Is it turning into a buyer's market at long last?

[SingSangSung]

I'm starting to see loads of properties coming on marked "urgent sale", "priced to sell", etc -- and this in a pricey, family-dense part of London with great schools and high quality of life.

We've been trying to buy for ages but are now wondering if we should just take a deep breath and pause for a month or two. It feels like the situation could become much more of a buyer's market by then and we could maybe afford to stay in our first-choice area rather than moving slightly farther out.

How are other buyers feeling right now? Anyone becoming optimistic?

We sold in z2/3 & I would say the market was far less competitive then where we are trying to buy in z4. Prices near me haven't seen much growth since Brexit & since so much is based on equity gains I think affordability is an issue. My local highly sought after primaries also have lots of places.

You need to weigh up the price difference with waiting & the mortgage rates I guess.

I think it is coming soon. The cost of living, mortgage rates increase and people that stretched to the limit before will all impact on the house market.

Yes I think it is. It’s taking a while for us to sell but I’m hopeful that this time we might actually be able to buy when we do.

For us locally the market has gone flat. Only 10 houses for sale in our township and similar in surrounding areas. It's the calm before the storm, I think.

Not here, we live in a semi rural village and anything decent that comes onto the market is gone in days.

I think things are slowing down marginally, however in certain places that's not the case. I am looking in the South West and if I see a property I like in my budget I am going to jump on it. Even though Im lucky enough to be in a position where I could wait, I just don't want to risk it. Getting the right house is more important than saving a few thousand.

Things are defiently slowing down. Where I lived houses would be gone in days, now there has being a few decent ones on for a few weeks and even getting reduced.

Not round here. Most houses in our village aren't even on the market a week

Buyer's market? God, I wish.

South East, I see houses back on the market, people selling urgently as chain collapsed and their newly build house is ready and developer pushing them to complete.

Not where I am. Most houses are sold before they ever actually reach the open market.

It’s just gone odd imo. I live in an expensive bit of se London. Our area has some properties not even making it on to Rightmove etc as agents can sell it to ready buyers, but also some properties that are priced enthusiastically in a way that would have sold six months ago but now are languishing. And estate agents are desperate for more stock.

A mile down the road (I’m not exaggerating) you can have the same house for 30% less, but schools.

Yes it's slowing there are a lot of first time buyers putting off moving now as there are rumours of a recession later in the year

I would also say that the houses that aren't selling round my very popular village are the ones that are very greedily priced - the sensibly priced ones sell in days

I agree with PP saying that you have to keep in mind that interest rates are also rising. Waiting a few months will likely mean you're paying a higher interest rate.

So long as you have a chunky deposit I would just go for it whenever you see something you love. I wouldn't be stretching myself to my limit with a minimal deposit with the economy the way it is though.

when the teaser rate ends you will be paying much higher rates. you will end up on high rates eventually

Things are no longer selling in 24 hours but anything good going steadily in a week or so… so still Sellers market, can’t see it changing.

no, it’s still not a buyers market yet as the supply still isn’t there. There’s just so little stock, and I can’t see that changing till the autumn now (surely only distressed sellers/ probate/ relocations etc) will be putting their house up for sale now.

How does it work if a house sells before it goes on the open market? If it is never advertised how does the seller know they got the best price? Does it then go online marked as sold to advertise the agent?

How does it work if a house sells before it goes on the open market? If it is never advertised how does the seller know they got the best price? Does it then go online marked as sold to advertise the agent?

So vendors have priorities other than achieving the highest price (I’m thinking big prestige properties). Privacy can be more important eg not having details up online or loads of viewings.

Or maybe the agent arranges half a dozen cash viewings, and they get a couple of really good, over the Asking offers. Wouldn’t you accept on that basis, if it wouldn’t make any difference to your life if you got another 1% for the house?

we sold our house off market via an agent and it never went on their website at all (or RightMove etc).

@Daisydoesnt ahh ok I see what you mean. I guess im thinking of the average property where the sale price is needed to fund the next one.

Love in a small Semi-rural town in SW. Definitely seeing some changes locally. Quite a few houses are selling in a few weeks rather than days like they were. Other hanging around & ending up being reduced as they were overpriced. Some still not selling then. Some houses bouncing back after chain collapses & some just sitting there with no reductions. Very odd market atm. Plus lots of bungalows!
We'd like to move, but are holding tight for now - see how rates etc pan out. Our house would sell quickly (two like it have sold in days recently) but we need a bigger place & the jump in price just is too much atm.

Imagine it depends on area. A friends daughter looked at an ex council house in East London last weekend - end of terrace priced at £550. 25 viewings lined up first weekend, best and finals Monday and it went for £585. She had hoped she'd get it as first time buyer with hefty deposit and mortgage in principle (she bid £577).
Here in SW London a friend has just exchanged on her semi. Priced at £1.65m it also went to best and final and sold for just under £1.75m.
But I bought last summer here and the three properties I offered on which were accepted were all under asking price (first two sellers pulled out, I'm living in the third). The market was brisk, but not outrageous.
With the recent rate increase and moving to dog days of summer the market generally does slow down about now anyway. I think things will cool slightly but I think we are a ways off a buyers market.

I know. So a better LTV ratio and not stretching yourself too much is wise.

What is your point?