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.

I tested this for all properties here. 271 went onto the market and 28 of those are SSTC.

That is a good tip re Rightmove!

2 have gone under offer in the last 2 weeks.

52 on the market in 2 weeks

Highest price £3.25m lowest price

£190k for a studio flat

Ooh, smart, thanks.

Just did @XVGN method.

53 out of 800 houses sound with 10 miles of my house, and 25 out of 365 houses with in 5 miles.

I do this to check the 'flying off the shelves' areas. I've linked to a couple of searches on this thread. Very low percentages are marked as STC at present and often half of these have been reduced. Also, there is no certainty that these sales will complete, a lot falling through at present.

Thank you!!

I'm as my user name suggests...

About to put a nice 3-bed on the market in Oxfordshire, so will report.

Interestingly, the boss estate agent said market was good and the underling let slip things are slow!

Good to hear that house around £200k are selling quickly. We are hoping to love soon, house is about £220k, 2 bed semi in a nice cul de sac with garage, parking and large garden for the size of the house, so I’m hopeful will sell quick. We will be looking at up to £450k, hope we can find something as that sounds like a tricky bracket.

I second this recommendation. He's definitely worth following.

0.5mile of our flat central Manc.
200-475k
47 listed last two weeks
3 sold/under offer

The video that @XVGN referred to:
https://twitter.com/moving_charlie/status/1668951757123141632

North East. Feels slow here though we have a quirky character property so don't appeal to all. On the market 16 weeks and had 8 viewings.

The neighbours have been up for sale since last October, changed agents once, went on immediately with different agent and reset the clock, came off the market and reset again with new pictures.
They are reducing in line with the Zoopla index but as someone suggested earlier, they are probably overpriced given the current condition by 30%

@BeastOfBODMAS
i agree my son is buying and what he wants to buy he plans to stay in for at least 10 years maybe longer
he also wants the extra room in case he wants a lodger
so he’s not compromising on much

he wants something that needs minimal work doing to it

3 beds and two receptions and ideally an extra toilet 😂 and a garden

He viewed one today which he really likes and is pretty much perfect
its on at 325
been on a month and he is the only person to have made an offer despite lots of viewing
he offered 310 - but will go to 315 if necessary
He could actually pay the asking price as he had a big inheritance but he doesn’t want to do that

he also told the estate agent that once the interest rates goes up next week he said he won’t offer any more as the prices will probably drop anyway

He can afford to sit and wait for the prices to drop
a bit more

most have and there are lots of rentals houses being sold lots of landlords selling up

when I sold my late parents house in Nov 2021 I had more than 8 offers all 30k over the asking price and it was a dooer upper
sold it within 2 days or so

Now I would be lucky to sell it at all

Very flat here sadly (North East) and only a handful of viewings since going on the market 2 months ago. We are wanting to downsize and the houses we are interested are going really quickly

Well, I said steady, not flying...?

15 houses have gone up for sale on my estate in the last 6 weeks, 13 have sold within 2 weeks. All ex council houses under £150k.

Lytham St Annes. 350 <> 650. In last 2 weeks, 39 listed, of which 14 are reduced prices or relisting, 1 sold.
I guess the estate agents are using food banks now.

OX2. Sold easily in Feb/March and was in a bidding war for a house in the same postcode. It's slowed a lot since then IMO.

In my view the two elements are of course the mortgage costs but also whether it needs work or not. We bought a semi. A detached house a few doors down sold in under a week a month ago for the same price as ours. It's in beautiful condition but is about 30 years out of date, small downstairs as unextended. We thought it would take an absolute minimum of £100k or even £200k to make it the kind of house we would want, and we don't have either the time, the energy or the money. They priced it right and sold.

Having said that, we could have moved in and lived there fine.

We're looking to buy a small terraced house in SW London zone 3. When I ring up estate agents to book viewings for properties currently listed on Rightmove they're telling me they're sold even though they're not marked as such on Rightmove. They've said because not many of these properties are coming onto the market those that are keep getting snapped up at over asking. I get the feeling they're leaving them up on Rightmove in case sales fall through. It's probably different for flats - this is for houses. We have a viewing next week for a property that isn't on Rightmove yet in our perfect neighbourhood so am feeling hopeful about that one.

We sold our own house in the NW for asking price after 2 weeks on the market. Our estate agent didn't mark it as under offer until the sale had progressed to the stage where our buyers had their survey results and were happy.

@BunnyBettChetwynnd We were similar to you but needed a small mortgage and I think we’re looking further out into North Somerset. Completed a few weeks ago on a sensibly priced probate sale and got 10% off asking. It needs a lot of work but what we paid is £175k less than asking price of a done up one around the corner which has just gone under offer - assumably at a fair bit less than asking price.

It will cost about 60k to do up so even if market falls a further 10% from here we should break even (not that I shall want to move again). It took 16 viewings to find it .Fingers crossed for you.

I am in Shropshire too and SSTC beginning of April after 10 days on the market, accepted 3k below asking at 367k. My immediate area is full of Victorian houses and usually a sought after estate. I have noticed though an influx of houses come on and are now lingering, I expect because there are way fewer buyers. I was lucky when I sold in April that there werent as many on the market plus I completely renovated mine 2 years ago and it is in top condition, in comparison to those 10k less and needing a lot of work. My buyer is a cash buyer moving from London and I had quite a few Londoners look round. One close to me went up for just shy of a million last week and is now sold, we don't have that many houses of that value here and I do wonder if it money coming in from outside the area as more people can work from home and are relocating here.

On the whole though it is definitely slowing. RM shows in my town 119 came onto the market in the past 14 days with only 9 being sold in that time. Overall 819 houses on the market with 402 SSTC so close to half so not as bad as some areas.

I did check out some of his YouTubes but my God, he can waffle for England! Wish he would get to the point rather than make you watch for 20 minutes to make points you can Google in a minute like How to sell a house in a falling market.
I guess he drags it out to make people watch for longer (somehow he gets money for that, don't know quite how it works?) but I found it too boring the way he goes off at tangets and takes ages to make a point.

This is a serious question, why would you expect properties to sell within 14 days? That is a really short time scale in which to sell a property, especially in a stagnant or falling market.

It would be more realistic to filter out how many sell within 6 weeks say (in my opinion).