House Prices

[LGBirmingham]

House prices still seem to be rising? Does anyone else think this?

In some areas they are rising.

Flats are not rising.

Being reduced every week. South east

South East. Have had to reduce our property twice and still barely any viewings

In the areas of the city, giveaway in my name, around where I live things still seem very expensive and more so than during lockdown. A friend put a house on the market and was offered over asking price on the first weekend, they've done the house nicely but it has been badly extended by the previous owners and doesn't function well, which is why they're moving. So it isn't like it was an absolutely amazing house.

We own our house so it's not terrible, but I thought things would be dropping by now? We are hoping to move sometime within the next couple of years and keep hearing prices are falling which would suit us to make a step up. It just doesn't seem to be true on the ground and now mortgages are crazy expensive I don't know how everyone is affording it?

Rising and selling fast here

Still rising and selling fast here too.

@boobot1 @Internationalwomendayheadquarters where do you live?

I've said it before but i'll say it again.

In the long term, property prices always increase.

Yes rising here in the South East. Was worried we had bought at the peak six months ago, but still open days and things selling quite quickly

West Midlands. Still many properties going for over asking and very quickly. It’s a rising market but all the agents near us reckon it’ll plateau shortly.

Having said that, Devon and Cornwall looks like a market that’s struggling at the moment. Happy to be proved wrong.

North East here. Prices still relatively high and selling well, although I have noticed a very slight increase in the amount of time they are on the market.
We live near a new build estate where someone, who could only have lived there 6 months, is trying to sell their house for about £5k more than they're selling the exact same type brand new. I'm not quite sure what their thinking is.

@Songbird54321 same here. Someone has got their house on the market (basic 2 bed semi) on the market for a whopping £25K more than they bought it for less than FOUR months ago. They recently turned down a very near asking price offer too. Even the estate agents were flabbergasted that they didn’t take that brilliant offer and have held out for more. Not my offer btw - a very keen FTB. They have done nothing to it.

@Internationalwomendayheadquarters that sounds crazy. Perhaps the west mids are just acting differently to other places?

@LGBirmingham Im not sure. I do think this particular example is perhaps not indicative of the overall market, especially as the agents themselves were shocked.

I now take the view that if you like something and you can afford it, you should just go for it. Timing the market truly seems to be a mug’s game and in the long term property prices will always increase.

South east (England), coast, not a city. Definitely falling here. Things only selling if priced exceptionally well to start with or reduced a couple of times (even then most of the reduced ones aren’t selling).

North East - Next door sold in 2 days, for 20% more than they paid 2 years ago. Going really fast here

Houses are selling quick here (SW London). A friend's daughter just bought a flat in London and all the ones she was looking at were going at or above ask.
Prices aren't increasing at the rate they were, but still selling. Rentals are going up though!

Getting reduced here. And of two on sale on my street lately that have been for sale for some months now, one has been reduced, the other one has been taken off the market. (NW England)

Family homes going up and up and up here. East London

flats stagnant

Lots of reductions in a northern town where I am, but that's partly because there's huge new estates just built so supply is outstripping demand.
Also, lots being sold are rundown ex rentals as landlords selling up.

Falling here on South Coast, not much sells at asking now from what I can see. Most properties seem to be reduced two or three time before going SSC. Also noticed that often sales are falling through and houses marked as SSC reappear. It's not looking good when you consider two thirds of mortgage holders haven't had thier new cost of borrowing yet and interest rates still forecast to increase further. Its going to take one to two years for things to settle out.

Tbf I only look at houses because that's what I'm interested in. It could be the same with flats here too. Most new build flats in this city seem to be build to rent though.

North East. We've reduced ours. Prices seem fairly stable here.

Sold prices of London flats haven't been great where I am in SW London

It's not looking good when you consider two thirds of mortgage holders haven't had thier new cost of borrowing yet and interest rates still forecast to increase further. Its going to take one to two years for things to settle out.

that's the crux of it really