Will the property market pick up?

[mama2girls0]

We are hoping to relocate within the next few months we but have been keeping an eye on the property market and are not noticing much coming onto the market. People keep telling us it should pick up come March/April time as it does each year. Do you think this will be the case or is it unlikely given the current financial situation? Thanks

Of course it’s beneficial to us!

The OP is talking about the market picking up which my post clearly demonstrates it isn’t 🙄

@deadhighbungalow ”The only people who benefit from high property prices are money lenders.”
I don’t know why people cannot see this.
It now takes 2 full time wages to pay a mortgage. People are not having kids because of it. There would be so much more money sloshing around the economy being taxed and re-taxed at every step if property was less expensive.

There are so many properties around where I live who have builders , etc... in doing extensions and loft conversions.
People seem to be staying put.

There has also been a plethora of leaflets from estate agents , recently, almost begging us to put our houses up for sale with them.

I'm in SE England.

Do any of you read the MSM?? It is universally predicted that house prices will fall- some say up to 10% in the coming year.

Thus the people who actually monitor these project the trends. It's lovely to get replies from people in similar buy/sell boats, but the cold winds of reality are blowing cold out there.

@deadhighbungalow you forgot, in your profiting list, baby boomers, or their offspring.

The only way to get ahead now is via inheritance.

I'm officially late baby-boomer. My parents bought their modest, 3 Br Wiltshire house in '69 for £4000. 2.5x my dad's salary. We sold it in 2014 for £450,000.

My early adult DSs got £50,000 each from that. They'll be okay.

@deadhighbungalow yes but we're also going to be trying to buy something within a mile or 2 of here. Currently if we were under offer we would have nothing suitable to offer on.

My house has been on the market for 10 days, and I have two offers come through today. Final viewings on Monday. I priced to sell. It's a rental and needs refurbishment. It's ideal for first time buyers.

Why are you exiting the rental market?

I'm overseas, and I was planning on moving back into the property but decided against it. I need to sell to refurbish a property I bought last year.

Thanks.

So did either of them offer you full asking price?

Yes both, it was on for offers over. But it was priced attractively, and the local primary school is rated as outstanding which also helps.

It’s not quite that simple. They will likely fall but much depends on the performance of the uk economy.

the most common opinion from those who carry weight is 6 percent drop from the peak of last year if things stay as is. However the outlook is inflation will half by December and it will bounce back hugely with pent up demand, mortgage companies are already putting our deals to capture it, eg 25 year mortgages with much lower rates

for the next few months most people will simply hold, maybe test but ultimately hold . Mainly people are worried about cost of living increases so don’t want to take on more debt. Buyer demand and housing stock is down v pre-pandemic levels, but with interest rates dropping it could give it a bounce. Zoopla estimates buyer demand is down between 20-50%. People just don’t want to take on more debt right now and are waiting it out.

so yes likely drop of up to 6 percent from last years high, with reduced sales and then a bounce back early next year.

Yes, it will. I've been in discussions with local estate agents over the past few weeks and they are all saying the same thing - that demand is 'softer' than it was a year ago, but that it's still there - perhaps just fewer potential buyers per property.
For sensibly priced properties in desirable areas with good links/ schools/ communities etc the demand is still there. It's the overly ambitious and quirky stuff which isn't shifting so easily.
They also said the MSM is usually reporting on sales data which is up to two months out of date, but their own recent sales data is showing a 1 - 1.5% increase in house prices for February.

my mortgage broker, EA friends/family, and financial advisor have all advised the property market will become more and more of a buyer's market.

Haha! This comment from March about prices going up is priceless!