House Sales volumes collapse 40%. Five Fact Friday 19 July 2024

Links to all Fact Sources

[aesopshair]

Noticed a property in Oxfordshire on the market last year for £9.5million... looking on rightmove last week, the property is under offer, but asking price is down to.... £4.5million!
Still a lot of money, but arguably a price drop of over 50%

[Abigail-sxmt]

It's the over priced sellers who are prohibiting other moves.

[PieceMeals]

My area of MCR is seeing houses up to 450, 000 selling in a short space of time, but anything over that is not selling. The problem with housing coming on to the market is that most are overpriced. They are generally in disrepair due to older people having owned them and not kept them up. The families are then being told they can get 250, 000 plus on a house that will cost at least 20, 000 to make livable.

[peterrogers]

Here is a classic, smallish 3 bed cottage in Devon with a nice garden, inside condition pretty average, last sold in 2020 for 270k and now listed at 495k (base rates 0.1% in 2020 vs 5.25% now) is this peak crazy?

[downtomarsaudio]

Im a first time buyer starting to do viewings. Buoyed by this and your commentary. For context, im 29, and was the first year of university students to pay £9000 fees. If im able to grab a bargain, it might feel like something in the economy has gone in my favour!

[gealinga]

Love the channel, great info. Brilliantly delivered.

[stephengreen]

Good suggestion to view other houses than the ideal houses. Sometimes it can take 10 or more viewings to work out the true values and options.

[exploringsuffolk]

News to back this up, house locally fell through last week on day of completion on a new build as developers lied on paperwork.
Ipswich garden city development on hold due to lack of sale, no new builds going up as developers can't afford to without selling off plan which isn't happening.
Gold up to all time high

[nancyhood]

Telford lower end of house market is going fast , under 200k is mass veiwings and sealed bids!!!!i know personally 4 purchases that had to go OVER asking price to secure. On rightmove 65 % of property is sold stc under 200k !!! That is a strong market !!i think to much emphasis is always on south England, because telfords market is bubbling!!!

[kalex]

Population increase, lack of supply of new houses, and a restrictive planning system means that prices will keep rising in the future..The main thing that holds prices at the moment from rising at faster rates is availability of cheap finance. We went from 0.1 to 5.25 in interest rates, and nominal prices have remained steady. And all this despite the government increasingly turning against landlords and foreign property buyers. Another factor that many people ignore in their analysis, is the strong desire in the uk to own a home. For many people, owning your house is better than renting even if in the short term may be more expensive.

[sbarmyman]

Hi Charlie, Fu**ing Time-wasting B***ard here, I just wanted to thank you for sharing such valuable information about the buying/selling process and moving in general. Thanks to your insights, I was able to secure an excellent deal on a small house in Oxfordshire in Oct 2023. I knew I could get a good deal as, at the time, not only did the local market *feel* quiet but the estate agent said I could view the property the morning I enquired! Error or not I finally have a home.

[Lissyblanche]

I'm from Devon and as a young person don't stand a chance its absolutely ridiculous. The amount of second homes and airbnbs/buy to lets is out of control. Just in the village i rent in the amount of empty houses just sat there is utterly criminal. No mention of this by a political party yet again

[aynsleybuggy]

Some of this is true some of this is not.

Listed our property and got asking price in 2 weeks, 330k 3 bed. Progressing quickly and likely to complete in about 8 weeks. 45% up in the last 8 years.

Listed another 2 bed property, went for over 15k vs asking price and this is set to complete in 8 weeks. 35% up since 2020.

You talk down the market a lot but it’s very regionally dependent.

Managed to get 5% discount on the next house up the chain but still lots of buyers around.

Midlands based.

[nancyruby]

The ONS figures came out this week and not included in this analysis of key facts - this showed increase in annual prices (understood this is for entire UK and includes aggregate of rises & falls).

I thought this may be a useful fact to add as you revisited your expected slide of 35%

[maxreynolds]

Fully expect the government to take money on loan from BoE and to step into the market as a social landlord. Keep driving the prices up and saddling the people with debt for their 'charitable' purposes. Meanwhile, price vs. avg wages continues to widen.

[Rahul-oybp]

The mortgage rate is above 5% paid to the bank and the house price at most is increasing by 1% ( excluding repairs, commissions, stamp duty.. ). That's happened for last 2 plus years and continuing, but people are convinced house is the best asset class - compare equity indexes giving returns above 12% ) . All I would say is do not put all money in one asset class (House, Stock market or any other asset class).

[stephengreen]

Lloyds are converting their disused banks into housing. Will this include safe houses? 🤔

[lisalu]

I live in Pudsey and the Lloyds bank building as been earmarked for housing for years. My friends worked for Lloyds moved from their offices a few years ago.

[UmerPKgrw]

In Milton keynes, i have seen cuts but not much

[dennishaggerty]

Picking up on the Lloyds bank conversion strategy. Using permitted development rules to convert banks and other redundant high street commercial property is heavily promoted by property development channels.

It’s about time Lloyds and other banks took responsibility to turn their unwanted buildings into social housing. However, due to repetitional risk I don’t think I’m the only one to assume these will not be cheap flip and scarper specification conversions(a good thing).

Consequently, unless heavily subsidised by local authorities, the typical two bedroom micro flat, will never be truly affordable by the people who need them most. Similarly ‘affordable’ units for sale will be nothing of the sort. Might suit aspiring BTL landlords though!