Houses wildly overpriced near me and NOTHING is shifting

[toffeeapple45]

My parents are house-hunting at the moment in the area close to me, and it's so frustrating. They've sold, but literally every "downsizable" house in my area is on for genuinely I would reckon about 200,000 more than they're worth. I think 2022 was about the peak in my area, but these prices look as if prices had carried on tracking up for the last four years. We're in an area that boomed during WFH, but is not going to do so well as people are ordered back to the office - which is certainly not reflected in the pricing. Nothing is shifting at all, and it's only going to get worse with Iran. Houses are going off the market and coming back on for sometimes, insanely more. It feels like people got their houses valued in 2022 and are just never going to accept that the market isn't there any more. I'm irrationally annoyed with one local estate agent who tells everyone their house is worth X when it's just clearly not the case. My parents accepted less than they would probably have got in 2022, because they figure that is what their house is worth now - and they can rent for a bit and they'd rather not be in a chain. GRRRRR.

With higher rates they can"t borrow enough now, those prices will have to come down.

They are not going to shift these leasehold flats, many will be stuck with them.

https://www.thisismoney.co.uk/money/mortgageshome/article-15716157/The-death-one-bedroom-flat-rung-property-ladder-collapsed-sellers-facing-BIG-losses.html

This is why you should never ever blink first
We kind of did this in 2007 because we got wind of what was going on in America
But it hadn’t quite ran out of steam so the person that bought it painted it and sold it for another 65 grand
Frankly, I’ve never got over it

I’m selling my house in that range at the moment. Have had a lot of FTB. It’s surprising.

I see a lot of house and flat sales completing and a good housing market in my area. The ones that sell though are fairly priced and the ones near a station or lovely location seem to sell very quickly.

Anything unrealistically overpriced I think is often people just testing the market. Eg I'll sell if I can get £X for it because then I can get the house/flat I really want in another area. If they don't get the asking price they just come off the market.

A property in the next village to ours has recently sold at a price that would have been ambitious even in the hottest of markets and yet the buyers paid full asking. That was a case of the sellers testing the market without being too concerned if they sold or not. More than ever a property is worth what its worth to an individual buyer and much as a certain hard core band of posters, ubiquitous on this site, want to lump each and every property into one homogenous, doomed group that is simply not the true picture country wide

In my area the market is doing quite well. Great location, great transport links, lots of green spaces, good schools, family oriented area of London. Even the expensive houses are moving, some within a week or two of being on the market. The properties that are much slower to sell are those needing a complete make over. The ones that have been renovated to a decent standard are moving the fastest.

You are right. There are a couple of posters on this thread that appear on every other thread about prices predicting doom and gloom everywhere. And they have commenting like this for a long time. Their comments are not the reality in every part of the country.

@Piletka ”The properties that are much slower to sell are those needing a complete make over. The ones that have been renovated to a decent standard are moving the fastest.”

Agreed. The cost, stress and hassle of doing a renovation, especially as there are less people learning DIY from their dads, is making these difficult to shift.
In an area I monitor, excellent houses with partial garage conversions (1 of 2 built in garages converted) conservatories, modern kitchens and sanitary, quality flooring, double glazing etc, go for 565-595k.
There are also houses that have non of those things, even old wooden windows, on for 525k. There’s no way you can only spend 50k to get them renovated, will be closer or over 100k, and a few months of grief.

"He says the pool of buyers for one bed flats is very small and prices will need to fall further to reflect that."

Makes sense.