Is it really quiet for new listings?

jonnydeppiwish!

steve866 said:

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.

Oh I’m not sure - need someone tech savvy!

Sarah1Mitty2

peterhjohnson said:

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

Are a lot of them BTL with tenants still there?

fackers_2

Spoke with 2 EA businesses yesterday, both had a very honest conversation to say that they are getting lots of phone calls requesting valuations but next to none are following up with listing. One admitted that they are worried in the office as the Spring rush has just not happened when they expected it to at the start of March. 

 jonnydeppiwish! said:

steve866 said:

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.

Oh I’m not sure - need someone tech savvy!

I have created a spread sheet for all suitable properties incl ones not to our taste and watch the drops, the de listed and sold... Albeit, true sold figures won't be registered until 2030 lol! Interesting to see the dynamic changing.

Flugelhorn

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.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

BobT36

Flugelhorn said:

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.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

GDB2222

BobT36 said:

Flugelhorn said:

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.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

Property prices were much lower relative to pay. We have had a long period of low interest rates since 2008, and people have taken on much more debt. 

With a loan of say 7 times gross pay, at say 5% interest, it should still be possible to make ends meet. (Mortgage interest would be a bit under half of gross pay.)

But, people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up. 

MobileSaver

GDB2222 said:

BobT36 said:

Flugelhorn said:

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

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

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

GDB2222

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

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

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

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Interesting! 

Of course, not everyone has a massive mortgage. Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer. They maybe would be wise to be economising now, in preparation for their rate going up, but there’s no law about it. 

MobileSaver

GDB2222 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

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

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

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer.

Yes, I think you're probably right about this. Most people who need a mortgage have for some time now been fixing for at least five years so it could easily be another year or two before higher interests have any effect for many people.

MFWannabe

GDB2222 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

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

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

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Interesting! 

Of course, not everyone has a massive mortgage. Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer. They maybe would be wise to be economising now, in preparation for their rate going up, but there’s no law about it. 

I’m one of those people with (luckily) over 2 years on a stupidly low rate 
However it doesn’t mean we are economising now for what rates may be in 2 years time; worked it out that payments will still be around the same as what they are now as we will owe less 
What we are though is not the type of people who think they have to have everything else as well; flashy new car; everything done in the house ; expensive holidays etc 
We do like eating out and do go on holiday but we are sensible with these