Is it really quiet for new listings?

MattMattMattUK

I am in South Bucks, the housing market is normally fast selling, has historically been at or above asking price and lots of choice but it goes quickly. Over the last six months that has changed to properties taking months to sell if they do sell at all, prices being reduced and even then only selling below the reduced asking price. We are also seeing the impact of HTB, many who bought on HTB with no plan to cover that when it kicked in are now unable to move up the market in the way that would have happened historically, somewhat similar for me in that I had expected to pay off my HTB in four years, but due to Brexit, Covid and the government trashing the economy it cost me around £140k over the last few years so it is going to take me 7-8 years to clear it and then get to a position to be going for a larger property. 

I agree with others who expect a short term drop in the market, we might see 10-20% down this year before recovering over the next five years, or we might see the government prop up the property market further, ahead of an election, who knows. 

devoncop22

Interestingly in contrast to the stories above, my area in the rural North East seems to be flying. 

The normal number of properties listed in my area on Rightmove over the last five years has been about 35. It now stands at 21.

A house three doors from me sold in two days this week so the picture is patchy.

Having said that not that many properties are actually being listed.

Aberdeenangarse

Where I am on the SE prices seem to be dropping quickly. Exception seems to be the ‘top end’ of the market. A friend put his, one off architect built house, for sale at the end of last year for £1.5m. Just about to complete on the sale having achieved £1.85m.

RelievedSheff

Historically the number of properties listed under £350k in the market town where we live has generally been around the 500 mark. There are currently 350 of which roughly half are SSTC or Under Offer.

We live on a "new build" estate on the outskirts of the town where the oldest houses are around 5 years old and the developers are still on site building.

The last couple of years any houses that have come for resale on the estate have sold within a couple of weeks, now they are taking months but on the whole, apart from a couple of very over priced properties, they are still selling and the sales are making it to completion.

It is a very mixed picture across the country.

Zerforax

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable.

Homeowners borrowed £700m in February, down from £2bn in January, and the lowest level for any month since April 2016 apart from the Covid crisis.

However, the Bank said the number of mortgages approved by lenders rose slightly from 39,600 to 43,500.

https://www.bbc.co.uk/news/business-65112278

ArbitraryRandom

There's a decent number of properties on the market in this area (Welsh border city). Looking at right move I can see around 20 properties added since yesterday; and a mix of sizes and types.  

I'd agree with the OP that several of them look like rental properties/landlords maybe selling up, but nothing stopping those being family homes for the right buyer.  

peterhjohnson

I'm in the SW and I've never seen so many properties on the market. However, they are moving very slowly. If I were looking to buy at the moment, I'd have plenty to view and I'd be making "cheeky" offers. I suspect  I'd be turned down but would then "leave the offers on the table" expecting someone to be realistic eventually

fackers_2

Spoke to an honest EA today about the market and she said with a sigh, “it’s just not moving at all, the market has pretty much stalled!” 

Deaths, Divorce and Debt are the main contributors lately it seems. Still awaiting many more people to find out their 0.5% maxed out mortgage will now become 4-5%. Going to take some time. 

Great insight so far from everyone. 

MFWannabe

fackers_2 said:

Spoke to an honest EA today about the market and she said with a sigh, “it’s just not moving at all, the market has pretty much stalled!” 

Deaths, Divorce and Debt are the main contributors lately it seems. Still awaiting many more people to find out their 0.5% maxed out mortgage will now become 4-5%. Going to take some time. 

Great insight so far from everyone. 

Why are you worried about houses not
coming to the market? 

I thought you’d had a bargain offer accepted? 

https://forums.moneysavingexpert.com/discussion/6422850/sellers-bidding-against-each-other-room-for-a-better-deal/p9

jonnydeppiwish!

Pretty decent number of listings in the SE - nothing selling unless it’s either price correctly or reduce significantly .

We’re up to 1550 listing within a 5 mile radius, up from 720 in June.

Lots on a June 22 prices but they’re not selling as well over priced.