Are there just not many houses coming onto the market?

[Yikesno]

It seems like there aren't very many small terraced houses coming on the market where we want to buy (south London). I'm just wondering whether this is normal or whether fewer houses are coming on at the moment due to all the market turbulence.

I've also noticed that decent houses are selling really quickly. Often our viewings are getting cancelled as the house has gone under offer before we've had a chance to see it. On the one hand this feeling of scarcity is making us feel we need to rush/offer a bit more than we're comfortable with. On the other hand maybe we should just wait until next year whe there might be more supply?

Please could you tell me whether you've noticed fewer houses available to buy than say last year at this time? I've seen a few comments in this forum where people are struggling to find something to buy. I also know people who want to move but have decided to wait things out so their house isn't going up for sale.

Not much coming on the market in Z2/3 SW London. There are sales, but houses are being reduced which is the first time in a long time. A funny mixture of crazy high prices, crazy low prices (but then it's an ad for an auction), and not a lot being listed.

Most people are sitting tight and not moving right now. The logical approach.

Not much coming on in East Dulwich/Herne Hill. And what is there, is sitting there for months.

Admittedly the ones not moving are often stupidly priced - this flat sold for £950k a year ago, ie at the peak of the market, and is back on now for £1.15m - 20% rise in asking price since last summer. Bit optimistic! 🤣

We’re in a commutable Hampshire market town and in the last month there has been a sudden influx of family homes coming onto the market. I can only think suddenly a lot of people are finding their mortgage payments too much after the rate rises 😔

I want to move to Ealing, West London, in 3-5 years times, so keeping an eye out on movements in the market there. House value I'm looking at will be £900-1.1m, standard for a decent 3-4 bedroom family house in that area.

Hardly anything is coming on in that range, and anything that does is sitting there for a good month or so, before being reduced. Previously houses in that price range either weren't making it to RM, or were coming on already STC. If I was ready to make my move now, there are some absolutely gorgeous bargains to be had, as lots need a noticeable but not huge amount of work, which I'm not daunted by.

Oddly, houses in the £1.4-1.6m range seem to be shifting within a week or two. These are the higher end of the range for stunning Edwardian houses, and they are flying.

That flat price looks ridiculous, @Saschka. It's nice enough but come on.

We're looking in Streatham, Tooting, and also around Crystal Palace and surrounding areas. We only started looking a couple of months ago so struggling to figure out if the number of houses coming on in our price range is normal. We've also noticed than even if a house is showing as available on Rightmove, when we ring to book a viewing it's actually under offer.

Is there any way to see how much auctioned houses actually went for does anyone know? Not that I'm brave enough to buy at auction (I dont think) but it would just be interesting to see.

My DS is looking to buy his first property in SE London. Zero has come on the market in the last few weeks. A lot of flats are being reduced from frankly silly asking prices, but then others seem to be selling well. He really doesn't know whether to buy now or wait it out and hope prices come down and he can afford something better. He's waiting to see what his rent will be next year and that might be the decider.

Mine went on the market and was frankly overpriced (lowest of 3 estate agent valuations). It didn’t sell in a couple of weeks so I’ve taken it off. I would gladly sell for less as I know it was overpriced but the next stage up is massively overpriced so it’s just not worth moving for me at the moment as my buyers want a bargain (understandably) but those I’m looking to buy from want top prices. I’ll wait it out and I won’t be the only one.

In a buyers market which we currently have, buyers can afford to be fussy. So it's no surprise to me that the best flats are still selling well, whereas the ones with more compromises are taking ages to sell.

It's only when you are looking to buy yourself that you notice how much dross there is on the market - properties with weird floor plans, tiny rooms they pretend are bedrooms or owners who make no effort to maintain their places well or present them nicely. In a rising market they may just get away with it but right now, only the better and realistically priced properties will sell.

I would advise your son only to buy now if something that ticks all the boxes comes to market in his price range. He may not be able to afford that when prices start to rise again.

It is a bit unrealistic but it's not fair to compare the paid price with an asking price. The asking price may have been over a million last summer.

The EA marketing the property will know that buyers expects to knock money off the asking price. They are probably hoping to achieve a price in the region of 1Million and that's being optimistic. They won't seriously be expecting to achieve 1.150M.

Lots for sale in my nice area of Manchester but no price falls (big rises instead) and houses not moving.

@Twiglets1
I agree. He has seen something that he likes but the vendors aren't budging on price and he is terrified of overpaying in a falling market.

I wish him Good Luck.

He could just ask the EA to let him know if they receive a better offer for the property he likes. Very understandable at the present time though to be worried about overpaying.

It’s interesting reading these comments. I’m wanting to sell, have a 3 bed house in East Acton, W3. The house went on just before Truss came in.🤦🏻‍♀️ Had 5 offers accepted since then and all fell through, because of buyers nerves, one wanting all contents free, one saying the house was flooded and rotted but wouldn’t share the survey with anyone including his solicitor.. but wanted to get an extra £80k off on his say so..

That’s months wasted on buyers not following through or listening to the media and then panicking or making silly demands, thinking they’ll blackmail the seller into reducing more.. Eventually we also need to buy, so house is priced to sell, but not underpriced if that makes sense. We can’t go lower as then we’d end up not being able to afford anything else.

It’s now back on the market, so will see. But not all properties that have been on the market a long time are unrealistically priced imho, it can also be due to bad luck with potential buyers.

Yes you make a good point @AshRJ it can just be down to luck and whether houses on the market a long time have previously sold and had the sale fall through as seems really common right now. I think the media is partly to blame with their over dramatic headlines which makes buyers nervous even if they are getting a good deal on thier purchase.

In your situation I would probably take a break from trying to sell the house if you don't have another buyer by the end of October/early November.

Put it back on in January or February so it can appear as a new listing.

@Yikesno I would say some of those areas don't actually have many small terraced houses but it depends on your definition of small. Also some of those areas have seen quite high price increases so many may be sitting tight as it's a bad time to move. Do you have dc? Lambeth is one borough with a big drop in pupil numbers so be careful with particular area.

@Twiglets1 agree, we’ve had a couple viewings so will see if they pan out, but will take off market if not. Media is def to blame, the headlines were and are so dramatic it’s ridiculous. Especially for London, the market is generally more consistent than outside of London. So the prices are generally going to stay or rise, unless you’ve got someone completely unrealistically pricing but that’s an easy spot. To me I’d always research myself and do as I’m going to be a potential buyer.

Hoping it’s someone new who spots the house and offers. As if they’ve seen it on before they’ll still make assumptions unless they check properly. It’s a shame as I love the house, just had it in my head to move as didn’t want to raise little on in London.

Media is def to blame, the headlines were and are so dramatic it’s ridiculous.

I disagree with that, my mortgage would be about £700/800 more now if I had a shorter fix!

and it's not just affordability. I could afford to pay that rate but frankly I have better uses for that money as opposed to just servicing debt.

More of all types on the market where I am, but not much of it shifting.

I suspect this is the same countrywide, although there may be a few micro markets where prices and demand are/is still strong.

If I was currently a Buyer @AshRJ and liked the look of a house that appeared to have been on the market a long time, I would ask the EA about it.
Once they had explained the situation I would go ahead and view the house because it's well known that lots of Sales are falling through at the moment due to interest rises etc.

Thanks, helps to hear! @Twiglets1 here’s hoping! 🤞🏼

I think a lot of it is to do with the current owner. they may not be in a financial position to move - they have to also cough up extra money to pay the 6% interest for what is likely a larger house and so, some are staying put because they just can't afford the ridiculous over-priced houses they need to move into. Houses are over priced - that has been the issue, not the interest rate. It's creating a stagnant market as no one can really afford to move.

Theres plenty of small cheap terraces where I live (in the north) they tend to be in rougher areas though.

Ones in nicer areas tend to have had money put into extending them so aren't that small anymore.

Where I am in Bedfordshire (Bedford area ) there are at least 5 - 3-4 beds houses coming on to the market daily.
The under £300k selling quite quickly
under £500k -350 are reducing quickly but don’t appear to be selling, but I am noticing quite a lot of houses that were sold earlier in the year coming back on market at a lower price.

couldn't agree more with you!

sellers are having the shock of their lives understanding this and flabbergasted when buyers request more reductions. then the name calling begins. example: this buyer is a "snake", "dirty tactics", "a-holes". sellers need to grow up. honestly, it's just funny now how delayed they are about it.

if houses are more expensive, people will make more demands too. they want more for their money, not the crap that's on the market. and most sellers don't see that their house might be one of the crap ones. they're delusional.