Anyone noticed "For Sale" residential discounting starting to happen?

pbhb

I have noticed on rightmove a lot of houses I have saved are having price reductions after a short time on the market. I believe those who put their house up in late August and September were hoping to get in on the summer rush but have missed it by a few weeks

Rambosmum

It's started in my area this week, so a few weeks behind where you've been looking. But yes, this week there have been a noticeable number of reductions. 

dinkylink

Seems to be a split market where I am (North Essex).

Market for flats is dead and starter houses seem to be going on cheaper than they used to, or getting reduced before selling, presumbly due to increased deposits required for first time buyers.

Anything more expensive like second stepper properties or 4/5 bed 'executive' family homes seem to be flying off the shelves, presumably due to the stamp duty holiday and no problems getting mortgages due to high levels of equity......although having said that, a couple of 3 bed detached houses on my estate have been reduced in the last week or so, but only to the level they should have been put on in the first place as they were clearly initially overpriced.

ciderboy2009

House sale prices are still rising here in Bristol - houses are tending to sale so quickly that you quite often don't get 'For Sale' boards - they just put up 'Sold' ones for the advertising!

RelievedSheff

There have been some reductions here in the last couple of weeks but they have tended to be on properties that were way over priced to start with so the reductions have only really taken them down to a level where they should have been marketed in the first instance, and in some cases they are still higher than they should be.

Good houses presented well and well priced are still flying off the shelves though.

AnotherJoe

I'm seeing reductions in the houses that didnt sell after a month or so, but I'd say 90% are selling (STC obvs) in a couple of weeks, there have been two I've viewed which went STC the next day, one of which was only available for viewing that first day.  Not a great house IMHO but in a great position which is what they bought i suspect.

One STC i called up about and said "can you call me if it comes back on" and they said "you're the fourth today to ask that" so theres a lot of demand at the right price.

 

MaryNB

ciderboy2009 said:

House sale prices are still rising here in Bristol - houses are tending to sale so quickly that you quite often don't get 'For Sale' boards - they just put up 'Sold' ones for the advertising!

Houses are going so fast in Bristol!

I've seen a lot of the pricier flats being heavily discounted though and still sitting on the market. Far too many so called "luxury flats" on the market. Same size as standard flats but you get shinier taps. 

WR83

Has definitely slowed in my bit of the world. Houses were flying in less than a week a month ago. Market now seems to be getting a bit stale - nowhere near as many properties being put up, and reductions on those that are.

Crashy_Time

MaryNB said:

ciderboy2009 said:

House sale prices are still rising here in Bristol - houses are tending to sale so quickly that you quite often don't get 'For Sale' boards - they just put up 'Sold' ones for the advertising!

Houses are going so fast in Bristol!

I've seen a lot of the pricier flats being heavily discounted though and still sitting on the market. Far too many so called "luxury flats" on the market. Same size as standard flats but you get shinier taps. 

https://www.rightmove.co.uk/property-for-sale/property-68402776.html

Tasty 40k price drop.

MaryNB

Crashy_Time said:

MaryNB said:

ciderboy2009 said:

House sale prices are still rising here in Bristol - houses are tending to sale so quickly that you quite often don't get 'For Sale' boards - they just put up 'Sold' ones for the advertising!

Houses are going so fast in Bristol!

I've seen a lot of the pricier flats being heavily discounted though and still sitting on the market. Far too many so called "luxury flats" on the market. Same size as standard flats but you get shinier taps. 

https://www.rightmove.co.uk/property-for-sale/property-68402776.html

Tasty 40k price drop.

Probably because there are 3 beds in the area for the same price. 

Anyway, two can play at that game. Here are four houses I have specifically chosen purely to back up my statement. 
https://www.rightmove.co.uk/properties/74379777#/ SSTC, went on the market 3 days ago
https://www.rightmove.co.uk/properties/74231361#/ SSTC, went on the market 8 days ago
https://www.rightmove.co.uk/properties/98380745#/ SSTC, went on the market 9 days ago
https://www.rightmove.co.uk/properties/98068565#/ £765k SSTC went on the market 17 days ago

In all seriousness, my comment comes from checking rightmove for places in BS3 since April and watching houses in my saved list (ones I'm hoping will drop into my price range) quickly go SSTC. My comment regarding flats comes from my disdain for the luxury flat market.