Finally seeing house prices drop?

ReadingTim

Not according to the Nationwide

getmore4less

the 2020 drop in transaction was more than fixed by the end of 2021, there may have been an overshoot in some areas sp new listing are drying up.

county wide 

long term trend is ~20k completions a week(~1m a year)
right move has 30k new listings for the last 2 weeks. 

Ally_E.

Not in my area, prices have risen in Feb and expected to rise again in March. 

jimbog

propertyhunter said:

I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war. Ho

When do you think you will start looking again? 

lookstraightahead

Thumbs_Up said:

lookstraightahead said:

Give me a 100 year old house over a new one any day of the week 👍. Most new houses are between 3 main roads, overhead power cables, no trees and unbuilt roads. In normal circumstances they lose value like secondhand cars.

so for many, the compromise is a new build as they can't afford older houses.

Horses for courses I suppose. Like to know how much it costs you to heat your 100 year old home especially with the bills going through the roof (no pun) this year.

A lot less than a new build (200 years old). With a new roof 10 years ago. 

I've got no problem with people buying new houses, but you seem to think old houses don't hold market value so I was giving you an example of why I don't agree that people buy new houses over old.

jenni_fer

I feel like I'm noticing price drops more at the moment but it's more the complete lack of anything new so the only things that come up on rightmove are the reductions. 

[Deleted User]

There seems to be less buy to let, but anything good does still sell fast.

propertyhunter

jimbog said:

propertyhunter said:

I'm surprised people are still looking to move and the market is buoyant when we could be on the precipice of war. Ho

When do you think you will start looking again? 

I'm currently in the middle of a transaction! Just thought it would have tailed off, but obviously not - people will always need somewhere to live.

Scotbot

MobileSaver said:

Ramouth said:

MobileSaver said:

Fundamentally, the property market is based on supply and demand and while there will always be short-term spikes and troughs there won't be a general long-term downward trend until the supply side of the equation is addressed... and I can't see that happening any time soon...

If the general population believe that prices are likely to fall in the foreseeable future they will hold off buying, reducing demand in the shot term, and therefore putting downward pressure on prices.

I genuinely do not believe that many people will hold of buying because they think "prices are likely to fall in the foreseeable future".

Perhaps it would be different if houses were like say iPhones where there was practically unlimited supply and you could buy the same thing from pretty much anywhere.

They will if prices start to drop, it's the opposite of FOMO. But of course there has to be evidence of prices actually dropping, not flat or  increasing at a slower rate and that's  sold prices.

[Deleted User]

I said it a month ago, I was told I was fibbing. Houses all around falling in London. Of course the banks say no. Just check out Rightmove for certain areas in London.