What's the property market like where you are at the moment?

[nellytheelephant1980]

We went on the market 3 weeks ago. We had about 15 views in the first week and this resulted in 2 offers - we accepted the highest one obviously. However they haven't sold, so whilst we accepted, we haven't come off the market.

The last 2 weeks we haven't had any viewings the estate agent said things are generally quiet, it's not just our house.

We are South England btw

Quiet.
Its gone from things being snapped up within hours of going on the market to houses being reduced and sitting still unsold and with hardly any viewings.

NW within our postcode Right Move shows 23 reductions on 62 listings.

Nothing new.

Not just us then!

It's amazing we've got an offer, but I feel very disheartened about the fact we're not getting anyone through the door now

Yorkshire. Not much new on the market. Desirable properties are still being snapped up very quickly. There’s a lot of optimistically priced dross on the market that’s just sitting there until it’s reduced to a more realistic price.

I’m in East Anglia. Until about March the market was crazy. Since then it has gradually slowed and now there are reductions. My sister is buying in Kent and the market is still mad there.

I’m in the North East and here houses seem
to be taking an age to sell then the sale is falling through. There are three houses within about two minutes of each other which have all been sold (STC) three times. One is back on the market again while the other two are still going through the process.

N London and it's very quiet compared to the mayhem of the last couple of years. Not much new coming up. If something does and it's fairly priced it does get snapped up, but that was always the case here.
There's loads not selling though, I noticed quite a few were relisted today. There was a doer upper listed for 1.8 back in May which didn't sell. It's now been relisted for 1.4.
So it's seemed to have calmed down a lot.

In the very popular, large, E Midlands village where I live, two houses in the same road built in exactly the same style have gone on the market today with different agents.
Both were built in the 70s by the same builder and have more or less the same floor plan. Both have similar gardens and have had modern upgrades of bathrooms and kitchens. In fact not much to choose between them, except one is £100,000 more than the other. I’m watching with interest.
Things do seem to have slowed down.

Far, far quieter than it was, and decent-looking houses now not moving, at the higher end of the market anyway.

A gorgeous-looking house went under offer overnight for £995,000 a few months ago, and two more very similar ones appeared on the market a couple of months later at the same price. Neither sold, one (which looks I think a better house) has now reduced to £950,000, and the original house has reappeared on the market at its old price and is now not budging.

Reductions happening a lot too.

Where in the south are you @nellytheelephant1980 ?

I would ask a friend to call the EA to say they're interested in your property.
The EA may simply be telling everyone that you've accepted an offer and not giving the full information.

Midlands- my EA friend says things are quieter for properties £400k+ and those £500k+ are being reduced.

Anything under £400k is still selling fast and going to best bids.

Much slower than 6 months-a year ago, and people are not biting for the sake of it.

I viewed a property last week which in my opinion is listed at £100k over where it should be. It has a barely functional kitchen, plus a "conservatory" which looks like it doesn't have building regs sign off.

I offered £100k lower than it is marketed, which they refused. I then offered £75k lower than listed, which was also refused. After only 2 weeks of being on the market, they've dropped the price by £50k, meaning my second offer and what the vendors want are £25k apart.

I'm pretty sure they'll have to reduce by a further £25-50k to get it sold, as no buyer (unless pure cash with money to burn) will get a surveyor to confirm the still-too-high value.

Definitely no bidding wars here!

Definitely slowed here. A few months ago houses were selling in days. Now it's only the lower priced (ftb) type properties which are selling quickly. There is some movement in slightly larger properties but taking a couple of months now.

Dying where I am but sellers still trying to get really inflated prices.

I have viewed a newly marketed property today, they have three more viewings tomorrow and the estate agent’s valuer told me they are doing five or six valuations a day. This is the North West, we are moving from the South and properties we are watching on Rightmove that are fairly priced still seeming to sell. I agree overpriced properties are hanging around.

I would say the market local to us on the Hampshire/Surrey borders is still moving fast.

Of the 10 most recent properties in the specific area I am looking on Rightmove, 7 have been reduced, one just after 2 weeks. 7/10! That could never have happened 6 months-a year ago.

C London. Plenty or reductions and relistings in my area.

Definitely slowed with houses taking longer to sell and some being reduced. There’s still seems to be plenty of houses coming on to the market though. This is in the Midlands.

South west. Going on the market tomorrow. Lots of properties hanging around rather than selling in a day like 2020. Think we missed the boat

I don't think estate agents show anyone else around once an offer has been accepted. We have been looking recently and have been refused viewings because the owners have accepted an offer, even though the property is still on the website.

The estate agents do what their clients tell them to!

London/ Kent border. Feels like things have slowed down a lot. We had our house valued last week, both agents suggested higher prices than we expected and that priced right, houses sell quickly.

A few weeks ago, I had an appointment to view a house. When I found out that an offer had been accepted on the property, but that it was still on the market, I cancelled my viewing. There’s no way I wanted to get involved in that situation.

Anyway, I’m in the South-West too and I think the market has slowed in my area. More properties are coming on to the market and most aren’t being snapped up instantly like they were six months ago. Asking prices are still very high, though - I think many sellers are being too optimistic. So I’m not surprised to see price reductions.

OK in SE London.