How is the market, where is your location?

[Sublime66]

I am noticing extreme variations of price market activity across our little islands. Anywhere north of say Oxford and house prices are still rising, maybe due to a lower ceiling with room to grow. Anywhere south of Oxford and prices seem to be declining (RM reductions) because the prices are just too high versus the current cost of money (unless in extremely sought after location).
This is all very location dependent, how is it where you are?

We are south of Oxford and buying. Sadly for us we are looking in one of those extremely sought after areas and not seeing reductions unless the property needs a lot of work. Prices may be a little lower than last year and staying on the market longer but the good ones get snapped up.

I'm selling a probate property in south Hampshire. It's been on and off the market for the past year, initially priced too high due to the other executors unrealistic expectations. Reductions followed but still no interest. Eventually an Offer made and accepted in October (when it was terrible politically/economically), they pulled out just after Christmas when they were due to exchange. Lowish offer, but it was the only one we'd had. 2nd (cash) buyer came along, we accepted an offer £35k lower, he strung it out then pulled out when we pushed him about getting a survey done. Now under offer a month later for full asking price (95k higher than the last offer) to buyers who seem keen, already exchanged on one of their own properties and their survey is booked for this coming week. Searches also started. I'm feeling quietly optimistic this time. House is a 4 bed 1980's detached in a nice location, tired and in need of updating and extending to come up to be comparable to the other properties in the road. But it's clean, cleared and livable in, not a wreck.

There's not a huge amount in the market, but serious buyers are still out there.

We’re looking in a sought after village in the SE. Things are going quickly if they’re good. We’re selling near Cambridge and it’s pretty dead. Luckily found a buyer eventually but it took a couple of months.

Mid Cornwall. A weird one. Tons being reduced or just sitting there. Really inflated price lists out of nowhere so a house I looked at 9 months ago for 257 was listed recently at 398. Quite a few like that.

SE the Victorian terrace houses appear to have jumped up in price now it's not unusual to see them priced from 400 to 500 thousand £s
No parking either

Where I am looking (around Lytham) hardly anything shits unless it’s been reduced 50k or more.
There is an occasional beauty comes up, once every couple of months, that goes SSTC in a couple of weeks at top dollar, but these are not standard houses.

Shifts 😊

Selling in SE London. Not much on the market- the properties that are on the market are overpriced. We sold ours (3 bed semi) in 2.5 weeks.

Buying in Sussex- similar situation in the market town where we are buying. If well priced and/or in certain school catchments, they go quickly. If not, then at least one price drop is the norm (looking at 4 bed plus with large garden). We were lucky that the perfect house was on the market when we accepted an offer.

We are FTBs in West Oxfordshire. Had one purchase fall through last year and prices have dropped so much we can now afford a bigger house. Lots of reductions but there’s a sweet spot where houses are still selling quite fast.

Seems fairly static where I am (East midlands). House prices seemed to reach a maximum late last year, ones advertised now aren't selling at those prices. Very low volumes.

Of the ones that did go SSTC at peak there is little data coming though as to what they actually went for.

I think we are in a "realization phase" at the moment, where sellers are struggling to understand buyers can no longer raise the money to pay top prices due to increases in interest rates. Some sellers are reducing to get ahead of the curve, but I think it is going to be a couple more months before reality really starts to kick in.

There are of course micro markets all over the place.

I'm in Northumberland and we sold for £165k. A house round the corner of a similar size but with a bit more garden has just gone on for £275k. We bought a big 4 bed for that in March! I'm so surprised at this pricing and it's not the only example

NW coast. I've been following the market for about 18-24 months now in the £200k and under bracket. The first year or so of that time, the number of houses in that bracket sat around the 30 mark. It now hovers around the 60 region. Also, a fair number of those have had 1-2 reductions in price as well (or no reductions, and they're sitting there from about last Nov / Dec / Jan).

The ‘realization phase’ will be hitting the builders soon doing extensions and conversions.
Previously they could quote high knowing the customer would be whacking it on the mortgage at near 1% interest rates.
Now money has suddenly gotten ‘real’ again.

”popular” bit of South Yorkshire. Good properties are going over asking. Anything that’s a compromise is struggling.

Cornwall as well- there seems to be quite a bit coming on to the market, I suspect some are ex-rentals/ex-air bnb and prices appear to be dropping slowly. There are quite a lot of new builds in this area too- the prices for them seem quite high, but they are increasing supply as well.

I'd say prices for the average sort of family home have maybe dropped 10-20k since last summer.

On rightmove, you can also see things which have sat on the market for months, or been reduced, which you wouldn't have seen last summer either.

A small town in Central Scotland, houses here are still selling thousands over asking. Saying that houses are so much cheaper here than southern England.

Edinburgh is busy and prices still going up.

Unpopular city in Cambridgeshire- 2-3 beds selling quickly, as are newer 4-5 bed. Older big houses are lingering.

I should clarify that this is minimum 3 bed houses. I don't look at shakier properties as I'm not interested in those!

Shakier? Smaller. Sodding autocorrect.

Just had a look further west in Cornwall, where I was looking previously. The market also looks slower than it was there, with things sticking around for 6 months or more. I don't think prices have really dropped, and people still aren't dropping prices that I can see. But again it looks like a lot is coming on to the market, and prices don't appear to be rising anymore.

There is a LOT "offered for sale with no onward chain" which I assume means they aren't/weren't family homes.

They might be ex-rental? A lot of the the 3 bed semis in our area look like they've been rentals with the landlords selling up.

There are far fewer on the market in my area, several pages of search hits on RightMove have gone down to around two.

Quite an interesting time from the comments. Evidently the market is not where it was last summer by a long shot and we’re seeing it starting to turn.
Will be interesting to see where it goes this winter.

Shropshire - In my area we have a mix of period properties and new builds that lie on the outer areas in the town. The period houses and houses closer to the town (mix of post war and 1930s) selling like hot cakes. I sold in April after a week on the market. Had a fair few viewers relocating from London and have had a few flyers through the door from local agents stating the same. It is a very pretty area and I relocated here just two years ago myself and love it, I imagine now more people can work from home it has opened up a whole new set of buyers into the area. For the quality of life you get and being far cheaper than buying in the South I can see why it is so popular.