How's it going for sellers?

[Hairydogmummy]

We put our house on a week and a half ago. It's had one proceedable viewer. It's priced on the lower end of the Zoopla valuation and lower end of estate agent valuation. No similar houses in our highly desirable village. We need to see in the next few months as can't afford mortgage when fix ends in March. How's everyone else getting on trying to sell in this market?

Your neck of the woods may well be experiencing all of that, my neck of the woods is absolutely not experiencing any of that it’s almost as if there are micro-economies throughout the UK isn’t it ? But actually I’d hazard a guess (which is about as much as any of us can accurately do), that everything is going to be absolutely fine and the usual catastrophising we have to endure on mumsnet will run out of steam - again.

You just keep on thumping that drum @HiveBee, no vested interest at all of course, nothing to see here.

Meanwhile back in the real world mortgage rates are only heading one way, as are house prices. But you know that really.

Nope.

Rightmove is a website, not an estate agent who would try to rent or sell a property on a property owner's behalf.

Any other questions? You seem to be struggling to keep up

they are even bigger VI than you x

I’m not very bright sorry. I just wondered why there were so many reductions on the site and the asking prices are rising?

It’s sellers who haven’t quite grasped the new reality Lastwhisper and who are still listing their houses for a booming market. However they can ask whatever they like, it is the sold prices that are the market bellwether…the reductions reflect the unrealistic original market prices and the sellers reducing as they try to stay ahead of the falling market.

Be careful you’re using the terminology and that’s going to out you. Try not to let the mask slip and you can probably get away with it for a few more days before you get banned from Mumsnet.

Yep, no idea what you’re blathering about @HiveBee, unless it is the term vested interest? Might surprise you to learn that this is widely used terminology across the economy, not just in relation to housing assets.

Don’t you worry about me getting banned, save your energy for worrying about falling house prices, because you do seem to be in a bit of a lather about it.

Independent evidence from Rightmove! Brilliant.

Have you even read it? It says that average asking prices are fractionally higher (no details as to what/ where/ why) and then goes on to say:
'However, Rightmove warned that the effects of wider economic uncertainty could take time to filter through'
and that FTB demand has reduced significantly in the last 2 weeks.

Before you go around MN accusing others of being HPC trolls, take a bit of time to consider your own agenda.

It's been obvious to anyone who reads the news that 'the sky is about to fall' as @HiveBee has decided to term it. We are in serious trouble and that will impact house prices as even estate agents are now admitting.
I'm sorry if it doesn't fit with your personal agenda but there it is.

I suspect there is name changing going on here and the same posters recycling their views under different names.

I’ve done a bit of research on this and might be of interest. Rightmove use the initial asking price for homes but don’t include subsequent reductions it seems.

@HarpoBoy stop being a dick. I’m buying in C London and estate agents are saying exactly the same thing - deals falling though as people need to renegotiate mortgages. I’m getting daily alerts about price reductions and personal emails from agents about “motivated sellers”.

Hmmm... seems the facts really have rattled the cage of the HPC lot today.

I note that you haven't offered a single shred of evidence that prices are falling. Says it all really.

Not great. Very very slow

@HarpoBoy

I live in a block of flats in London Zone 3. The downstairs neighbours have been trying to flog their flat for ages now. I remember seeing one viewing (though I'm not at home all the time). They are asking silly money though, £475k. I got mine valued at £425-£450k if we're bloody lucky.

My mum lives in a large rural village in the Midlands and a house in her road was originally on sale for £325k but it's only had one owner (my mum is the same) and the kitchen Is dated from the mid-70s and it still has the original heating system. The interiors haven't changed for the best part of 50 years. My mum's house, in good nick and with central heating, upvc windows etc is worth about £275k. So the house on the market needs to come down A LOT to be brought into the 21st century. Mum says the relatives of the bloke whose house was are going to be bloody lucky to get £325k in its current state.

It's totally a buyer's market now.

This isn't the stock market where transactions can happen in seconds and liquidity is massive.

It's going to take some months before you actually see it being reported as statistics of "house prices have fallen X%".

But it's already in motion. Easy enough to see on Rightmove, floods of reductions everyday that simply wasn't the case 2 months ago.

And this is considering mortgage offers last 6 months usually, so you'll have some naive people continuing with their purchases at pre-September prices.

As time moves on these buyers will fizzle out and the buyers that replace them will buy based on a target 5% rate environment.

Sales will slow down further and price action will occur from those who urgently need to move or are forced to move.

Eventually once inflation stats are on the way down for 2-3 consecutive months, the BoE will signal lowering of rates. Then the next bull run will begin.

the days of ZIRP are over. the experiment is over and proved to be wrong

Never said anything about zero interest rates.

I only need to look on rightmove to see that prices are falling.

Its not rocket science.

There is always a lag with the land registry (more so now since covid) so expect to see huge drop in sales or big reductions after Christmas.

I feel very sorry for those part way through the selling process. Chains will break and houses will be stuck on the market if vendors don't reduce the asking price. Obviously, not everyone can do that.

It's a mess. And all so the tories could enrich themselves and their mates. I hope you all remember "Trussonomixs" at the ballot box!

I think I was very lucky. I put my house on the market mid august. It went live on Monday evening, 10 viewings booked for Tuesday and 3 offers on Wednesday before 10am. We are set to complete next week. I won't relax until the money is in my account and the keys handed over as you hear so many horror stories of things falling through at the last second.

Forgot to mention all 3 offers were asking price or above.

Some of the replies to the thread are simply amazing. Some PPs believe that UK housing market is somehow insulated from anything that happens in the world because we are an island with lots of immigration. All they need to do is do a simple google search and see what is happening in Canada, Australia, New Zealand and the US.

Canada is currently going through historic correction and it has the highest per capita immigration in the world. Why? because the speed with which interest rates have risen. The market there is completely stalled with condo sales falling 90% YoY.

Australia and New Zealand (both islands apparently and supported by lots of immigration) are also witnessing historic correction of approximately 10% already. Granted they have had much significant covid boom in prices but still the prices are correcting.

US just reported highest monthly fall in almost 10 years with market coming to a halt due to high rates.

Yet some posters would like to believe that the UK house buyer is somehow immune to high rates and affordability issues. Guess, emotions clouding the facts is a real thing.

UK is expected to enter recession this quarter (much earlier than other G7 countries) and this will further impact / stall the market

This is why Rishi was saying we need to buckle up. It’s a global issue, the UK will have to follow the herd and increase interest rates along with every other country.

Great post.

Some people need to accept the new reality, but its difficult for them to accept it

I can't see that Land Registry figures will be reliable for months re house price falls. I sold and bought in March and neither of those sales have been put on LR yet. It's going to be a completely different market even by the time those sales are registered. But still monitoring Rightmove closely (force of habit!) and basically everything is reduced now.