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.

Definitely falling here and still not selling

example but one of many

www.rightmove.co.uk/properties/124506227#/?channel=RES_BUY

This has been reduced substantially 3or 4 times, it was £425k in June

There are now something like 930 homes on the market in Pembrokeshire, which is up about 100 since I lasted posted on this thread. I think markets are becoming more localised again and Pembrokeshire is a challenging one when things in the economy are not going so well it's very vulnerable as salaries are so low on average.

Of course may be micro-markets where prices are dipping a bit, but as a whole, prices are still rising.

Saying that 'the market is falling' is simply incorrect. The data says so.

PropertyLog is showing a 135k price reduction so far, is that right? Nice house though.

Yes that's right, it's in a nice little row of houses about a mile from the sea. Opposite a pub but it's a pretty quiet one.

There was recent data from Rightmove about a fall in asking prices in the first half of August. Obviously we don't have data for sale prices in August yet but lower asking prices will mean lower sale prices.
I my area, as per pp, they are falling. I see lots of reductions. Admittedly some of the initial asking prices are too ambitious but then seemed very high last year too and would still sell. Now they are sitting and being reduced, especially top end of the market.

@rainingsnoring

Halifax and nationwide have reported than prices have risen during August. It's simply not true that house prices are falling

This has all been discussed already but perhaps on another thread.

That data is several months old. The RM data is the only one that relates to early August.
This also shows reductions in asking prices:
twitter.com/UkPropertyLion?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

Lots of people are reporting on here that prices in their area are falling so it's more than just micro markets.

At the very least, we will have a small fall in house prices (more significant in real terms). It is very possible that we will have huge falls if the economic situation deteriorates significantly. This is looking increasingly likely. Look at the pound continuing to fall, markets are jittery. If the economy collapses, falling house prices won't be the only worry!

No they have reported the annual rise in August. It's not the same thing and is misleading. It's what building societies, estate agents and house builders use to talk the market up.

Out of curiosity on the localised market consideration I just looked at the last three places I have lived for Rightmove first page list of most recent and the results for number of price reductions on that page were

Pembrokeshire 11
Leamington Spa 7
Feltham 9

so interesting as very different parts of the country

@justfiveminutes

Of course it's the same thing! That's the only sensible measure to use.

It would be ridiculous to look at month on month trends because there are well known seasonal trends. Prices will always be lower in some months than others.

I disagree. It's misleading in a changing market. Ask them what's happened to asking prices over the past three months or six months. The only people still talking about rising prices are those with an interest in keeping confidence up for as long as they can.

The new estates around here (there are three) haven't sold a single house since the first week of August. I get phone calls and texts every day offering 'keyworker discounts' and, today, £15k off any plot. One development is Barratt, who I saw has recently said that the number of homes reserved during August was below pre-covid levels.

New houses round here aren't shifting either. Even the ones they're now trying to shift as shared ownership are sticking (we've had a whole load of new houses built here recently, which were selling quickly before).

I have no idea why people are desperately trying to talk the market up on here, but there is clearly a change going on, even if they prefer not to see it.

This is interesting

amp.theguardian.com/business/2022/sep/07/uk-house-prices-halifax-warns-of-more-challenging-period

Looking at this thread, it seems to me that it depends where you live. Some places prices are still rising. The average is rising but not as fast as it was. But I certainly have noticed 'reduced' being marked on more prices locally lately than at any time since we moved here (NE Lancs) 3 years ago. May just mean some people flying a kite have got real, of course, but I do think prices are stalling or maybe even falling a bit for some parts of the market local to me.

It’s still rising round me.

DS’s friend is looking. Still going over the asking price and seamed bids.

I think that’s certainly true in an uncertain market where interest rates are on the rise abd confidence is low.

interesting article today in the times
www.thetimes.co.uk/article/how-freezing-energy-bills-could-lead-to-falling-house-prices-55fs8zq2p

Andrew Wishart, senior economist at the consultancy Capital Economics, believes his previous prediction of mortgage rates peaking at 4 per cent now looks too low. “A rise in mortgage rates to 5 per cent or 6 per cent looks increasingly likely, and the latter would push up repayments to a similar share of income as the peak before the [2008] financial crisis.”

Been watching this thread with interest but with no skin in the game as was close to exchange on our sale / purchase.

Was.

Just heard today after 12 weeks of seemingly charmed progress that our buyer has changed their mind and withdrawn. No reasonable or obvious reason given so we think they've seen another property to go after (they have already sold and their buyers are practically camped out in their garden!). Their searches and survey were apparently OK, and our EA will see if they can buy them off the ex-buyers to reuse.

After the weekend we'll discuss with EA about what to do now. I want some ammo before we talk so we are not pushed into 'sell at any price' so that the EA gets their ££s. We've lost touch with the market and in view of what's been happening over those 12 weeks, it would be helpful if any of you clever posters could give advice. We are happy to be flexible but don't want a fire sale of our main asset. We don't need a distress sale as we can sit tight if we really ought to, but for family reasons the house we've found to move to is perfect. If we can hold on to it. It's a probate sale so they may not want to hang around.

We are rural, midlands, currently valued £600k but assume we may need to reconsider this in light of economics. Thanks.

Around here, there are lots returning to the market so I think your experience is increasingly typical. They seem to be coming on at the previous asking price or 5% lower (assumed that might be the price they actually achieved but am just guessing). Desirable properties are going again within a few weeks but some that looked expensive when they sold the first time around, or need a lot of work, are sticking around.

Why do you think they are trying to talk it up! They are mortgaged to the hilt or wanted a nice retirement from someone elses debt load, talking it up on here wont do much good though it is down to the banks/bond markets now, Protect Yourselves!

But talking it up on here is going to have fuck all effect on what does (or doesn't) happen. That's why I don't get it...the people of MN simply don't have the power to alter the course of events.

I think the stamp duty cut is going to make everything go mental again. Fed up with it. Trying to buy and frankly would rather pay stamp duty than have to make an offer 40k over asking price 5 minutes after it goes on the market as will probably start happening again thanks to Truss. Not even such a thing as a second viewing anymore, it's beyond ridiculous.

Stamp duty cut will be like pissing into the wind against the backdrop of sustained rate rises. I will be very surprised if another 0.5% is not added to the base rate in November.

In my area Rightmove are showing more reductions. Sometimes only a couple of days after being on the market.