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Is the 0.1% fall in prices significant or is summer a usually slow?
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MsPorridge · 06/08/2022 07:10

I know every part of the UK is like a market on its own, but where I am (West of Scotland) properties seem to be selling slower, definitely less closing dates and more reductions which I hadn't seen at all since October 2021 when I started looking for a house. Out of curiosity I checked some parts of Edinburgh and Glasgow and found more reductions than closing dates.

How is the market where you are?

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KangarooKenny · 06/08/2022 07:12

Same as before, everything is getting snapped up, and very often sold signs are going straight up.

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cathol · 06/08/2022 07:13

August is always slower than April but yes I think people will think twice given the economic context and this weeks interest rates.

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Hollyhead · 06/08/2022 07:15

I’m in the midlands, the market in our area has definitely cooled off, things were selling within a week where as nothing has shifted now for 6 weeks. Remember as well that the 0.1% drop in July is reflective of prices negotiated 4-8 months ago as it’s completions that are reported not accepted offers.

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Allicando · 06/08/2022 07:16

The summer does tend to be slower with people on holiday, it usually ramps up September and Spring time. The market where I am (Shropshire) seems relatively buoyant still, houses in popular areas sellign within weeks. What I am noticing though is a fair few houses coming back onto the market. Two houses around the corner from me SSTC last November and both have come back onto the market at 20k higher than last year. One SSTC within a week and one has only just been relisted so time will tell. I am keeping a close eye on the market as I am planning to relocate next year.

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carefullycourageous · 06/08/2022 07:18

It is significant as it is the start of an expected stalling in the market. 0.1% is basically flatlining, this is to be expected as cost of living, interest rates and falling confidence are going to have an impact.

I have not seen any predictions of a serious price drop, but we are heading into a recession so it is to be expected that the market will get slower.

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carefullycourageous · 06/08/2022 07:19

And YY to the poster who pointed out this 0.1% drop is nothing to do with summer, it is just being reported in summer.

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littlewrinkly · 06/08/2022 07:26

I need it to slow. Houses are going so fast we're still only getting one viewing before they sell. I think in our area it's mainly hardly anything is coming on though.

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Allicando · 06/08/2022 07:39

It will be down to supply and demand and the availability of credit, especially for FTB. I bought and sold in 2008 and buyers were like hens teeth, we were on the market for months before selling. I really really need to move next year and am nervous about it all but in the fortunate position of having a decent amount of equity so hopefully will be ok.

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RainCloud · 06/08/2022 07:48

Hollyhead · 06/08/2022 07:15

I’m in the midlands, the market in our area has definitely cooled off, things were selling within a week where as nothing has shifted now for 6 weeks. Remember as well that the 0.1% drop in July is reflective of prices negotiated 4-8 months ago as it’s completions that are reported not accepted offers.

Yes.

Coincided with interest rates easing up. Demand and price rises being tempered by affordability.

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Oldbutnotdead · 06/08/2022 12:11

Some snapped up some hanging around. Seems around me the more overpriced I think it is it sells.
Shropshire also 😉. I've sstc twice in four weeks, buyer pulled out Monday new one Wednesday, but not sure if will proceed (for different reasons to the first). Oh I don't think mines overpriced I've priced to sell.

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Allicando · 06/08/2022 13:55

Oldbutnotdead · 06/08/2022 12:11

Some snapped up some hanging around. Seems around me the more overpriced I think it is it sells.
Shropshire also 😉. I've sstc twice in four weeks, buyer pulled out Monday new one Wednesday, but not sure if will proceed (for different reasons to the first). Oh I don't think mines overpriced I've priced to sell.

Good to hear that you sold so quickly! Good luck with your move.

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DeadHouseBounce · 06/08/2022 17:21

Looks like they will have to cut interest rates again to keep it all going.....oh...wait a minute...LOL. The UK housing bubble is a farce and very badly needs to crash...hard.

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Hollyhead · 06/08/2022 18:11

@DeadHouseBounce i’m not sure the market will crash hard but I think prices lowering 5-15% over the next 1-2 years, depending on area is not unrealistic.

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Colourmeclear · 06/08/2022 19:21

London money is still propping our area up.

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flowersandsunshine · 07/08/2022 19:57

Seeing lots of reductions here (Home Counties). But as almost nothing selling, that won't show up in the sold stats.

So a bit of a standoff currently where I am - sellers not reducing enough and buyers not buying. Nervous estate agents. And weirdly desperate sellers - one I viewed yesterday, we couldn't get away as the seller insisted on showing us every single improvement they'd made to the house! Which as they'd lived there for about 30 years, took a long time!

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