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 think this is a slow trickle before a possible avalanche.

I have been bombarded by messages this week - developers offering more and more sweeteners, estate agents pushing properties, houses 'unexpectedly back on the market' or reduced. Some houses have disappeared from Rightmove and presumably been withdrawn, some are relisted with new agents. One new house did come on the market at a noticeably more reasonable house and sold within the week, so I guess buyers are still out there just no longer willing to pay over the odds.

Loads of properties showing as reduced here this last week, and others just sticking a bit. Agents are still using 'offers over...' though. I'm wondering if this trend will change at any point?

I think it's inevitable that everywhere will be affected in due course. Some very popular areas will take longer to feel the squeeze. When even the OBR are predicting 10%, I don't see how anyone can argue against it tbh. It makes things a bit easier for us buyers but is hardly disastrous for most homeowners if prices drop back to 2021 prices. It is ftb and those who bought recently with a tight LTV that I feel so worried for.

@NoWordForFluffy
We have just bought at a 19% reduction on the January price. The house sale fell through. The owner no longer wants to be a BTL. We live in a market town with 20% increases over the last two years. We no longer need schools so have gone for space, peace and a health club 5 miles outside the chi chi town.

"and encouragers buyers to make an appointment quickly because it appears new to the market."

They wish. LOL. Does that mean PropertyLog can`t pick up the price drops either?

Watched Location Location Location this week, it did seem bizarre to see how house buying was just a few months ago in June. A couple who lost out on 10 sealed bids and offered 10% over asking to get the house they wanted.

I didn't know about PropertyLog - will be adding that to Chrome sharpish!

They wish. LOL. Does that mean PropertyLog can`t pick up the price drops either

How many people are realistically going to be using logging tools?

"Offers please" will be more appropriate soon.

The subscription will be a tiny fraction of the savings you will make by being able to identify areas and properties with very motivated sellers though.