House prices

[insomniac1]

What is the housing market like where you currently live?

How does that work? You've had viewings but aren't on the market?

@HydrangeaHo we have an estate agent (photos done etc) but not officially out on websites etc . We have everything ready to go when we ready. The estate agent mentioned a couple of people that had sold and looking for a property like ours - they both then offered. But nothing has come on the market that we would buy :(

Sw/Wales and border. Not as much coming on but those that do seem to sell very quickly. I don't think stuff is going for over the asking price any more though.

Prices are high, but not much on the market. We really need to upsize so bit worried about whether we will be able to move (had a baby plus I now wfh full time due to employer moving office a further 60 miles away, plus DH work is now hybrid as his employer expanded no of staff without expanding office space during Covid. Baby was planned but we didn't anticipate 2 adults wfh when we bought 7 years ago!). Properties usually shift fairly quickly here but I've noticed that some have been hanging around for months and months. Not sure if people are sitting tight to see what happens to interest rates and/or are places not selling because no-one can find somewhere to move to.

Nothing selling where we are ( Warwickshire border).

Many houses being reduced almost on a weekly basis. One this week been reduced by £50k in one hit, others knocking bits off as they go.

Ignore your agent. They have a vested interest in signing you up so will generally tell you that things are going to pick up soon.

If you want to understand the property market in your area, look at what house builders are selling. A year ago they were selling like hotcakes here, with many over asking. Now, they are falling over themselves to offer free flooring, kitchens, pay your fees, pay your mortgage for a year, part exchange your house.

The market here is almost completely dead. Only very individual doer-uppers are selling, and they frequently come back on again a few months later once the buyer has got their builder quotes in.

Ignore your agent. They have a vested interest in signing you up so will generally tell you that things are going to pick up soon

Nobody instructs a depressed estate agent! 😉

Just so much harder to borrow at the moment.

We’re buying in popular SE town. Agent said the market was back to what they think of as ‘normal’ after a few years of being chaotic. For example we viewed, had a 2nd viewing a week later and then offered. No one had viewed in that time. A year ago you wouldn’t even get a viewing!

Quite dire from what i'm seeing. We are Lancashire and looking to buy. We sold our last house prior to covid and we've been renting whilst we decide where in the world we want to be.

There's an abundance of properties (most likely people looking to downsize now their mortgages have shot up.) The price's seem to be reducing after just a week or two of being on the market, which says to me there's been no interest. I'm not surprised really, given the climate. Our mortgage broker said yesterday that we are looking at 8-9% in interest rate, which seems crazy. I think the highest we've ever paid before was 5%. We can afford it but there will be many people who just can't. It's a sad situation all round.

A house similar to mine in my road sold within about 4 days, this is East Midlands. A five bed house on the next road that was a new build as someone had sold the end of their very large garden sold before it was built.

Where we are it's as mad as ever. House prices just continue to rise.

I saw a report yesterday about the government needing large houses to house large families for Afghanistan. I thought to myself that we should look into that just in case we put our large house on the market and receive no interest. Does anybody know the procedure?

Slow here. I think most people are sitting tight to see what happens next.

There's houses on the market and the prices are lowering to a point we can afford, but the terrible mortgage rates make it impossible. The mortgage rates are now an extra £500-£600 a month compared to a year ago and while we have close to a deposit we can't take on that rise in rates.

Which part of trafford is this? A friend of mine offered 7% on a house in sale 2 weeks ago and was rejected. The house has been listed for 3weeks now.

We are in a weird micro housing bubble which saw 60% increase in demand positive covid. When someone says on MN where shall I move to in the UK it’s always mentioned by the 4th post.

House market is shockingly slow. A few more properties have appeared on the market in the last two weeks but nothing seems to be actually selling.

I sold mine within 1 day of being listed a few weeks ago. But mine is a small property the buyers are going to rent out.

buying is more difficult as not many houses being added. I have a good budget too. Thankfully moving in with partner to be chain free. I hope something comes up soon

There's houses on the market and the prices are lowering to a point we can afford, but the terrible mortgage rates make it impossible.

This doesn't make sense

This is interesting as when I bought and sold last (around ten years ago) it took a while to sell mine and there wasn't a mad frenzy. It was all quite tame and you could view before you sold. Maybe the last few years have made normal times hard to remember!

I do think it's quite a shift in mindset for people to be paying hundreds of pounds more a month just on servicing debt.

Still brisk and rentals get snapped up very quickly.
Not much for sale but they seem to get sold within a couple weeks if the sign going up. Family friendly SW London.

This thread is so amusing. It’s clearly been hijacked by a ton of estate agents who can get houses shifted 😂

Really interesting replies.

We were going to proceed with a house but done legal issues have come. Not insurmountable but not ideal (the road is unadopted and owned by the developer) and I can't decide whether we go ahead given how few properties are coming available or we pull out because of this issue and hope prices don't go up

Honestly I know I need to make a decision but I'm massively struggling (I have anxiety and mild adhd) and it's totally consuming me. Need to made a decision by tomorrow