We're would-be first-time buyers and will probably be waiting before buying till at least next year, as it seems clear falls are coming - where we are, some reductions are already apparent but greedy sellers are unenthusiastic about catching up with reality. As although asking prices are falling a little, interest rates are rising faster.
For example, there's a property near us we viewed yesterday. It ticks our boxes but we only viewed it yesterday though it's been on for months because it came on at a price 50K over the top of our budget and over other similar houses locally that had sold locally earlier in the year. The sellers finally reduced the price by 25K about a month back and still got no interest. This week, they reduced it by 50K.
Had it come on at its current price when it was first listed 6 months ago, we would probably have put an offer in. But because interest rates have gone up a lot in the last 6 months, a mortgage would cost us about 10% more now than it would have done then. So we won't buy now unless that 10% extra cost to us is priced in. And if interest rates go up further, as seems likely, I'd expect those to be priced in too.
The housing market always takes time to turn round - it's like a tanker. We can see falls are coming locally because the number of properties on the market is rising and the number going under offer has shrunk to a tiny number. A huge turnaround from just 6 months ago, when every property had a bidding war and offers over. We're seeing lots of reduced notices where we are (Home Counties) but this isn't turning into price falls that Halifax and Nationwide etc will pick up in a few months - because even at the reduced prices, FTBs like us are staying away. And houses that don't sell don't feature in the indexes.
It's only when sellers who have to sell start to accept they need to reduce prices further, that those house price falls will show up in the stats. Until then, it will continue to be a bit of a stalemate. I imagine though that the sharp hit to the cost of living over the winter will speed things up about - if you're freezing and can't afford to eat, it will look less appealing having all your capital tied up in your house. And fewer buyers will be in the mood or have the ability to overpay for houses.
Remember, those on this thread telling you that prices won't fall aren't FTBs. They're owners, and may well be unrealistic sellers trying to kid themselves that prices will never fall.
I think estate agents may also try to speed price falls along - I know they are worried because they've taken to calling ME regularly and spamming me with daily emails listing every property for sale. A big difference from a few months ago, when they had no need, as every property was oversubscribed. Estate agents only make money from sales when things actually sell. Which isn't happening right now.