Just been told that the market is cooling in SW London

Halle71

Jason74 wrote: »

I can't comment specifically on your area,as it's it's 3-4 miles away from my own area, and that's a world away in London terms. It might though be worth looking at the similar thread posted about Herts. The suggestion was raised there that the "market is cooling" line is being used by EAs in order to encourage instructions and / or acceptance of offers. I don't know if that's what's happening here, but it would make sense if the property you're buying is also via KFH.

In terms of what's happening near me in and around Crystal Palace / Penge, it's a very mixed picture. Sellers of unusually desirable properties (basically immaculately presented houses in the best roads) can still pretty much name their price. But for everything else, the market seems much more price sensitive than even 6 weeks ago. Prices aren't dropping by any means, but attempts to push prices still higher seem to be failing, followed by reductions back to previous selling prices for comparable properties.

I don't know how relevant that is to the picture given that you are in what is probably considered a "hotter" area, but it might be similar to the picture in wider London.

Yep, both properties are with KFH and they know that we are going to stay where we are if we lose the house we are buying so it is definitely in their interests for us to sell quickly, even if that means a price reduction.

I did think it was crazy that I was told 'it's a very different market from two months ago'. No it isn't. How could it possibly be very different?

We have a immaculate house that is extended as much as it can be so it is the largest in a £100k price within a mile radius (excluding a couple of do-er uppers) and it sold within 24 hours in March so I guess I was expecting the same. Especially because we NEED to get our purchase and we are going on hols in 10 days!! Feeling stressed by the whole situation.

observingthedebate

Halle71 wrote: »

Yep, both properties are with KFH and they know that we are going to stay where we are if we lose the house we are buying so it is definitely in their interests for us to sell quickly, even if that means a price reduction.

I did think it was crazy that I was told 'it's a very different market from two months ago'. No it isn't. How could it possibly be very different?

We have a immaculate house that is extended as much as it can be so it is the largest in a £100k price within a mile radius (excluding a couple of do-er uppers) and it sold within 24 hours in March so I guess I was expecting the same. Especially because we NEED to get our purchase and we are going on hols in 10 days!! Feeling stressed by the whole situation.

Hi Halle, I have some experience of this EA having dealt with them a few times. They are good and I think quite straight talking however I think, differently than other large EA's they seem to share their books with other branches not as much. Ideally you would want to try to attract priced-out Balham buyers, but KFH need to be proactive about this. I think they tend to stick too close to their territory which is frustrating. I may be wrong.

Halle71

observingthedebate wrote: »

Hi Halle, I have some experience of this EA having dealt with them a few times. They are good and I think quite straight talking however I think, differently than other large EA's they seem to share their books with other branches not as much. Ideally you would want to try to attract priced-out Balham buyers, but KFH need to be proactive about this. I think they tend to stick too close to their territory which is frustrating. I may be wrong.

I sold and bought with them last time and also rate them - they are worth the fee. I feel like I am bugging them at the moment though - yesterday I asked if they would put more photos up because they only have one bedroom and the rest are lovely, and no bathroom and tried to work out a way to get it to top of the date order searches. I'm just in a panic.

One problem with our house is that we are a C4 postcode which puts people off, as well as stopping it coming up on searches for SW17 despite being 2 minutes from Tooting overground. We are the last CR4, the next road is SW17... But in that road KFH have a 78m2 house on for £600k and ours is 133m2 for £640k.

We do have weekly notes through the door from people trying to move from Balham but they are looking for the three bed unextended houses in our road, not the ones that have already been 'done'.

I probably need to leave them to do their job and hope for the best :rotfl:

observingthedebate

Halle71 wrote: »

I sold and bought with them last time and also rate them - they are worth the fee. I feel like I am bugging them at the moment though - yesterday I asked if they would put more photos up because they only have one bedroom and the rest are lovely, and no bathroom and tried to work out a way to get it to top of the date order searches. I'm just in a panic.

One problem with our house is that we are a C4 postcode which puts people off, as well as stopping it coming up on searches for SW17 despite being 2 minutes from Tooting overground. We are the last CR4, the next road is SW17... But in that road KFH have a 78m2 house on for £600k and ours is 133m2 for £640k.

We do have weekly notes through the door from people trying to move from Balham but they are looking for the three bed unextended houses in our road, not the ones that have already been 'done'.

I probably need to leave them to do their job and hope for the best :rotfl:

Indeed, sounds like you have the bases covered! Good luck!

Jason74

Halle71 wrote: »

Yep, both properties are with KFH and they know that we are going to stay where we are if we lose the house we are buying so it is definitely in their interests for us to sell quickly, even if that means a price reduction.

I did think it was crazy that I was told 'it's a very different market from two months ago'. No it isn't. How could it possibly be very different?

We have a immaculate house that is extended as much as it can be so it is the largest in a £100k price within a mile radius (excluding a couple of do-er uppers) and it sold within 24 hours in March so I guess I was expecting the same. Especially because we NEED to get our purchase and we are going on hols in 10 days!! Feeling stressed by the whole situation.

Yes, that kind of scenario is about as stressful as it gets. The only thing I would say, is that the market can turn very very quickly. There have certainly been a lot of "bubble" type stories about London in particular in the past few weeks, and a lot of them are coming from relatively credible sources. That can impact sentiment.

More importantly, the introduction of Mortgage market reveiw three or four weeks ago has had a significant impact on the ability of some to borrow (or at the very least on their perception of what they can borrow). Add a slight increase in mortgage rates over the past few weeks, and there are certainly some triggers for a market that is quite a bit slower than even a few weeks ago.

I'm not necasarrily saying that this is what's happening, simply that it is certainly possible for the pace of a market to shift significantly in the space of a few weeks (we saw it the oher way last year when the local market went mad right after the HTB announcements). There's some evidence that it might be happening where we are, and I'm only three or four miles from you. But the best person to judge how the market is impacting their own property is probably you. EAs will imho always have their own agenda to some extent, and from what you've said, there's plenty of reasons why that could be the case here.

Halle71

We're having trouble with our mortgage post MMR and we're only borrowing 1 x joint annual salary and have 24% LTV so god only knows what people in a less stable position are facing. Our problems are only admin - never ending request for more documents. They want my pension details now - because it's an additional outgoing or to check I have one? Who knows?!

It will be interesting to see what happens over the next few months - prices have to level and I guess MMR hiccups and delays will settle as people factor in the new system into timings.

I've just found out about another house that's gone on the market today on the SW17 street next door - same standard of finish but smaller than ours and £50k more. This is how we sold last time - 'leftover' buyers from a £700k house.

ukcarper

I think it must have moved out to home counties there are houses on rightmove for £300k that wouldn't have sold for much more than £200k a year ago. I know they might not get it but estate agents are trying it on with an open day.

AndyGuil

Halle71 wrote: »

We're having trouble with our mortgage post MMR and we're only borrowing 1 x joint annual salary and have 24% LTV so god only knows what people in a less stable position are facing. Our problems are only admin - never ending request for more documents. They want my pension details now - because it's an additional outgoing or to check I have one? Who knows?!

It will be interesting to see what happens over the next few months - prices have to level and I guess MMR hiccups and delays will settle as people factor in the new system into timings.

I've just found out about another house that's gone on the market today on the SW17 street next door - same standard of finish but smaller than ours and £50k more. This is how we sold last time - 'leftover' buyers from a £700k house.

When I got a mortgage last year I had my pension outgoing taken into account.

theEnd

Apparently Waitrose coming to Tooting too, which will probably mean even more crazy asking prices!

Halle71

theEnd wrote: »

Apparently Waitrose coming to Tooting too, which will probably mean even more crazy asking prices!

And Foxton's are about to open so there's another 20% on asking prices :rotfl: