Copy article

Are we seeing a shift in the property market this week???

ended 28. September 2022

A journalist on the Daily Telegraph is keen to hear from estate agents and mortgage brokers about any changes this week in the housing market which suggests buyers and banks are getting nervous and the market is slowing down. Have you seen a rise in fall throughs, down valuations, cancelled viewings or buyers reducing their offers?
 


 

6 responses from the Newspage community

Copy all

Copy

Editor
Mike Staton
Director at Staton Mortgages
I think we are worryingly close to a cash buyers market, should lenders continue to pull products out of the market, we run the risk of having no mortgage buyers. Should this happen, demand would drop and prices reduce causing a housing market crash. Whilst this is only speculation at the moment, its a scary vision of what the future could be
Copy

Editor
Samuel Mather-Holgate
Independent Financial Adviser at Mather and Murray Financial
Down valuations are coming back thick and fast. This is no surprise considering the government is in a mega-flap about how to react to the condemnation of its mini budget. When properties are down valued, options are limited as products have been pulled. The housing market will surely dry up over the autumn.
Copy

Editor
Imran Hussain
Director at Harmony Financial Services
I am finding there are still many active buyers in the market even with the rates rising, the biggest issue right now is the lack of stock on the market and banks currently withdrawing products as a temporary measure whilst they re-price products.
Copy

James Miles
Director - Mortgage Adviser at The Mortgage Quarter
We’ve seen a surge in enquiries as buyers are keen to secure a rate before they increase further so their new home is still affordable. Brokers are working extra hours as the panic isn’t helped with lenders withdrawing products faster than a Bugatti Veyron. Today, we’ve seen lenders lend out their allocated funds and closing shop.
Copy

Graham Cox
Director at Bridging Hub
The dam has finally broken this week in the housing market. One of my clients told me he's just had an offer accepted at £13k under the asking price on a £535,000 property in south-west London. That was unheard of 6 months ago. I firmly believe house prices are already starting to fall. The year on year quotes we've seen recently is what happened in the first quarter of 2022. Much has changed since then. On top of that, lenders are re-pricing all their products, or trying to, once volatility in the money markets dies down. And now the government has been forced to start up quantitive easing again and postpone their planned program of quantitive tightening. The market is totally chaotic right now.
Copy

Jamie Lennox
Director at Dimora Mortgages
This week we've already had a property downvalued by £40,000 which equated to 12% of the proposed purchase price and may see more in the weeks to come. Clients are also becoming more concerned about a looming recession and the impact they may have if they potential end up buying a house at the peak which will create a ripple affect across the housing industry. Naturally, there will be people whos plans to move change and withdraw from the market if things continue as they are currently.