Have viewings dropped in heatwave?

[Redforge]

Has the heatwave affected whether you view or have viewings dropped if you have a property on the market?

I think its the realisation that prices are too high rather than the heatwave. Its pretty likley that interest rates will be increasing again, its also becoming obvious that values are softening.
So two things are happening to reduce viewings. People who are first time buyers (and upsizers) are realising that if they wait prices will be better (ie lower). Also people selling who were relying on previous years prices to fund the next move are realising they cant get the price they need and are deciding to withdraw and stay put.
It your struggling to get viewings its basically the price. Some people are still out there viewing but they are ignoring optimistically priced stuff, or stuff needing work. In my area when a property comes on at, or is reduced to a realistic price, its gone in a flash. Most other stuff languishing with minor reductions to price that dont do enough to stimulate interest.

Who says interest rates will be increasing again?

"In my area when a property comes on at, or is reduced to a realistic price, its gone in a flash. Most other stuff languishing with minor reductions to price that dont do enough to stimulate interest."

The problem is what is 'realistic'. You say over-priced but you can't tell by how much until it sells, surely? Are you willing to risk throwing away thousands of pounds to 'stimulate interest'?

If it was SO easy to value property then we'd all sit at home and do it, and ignore the estate agents who never agree anyway!

I think that buyers are nervous, and hot. :D

I think it’s true that some potential vendors are still thinking in terms of prices that were realised in 2022.

A decent agent should be able to show evidence of sold prices locally for all types of houses and it would be sensible for vendors to do their own research and find out what houses are going for.

The agents we had pretty much agreed and we sold for 1% less than the asking price. I don’t think anyone will be throwing away thousands of pounds, because, unless you have a queue of potential purchasers, you aren’t going to be able to push the price up.

Funnily enough mortgage interest rates have dropped back to where they were 2 years ago. But they are still high compared to 5 years ago.

Viewings normally are lower when there is a heatwave, and end of school time so people focus on getting kids through exams, going on holiday, and the World Cup. the housing is a part of the attention economy!

Are you seriously thinking interest rates wont go up this year ? Do you not read the financial news ? Its even in the more mainstream outlets today.

It would have to be a very viable property for me to trek out in a heatwave to view. I am seriously looking but there is not much coming on the market anyway.

"More than a third (34 per cent) of those surveyed thought that interest rates would rise in the next year.
The last time the Bank of England's Monetary Policy Committee met to set the base rate on June 18, it kept it steady at 3.75 per cent. It is forecast to do the same on July 30..."

So slightly less than two thirds (66 per cent) didn't think that interest rates would rise.
https://www.thisismoney.co.uk/money/mortgageshome/article-15971513/Buyers-ignore-inflated-house-prices-sellers-list-home-like-2021-2022.html

Mortgage rates can change basically overnight though, people now realise that carrying a big mortgage debt load isn"t a great move for financial security.

Talk on Bloomberg etc. now is that the FED may end up well behind the curve and might need to crank rates harder.

I worry for those who don't recongnise/realise we will have to follow the fed .... or face double whammy inflation (which will cause a more significant property value adjustment)

A lot of people don"t seem to get the bond market/globalised influence that their mortgage debt is subject to.

One thing that has definitely changed though is that people are no longer braying like Donkeys about their house price, the UK public are way less cocky about house prices and mortgage debt, way less.