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 agree that this is much more likely.
@MosmanP - the markets reacted very strongly and very negatively to the whole of the utterly irresponsible 'mini budget'. It certainly won't be 'a handful of people' needing support and I think the public would mostly be very much against it considering everything else that it going on currently at present.

I reported it as a personal attack. The point could've been made without insult.

Personally, I absolutely do not think that there will be bail outs. There is no money / appetite for it.

They didn't bail out post-2008, why would they now?

I think this is yet another reincarnation of the same poster who changes names every couple of months. They enjoy housing threads, say things which make non sense at all and then starts being offensive when anyone has the temerity to disagree. Best ignored!

It’s moronic that you didn’t read the link. Or if you did you didn’t understand the basic context of it either way the point stands. Its not what you think it is.

"I reported it as a personal attack. The point could've been made without insult."

Thank you. I don't even really understand their point. Everyone knows what a repossession claim is and those people are unable to clear arrears or make payments. They're on the verge of losing their home even if they haven't lost it yet, and they're up 30% this quarter albeit from a very low position. Tbh I just googled to find an article, I was following it on the radio.

They are nowhere near losing their homes and that’s what’s so ludicrous about your attempt at possessions are up ….. from 10 cases to 13 case. 😱

Apologies for being ludicrous. I heard an interesting discussion on the radio. You asked for a link so I found one for you.

3680 claims for possession July-September 22, up 30% annually.

Court orders rose 103% to 2491.

Warrants were up 157% to 2437.

It's a direction of travel that's informing my view of the housing market and I'm not trying to prove anything to anyone.

There’s a huge court backlog from COVid, will take a long time to clear. Could be a couple of years before repossession cases are finalized.

Time to repossession has decreased to 60 weeks on average.

www.gov.uk/government/statistics/mortgage-and-landlord-possession-statistics-july-to-september-2022/mortgage-and-landlord-possession-statistics-july-to-september-2022

Okay I apologise for calling you a moron but the stats are not proving what you think they are proving, look at the link that youve enclosed from the government sites, landlords taking up possession of their rental properties will skewer those numbers massively, this is not banks repossessing mortgage to properties in the numbers that you seem to think they are.

The link shows mortgage possession claims separately to landlord possession action. The pattern is similar for both. I don't claim significant numbers.

The document linked to draws a distinction between mortgage and landlord repossessions. It states that both are up very significantly. This is for July-Sept 22, before the 'cost of living crisis' had hit most people and before official recession (we still are). It is clearly going to get much, much worse.
Pretending this is a minor problem and that the government will bail everyone out is nonsensical.

With respect it’s nowhere near similar, and I’m not know we’ve already had intervention from the Scottish government preventing landlords from repossessing over the winter of the government is not stupid in terms of the implications of mass repossessions of either Rental or owned properties. I have no doubt whatsoever that some people will get into arrears and some people will be set back massively in terms of life miles stones. But I do think the picture painted of being returned did the Dickinson era is quite a stretch.

The government are just about to release the second cost of living payment of over £300 in time for black Friday. I think that tells just how concerned they are about dishing at public money. Tiny Tim is clearly going to get a nice Christmas present.

Who's claiming that? You only prove you don't have a point if you insist on hyperbole in your response.

The payment which was announced at the start of the year, together with approx payment dates, to those on particular benefits? Not sure what point you think you're making with that!

The government article literally says 'the pattern is repeated for landlord possession actions.' That suggests the pattern is similar. You are being really pedantic.

And Jeremy Hunt has been on tv all morning giving really clear indications that the energy price guarantee is going to be scaled back and that families can't expect the government to mitigate against everything. He didn't sound like someone planning to help people struggling with their mortgage.

Exactly, @donttellmehesalive, we're 2 PMs and, what, 3-4 Chancellors on since the first payments were announced, with our previous PM causing a financial storm which we now need to recover from. Anything the Johnson administration may have mooted is long gone / dead in the water.

"they didnt react at all to the cost of living payments or the entire country having their winter bills paid for them."

I see, so that is why people were originally going to be helped with their energy bills for two years then it got scaled back to six months?

Even if you reply to bots you have to actually know what you are talking about I`m afraid.

"He didn't sound like someone planning to help people struggling with their mortgage."

No, and neither did Bailey last week when asked if helping mortgage debtors would feature in his thinking on what needed to be done with interest rates..."No, I`m afraid not", was the deadpan answer.

"But I do think the picture painted of being returned did the Dickinson era is quite a stretch."

I fully agree with you, there are not going to be millions of people made homeless, the point is that they are not going to bail out house PRICES this time, people will get rent/mortgage help, extensions, freezes whatever, but that doesn`t really help someone who bought at the peak of the market who is fixing at the new normal mortgage rates much does it, they are just going to be in debt for the next 40 years on an asset that is losing value?

So politicians word is their honour never ever deviated from, but only when it suits your argument 🙄🙄
The contradictions are hilarious.

"They didn't bail out post-2008, why would they now?"

Excuse me????