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.

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?
And such a person will still be up on the deal versus renting.

As for a 40 year mortgage, no we’re looking more at the average being 20 and due to inflationary pay rises the amount of money that they borrowed, the actual capital will look like buttons in 20 years as my mortgage that I took on in the 90s does to me now.

Ah, so you think he would say something like that on mainstream TV and it isnt designed to telegraph to people where they now stand, and he will just do the opposite in the face of bond market reaction and what the FED is doing? He doesnt care if your house crashes in value, he is concerned about the currency and the UK`s standing with financial markets above all else?

Last time I checked Bailey was not an elected politician

Not that that seems to be the criteria for being in charge of making decisions any more but just making the point.

I do actually think house prices will stagnate, even fall but in real terms. Wage inflation will cushion the worst of it.

Bond market doesn`t really care, and as we have recently seen the bond market is more powerful than elected politicians.

Bail out = pay people's mortgages for them. The government is not going to be doing that.

And will you please stop using the hard-to-read font? It's because (I think) you're using the scripting to change font used on other forums which isn't used here.

Oh, and I'm specifically taking about government help. They really aren't fining to throw money at it.

The BoE is a separate entity. What they do is up to them, and has been for some time.

Hmm. I'd say the Tory politicians and the BOE care very much about crashing the housing market. The Tories because most of them are very wealthy and own property portfolios, the BOE because they know that a massive bursting of the bubble would have huge ripple effects through the rest of the financial system and could be the first domino to fall.
If you are saying that they won't bail people out, meaning specifically pay people's mortgages, I think that unlikely. As I already said, I think the most likely scenario is that they put pressure on the lenders.
As I think you are saying, house prices fall whatever they do now, raise interest rates hugely or induce a massive depression which is what they are currently trying to do.

Where do you get the impression that wages are going to rise in line with inflation from?
There is every sign of the opposite occurring now and in the future. As we are at the start of a recession which may well be a depression, the much, much more likely scenario is real terms wage falls, job losses and more people on benefits which, of course, has a knock on affect on those who continue to work, lowering their take home pay, etc

I have a funny feeling I've had this discussion with you before....

www.telegraph.co.uk/personal-banking/mortgages/hope-buyers-mortgage-rates-fall-back-5pc/

From April minimum wage rises by between 4.1% and 9% that is pretty conclusive.

The benefit rate is yet to be announced but a minimum of 10% is predicted. Nurses are striking seeking 17%.

I’ve no doubt you’ve had this conversation with plenty of people, boring them senseless with the doomsday predictions. If any of your scenarios come to fruition none of us will care about house prices we will be too busy building guillotines for the rich, polishing our rifles and looting shops to feed ourselves.

You really like hyperbole don't you!
I've been saying the same things for months on here and quite a few have happened now. I'm not the only one who has been saying these things but I was in the minority initially, not so much now.
I hope we don't have riots but it's definitely possible.

'From April minimum wage rises by between 4.1% and 9% that is pretty conclusive.

The benefit rate is yet to be announced but a minimum of 10% is predicted. Nurses are striking seeking 17%.'

So minimum wage rises are sub inflation.
Benefits in line with inflation (probably)
Nurses asking for 17% but are never going to get it. Even the nurses know that!
ONS statistics show well below inflation rises on average. Plus wait for Hunt's tax rises.
I don't know where you get the impression that wages are/ will soon be rising in tune with inflation.

@rainingsnoring I agree @MosmanP. I don’t see anything that you have said coming to pass. Quite the opposite.

You are still in the minority. It’s just that most people have gotten fed up with your incessant doomsday theories.

Your constant going on about the FEDs this and that is just boring. You have zero willingness to interrogate logic and evidence. It’s just this never ending rinse and repeat stuff you and some others have been telling yourselves on some echo chamber forum or something.

Perhaps you can be a bit more specific about what I have apparently been saying and what has/ hasn't come to pass (in your opinion).
I would love to hear your examples of how 'I have zero willingness to interrogate logic and evidence', particularly from someone who hasn't shown much grasp of the facts and just keeps posting links to articles saying that mortgage rates have fallen marginally without suggestion about what this may or may not mean or how it fits into the wider context.

If you find what I am saying dull, you don't need to read it or engage.
If you don't understand the key role of the Fed in relation to UK interest rates/ economy, that is not my fault.
If you want to call what I am saying a 'doomsday theory' without actually thinking through whether it may make sense, that it all your choice.
As I said, there are plenty of other posts on MN from people who are very negative about the UK outlook, a lot more now than there were a year ago, not just on the property section. Sorry if it's all a bit boring for you.

Truly wealthy people dont think about property like Joe Soap from Blackpool with his 3 BTL flats, they pass down substantial properties through the generations, they dont care about the price at a given time, the smart property money exited during the stamp duty holiday (surprise surprise) sure, many MPs are dabbling in rentals but the FED doesnt give a monkeys about them and the rate rises have already happened, the FTB punters who were feeding the Ponzi with their cheap mortgage loans have had their affordability wings well and truly clipped, it has already happened, everything the UK government does now is reactive they are no longer in control of the property bubble as they once were.

@NoWordForFluffy
Bail out = pay people's mortgages for them. The government is not going to be doing that.

I think you'll find the Government already help some mortgage holders, by loaning interest payments, it's called Support for Mortgage Interest (SMI). It's been around for a long time.

www.gov.uk/support-for-mortgage-interest

Morgan Stanley expecting 150bp knocked off interest rates by 2024

www.reuters.com/markets/morgan-stanley-sees-150-bps-boe-rate-cuts-2024-2022-11-14/

That is not 'bailing out', IMO. Bailing out is more wholesale than that 'support' (it's piss poor really).

I agree that The Fed couldn't give a monkeys about Tory politicians or anyone else in debt or wanting to gain from the property market.
I also agree that there is very little, regardless of how much the want to help prop up property, that either the government or the BOE can do anymore.
The choices seem to be reducing purchasing power via inflation or via high interest rates, most likely a combination of both.

"Bail out = pay people's mortgages for them. The government is not going to be doing that."

No, not this time, but last time they cut rates to near zero which amounts to about the same thing. This time they are going to make people`s mortgages much harder to pay or else the currency will go down the pan, and that will lead to people cutting back on their spending into the economy.

No, the government didn't cut interest rates last time. That was the BoE.

I'm specifically talking about government help. There won't be any.

Ok, looks like we agree then.

Several agents properties I have now noticed going for the delete listing and remarket at a lower price. This appears to avoid the 'reduced' annotation on right move.

I suppose this both prevents extremely low offers and encouragers buyers to make an appointment quickly because it appears new to the market.