| Property Market - someone was asking about house prices the other day on 09:22 - Aug 12 with 965 views | SaleAway |
Up in South Manchester there is a little bit of cooling, I think. I track a few prices round here, and I am seeing a few "reduced" prices, and a lot more houses hanging around.
It will definitely start to go this way. Cost of living, and rising interest rates must have an impact... |  |
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| Property Market - someone was asking about house prices the other day on 09:37 - Aug 12 with 919 views | clive_baker |
It was me, and that would definitely explain the ludicrous asking prices I'm seeing. Seems a real disconnect between that and average selling prices, so can only assume it's people / agents being overly ambitious and ultimately not achieving them which this seems to support. I guess ultimately the proof is in the pudding of actual sold prices, which are still way up YoY. I can see the market cooling down and possibly a slight retraction as the cost of living starts to pinch, but when I say retraction we're probably talking back to 2021 prices at a push.
I thought you lived in Ireland btw. Did I dream that? |  |
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| Property Market - someone was asking about house prices the other day on 09:39 - Aug 12 with 913 views | geg1992 |
I'm almost at the point of buying a house and have been looking at the market in Ipswich.
Around my price target, there are a lot more houses staying on the market for a longer period of time. I also notice that houses are being reduced, whereas 4 months or so ago, I never saw this.
I'm hoping by the end of the year, once I have the final savings together, that there will be even more nice houses in my budget, as cost of living and higher interest rates take hold. Many people I know seemed to buy houses really stretching their budget to the max. It will be interesting to see how increasing interest rates affects people like this, after being so low for so long. I'm happy to buy a modest house whilst leaving more disposable income, but people often want the best. |  |
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| Property Market - someone was asking about house prices the other day on 09:55 - Aug 12 with 862 views | clive_baker |
| Property Market - someone was asking about house prices the other day on 09:39 - Aug 12 by geg1992 |
I'm almost at the point of buying a house and have been looking at the market in Ipswich.
Around my price target, there are a lot more houses staying on the market for a longer period of time. I also notice that houses are being reduced, whereas 4 months or so ago, I never saw this.
I'm hoping by the end of the year, once I have the final savings together, that there will be even more nice houses in my budget, as cost of living and higher interest rates take hold. Many people I know seemed to buy houses really stretching their budget to the max. It will be interesting to see how increasing interest rates affects people like this, after being so low for so long. I'm happy to buy a modest house whilst leaving more disposable income, but people often want the best. |
You're right about interest rates, it'll be a challenging time when people start to remortgage. Debt has been 'free money' for so long for so many people. For context, a 1% change in interest rates on a £250k mortgage over a 25 year term is an increase of £125 a month. Couple that with rising utilities, food etc and it's not unthinkable that many households could be £500 a month worse off than they were 12 months ago. The immediate impact is significant, but the wider impact of consumers having no money in their pocket is as concerning. That will inevitably impact all industries and when it starts to hit labour market participation and unemployment rises, we really are in for a challenging time.
I think there's merit in buying something well within your means. People too often are told to 'stretch themselves' to maximise the equity gain, but sometimes you need to do the sleep at night test, and ask yourself if your income is hit by 10% or 20% can you still pay the bills. There's a lot to be said for that, both practically and psychologically. | |
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| Property Market - someone was asking about house prices the other day on 09:56 - Aug 12 with 862 views | ElderGrizzly |
Certainly not the case here in Ely.
Prices in Cambridge are still stupid, but we’re seeing 3 beds on the market now here for £630k! And most good houses go the same day or before coming to market.
It has to slow down soon though with rates rising and energy bills. Although one agent was saying the cost of Cambridge will drive people here pushing up cost more
My parents bid over asking on 5 and lost all last year. Success on house 6! |  | | |
| Property Market - someone was asking about house prices the other day on 09:57 - Aug 12 with 855 views | Keno |
| Property Market - someone was asking about house prices the other day on 09:37 - Aug 12 by clive_baker |
It was me, and that would definitely explain the ludicrous asking prices I'm seeing. Seems a real disconnect between that and average selling prices, so can only assume it's people / agents being overly ambitious and ultimately not achieving them which this seems to support. I guess ultimately the proof is in the pudding of actual sold prices, which are still way up YoY. I can see the market cooling down and possibly a slight retraction as the cost of living starts to pinch, but when I say retraction we're probably talking back to 2021 prices at a push.
I thought you lived in Ireland btw. Did I dream that? |
You didnt dream it, I am lucky and blessed in that I am Irish
I consider myself on missionary work trying to spread light and joy to the great masses on Sussex and TWTD |  |
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| Property Market - someone was asking about house prices the other day on 10:13 - Aug 12 with 807 views | clive_baker |
| Property Market - someone was asking about house prices the other day on 09:57 - Aug 12 by Keno |
You didnt dream it, I am lucky and blessed in that I am Irish
I consider myself on missionary work trying to spread light and joy to the great masses on Sussex and TWTD |
Lucky people of Sussex I say.
When will you start with said light and joy on here?
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