Sellers don't want to admit that the market has changed!

[FantaLemonade]

I'm a ftb and have been house hunting for nearly a year. I'm taking my time and not rushing into anything as I want to find the right house within my budget etc, but I do check right move most days (has become a bit of an obsession tbh!) so I tend to remember certain properties. I've noticed a lot more sales falling through recently and properties being re advertised online. It doesn't surprise me with all the uncertainty, interests rate rises and affordability criteria changing. Anyway, this one made me laugh (pic attached). Obviously the seller is entitled to list and sell the property at whatever price they want, but what on earth are they thinking?!. The house was only taken off the market around 3 weeks ago after being on the market since end of March and having 2 reductions, which even in todays market is still a long time for the area. Clearly the sale has fallen through, but I have no idea why they think it would be a good idea to re-list and add on an extra 5k. It's not as if the market has improved in the last 3 weeks, is it?! Utterly bizarre I think. Is this just another example of sellers not wanting to admit that the market has changed?!

I`m hearing about AirBnB going back into the long term rental market, if this is because people are spending less then any recession will also hit rents.

Oh that's really interesting. I wonder if the 'staycation' boom is coming to an end then. Or it might be because of the 90 day rule.

They're definitely falling

My nextdoor neighbour who spent loads renovating their house then decided not to move in have caved and are now selling after renting

They spent and did far too much to warrant the price they want in this area so I'm interested to see how it takes to sell, who to and for how much

They tried Air B&B and it was a disaster for them and for all the neighbours

They now rent short term I guess which has been far better all round

In my area prices keep rising but if you renovate unnecessarily you won't claw that money back

I think higher rates are starting to bite (and unemployment just ticked up slightly, still laughable low if you lived through proper recessions though, but enough of an excuse for the BOE to pause again at the next meeting unless there is some kind of bond market event or hike from the U.S) and a lot of people are realising how much they will need to fork out each month when their fix ends. One benefit of a recession if we have one is that it will also pop the rent bubble, but there will be negative consequences especially for the young and the heavily mortgaged, so basically half the country will be in the shit while the idle rich and boomers keep spending and the prudent cheer on cheaper house prices and rents.

90 day rule is only in London.

there are new fire regulations which means a lot of holiday let's will be coming onto the market as the regs can be expensive to achieve. In some properties they will be impossible to achieve so the property may have to become a long term rental or sold.

in lockdown it seemed that everyone bought a holiday let/ shepherd's hut/ yurt for the back garden. There is now huge over supply in many areas and not enough customers to fill them.

Interesting if that's happening in the UK now.
You might be interested in what Amy Nixon has been talking about on Twitter (Texas runner or similar). She's been talking about the AirBnB bust in The US for a year or so now.