How is the property market around you currently?

Silvertabby

North of Watford Gap here.  A couple of big 4bed/3 baths on our estate have been on the market for over two months.  No reductions (yet) in their £450,000/£475,000 asking prices.

But a MUCH smaller 3 bed/1 bath, that we thought was overpriced at £350,000, went in less than a week.

booksandbikes

Slinky said:

How long was your property on the market for OP? It's unlikely your purchaser only started looking to buy a property 3 weeks before offering on yours, therefore they're going to have to accept the fact it's going to take some time for you to find something you want too. You can only buy what's up for sale when you're in a position to be able to proceed.

Ours went on the market mid-June, and we accepted his offer on 15th July. Yes, fair point about how our buyer should expect a reasonable amount of time for us to find our onward purchase. It is only that he specified a 'quick completion' that makes me a bit nervous. I mean, don't we all want a quick completion, but even if all the stars align perfectly, you are still looking at 3 months (something which our estate agent has apparently mentioned to him). 

booksandbikes

MobileSaver said:

booksandbikes said:

Our buyer wants a quick completion, so feeling the pressure. It's all about timing.

Is it feasible for you to break the chain? I.e. continue with your sale and move in with friends/family/airbnb temporarily until you can find your ideal home? Doing so would make you a very attractive buyer when your perfect home does come on to the market.

Not really feasible. Friends and family are about 2 hours drive away, and would be even longer to get to work. As annoying as it would be, I would rather risk the buyer pulling out and having to remarket than have the upheaval of moving somewhere temporarily. 

newsgroupmonkey_

I live on a street of bungalows. We've had a number of people move recently or currently moving.

The only one that struggled to move was a non-standard construction that IMHO was heavily overpriced. But even then, it's now sold - I can't wait to see what it actually sold for once it gets updated.

All the others were gone in a week have less space than ours and were priced at least 10% more than we paid 18 months ago.

We simply don't have enough properties to go round in South Hampshire.

Dustyevsky

Pretty dead here in rural Devon just now, but I see in my crystal ball a potential black swan swimming this way.....

booksandbikes

Dustyevsky said:

Pretty dead here in rural Devon just now, but I see in my crystal ball a potential black swan swimming this way.....

Rural Devon is where we are looking, and yup it is fairly dead!

ReadySteadyPop

Dustyevsky said:

Pretty dead here in rural Devon just now, but I see in my crystal ball a potential black swan swimming this way.....

The Black Swan for affordability and borrowing costs is gong to come from Japan I think.

Dustyevsky

ReadySteadyPop said:

Dustyevsky said:

Pretty dead here in rural Devon just now, but I see in my crystal ball a potential black swan swimming this way.....

The Black Swan for affordability and borrowing costs is gong to come from Japan I think.

Beginning there, but there are other, larger swans across the pond. The black swans in Devon reside in Dawlish, some distance from me, so I'm only guessing. 

However, I know the last 'event,' which caused some in the Home Counties to reconsider their options a few years ago, resulted in higher demand here and an influx of new money. I must've chatted to 20 incomers in the past 3 months, and most tell similar tales.

amandaleeds

booksandbikes said:

Just a whiny venting post really. We have been looking for a house for the last 3 weeks, and nothing suitable is coming on the market. Before we accepted an offer on ours, I had loads of available properties on my RM list. Now that we are finally proceedable, they are all sold and the few remaining ones are not suitable. 

Just so depressing...we were lined up to view a very nice house on Saturday, and the EA has just called to cancel the viewing as they have accepted an offer.

Our buyer wants a quick completion, so feeling the pressure. It's all about timing. 😵‍💫

Have many houses come on to the market in your area? Maybe it is just a dip due to summer holidays and things will pick up again, or maybe it's just my local area (Devon). 

I was in this same position. Right until I went to market (March 2023) there were loads of suitable homes, then very little, and mainly poorly maintained an unpractical ex-rentals and probate. 
Put a few offers in on 4 suitable properties but 2 were taken off the market as they wanted more money, and the other 2 I lost out to people happy to pay well above asking price.

Lost my first buyer as they found another home they preferred. Got a 2nd buyer with a lower offer and they were threatening to pull out so I ended up having to put everything into storage and crash with various friends and family since Feb this year.

Not seen anything suitable since, but things have taken a turn for me as a new job offer means I'm now looking in a totally different part of the country. The market still seems slow there and I need to be careful as many properties were hit by the 2015 floods but there does seem to be a little more choice (but sadly more expensive than where I was previously looking).

amandaleeds

RelievedSheff said:

There are very few new properties coming onto the market in our area. 

There had been a few lingering on the market unsold for a little while but they are mostly now under offer. Like anywhere else there are the odd one or two that are so over priced they really have no hope of selling!

I've seen some very odd pricing of homes e.g. a 3 bed bungalow that was converted into a 2 bed to have a second bathroom, and they added £100k (>30%) to the 2021 sold price? It's been reduced several times over the year and the owner keeps posting it on the local Facebook page. 

Seen lots of run down homes priced above turn key ready same sized homes on the same street. Also still seeing many homes priced well above better homes that recently sold. My understanding is that homes are generally too expensive for most people with the increase in interest rates, so we should be seeing a gradual decrease in prices?