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.

If you had a 900k mortgage now taken out at Super Silly rates this would be the time the legends and the storytellers call "Squeaky Bum Time" ?

Mortgage rates up again today, the market is definitely changing for the better!

I understand you’d like to see prices lower but given that the rate rises will see people lose their homes it’s not entirely a happy event is it?

Can`t see many losing their homes unless they already were economic basket cases, most likely IMO is that people will just get extended payment plans for their mortgage debt and stay in the same house for a very long time, a bit like renting from the council back in the day but a lot more expensive.

Can`t see many losing their homes unless they already were economic basket cases

Wow...

Can`t see many losing their homes unless they already were economic basket cases, most likely IMO is that people will just get extended payment plans for their mortgage debt and stay in the same house for a very long time, a bit like renting from the council back in the day but a lot more expensive

This

A run on the pound is underway, markets have lost faith in the half-wits in charge, protect yourselves! Stay well away from the property ponzi scheme now.

What is best for people depends a great deal on their circumstances, where in the country they are buying, how much rent they are paying, whether there are rentals available in the area they need to be in, how rents compare there even to current higher rate mortgages, how much deposit they have, whether they are planning to move up the market by doing up a wreck, whther they are trading down in price, all sorts of things. Blanket statements like yours are just silly.

Nonsense, the one thing powering the housing market, all over the country and including the rental market, namely very cheap mortgage debt has just been taken away, what you are saying might as well be "The garage is closed, I will just use tap water in the car and everything will run as normal".

All the signs are there…

As I said, it depends on people's circumstances. What part of that bleedin' obvious statement can't you get your head round?

**And what's with the water-petrol comparison? What are you smoking?

Touch a nerve did I? I will explain it once more for the hard of thinking - CHANGES TO THE COST OF BORROWING AFFECT THE WHOLE MARKET, TOP TO BOTTOM.

The higher the borrowing cost the bigger the fall in house prices.

The nerve you touched is the one that goes off when someone makes a blanket statement which is not applicable to all cases and then won't back off when it is pointed out to them that the blanket statement they have made is not applicable to all cases. I even explained why, can you not get your head round facts or what?

I will explain it once more to you as you seem not to have grasped it yet- if you do not have to borrow to buy, changes in mortgage rates do not affect your decision to buy or not.

Supply is definitely up and reductions happening where I am looks like the house price boom is definitely over.

They very much affect how much you are willing to pay though....unless you are a complete moron with millions in inherited money or something........smart cash money sees where the market is at and underbids slightly to get value, changes to mortgage rates affect the value of houses and cash money will be waiting on the sidelines deciding when the price is right to buy.

So once more for the economically challenged...........

Changes to the cost of borrowing affect the whole market, top to bottom, whether you are buying selling, staying put, buying with cash or buying with a mortgage.

I live in one of these cities. I kept wondering why prices were still rising round me.

Published 2 hours ago.
www.yorkshirepost.co.uk/lifestyle/homes-and-gardens/house-prices-in-sheffield-and-leeds-boom-sparked-by-a-flight-back-to-cities-3888953

I live close to Liverpool and our house prices are dropping. Clearly we aren't getting the bounce from being nearby.

Lloyds predicts UK house prices will fall 8% next year
UK house prices will fall by 8% next year and then almost stagnate for the following four years, Lloyds Banking Group has predicted.
The UK's biggest mortgage lender, which runs the Halifax brand, gave a gloomy outlook for the UK economy.
It has set aside £668m to cover bad debts as rising interest rates make loans and mortgages less affordable.
The banking group announced pre-tax profits of £1.5bn in the third quarter of the year.
That was a 25% drop on the same period last year.

www.bbc.co.uk/news/business-63411783

Interesting article from Which -

The Land Registry reports that house prices rose by 14% year-on-year in August, but these figures aren't quite what they seem.
This huge jump reflects a distorted property market last summer after the end of the stamp duty holiday. Buyers rushed to purchase homes in June 2021 to benefit from tax savings of up to £15,000, resulting in a lull in July and August.

In reality, house price growth has been dropping off for a while. Data from Rightmove, Halifax and Nationwide shows prices flatlining month-on-month, and experts expect falls next year amid the rising cost of living and soaring mortgage rates.

www.which.co.uk/news/article/whats-happening-to-house-prices-aVCwI8I22pBe

They are focusing mainly more on house price growth than absolute prices.

8% - I think that sounds like good news. In fact so good, I can’t see why Lloyds would bother setting aside money for bad debts.

The report does also suggest a 'worst case scenario' of 18% and four years of stagnation after that (a further drop if not rising with inflation).

Market is changing, more reductions in pricing, lots of supply etc, no longer mad bidding going on and not so many offers over asking being marketed. Also EA we were on the books of when we were wanting to move are now calling us.

I have had three agents call me in the last week. In the summer I had to wait 1-3 days to get a call back.
We have offered on a house but not at guide as we are the only offer and it is the most expensive house in the village per square foot. National agent was very rude. Lots of 'my client expected more'. Three months on not sold to anyone else. Mortgage offer at 50% more.