House prices back on the rise. The madness returns!

[maxi2100]

Ignore the news reports predicting falls. Went to 2 viewings in London today for 700-900k houses , back to back viewings, 15 minutes max. 3 couples at a time, going to sealed bids etc. My other friends were allowed 10 minutes for a £800k flat. The madness has returned 😂

In fairness if you found a decent house in a decent area for 700k-900k, there would be no shortage of demand, because in London you won't normally get those things for that price.

The 800k flat is another matter, and must have been in a more expensive area. Even in a slow market you won't find any bargains in London.

Property markets are all very location and housing type dependant, also in London. Not as many first time buyers as keen to buy now as they were when rates were lower imo, especially while there are numerous signs the market is cooling and lowering.

The issue in London, rent is so high that people are desperate to enter the housing market regardless. Saying that I know people who are trying to shift flats bought in 2017 for the same price or less than was paid.

Outside London and outside of bigger cities is a different story. Where the prices rose so much during the city exodus of the pandemic, combine that with lower local wages and those prices will see much bigger falls now.

Had a look at Rightmove recently. Of the sixty houses within a mile of where I live, I a third had been reduced.

yes, first time buyers simply can't afford to buy in most of southern England given the dramatic increases over the last 2-3 years. something has to give at some point while wages catch up or inflation reduces

Wages won’t catch up. Housed can’t just increase and increase for ever. Especially South East.

I’m in the south east. It’s definitely slowed down and there are reductions but properties in good condition and in sought after streets are still selling and occasionally going to best and final offers. We have just had an offer accepted on a place that was advertised with a guide range price. (£25k range) They would not accept anything less than the bottom price in the range. I think a year ago it would have gone for over the top end.
Places that we viewed a couple of months ago that were a lot cheaper but needing lots of work are still on the market.

Exactly, average people can’t buy them. so prices have to come down to continue the market for the majority of people. Especially when inflation is so high consuming the majority of people’s finances.
if prices don’t reduce now, after such a vast increase over a short amount of time, the world is fucked.

@Sublime66 the market won’t be continuing for the majority though. I think we are going into a new era of corporations owning most homes and majority will be renting forever. The few will own who have wealthy families or whose parents currently live in areas with high house prices who will pass the money down when they die. The world is going to be a very different place. Blackstone was the biggest purchaser of homes in the US last year. That’s happening here too with big companies buying up homes. Soon we will look back to now and realise the era of renting from smaller landlords were the best days !

Which area is this ?

Sure, that’s been happening for a while and with all the changes coming against private landlords, will be the new normal.

Still house prices will decrease for a while, they have to at some point.

Everything still sitting on the market for months with gradual price reductions where I am.

The market is so much more frenzied that when I first bought and you got the opportunity for multiple viewings and time to think it over.
It's seems insane to me that you're about to make the biggest financial decision of your life and you get about ten minutes to make it

Very little on the market where I am, everyone is sitting tight. Usual splattering of houses which languish, the ones over priced from the start, which you always get irrelevant of the market.

people always predict a crash but there is no doubt people are still affording them in the majority. Demand still outstrips supply. As people live longer, stay in their houses longer, there is more and more demand for hours, hence all the new builds sprouting up. So yes, when col settles down, the increases will continue.

Yes. Looking at RM, the crap ones are not selling but good ones are flying off the shelves. During Covid you could sell 4 bits of wood and call it a house and there would be a bidding war. I've taken longer to choose a sandwich than you are allowed to view a house. Crazy

All in London so one in Beckenham, one near Palmers Green and I think the flat was near Herne Hill or thereabouts.

In the area I'm looking properties are hanging around and prices are being reduced. These houses are generally in poor condition and/or undesirable positions.

However, the one house that I'm interested in has had about 15 viewings in the first week and 3 offers so far.

I think it shows that decent houses will still get a lot of interest and prices will stay high for them.

I think there are pockets that are not affected, but in the Sw lots of decent houses hanging around for months and being reduced.
Asking prices and sold prices are two different things, there is also a few months delay in figures.

Prices are still high, although houses are not selling as quickly and not as many houses coming to the market here.

I do enjoy a gaslight.

SW - Cornwall overpriced madness as usual. Half a million for a 3 bedroom house.

My part of SW London has defo seen falls although I think the 700k bracket is likely to remain competitive for families moving up or downsizers. are you in a cheaper area as 700-900k isn't the normal price for a house in the trendier areas.

The issue in London, rent is so high that people are desperate to enter the housing market regardless. Saying that I know people who are trying to shift flats bought in 2017 for the same price or less than was paid.

Same re flats & agree that rental
prices are insane

also interest rate rises have really filtered through, owners will be coming off fixes.

I viewed a house in Hull last week and there were group viewings. I had to view with a man and a separate couple and as we were leaving 2 more people were arriving. It had only been on for 3 days.

I had to view with a man and a separate couple and as we were leaving 2 more people were arriving. It had only been on for 3 days.

Estate agents deliberately cram the people viewing the house into tight joint slots to create pressure and give the impression that there is huge demand. The house will be sitting empty apart from a few hours on the weekend, and the estate agent is probably twiddling their thumbs. They could absolutely give longer private viewings if they wanted to.