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.

People need somewhere to live. They either rent or buy. That is the reality. The stock for renting and buying are limited.

Some of them are stuck living with relatives. Many are young adults, but I also know an older lady who recently moved in to her son’s converted garage. Yes, intergenerational living is often overcrowded and far from ideal. But it’s nothing new.

I’m in a small town 30 minutes commute from London. No sales seem to be completing here….they keep showing as sold then a couple of months later they are back on the market, but reduced. This is a sea change from June. Why aren’t the sales going through, can anyone shed any light?

I don’t know what’s happening there, but an estate agent once told me that one in three house sales fall through, and that this is usually due to an issue with the buyer, not the seller.

My first guess would be that the properties are being down-valued by the mortgage lenders. But could there also be a common issue that’s showing up during surveys or the conveyancing process, e.g. a future flood risk?

I'm assuming that sales were completing before June and now they are bouncing back onto the market regularly?
If that is the case, it will be related to the change in potential buyers finances relative to the house prices so either they are getting cold feet because mortgage rates are changing so rapidly and so is the general economic situation or houses are all being down valued by the banks and re-negotiation hasn't worked out or they haven't had their mortgages approved.

Thank you @rainingsnoring and @Cattenberg, interesting food for thought. Yes we are in a flood risk area, but that has been the case forever. I feel sorry for all those buyers and sellers whose sales seem to be falling through, miserable for all concerned.

We live in SE London, 26 minutes on the train to London Charing Cross

We've been on the market for several months with our 2 bed ground floor split level maisonette

For a lot of this time it's been sold STC

But we cannot seem to find an inward property to purchase, prices have escalated incredibly since late last year

We may need to consider pulling out, DH certainly thinks so

I'm not ready to do that yet

We have 2 primary aged children, 2 bedrooms is v tight space for us all!

Here in brighton&Hove prices are still going up.

Not seeing much evidence of that here but the entire SE commuter belt is heavily-influenced by London money and the affordability cascade effect. Unless the London job market tanks, I don't expect to see a big change in prices here.

The bigger issue will be for people who already maxxed out on monthly repayments and remortgaging soon or next year. Even a small rate rise could be disastrous. Could force a lot of downsizing for people who have been living on the edge in large houses with flash cars, pretending they're rich.

Yikes.

House prices aren't changed , but notice that the flats definitely go up a bit.

God, I wonder where all these potential buyers are living, what with supply being less than demand (LOL)

i think in London and commuter belt flats might finally keep up with houses.
not so sure outside London

As supply increases, buyers can afford to wait for better deals - quality and price - to come their way rather than panic into throwing £ over-asking.

This is rapidly turning into a buyer's market as sellers run for the fire-door.

I think I'd like to see a more equal market. As a buyer, I'm appalled by the way some estate agents have treated me. Particularly at the local branch of Bridgefords. I'm about to complain to the head office - I suspect head office can see the figures and are aware that they aren't going to get the best deal for their vendors if their staff shout at buyers. The days of treating buyers badly because they can are gone.

We’ve pulled the house now, we’ve had enough. In one year we managed to sell the house twice but could find no forwarding purchase. Then pulled it off over Christmas, listed again in Spring and even though about 30 people viewed we had one low offer. So I’ve accepted it. We’re off the market and staying put for now.

So you wanted to sell it for more than anyone wanted to pay for it?

Generally very few first time buyers and probate sales.. So most often, if you are selling, you are also buying.

There is little growth in housing stock.

You didn`t actually sell the house, and you declined the one offer that might have actually sold it?

LOL, blunt but true.

We didn’t need to move which is why we weren’t interested in the below market price offer. And we really tried to secure an online purchase multiple times but every house was going to final bids and selling for at least 60k over guide price.

if we HAD to move we’d have obviously bought an interim house in the chosen area. As it is we’ve accepted the situation and we’re staying in our locality until the kids get older enough to be independent. It’s a retirement dream now.

I’ll correct that for you it’s a cash buyers market, first time buyers without 15% deposit and anybody with poor credits absolutely out of the game not a chance of getting a mortgage right now,

It's fair enough that you made this decision. Just to be pedantic, you received an offer at market value, it was just less than you wanted to accept. Market value is what the market decides an asset is worth. The market values of property is falling and the crazy bidding wars are long gone in most areas.

@rainingsnoring

There is no evidence that market values are falling. Prices are still increasing.

Slowed growth is not the same as a price fall

Also, we're about to see 50 year mortgages hit the market. Surely that will inflate prices even further?

They're falling where I live. Far more reductions than there were, and far more houses coming on at sub-£200k than before.