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.

It all just goes round and round though.
Many people on good salaries can't buy because rents are so high, so they can't save for a deposit.
However less rentals mean hugher rents, and with rules in favour of tenants a lot of LL's are selling.

The only real solution is social housing

Also to add... renting is also crazy. People are bidding... on rents!

I have to say I think they were way overpriced and I'm not surprised if there was a problem with mortgages. I do think people got very greedy.

However less rentals mean hugher rents, and with rules in favour of tenants a lot of LL's are selling.

It will be interesting to see how this plays out. Any landlords or agents around who could confirm whether, or not landlords are going to start selling up en masse?

What was overpriced?

Depends

own outright - keep
buy to let mortgage - more inclined to sell

I recently completed in South Manchester and I think the market has since come down. I had an estate call me three times last week to follow up to arrange a viewing (I was busy so missed all their calls). That never happened in the months Nov - May when I was looking. I’ve noticed things are staying up on RM for longer, though I now have to stop looking because it’s a bit upsetting.

that said, if we had waited for the market to come down, there are no guarantees that it will, and each month we pay more in rent. So we could be in a much worse position. I’ve been looking at house prices for the past 10years, and each time thought ‘it can’t get higher’ and I’ve been wrong.

Lots of the things coming up in my search are properties that are reduced. Mostly everything coming up is either expensive (500,000+ which is expensive for this area) or first time buyer properties at around 180,000. There doesn't seem to be anything in between which is irritating as that's what we're looking for. Tonnes of expensive new builds too. Really wish we'd pushed the boat out when we first bought, instead of being sensible.

Watch and learn!

Watch and learn from Japan’s housing market?!

@Ohthatsexciting

Even if they own outright they could be on the hook for 12 months lack of rent and legal costs if they get a bad tenant. With the new rules coming in.

We had our house valued last summer out of curiosity. EA called last week and asked to do another valuation and if we considered selling, as prices in our area have increased by 14% , and a shortage of properties is dictating faster sales.... doesn't appeared to have changed other than increased

Again, it makes no difference for the average Joe who just wants a home to decorate and have pets + children in.
In the short term being in negative equity is a problem if you lose your job and still owe the bank. But in the long term... who cares?

Even if prices crashed the day after I bought and stayed exactly the same for the next 50 years it would mean nothing to me, as long as I got to keep my home. It's not a financial investment, but a basic necessity.

Of course there are wider economic implications, recession etc and there are people for whom a home is an asset. I may be in the minority. But to 'time the market' for a place to live (unless you have family) makes no sense to me. You're ready when you're ready, just have to make the best of it.

*family to live with I mean!

Absolutely agree with that. I have always said that if it's your forever home, and you can afford interest rate increases and utility increases and can manage if a partner no longer works because of redundancy, illness or maternity, then go for it. It's a home and prices won't matter.

If NOT, then be very aware.

First time buyer type house in my street that just needs a lick of paint, been on the market for a couple of months. Similar were selling in a couple of days at the start of the year.

I remember in 1998 being told that house is were a bit expensive at the moment and I might be better off waiting the house that was 36,000 I could’ve bought in 2000 for 48,000 as it is I decided to go for a slightly better area and I’ve paid 67,000. I later sold it for 125… by later I mean 2004.
now actually it’s only gone up to 200k now so things have slowed down.
but if I have kept that house I mean it would be paid off now anyway but the mortgage on it was 100 quid a month.

@ArseInTheCoOpWindow Exactly what happened to my DS in a Newcastle suburb-he and his girlfriend are FTB and they offered over the asking for a flat and were beaten to it by cash buyer.

Very discouraging!

Things still going very fast up there and I am SE and next door sold before it went on the market a few weeks ago.

now actually it’s only gone up to 200k now so things have slowed down

It depends where you live though. My house has more than doubled in price in less than 10 years. And the people opposite have just sold theirs for 50k over the asking price.

the good times are over. i would dread to have overpaid in the last 2 years. will be drops from peak of abvout 20-30% over the next couple of years

Oh no the sky is falling in …. They’ve been saying there Will be 20 to 30% drops for the last 22 years as pointed out earlier there’s actually been 200 % increases overall

It appears that we have a 2 speed market. Things cooling considerably in some areas. The "hot" areas of major cities and commuter towns with good schools still going strong.

As was always ever the case

@Nothappyatwork

Incorrect. Even houses in the not so "hot" areas have been flying off the shelves in the last couple of years. They aren't now.

well done.

if you took the time to read instead of getting over emotional, you would see i said "bought in the last 2 years".

those who did will have to expect 20-30% drop in value plus large increases in interest rates and cost of living.

Popcorn time