Is it really quiet for new listings?

fackers_2

In the large area that our search is set to. It just seems that barely anything is coming onto the market. Is this the same for you too? The only type of property I’m seeing are badly flipped types / landlords selling up and just awful plots. Ohh and almost all being relisted and reduced. 

The so called ‘Spring Rush’ isn’t happening. As a seller, I’m curious, what are you waiting for? 

propertyhunter

There are a lot coming up where I am in the London Borough of Hillingdon. Few houses are selling quickly, but most are languishing, getting reduced by ~5% or more and then still remaining unsold. Some have been on the market since January, or sometimes longer. When there are exceptional/well priced properties, they are going quickly (2-4 weeks) without the need for a price drop, but these are far and few between.
On the whole the market is stagnant in terms of sales, but lots of listings. 

strawb_shortcake

Very quite here in the south west, keep getting told Bristol is really buoyant but over the border its pretty quiet.

My parents recently had their house valued at £270k the estate agents said in December they'd have been valuing it at £300k.

We keep an eye on the market in a few areas, and lots of houses  are sitting for either a long time or being reduced. 

A local paper reported this morning that house prices have fallen by £1k but that seems optimistic 

lookstraightahead

Lots on the market here actually, but don't seem to be selling. 

Jonboy_1984

We had the same this time last year when it was peak sellers market let alone this period of uncertainty, we were looking for a big standard 2 or 3 bedroom terrace in a town full of them.

In the March there was something like 3 came onto the market, none for 2 weeks when two appeared within an hour of each other, and then no more for another 10 days when a couple more appeared. 

As we had an (only offer) buyer lined up for our flat, who was making noise about not wanting to hang around and the rental market looked even worse it got quite stressful…but worked out in the end.

fackers_2

annabanana82 said:

Very quite here in the south west, keep getting told Bristol is really buoyant but over the border its pretty quiet.

My parents recently had their house valued at £270k the estate agents said in December they'd have been valuing it at £300k.

We keep an eye on the market in a few areas, and lots of houses  are sitting for either a long time or being reduced. 

A local paper reported this morning that house prices have fallen by £1k but that seems optimistic 

I’ve actually refused to talk to one EA who seems fairly dominant in the area as they keep peddling how positive things are and they are rushed off their feet. Despite my eyes showing me they aren’t listing anything + all their listings get reduced. I now only communicate plainly via email. - all the guff!! 

Silvertabby

Houses, especially the larger ones, usually go like hot cakes on our estate (oop north, but a relatively wealthy little market town).

But the 3 that have gone up for sale in the last couple of months don't appear to be budging, and at least one has just been reduced.

jackieblack

Nothing moving here either (East Anglia) 
Of the people I know who had agreed a sale in the last 6-9 months  all, with one exception, fallen through at the last minute. Very few now getting any viewings either.
Nothing suitable coming up in my desired area.
Lots of big houses, I'm guessing people looking to downsize (and mostly appear overpriced, as if the last year never happened...)

Tucosalamanca

I'm in the South West.
Our street is desirable, houses rarely come up for sale and usually sell within a fortnight (sometimes within hours).
Mostly 4/5 bed detached, established gardens, large driveways and views, choice of good schools etc
There's currently two for sale, both were listed after Christmas and both are still for sale.

I'd say that both are keenly priced and houses that 'should' sell quickly.

Even within a five mile radius, there isn't a great number of homes for sale, so I don't think it's a supply issue.
Demand just appears to have stopped.

*Edit*
I've just viewed the properties again. One has been reduced by 3%, along with almost every other property within three miles.

Gavin83

fackers_2 said:

In the large area that our search is set to. It just seems that barely anything is coming onto the market. Is this the same for you too? The only type of property I’m seeing are badly flipped types / landlords selling up and just awful plots. Ohh and almost all being relisted and reduced. 

The so called ‘Spring Rush’ isn’t happening. As a seller, I’m curious, what are you waiting for? 

Well people are being told house prices are dropping and when house prices drop people don't sell. There's this idea that house price drops are good for buyer but when it leads to a lack of supply and more difficult to obtain mortgages that's questionable.

Despite all this nationally house prices still seem to be increasing.

JM68

My guess is that on the supply side a lot of sellers are waiting to see what happens in the market and/or think that interest rates will go back down once inflation is lower.

On the demand side a lot of would be buyers now can not afford to pay the insane prices that were created by years of ultra low interest rates.

However, the financial markets, the Government (OBR), the major banks all think prices will fall (consensus is around 10% from summer 2022 peak) and also the recent increase rate rises is a 'return to the long term norm' and not something that will be reversed.

So it's a bit of a Mexican stand off for now which means fewer listings overall (and lots of what is coming on being as the OP described).

If the forecasters/markets are correct, listings will likely continue to be a low levels for some time (like in the late 1990s and 2008-09 downturns), until the 'bottom' is found (whatever that might be) followed by increased listings again.