feels like an almost overnight change, people who rushed in during the Stamp duty con are going to be economically hammered.

www.bbc.co.uk/news/business-62549477#comments

Apparently Mr Bannister from Rightmove thinks it's a Summer lull which seems jolly unlikely to me. More likely he's still trying to talk the market up because of rather massive commercial interest in property.

Yes, there is a point where vested interests jump the shark and just lose all credibility, nobody will listen to them after that. Mortgage rates are jumping up quite quickly, that will be having a big effect on affordability for millions of people, it is going to be very hard to shift overpriced dross now.

My darling little brother and his wife found a property, they put in a cheeky offer 10% below the asking price which was their absolute limit but for some strange reason didn’t think that anybody would do that to them and their’s would naturally sell for the maximum amount 🙄.
anyway it’s been all tears this morning because of course lovely house sold for the full asking price.

I don't think it's unusual to offer under & get it.

That's a really catty comment. Your poor brother to have a sister that slags him off on the internet to strangers.

Slagging off ? I’m not slagging him off I’m slagging off the situation where he thought that the market might work for him but not everybody else and dumbo commenting above you didn’t grasp it either so clearly there’s a lot of these plonkers around, it’s not my fault I’m related to one.

I rest my case.
Another nasty comment. You are just making a fool of yourself.

This trend is continuing here and we’ve seen a modest increase in supply and some price reductions. The £190,000 flat I mentioned is still on the market and has been joined by an almost identical flat, which is priced slightly lower.

Looking at the more competitively-priced properties, some are still being snapped up quickly, whereas others linger.

Houses definitely lingering for longer here, I've seen one overpriced house being sold 4 times in the last year and it keeps coming back on the market . I suspect massive down valuation it's a newish house built in 2019 and sold for 270k buyers want 410 now dropped to 390k sold that's fallen through so it's back on.

This flat was bought for 930k in 2014 and is now being sold for 850k. Yikes. I went to view one in the same building where the owner was selling at the same price she purchased in 2011, but had forked out on a big refurb.

www.zoopla.co.uk/for-sale/details/62230512/?search_identifier=67d317d7671fce7357012025b55b3303

Your cases of zero interest to anybody realistically. The facts are that houses flying off the shelves everywhere when they are priced realistically nobody has any doubt whatsoever that the froth was going to come off at some point. But if that goes from 25% over 2019 prices to 20% nobody is going to be cracking out the flags.

I live in an area where £400k gets you a very big detached house in a desirable area. Hard to contemplate spending £850k on a flat.
I presume WFH has impacted flat sales?

It's also affordability, so much house buying in recent years in London has been driven by huge equity gains. I know lots of people who made 400/500k, which then helps them move up to the next property. The trouble is now it's much harder to make that sort of money.

Agree, 850k doesn’t buy you much space in London. A lot of landlords are offloading property from what I can tell (changes legislation, I guess). Mansion flats have HUGE service charges. I know of 3 blocks where it is 8k per year.

@RunningSME : 'Your cases of zero interest to anybody realistically. The facts are that houses flying off the shelves everywhere when they are priced realistically nobody has any doubt whatsoever that the froth was going to come off at some point. But if that goes from 25% over 2019 prices to 20% nobody is going to be cracking out the flags'

It's: Your case is of zero interest..... The fact is that house are'
I can't be bothered to correct the rest of it.

Except it's not a fact. It's your experience/ opinion. That is not universal experience/ opinion as you can clearly see from numerous posts here. The fact is that no one knows exactly what will happen nor the timeframes. To me, it's clear that prices have already started falling and will continue to do so although the percentage will vary from area to area. Time will tell who is right.

I know someone who’s just sold a flat in North London for about 7% less than they paid for it four years ago. It’s in a much cheaper part of London than the areas just mentioned, but despite good transport links, it hasn’t increased in value.

Do you kbow any houses that dropped in price ? Flats have always been a poor investment

In my town (not London) some houses are definitely being reduced as well.