2024 housing market tumbleweed

[Rollercoaster1920]

I was expecting / hoping for a load of property to come on the market after Christmas to get the spring wave. But it is absolutely dead. 2 properties in my searches have been added, one was a relist I saw last year. That is really quiet!

My searches are for South West London family houses BTW.

I think this is a load of rubbish fabricated by Rightmove. The majority of Estate Agents aren't even open on Boxing Day, so who's listing all these homes?

Boxing Day is usually when RM experiences a lot of hits, which makes sense. I agree with others, a lot of people will be readying their homes to list in the spring, when gardens/light will be better.

I'm sure estate agents can pre-list on RM - it then publishes the ads on the chosen day

I'm sure they can. I can't imagine a worse time to get my house ready for pictures though, in the run up to Christmas... plus my garden looks miserable then. I'd start decluttering when the decs are down and might actually be ready by the time the garden springs to life!

We sold last year and deliberately waited til April so our garden would look nice and make the most of all the natural light for viewings and photos.

Neither can I.

It looks so bad too when photos are up showing Christmas decorations. Especially if the house is still on the market with the same photos come Spring.

People are waiting for the "rate cuts" so buyers will line up again to overpay with cheaper mortgage debt, I think what is going on with the attacks on shipping lanes will badly affect this plan as inflation ticks up again. The concept of a "spring bounce" applies to more normal markets, not a market where interest rates have risen at the fastest pace in 40 years.

I saw loads of reductions on Rightmove on Boxing Day so I wonder how that feeds into the figures.

A few reductions today round here
They just need to keep going down another 50 to 100k and they’ll be at what they’re actually worth.

Huge reduction on one (slightly strange) property here - 250k off! I haven't seen it so can't understand why, unless it was massively overpriced in the first place.

I assume you are using PropertyLog? Are you able to post a link?

Just sent to me in an email!
Link here - I'd love to hear your thoughts
https://www.zoopla.co.uk/for-sale/details/65790324/

Well it is quite spacious, that is about all I could say, can just see the drunks pissing on the front wall so you would need a good lock and some blinds?

Maybe another 250k off will shift it?

Just another overpriced probate then? Sigh.

It’s horrendous

Agree! I'm finally starting to see places trickle (back) on to the market

Yes, at least empty and clean it before asking for silly money, have some morals, LOL.

It would look better if it had been gutted first, maybe some landlord can make that work as an HMO, or maybe someone thinks it is worth that as a family home? I would be paying attention to the price history, that should be interesting.

Gutting it would be the first step for sure. The second step would be to cry at the thought of all the renovation costs.

It’s too early - March is traditionally the most likely time. Here it’s Mar - June

Ok thanks! I will stop being so impatient.

I'm also feeling the same way! Durham
Area. There's nothing much in my price bracket that meets requirements.

I've even been in touch with estate agents to asked if they've done quotes recently on anything suitable they could arrange viewings for and nothing.

Our house is under offer and I really don't want to have to rent and move again 😩

PropertyLog is showing that people are getting over the initial silly asking price and reducing in that area but they need to accept that most of these properties are no longer "million pound houses" and get really real if you know what I mean.

It's hard to be certain because Streetview doesn't work on that part of the street, but based on no. 47 being next door, I think it's probably this house:

https://www.zoopla.co.uk/property/uprn/100021161879/

Which Zoopla thinks is worth 981k to 1.2 million.

From Property Log on Rightmove:

Burgoyne Road, Haringey Ladder, London, N4
Offers in Excess of
£1,000,000
Price Change History
09/01/2024 Price changed from £1,250,000 to £1,000,000
17/11/2023 Price changed from £1,200,000 to £1,250,000
16/11/2023 Price changed from £1,250,000 to £1,200,000
30/10/2023 Price changed from £1,350,000 to £1,250,000
09/10/2023 Initial entry found: £1,350,000
Overall change: -25.9% (-£350,000)

If you look through the photos, it was almost as bad before they moved in.

It's number 49. I need you to come for further training Kiev!