What is the property market like where you live? It's dead here

[OnedayIlflyaway]

Haven't had any viewings for a month. Joint agents, very competitively priced. Have a potential buyer, but they need to sell their own house in North London; they've been on the market for 6 weeks. Agents tell me the market is very strange at the moment, mortgage increases are making potential buyers very nervous. I'm in south Hertfordshire.

SE commuter town

thriving

i wouldn’t trust an agent who hasn’t managed to secure a single viewing in a MONTH!

been on the market for one week and had 8 viewings, 4 more booked this week. 1 non- proceed-able offer.

what sort of house are you selling? BIL is a mortgage broker and he said activity for ‘starter homes’ and houses under 200k has started up again.

6 bedroom house, over £900,000, but have had FTB view. 😯

It depends where they’re looking to move to, though these sellers, I’m looking in the 3 to 350 bracket and there’s absolutely nothing to buy locally.

I'm selling an apartment also in a SE popular town. We've had one viewing in a month. It's disheartening.

This is true. We’re lucky in that there’s no upward chain. If we were selling and buying we’d be looking also around the 300-350k mark for a three bed and there’s not many of them coming up.

Things that are sensibly priced are selling but much more slowly, lots of homes being reduced and lots just not selling.
@OnedayIlflyaway if your home isn't getting interest and offers then it isn't competitively priced for the current market. The mortgage increases aren't making potential buyers nervous; they are making the homes unaffordable! If you need/ want to sell, you and your potential buyer need to reduce to an amount that buyers are willing and able to pay. Rates are not going down in the short term-medium term.

I'm in the NW and within a 20 mile radius (my daily search 😂) there's probably five or more million pound plus houses going up, lots and lots of 600-750k sort of range then a real empty patch until about 250k. It's weird!

I've got friends selling a standard first home as they're moving up to a bigger home, they've been inundated with viewings and offers. Other end of the scale - someone I know through social circles is selling a ££££ house and getting nothing. Think the rates are really impacting peoples idea of what is worth the money and what is affordable tbh.

Why have you gone for joint agents?
Here the market is sluggish - lots of very expensive houses on the open market.
Lots of downsizers who are looking to max out their gains and pricing too high.
So lots of reductions in all price bands.

£850K 4 bed, 1/3 acre garden, walkable to station 49 mins to London in Bucks, had two viewings in 2 months.

Thriving. Sale signs don't stay up for long. Rentals are snapped up immediately though. SW London where rents are £3500 for three bed terrace.

SE London

Slightly going up

Generally, big houses are not affordable to buy and not affordable to run. Rightmove price index is only going up because there is an overweight of big houses being marketed.

Check out moving house with Charlie for an unbiased view of what is going on.

... oh and give me a postcode (first section) where you think things are buoyant and active.

SW16.

(Actually I'm dubious but others reckon it's active and prices are rising.)

@XVGN I think it's similar here. Loads of reductions at the high end and they're on for much longer. Family homes in one particular part of town are £750-1.2, the only house that went quickly was smaller at around £600. This is just from me observing Rightmove.

These type of houses would be our natural trade up (3 bed semi to say 4 bed detached with more downstairs/office). Never happening in a million years, the jump is just too great.

Let's take a look. Yes, quite buoyant and active because folks have been selling at nominal or real losses. That was 6 months ago (the time between. sales being agreed and then being reported in the land registry). Have economics improved in the last 6 months? No, they've got a lot worse!

https://houseprices.io/?q=sw16

Same here in Norwich / Norfolk. We were looking to move to a 4 bed but literally nothing other than stupidly overpriced properties that need work!

In the South East in a popular town near the M25

Definitely slowed down round here. Houses that are on roads where there were bidding wars a couple of years ago are just sat on the market. They were overpriced to begin with so have now been reduced. Some twice!

Now if I was looking to move I would be thinking if I hold out longer it will be reduced again......

Some have been on the market literally for months (nearly a year) and not sold.

The odd v expensive house £2mill is under offer but then if you are that rich maybe you don't need a mortgage.

We had wanted to move but now given up any thoughts of that and staying put.

Yes also the mortgage woes now will really feed through to the figures in about 6 -9 months time

Pretty slow around here (Bedfordshire). Lots of 3 beds coming on the market but also lots of similar properties reducing their asking prices after a few months. That's just the 250k- 350k range from tiny terraces to larger semi-detached properties, nothing too high end.

It's taken us 7 months to sell. We had two earlier sales falling through after mortgages were rejected (buyer finances rather than an issue with the valuation) and are now on our third buyers.

In a desirable area in the north east. The market has slowed but more noticeable is just the lack of properties coming onto the market. Well presented family homes at a realistic price are still being snatched up in days. I’ve also noticed quite a lot of movement in the £1m+ properties- my guess is that there’s still quite a flow of Londoners moving up north and buying them.

I’m in C London and looking to buy. Not much on the market at all. Lots of run down flats being sold by landlords. Plenty of reductions and stuff sitting on the market. I’ve had to rent in the interim and noticed a few of the sales ones also on the rental market as they aren’t shifting.

I put an offer in on a property a few weeks ago but was competing against a developer. I backed out as. Developer pulled out after survey and agent came back to me. Property doesn’t look quite so attractive now with rates rising. Will wait it out for a few month.

Yes, as painful as the market is for many, it's also fantastic for people thinking about buying their first home, or trading up. Higher credit costs through mortgages will drive prices right down. I feel that it is best to wait 6-12 mo and build up an even greater deposit.

South coast seaside, 2nd home haven. House across road went in 48 hours.