hoping to sell

spurdog1

So far this year plenty gone on market at inflated prices, few selling. However prices are reducing. Are we (the UK) not looking to buy/sell atm?

I sense house prices falling.

Mark_d

People are always looking to buy/move house.  But it's now more expensive to buy than it was earlier in the year - so the difference in transaction cost pushes house prices downwards.

There are so many new developments being built near me.  I think this will adversely affect the value of my flat.   Moving house will be very expensive for me, mainly because of stamp duty, so I basically have to stay here until I retire abroad,

Albermarle

spurdog1 said:

So far this year plenty gone on market at inflated prices, few selling. However prices are reducing. Are we (the UK) not looking to buy/sell atm?

I sense house prices falling.

The UK is made up of many regions regarding house price trends. Often when prices are stalling in expensive areas, prices in cheap areas are going up.

Y_am_I_Here

We moved at the end of 2022, at the time houses we were looking at were selling very quickly and for over the asking price.
From watching the local market, I think house prices have fallen back and are taking quite a time to sell, they often have reduced the asking price 

ReadySteadyPop

https://propertyindustryeye.com/mortgage-rates-set-to-creep-up-after-surprise-jump-in-uk-inflation/

MobileSaver

ReadySteadyPop said:

https://propertyindustryeye.com/mortgage-rates-set-to-creep-up-after-surprise-jump-in-uk-inflation/

I can copy and paste links too! 

UK house prices rose 6.4% over the past 12 months

Y_am_I_Here said:

 I think house prices have fallen back and are taking quite a time to sell,

I just sold a house last month, up north, where from what I can see prices are rising not falling. From accepting the offer to money in the bank was less than seven weeks...

ReadySteadyPop

Y_am_I_Here said:

We moved at the end of 2022, at the time houses we were looking at were selling very quickly and for over the asking price.
From watching the local market, I think house prices have fallen back and are taking quite a time to sell, they often have reduced the asking price 

Multiple price reductions seems so normal now doesn`t it?

Herzlos

Depends where you are and were you start the pricing at.

Going by how quickly one of the neighbours houses sold and for how much above asking, prices are still pretty strong here and climbing. They may not be there, though, wherever that is.

MobileSaver

Herzlos said:

Depends where you are and where you start the pricing at.

^ Exactly this. If the average price in a street is £250k but a kite flyer starts at £290k then reduces to £280k then £270k before selling then prices are obviously still rising.

Of course the glass-half-empty HPC crowd just see the asking price reductions and delude themselves that that means prices are falling... then they wonder why twenty years on they're still living in a bedsit and buying their own home is more out of reach than ever...

ReadySteadyPop said:

Y_am_I_Here said:

houses we were looking at were selling very quickly and for over the asking price.

Multiple price reductions seems so normal now doesn`t it?

People in general are much more financially aware than they ever used to be. If you have a substantial asset like a house then, unless you are in the minority that's desperate to sell quickly, pricing for more than you expect to get is a very prudent and canny thing to do.

There's a house a few villages away from mine which has now been reduced by half a million from the initial asking price; once it sells it will still be one the most expensive houses in the village and will bring the average up for the entire area.

The bottom line is that initial asking prices are meaningless in the grand scheme of things and only a fool would use those as evidence of anything; the only thing that matters is the final selling price.

jimbog

ReadySteadyPop said:

Y_am_I_Here said:

We moved at the end of 2022, at the time houses we were looking at were selling very quickly and for over the asking price.
From watching the local market, I think house prices have fallen back and are taking quite a time to sell, they often have reduced the asking price 

Multiple price reductions seems so normal now doesn`t it?

When looking to sell always look at the actual price a proper sells for rather than the ‘asking price’

Herzlos

I think the reductions are a symptom of the English house selling practise where everyone expects to buy for somewhere aroud 10% under asking price, which means people will over-inflate the price and then reduce.

Up in Scotland, houses are expected to sell for around 10% over the asking price, so sellers tend to set the asking price lower to get their target figure.

It's compounded somewhat by estate agents over-valuing property to get the contract and then reducing to a more realistic price later. Of course most people will pick the agent that reckons they can sell for £350k over the agent that thinks it'll go for £320k, even if it ultimately goes for £320k anyway.


None of that has any bearing on this legendary house price crash, though. Prices seem to be trending upwards even if taking longer to sell.