Are house prices recovering or not?

[QuintessentialShadows]

Curious as to what the housemarket is like in London now.

I have checked my postcode on Findaproperty and can see that many of the houses that was for sale a few months ago, are still there.
SO, what is happening now?

There are a lot of mortgaqge resets coming this aug/sept according to the moneyweb site.Also I think once the summer is over and people realise there is no change in the market those who have to sell will drop their prices.The 2 biggest monthly falls (may and june)have been in the traditional busy months so it is only down from now on.I thibk there will be some big reductions at xmas

That makes sense.

We are viewing a house today and viewed one last night.The one last night has been on since last august and was sold at 15k reduction from 300k.The buyers pulled out at exchange 2 weeks ago and the seller had already got a bridging loan and moved into new house.He has put it on a local website for 230k and would take an offer.That is south east .

House near us (4 -bed detached, not out-of-this world, but nice enough) was on a year or so ago for £640K . Stupid over-valuation, as evidenced by the fact has just sold for £450!

Still dropping here, but houses are shifting (if the vendor is realistic as to price).

There will be a big increase in forced sales this autumn. Already on this and other forums I have seen people whose fixed rates come to an end in the next few months panicking about how they are going to afford increases of £200+ a month on their mortgage payments. Many are on interest only mortgages and are already in negative equity so switching lenders for a better deal is out of the equation. They will unfortunatley be forced to sell up or face repossession and still be in debt afterwards.