Finally seeing house prices drop?

Twins

Hello all!

I’m curious, are you seeing a slight slowing down in the housing market? In the past couple of weeks I’ve noticed more and more properties being reduced in price.
Are prices finally slowing down? 

Wondering if it’s just my area or is it elsewhere too?

My broker also mentioned he’s seeing more and more lower valuations coming in…

Thrugelmir

Seen reductions on properties that have been on the market for some time. Good property still seems to go under offer promptly. As there's little stock .

propertyhunter

In my experience, they're still selling - maybe taking 3 weeks now instead of 1 week. The prices are still high, and higher month on month.

Some articles published yesterday

https://www.ftadviser.com/mortgages/2022/03/02/house-price-growth-climbs-another-1-7/

https://www.spectator.co.uk/article/is-the-house-price-boom-about-to-end-

twoLou

Selling just as fast here and no drop in price by the looks of things either unfortunately. I’m in the South East which region are you?

TXC

north west is still on fire sad to report. extremely low levels of new stock so feels like the main driver is here to stay!

TXC

Twins said:

Hello all!

I’m curious, are you seeing a slight slowing down in the housing market? In the past couple of weeks I’ve noticed more and more properties being reduced in price.
Are prices finally slowing down? 

Wondering if it’s just my area or is it elsewhere too?

My broker also mentioned he’s seeing more and more lower valuations coming in…

in which case your best strategy might be offer high to get your foot in and rely on the valuation coming in under as your biggest bargain chip. as I've said elsewhere its risky and very well may not work, but for high ltv buyers its likely your best strategy in my view

propertyhunter

TXC said:

Twins said:

Hello all!

I’m curious, are you seeing a slight slowing down in the housing market? In the past couple of weeks I’ve noticed more and more properties being reduced in price.
Are prices finally slowing down? 

Wondering if it’s just my area or is it elsewhere too?

My broker also mentioned he’s seeing more and more lower valuations coming in…

in which case your best strategy might be offer high to get your foot in and rely on the valuation coming in under as your biggest bargain chip. as I've said elsewhere its risky and very well may not work, but for high ltv buyers its likely your best strategy in my view

Agree, play the game and take your chances. Be aware though that the EA will advise the vendor to choose those with a higher deposit, which reduces the risk of a down valuation. I offered 3% over and the bank didn't even bother with a physical valuation because their risk of losses is minimised as I have a 40% deposit. 

HotPantsCruiser

Twins said:

Hello all!

I’m curious, are you seeing a slight slowing down in the housing market? In the past couple of weeks I’ve noticed more and more properties being reduced in price.
Are prices finally slowing down? 

Wondering if it’s just my area or is it elsewhere too?

My broker also mentioned he’s seeing more and more lower valuations coming in…

Wales?

https://www.bbc.co.uk/news/uk-wales-politics-60575264

lookstraightahead

I think it's all been slowing down for a while, rather, people have stopped bigging the market up. Probably because lenders are "down" valuing.

Countrysider

Hopefully the government haven't noticed the slowdown otherwise they'll add something in the budget to 'help' in a couple of weeks time!

Thrugelmir

Countrysider said:

Hopefully the government haven't noticed the slowdown otherwise they'll add something in the budget to 'help' in a couple of weeks time!

Stamp duty tax take rises with house price inflation. No need to tinker.