Is housing market set to crash ?

[Moominsweetie]

Talk to me, clever people - what’s the outlook over the next 6-12 months?

Oh for goodness sakes. You really are getting desperate.
I'm afraid there are more than two people who think you are spouting nonsense not just the two posters you have named above.

A property Ponzi Bubble bursting is misery, are you having a laugh? Millions of people will be shouting for joy when it finally goes, it will be like the last days of Thatcher but with bigger mortgages.

Excuse my fat fingers 😁

Said the banker to his double bubble mortgage mark.

Supply seems to be massively up already round here and reductions. The market certainly seems to be creaking.

There is loads coming for sale where I am after months of lack of supply & reductions. Bit confused to be honest as I assumed people would hold off but guess they think it will be worse next yr.

Yes, my RM search area has picked up quite a bit on both new vendors and discounts. Nothing moving though.

@C4tastrophe

i think people are sitting back and watching now - they will wait to see if prices are going to drop further or pick up

Peoples purchasing power just dropped 30% is they are near max borrowing amount, and the next interest base rate rise will be along shortly.
Prices aren’t going to be picking up anytime soon, imho.

It's reductions all round where I am. Houses which started at sub-£200k have had £10k reductions. Plus houses bouncing back to market after 2-3 months and having a quick deduction just after that too. And other things (over-priced doer-uppers / tenanted houses) sticking good and proper.

"as I assumed people would hold off"

They are already too late, the time to cash out was when people were throwing themselves off a financial cliff during the stamp duty holiday, not when mortgage rates are heading for 10%!

I was going to buy a house, great deposit, post divorce, but at the moment personally gonna hold off for at least 6 to 12 months.
South east England where 4 bedroom is £1,300 a month rent. Mortgage on a 3 bed would need so much more, and I would lose my saving buffer.

Had an email yesterday from an estate agent. Stating "this house has a £50,000 discount". I've not seen that since 2009. At the moment, buying a three bedroom semi with 50% deposit would cost more than me renting a 5 bedroom.

I had a flurry of emails from all three developers who are building new houses locally - various offers including keyworker discount, £15000 upgrades, mortgage paid for two years and stamp duty paid. It's a long time since I've seen those sorts of offers. I offered £3000 less than asking on one of those in March and they said no.