No decent houses on the market right now

peter_we

In my search area (SW11, SW12, SW8) the number of new instructions/reductions has increased over 100% in the month after the referendum v. the month before.

500 in the past month versus a total of 1200 on sale.

hazyjo

FitzWilliams wrote: »

I'm just going to start off by saying I was lied to. All of you manic 'Brexit is going to drop the price of houses' people got it all wrong.

Or maybe a case of you hearing what you wanted to hear? Most of us disagreed, or said it'd be static for a while, but there are a few vocal bods who are adamant there will be a crash/recession or the like.

There have been lots of houses coming on in E4 where I am in the past week or so. I'm looking in Leigh-on-Sea where it's still very active and an EA I spoke with said she'd not noticed much in the way of change, and if anything it was busier than ever.

Jx

glasgowdan

cloo wrote: »

I'd say the thing is it's not that prices just drop like a stone the minute something worrying happens. I wouldn't be at all surprised if the more likely pattern is 'everyone stops putting houses on market, buyers give up, prices drop.

Only this doesn't happen. What happens is supply goes down, buyers get more desperate and competitive, prices go up.

Buyers will always be there and willing unless interest rates rocket, which they aren't.

iantojones40

glasgowdan wrote: »

Only this doesn't happen. What happens is supply goes down, buyers get more desperate and competitive, prices go up.

Buyers will always be there and willing unless interest rates rocket, which they aren't.

Not necessarily.

This decline in both quantity and quality of properties on the market has been very obvious in my area for around 18 months now. However, despite this severely restricted supply, prices have only risen modestly at best, and post brexit definitely seem to be heading downwards judging by the numbers of reductions I'm seeing.

jimpix12

Why do people who slavishly repeat the prices vs demand mantra never acknowledge the props in the market holding it all together? It's got little to do with demand. There's plenty of demand for a nice Lamborghini but given that most people can't afford it and the government isn't willing to dish out taxpayer cash for you to buy one then people can't afford it no matter how much they want it...

If the government removes their schemes we'll see the real price.

AnotherJoe

Things will come back on in September as school holidays end, and people always want to be moved by Christmas (very optimistic IMO)

Davesnave

There are always some kinds of property where the supply is restricted. Houses that are significantly better than others in their price range could be considered few and far between, since most properties have either nothing remarkable about them or a real down-side.

If by decent, you mean 'up-together with few real drawbacks,' then many owners of those will probably have held fire in the run up to the referendum and found nothing to encourage them in the uncertainty that has followed. If they were going at all, they were going early and they've gone.

These are people who probably don't need to move, whose lives are comfortable enough, and to whom a wait of a year or two is of no great concern. They rarely go to market in the middle of summer anyway, as it's a bad time of year to sell, and probably for them too

Davesnave

iantojones40 wrote: »

. However, despite this severely restricted supply, prices have only risen modestly at best, and post brexit definitely seem to be heading downwards judging by the numbers of reductions I'm seeing.

Prices in my area only increase modestly too, but aren't the large numbers of reductions that I'm seeing, houses that went on the market in the spring at too-optimistic prices, long before Brexit had any meaning for the average person?

lydriver

One thing I've definitely noticed since Brexit is an increase in the use of the phrase 'in my search area'

peter_we

glasgowdan wrote: »

Only this doesn't happen. What happens is supply goes down, buyers get more desperate and competitive, prices go up.

Buyers will always be there and willing unless interest rates rocket, which they aren't.

Thats ignoring the fact that 5 million foreigners have had their future in the UK removed. They will be considering their options; sell,don't buy - it won't include buying. New arrivals will also fall due to the dead end nature of the UK and its economy,

There is 100,000+ highly paid Londoners (and families) who are facing a move to Paris or Dublin if the Single Market is lost.

So for London (initially) demand is very much going to be down and supply is going up in the middle of a monumental recession and a surge in job losses (million+)..