House Prices

[LGBirmingham]

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

You cannot judge the whole market in your area based on the sale of one house.

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=USERDEFINEDAREA%5E%7B%22polylines%22%3A%22_%60loIrtlHlcE%7C_iAnoq%40utWpe_%40stWpq%60%40tcAwnAixv%40euLeomByyWucAilpAzrlC%22%7D&maxBedrooms=4&maxPrice=700000&propertyTypes=detached%2Csemi-detached%2Cterraced&mustHave=&dontShow=newHome%2Cretirement%2CsharedOwnership&furnishTypes=&keywords=

A brief search on 4 max-bedroomed houses in the Northeast. Some of the houses listed houses have been on since last year and a fair few are being reduced - so not exactly a fast-selling market.

I said my area, and not based on one house. Every house that has gone up has sold in days, granted I do live in a nice area but houses here are going as well as ever!

I sometimes wonder if people are more price conscious buying flats as they are more likely to be a stepping stone / FTB and more likely to sell on.

Family homes people may be more relaxed on over offering slightly as they are less likely to want to sell them again quickly as they are more of a long term buy. That was how we felt anyway and we have bought a flat (ftb) and a family home in London.

Just me wondering as opposed to based on any facts!

South east. Prices dropping. Houses that were valued and selling immediately at over £500,000 a year ago, lingering on the market at £450,000. New builds bought two years ago, optimistically marketed at £50,000 more that the owners paid, now only selling for their original value. It's a buyer's market.

Don't forget that due to inflation, house prices will actually be falling even if they stay the same or increase as long as it is still slower than inflation.

Mixed bag here. Anything needing work hanging around/being reduced. Cost and availability of work is insane. Anything done going on for high prices and going quickly. A few things in the middle still going on quite high - possibly because people not expecting to pay asking price so sellers building this in.

Overall they are rising. Net migration figures out in a few days will show over 700k people more in the country. While house building is at all time low. Or at least it feels like nothing is being built. Prices can only go one way.

Population is forecast to fall from 2025, about 30 years earlier than originally forecast.

Prices are not determined by the number of people but by the amount they can borrow and spend. That's gone down a lot since last year. Banks are offering much less, repossessions are up by 50%. Prices have crashed in the past during periods of high immigration. It's hard to see how prices can go up when people have so much less to spend. Interest rates will have to come down first but they keep going up and up.

West Mids here too. My area and searching within 3 mile radius on Rightmove, its basically dead in the water. Lots of reductions and hardly any going SSTC. Also seeing some come back for sale that were previously SSTC months ago, presumably chains breaking down.

It’s a mix here. Houses are being reduced but they were on too high in the first place and usually need work or have something odd like no bath or a fully paved garden. Standard nice homes are still selling quickly. There’s not a lot on the market here though.

Local newbuild estate are marketing ideal first time buyers’ homes for £375k which seems bonkers to me.

House prices are dropping here - northwest. Some home owners seem to think that they aren’t and their houses have been sitting on the market for months. Usually, houses in my area sell within a week. So I’ve definitely noticed a stagnation in the housing market.

Things are definitely taking longer to sell here although really nice places seem to get offers. Local prices are down by 6% since the summer according to Nationwide.

We found our dream home and wanted to offer but when we updated our mortgage agreement in principle the amount was much less than before and we have decided to reduce our budget or maybe postpone buying. I posted about it on another thread and lots of people were sharing similar experiences.

I don't think the effects of interest rate hikes have fully rippled through yet. If we hadn't updated our AIP before viewing we would probably have made an offer but then pulled out later on after some number crunching. I suspect that a lot of current "sales" are going to go this way, and prices still have a way to fall.

Sorry you missed out on your dream home! I'm not surprised people are getting revised mortgage offers because interest rates just keep rising don't they?

This is why I'm incredulous at the prices people are asking for houses round here. Maybe brum is just it's own bubble for some reason? A house that might have been 375k a year or so ago now seems to be 425k which is crazy considering how much extra you'd be paying in mortgage interest on top.

Are prices still rising in your arwa too? Hopefully if you hang on a bit prices will come down and you can find another lovely house within your mortgage amount?

It's stagnating here. North west market town. Everything is being reduced. More and more sticking for a long time. I know because we're looking to buy and the amount of properties in my search is going up all the time. Maybe it's just in the big cities where prices are still rising?

Agreed, the market is volatile and in a state of flux.
Some bidders are basing their offer on their new +5% interest rate mortgage payments.
Whilst others are porting a sub -2% mortgage with another 4 years to run at that rate.

Interesting times and not a level playing field.

@WomanFromTheNorth could well be. I just have no idea how people are affording it. Mind you many of the parents I meet from ds's nursery seem to have moved from London fairly recently so everything probably seems very cheap around here to them.

Could be more Londoners coming and offering these huge amounts and pushing up prices?

We probably won't move for a couple of years anyway as I'm doing a professional qualification atm so no energy for a move. But could be tempted if we saw something good at the right price. Will be interesting to see how it pans out over that time anyway.

Loads and loads of reductions here. It’s an affluent and usually buoyant place that historically weathered storms well. Houses are still £££££ but there is a clear difference to the last few years.

I see Rightmove have issued a press release today saying asking prices are up again and all will be ok. And so the fire is stoked a bit more, vendors feel justified in their pricing, the can is kicked further down the road. Nothing but reductions, houses returning to market and overpriced dross sitting around for months here.

Do you think people go by what right move say?

reduction's here in essex and market is very slow .

Edinburgh. Prices are still high and it’s a seller’s market. Very little in the way of family homes coming on to the market. Offers-over system in Scotland means it’s often more like an auction to buy a house here.

I think cities as someone suggested above are the areas with more demand. Most of the new 700,000 people coming into the UK in the next 12 months eg will be coming to cities. We are in outer London. Some houses completely over priced are still on the market (one for 10 years now so I have no idea what the sellers are thinking on that one!) and those correctly priced go.

Based on sm this morning, yes. Jubilation about the crash not materialising and so on. I'd like to think people were more savvy than that but it muddies the waters and is misleading - data is based on initial asking prices only, not reductions. Buyers particularly ftb are emboldened by articles like that and it's picked up and misreported by other news outlets.