Is there suddenly a lot coming onto the market/lots of reductions in your area ?

[Poppingboba]

I have noticed it in my area where there was a shortage for years. Is this the start of a proper slowdown?

Flats are definitely struggling in my area. I think one thing about hybrid working is rather than spend 650k on a flat in z2/3 you can buy a house in z4/5 for the same price. Plus it's harder to make 200k on the flat you bought 5yrs ago which is hitting house prices.

Lots of reductions in North Devon, lots of properties been on the market for 6 months plus.

Not much coming on the market locally at all.

i did notice a few cheaper BTL properties come on the market a few months ago probably about 15% below their value but the issue is they all have sitting tenants in. I suspect it’s the same seller who is offloading their portfolio, even though they’re a good price nobody is buying them. Someone wanting a home won’t want a house with a tenant in I guess. I did the sums to see if worth buying and renting out and decided against it. Especially as in 3 years you’d have to spend 3.5k to get the epc rating up to standard.

Virtually nothing new to the market here for about five months. Most of the sticky houses have been ‘over - extended’ , perfectly nice four bedroom houses with an extra two tacked on in the garden, or enormous open plan glass boxes which shriek ‘I’m going to cost a fortune to heat. ‘ The ultimate found here is a very nice five bedroom house which now has a another tiny bedroom with ensuite crammed into the loft, and a bed sit which used to be the garage. Where do you keep all the stuff that most people keep in the loft or garage? Under the bed?

of course, it has cost a lot to do the extensions, so they are all living in hope that some one somewhere wants a big expensive house ( which they don’t want themselves).

Things seem to be moving here - the FTB end of the market is going quite fast, although the prices have fallen off a smidge after the Kamikaze budget nonsense, but we're a bit of a bubble for families moving to England from Hong Kong so lots and lots is getting bought there by cash buyers. The bracket we're looking to move up into (4 bed or 3 bed and good office space) is moving slower - but lots of stuff is still overpriced and hasn't readjusted down yet. Was quiet running up toward Christmas (we had 2 viewings or something and then sold to a family spotting the sale board up on-street) but then picked up going into January.

I am actively looking on the coast in the SE and whilst there are a lot of reductions, which is good for me as a buyer, there is not much coming on the market. So half of your question is true for me.

I monitor the Fylde coast, excluding Blackpool and Cleveleys. A few getting added, but it’s very slow going. Last sales were September with a handful in November, since then hardly anything. Plenty of 25k drops.

Definitely. Where I live, alot of terraced properties on market. I think alot of landlords selling up. It's too much hassle for not great return. I am seeing many asking prices being reduced.
There's a widget you can download that displays price change history on Rightmove. Fascinating stuff. I check daily as I am in the market for my first home.

Not where I am. But the 50k starting guide price houses are back. They disappeared last year

Yep , houses still on for stupid money and not selling. There's reductions but only little ones like 10k still not selling.

I live in Yorkshire and have been toying with the idea of moving to Manchester for work. The prices seem crazily high there!

Nope nothing on the market. We were
Listed but pulled off because I dont want to tie into ridiculous rates and I expect others are in the same situation - would be nice to but don't need to so sitting tight.

Was looking before the pandemic late 2029 at 3 Bed semis in my area and they were around 200k,same ones now being listed at over £300k with nothing done and to them, a 50% increase just because is ridiculous and greedy, they are no better than the PS5 scalpers who brought up all the stock then sold at twice the price, hopefully greedy sellers will get there tuppance one day

My part of se London houses still being put on at peak 2021 asking prices. Then reduced by a couple of percent after a month.
As a minimum I'd expect prices to go back to pre pandemic prices over the next few years

I have actually seen a couple of houses (in my narrow search area) that have not sold and then come back on at a higher price! Crazy!

No, in the south east here, very little on the market other than the stragglers that have been on for ages. People are only selling right now if they have to. I expect it will pick up by spring.

Loyd of reductions and quite a few new listings too. However the average is still much higher than only a couple of years ago so still feels overpriced.

It could be a knee-jerk reaction to the COL crisis in the case of bigger houses. I reckon that the valuations are coming back too low for successful negotiations in many cases. I am also thinking that giant glass extensions are now a thing of the past and compact rooms will become a favourite again because it is so easy to turn off the rads and close off the ones you don't use.

Gloucestershire - lots more 2-beds coming onto the market, and lots more of them aren't shifting. This market seemed to be fairly fast-moving but now there's quite a lot of choice and even the newer style don't seem to be selling quickly.

I'm watching this market as I'm about to list my 2-bed.

For decent/nice decorated houses not too much price reduce in my place (North west area). they just sold out fast.
But quite a lot of mid/end terrace house who need completely redo coming up.

I'm just saving at the moment (in precious metals) and won't start looking properly until prices drop below pre-Covid levels. There's no need to rush this crash!

Houses that were worth £220k in 2021 are now being purchased for £280k here

We're moving away and every house in the town we're going to has been reduced in the last 3 weeks by £40k or more.

So it's very area dependent and there is definitely a downturn where we are going (150 miles up the road!)

Where we are (Notts/Lincs boarder) lots aren't selling then they go up for rent instead but the rents have really gone up so they aren't shifting very quickly either.
There's a demand for rentals but so many are so expensive nowadays if people's landlords sell up and they need somewhere else lots of people are worrying about the increased rent

I've had alerts on same area for 18 months now (we've now bought but I haven't cancelled them!). End of last year it was an occasional new one coming on (usually looked like probate type property) and a steady stream of reductions. Plus some back on having SSTC earlier in the year.

In the last couple of weeks there's been a flurry of new ones on the market.

I live in one of the bank-of-mum-and-dad 'hotspots' which would be one of the last to buckle. However, I believe it is slowly happening. As for MN popular places like SW London, there have been gradual price corrections happening for much longer than that.
I am tracking period houses rather than flats and newbuilds because I know that London flats and newbuilds have been struggling for a couple of years. One newbuild in our area has had a reduction of over £300k in the last few months. it was ridiculously overpriced but the developer managed to sell a number of them in the past year (he built around ten). I am sure those buyers are fuming!