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 don't expect that. It's a counter to all those people who are claiming that houses are selling really quickly in their area - within days. It appears to prove the contrary.

Try this. Every time you encounter someone with that sort of anecdote, ask them for the post code so that you can validate it with real data. They won't provide it because they don't like to be proved wrong.

I bet that there are one or two exceptions (I'm open minded) but I'm waiting for them to show me the evidence.

Yes. You have to endure the waffle to mine the gold. Even his economics side kick - Stig - has to tell him to get on with it!

Anyway, don't refuse to listen to the message because you hate the messenger!

I couldn't stand to get to his message because he was taking so long to get there! I gather his message is that we are in the midst of a house price crash that will see properties falling 35% in value? Is that the gist?

I'm not going to paraphrase him for you. If you want to learn then you'll study.

Ah ok - I get that it's like a counter exaggeration to the people who exaggerate how quickly properties are selling in their area.

Has anyone claimed properties are selling within days on this thread? I know someone said properties are selling steadily in their area but that's not the same as flying off the shelves.

I think it's useful to see what is happening to properties selling in your postcode - and I've checked mine in the past for interest - but selling within 14 days is a bit meaningless as that would be unusual even in a better market.

You do like to twist things a bit I think. It's not a counter exaggeration - purely for the simple reason that it's fact!

I won't try to listen to him again because I can tell he's deliberately dragging his message out with unnecessary diversions & repetitions to make his videos longer for monetary gain. I'm sure he's making a lot of money from them though so Good Luck to him, he's found a niche in the market and is exploiting it.

Fair enough it's not your job to paraphrase him. I will continue to read stuff available online about the property market.

Well you said you don't expect it (properties to sell within 14 days) so using that criteria is a it unrealistic don't you think?

Unless (as you say) as a counter to people who are being equally unrealistic in claiming that properties in their area are flying off the shelves.

Crikey, you're harder work than Charlie!

Someone says properties are all selling within days in their area. Data proves them wrong.

Not difficult?

He is hard work isn’t he?

I don’t think anyone on this thread claimed that properties in their area are all selling within days. We did get some anecdotal examples of houses selling within days. That is backed up by your data showing a small number of properties selling within 14 days.

Thank you so much@Seaitoverthere It sounds like your hard work paid off and you got a great deal there. North Somerset is a great place to live and I hope you'll be very happy in your new home. You've given me hope that we'll find something we love soon.

thanks

@XVGN I tried the Rightmove toggling sales/on and off and interesting results. One area (with no criteria filtered except no retirement etc); 29 added, no sold. Two other areas around 49 added, 2 sold (w/in 14 days).

Then I realised there's a bit of a fly in the ointment with using this method.

Estate agents don't bloomin mark homes as STTC or even under offer a LOT of the time these days. I called about a PERFECT house last week; it's been sold. I called about a perfect one three months ago; guy had a problem with his deeds so couldn't actually sell and wasn't doing viewings, then I looked again on Monday and it's sold. There have been many that I've called about which are under offer or sold and the EAs simply haven't marked them as such. Hoping to get backup lists if they fall through, I guess? Either way, it's a lovely waste of our time, and makes checking RM for sold indicators to ascertain the health of local markets problematic.

@KievLoverTwo I’ve noticed in our area houses we’ve passed have ‘sold’ signs up, but they’re not changed on Rightmove

horrible tricksters!

In our area, even a year ago, the local estate agent said there was a poblem selling houses larger than 4 beds.
Cost of living, elec prices, upkeep.

Generally, big houses are not affordable to buy

I'm curious as to exactly what you mean?

Are you saying that more expenses houses will be more likely to see price drops? As I would have thought that the lower end of the market is more exposed to rising mortgage rates, and less likely to be able to weather any incoming storm.

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

He's definitely not short of opinions and predictions, like many others. Time will tell how accurate they are.

No gym market tends to fair quite well that’ll be the 400 K plus thatll be most effected

What's a no gym market?

the 400 K plus thatll be most effected

What makes you say that?

I wondered the same plus what fairs have to do with it??

In my small neighbourhood which is part of a city, it’s hot and always has been. Houses don’t stay on the market much beyond a week or 2 and usually go for way over the asking price. I doubt it’ll change anytime soon

Preditive text. The bottom end of the market in 2008 did well. Anything £250,000 plus, £400,000 in todays value struggled but has ended up £600,000 plus.

Some houses that are £600,000 locally are not very big at all in terms of maintenance etc

This is more my supposition than anything else, but if you look at all of the large and expensive homes currently on the market, it is difficult to imagine that there would be enough buyers of independent means for them all. So, a percentage would require mortgages and if the above average couple are pulling in 100K+ gross then there is little chance of them getting and affording a mortgage to cover the cost of these large houses. What do you think?

Who can afford to buy ALL these homes?

@XVGN In London even a very small three bed place is now 700k upwards - and we're talking about a nice area with nice schools that would be 1.2mil. There are quite a few couples where both partners earn 100k plus. My brother is planning on buying a new place and he assumes that his mortgage will be 3.5/4k per month. Both of them are mid30s and management consultants

I know I’m gonna come across a wanker now but I don’t know anybody who works full time isn’t earning 60 grand each in the Midlands. Obviously we’ve got friends who are part time and on universal credits, but they were never in the game anyway.