Is it really quiet for new listings?

jimbog

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. 

You were lucky to get the house you wanted when you did. Friend of mine still waiting for something to come onto the market and pulling her hair out (Home Counties)

Sarah1Mitty2

jonnydeppiwish! said:

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.

That`s a big jump.

steve866

jonnydeppiwish! said:

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.

Is there any easy way to track  number of listing today vs another time period? I'd be interested to look in my area.

steve866

Zerforax said:

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

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

RelievedSheff

steve866 said:

Zerforax said:

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

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Perhaps people are just getting on with their lives?

Rates are not currently high. They are closer to the long term average but are still some way below it,

ArbitraryRandom

steve866 said:

Zerforax said:

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

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

I think the figures in that email suggest people are borrowing less money, not that there are fewer mortgages being applied for/approved (though there might be).

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.

That could mean buyers are buying cheaper houses (which could tally with anecdotal accounts of landlords getting rid of ex-rentals); there are fewer first time buyers vs movers; or just that more people who are buying at the moment have more equity.  

JM68

The two figures - the amount of mortgage lending and the number of mortgage approvals - do not relate to each other.

The Bank of England mortgage lending figures are calculated as the difference between gross mortgage lending (£20.8 bn in Feb) and gross mortgage repayments (£21.4 bn in Feb).  Those figures include both new mortgages and remortgaging.

The net approvals figure (43,500 in Feb) is separate and is the figure for the number of new mortgages approved for a (future) house purchase that month.  The Bank of England release does not show the amount/average for those mortgage approvals.

Sarah1Mitty2

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. 

Yes, some interesting thoughts here.

EndlessStruggle

I'm in the East.

Lots in my area coming up for sale.

Houses either go very quickly (2/3 days) off the market (listed as SSTC as soon as listed) or very slowly (2/3 months).

There doesn't seem to be much of the selling in 7-21 days that was happening at the peak.

Many are seeing multiple drops before going to SSTC but they are selling eventually.

My surveyor says he is as busy as ever so people are still buying and selling.

silvercar

Searching rightmove for the first half of my postcode (population 40k), there are 26 new listings in the last week, though 3 of them are price drops of previously listed properties.