How are September house sales looking in your area?

[2longinthetooth]

How has sept been for house sales in your area, we are in south wales, pockets are ok but slowing, others have come to a complete halt. No one is reducing and very little has come on. Its like a mexican stand off!

Interesting because Aberdeen was one of the biggest property crashes so far in the UK, what changed, are house just cheap now?

Good move then, good luck!

Sellers are being silly, still thinking it's 2020..hanging onto valuations that are unrealistic in stagnant market.

Yep, the longer you hold out for silly asking prices the steeper the discount will have to be when you eventually sell, bond yields off to the races again today, won"t be long before mortgage rates get hiked again as well.

@KeepPumping there are exceptions tho, as seen in our area. 3 bed semi/ detached are non existent on the market so when they do come on they are getting asking price due to scarcity.

That is probably also due to the fact that mortgage rates are not that high yet, as another poster said UK wide property for sale is at a 12 year high, so someone could expand their search area and find supply of those properties most likely.

@KeepPumping thats if you can expand your search. Like us we are scuppered, we cant move far due to schools, cant move my child out now due to gcse,s, but cant wait another 2 yrs to move, there have only been 2 properties this yr so far come on in our area detached 3 bed, last 1 sold in 24hrs. No one else is selling. So here they are attracting a premium. Just our luck!

I suppose you just accept then that schools are part of the "market" and go with it?

@KeepPumpingyes, so it shows even within a slow market there are wins for sellers.

Maybe it’s the time of the year, but I’ve noticed that people stopped moving from rentals. We always had a good choice of rental properties in the area, and most of the renters have been moving out to their 1st own properties after getting the kids into the school in catchment.
There was a flurry of new properties added to Rightmove by agents on Sat-Mon weekly.
Starting from September, almost no new flats on Rightmove.
People may say it’s because the landlords sold, but no, I watch the market and mostly see the opposite trend when the flats go back into rental market after being for sale for a few months.

So less people?

It feels like people just stick to renting and don’t free up rental properties as easily as before as fewer are able to afford above 5% mortgage rate.

Fair point, maybe landlords are cutting rent to keep tenants?

No, I can’t see rental prices going down.
In current situation fewer people can afford to buy so will stay in rentals and landlords’ mortgages also go up so rental prices will likely increase in high-demand areas.

Not all landlords have mortgages, many bought years ago, 80"s and 90"s in some cases so if you are a heavily mortgaged landlord trying to compete with them you probably won"t cover your mortgage debt as rates rise. Many young people are now staying at home, skipping Uni debt and high rents, and immigration has really dropped due to labour tweaking visa rules to pretend they are doing what is needed so less potential demand?

I thought of this thread today because we got a letter through the door from an estate agent (not a great one) saying that they had a couple looking for a house in our neighbourhood. The requirements were, a prime street, house in good condition, 4-5 bedrooms, fully extended, south facing garden, under £2m.

Even in this market, that's trying it on.