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.

Also a lovely house I saw last year but has no garden or parking, is next to a busy industrial unit and a river prone to flooding, has come on today for 260k when it was on all last year for 250k 😬 It's the same agent too? I really don't understand house prices 🙄 Maybe they've come back to market priced higher because there are more buyers this year?

It could be that they simply can't afford to move for less due to the normalised cost of borrowing and cost of living increases. I think that's the reason behind a lot of the sticky sales in our area. A lot of people overpaid during covid and are, in a way, stuck and can't afford to reduce to a price the home will sell at.

Yes I think this is behind some of the high prices but not all. Some are people who've added a new kitchen/bathiom expecting to add £50k value. Then there's the huge increase in mortgage rates which probably means people can't upside without getting a high price selling their property.

House today in the area I like come on for 245k but needs a total renovation inside spending a good £60k to get it to the standard of a similar size house on the next street over that just sold for around £265k (just out of my budget). A done up house 2 doors down failed to sell at 255k after being on the market over 6 months (outside space was too small for me and I hated the interior style which was all brand new). So I'd have expected this new house to be around 210k max? Doesn't have a sale history and is chain free, so likely (yet another) probate. Needs wall knocking through to make kitchen-diner, new kitchen, new bathroom, all new flooring, lots of work in the garden (all patio but needs replacing) and the exterior looks in poor condition. Wondering if it's even worth viewing, as I'm finding few are willing to budge from asking price...plus I don't have the time to do all that work, and would really like something that needs nothing structural doing and just needs minor cosmetic update. All the houses nearby have had the kitchen-diner created, so this seems very poor value.

@amandaleeds sounds like it’s just a waste of time. However you could go in, say how much work it needs and say it’s worth 200 max. Give them a reality check.

Would definitely give that one a swerve @amandaleeds

I wouldn't waste your time@amandaleeds

I've tried that with a few houses. Will just keep my eye to see if it drops. Another has come up today after only being bought 2 years ago. Nothing has changed and according to all the house valuation sites, the value hasn't changed (dropped by £2k), but it's priced at 20k more!

There seem to be a lot of sellers like this who are just kite flying in the hope that someone foolish will pay the 20% uplift that they would like after 2 years. These houses seem to get gradually reduced over time. I'm seeing an awful lot of reductions now combined with a lot more supply. As I already said, either here or on another thread, the reductions seem to be happening more rapidly this year compared to last.
I hope that the sellers of Leeds start to be more realistic by the end of the year!

theyre deluded

I gave up on Leeds as the areas I liked were getting too expensive to upsize to since covid. Now looking at areas I like in Bradford which has historically been much cheaper, but due to shortage of nice homes, and too many people with a lot of equity, it seems people are paying Leeds prices out of desperation, and pushing prices up in the last year.
Lots of nice affordable houses in Brasford but in areas which aren't suitable. I just need a 1990s style interior that's liveable, been maintained and only needs cosmetic updates. With all the probate, there's so much work needed and noone wants to take them on (so they are bargains if you have the time and money)

Anyone finding the market picking up yet? Seems to have gone very quiet again in my areas with nothing new coming up... didn't expect to still be in limbo 5 months after selling my home 😬

I was hoping there would be more coming onto the market after the election, but no.
We've been looking for months and it's gone dead lately.
Sold our house within 10 days of going live on Rightmove - had lots of viewings and several bidders, and it went for over asking price, but the asking price was reasonable.
But I'm pretty sure our buyers will pull out before we've managed to find a house we want!

My EA hounded me to move out to keep my buyer as apparently they were threatening to pull out. I'm sure it was the right decision, and I now have the advantage of being chain free when buying, but fed up with stuff in storage & crashing between partner's home and friend's places, waiting for something decent to come to market. I'm also aware that the market might slow over summer while people are on holiday, then after that, no-one apparently to move before xmas...

Assume you usually live alone and not with children? Fine to stay with your partner or friends when it's just you. Not exactly an option with kids! We can't sell ours and rent, it's just not possible with my kids - too unsettling for them and stressful for us.

Yes exactly this. It's hard enough for me on my own. We need a bank of rental properties that are 6 months max stay to help people break chains

Most people don’t want to pay for two sets of removals and rent. Most places you can find somewhere to rent short term. It’s the cost that’s the issue.

Yes the cost is crazy, but I'm finding most rentals want a minimum of a year. I tried to rent a room in a house share but they wanted someone longer term (understandably so) and most seem to.

Yes definite pain moving everything twice, but thankfully I only had a 2 bed flat so everything fits into a garage. Just have no idea where anything is as it was a week's notice 😬