What happened to the prices falling in London?

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All the newspapers were reporting it, and still are, but I look at Rightmove and see absolutely no evidence of it! Prices seem more than ever!

Is it just me? Or has anyone else noticed a lack of house price drop off? Or am I totally wrong?!

They’re still being advertised at the same high prices.

But the real question is what they are selling for?

lots of houses just staying up unsold for months. It’s sold prices that will tell the real story, but that data takes several months to come through so it’s hard to analyse it in real-time.

I had a call from an EA a week or so ago. I asked them what they thought my budget was because they kept sending me houses that are well out of our budget. Her response was 'you can always make an offer'. Whether that means that they are expecting big reductions or they just want to get people to viewings, I don't know.

The fact the land registry doesn't update for over 6 months doesn't help - no idea what actual selling prices are.

In our area offers are about 15% lower than advertised price

That’s very interesting - I hadn’t thought they might not get the offers!

In the area I’m looking in, things are wildly more expensive than they were even a year or two ago. But maybe they’re not getting those prices now?

I do always wonder who can afford to pay those prices!

those paper told the price will fall since my childhood lol

According to Property Lion on Twitter, the data is showing people asking higher prices but having to drop loads and still not getting the offers.

There needs to be more forced sellers before the prices really drop, but supply is definitely exceeding demand atm. Just depends how long the sellers have before their fixed rates end.

Yep we sold a flat in November and it's still not showing on LR

Interesting! There does seem to be a healthy amount out there, just at eye-watering prices!

Try https://houseprices.io/ they show it much quicker than other platforms

I think no one is offering asking at the moment as they’ve read all about house prices falling with more to come and think they should be getting a deal. It feels like people are listing higher to factor this in. But lots of stuff is just sitting and not shifting. And it’s so hard to know what things are ACTUALLY going for.

Around our way the prices aren't dropping and although London may have stagnated for a short while I suspect they won't drop

It tends to be best not to wait for a drop and just get on with it. We lost a log of money on our last house on selling it in the 1990s in outer London but other than that period I haven't really remembered a difficult period with huge drops in price since we bought in outer London in 1984.

I am shocked seeing the prices in London… houses needing tons of work for £1.2/3m…!
Am really hoping they will drop or take offers… we’ve dropped ours by 7% as we are motivated to sell, but need more reductions to buy…

In the last month, two houses in the street round the corner from us (north-east) have sold for £25,000 more than their asking price within days of going on the market. 3 bed semis that went for £575,000. Pre-pandemic they would have gone for £400,000 approx. It's bonkers.

How do you know how much they actually sold for?

My neighbour knows both of the owners.

Stil very bouyant in my section of SW London. Houses go in sale and are sold within a week or two, so presumably going near or at ask. Rental sector is through the roof too.

Lots of reductions and things hanging around where I am (border of Zone1/2).

North East is still very popular - period houses in TimeOut locations will always be in demand. From what we’ve been told by multiple agents to sell ours, prices are about the same as peak, but not as much going above asking in the same competitive (crazy) way. I haven’t seen very much reduced and our neighbours have just accepted 27k more than asking a week after viewings.

it’s all relative, 10mins walk away in Walthamstow Village a mid terrace with 3 smaller bedrooms and a tiny garden is 1m….

Am in zone 5 and looking at 2/3 bed flats - what is coming on the market is definitely cheaper than a few months ago and at least one place I've looked at the sale fell through on is back on the market with another agent for £30k less than January / February. I've also noticed a couple of tenanted properties come up in the last week which suggests BTL landlords are shedding property.

Yes, BTL land.ords are shedding property for various reasons - eg interest rate rises, fact they are taxed on profits they do not make(interest rate rule changes) and particularly coming up for some the fact in a year or two you won't be able to let new tenancies below a certain EPC rating - one of my sons lets an almost identical house to his brother 2 streets away and one is EPC of one kind and the other below the threshold for no good reason actually - both have loft insulation so perhaps the evaulator simply had an incorrect view on the day for one of them.

Some people will be snapping up properties to buy because rents have gone up because interest rates have gone up I suppose. It is a very complicated uncertain situation at present. (I am in zone 5 too but not looking to move so not looking at any properties except those very close to me out of curiosity).

Prices have continued to rise in our part of sw london. A house on our street which is the exact same spec and design as ours is priced at 41% more than what we bought for 4 years ago. Our house was not a doer upper or fundamentally different back then. Madness I can't see them getting that .price but then places are selling well so who knows.

In the next village a friends house has fallen through as mortgage company said it was over valued by over £50k

Surely these lenders will not let places sell for silly money.