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Original poster

Is the housing market really slow at the mo?

54 replies

BreeVDKamp · 25/03/2015 11:40

Is it because of the election? I don't really understand what effect the election might have on the housing market - surely any changes the new government will make won't come in straight away?

Anyway, we put our flat (zone 3 London) on the market at the start of the month, and viewings have been trickling in very slowly. Just had a call that someone who came for a 2nd viewing last night isn't going to put an offer in (they'd already put one in that we'd rejected for various reasons, perhaps that was stupid), so feeling a bit downhearted!

Realistically we could stay here for another year, but I am desperate to leave London :( DC1 due in May so we naively hoped we could complete roundabout June/July.

OP posts:
Original poster
BreeVDKamp · 25/03/2015 11:41

P.S Sorry, forgot the main point... I am just wondering if we should just take the house off the market and try again in a year. Or in the Autumn. But isn't the spring the best time to sell?

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Apatite1 · 25/03/2015 11:47

I think the market overheated this time last year in London. I'm expecting things to stagnate and then fall in price this year. I think the people who over stretched to buy last year may be in trouble.

Original poster
BreeVDKamp · 25/03/2015 11:50

OK. So then from our POV it would be best if we could sell now before the prices fall.

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hereandtherex · 25/03/2015 12:01

If you want to sell, it might be advised to get it on the market ASAP and priced using the Land registry data for your local area rather than go through the 'EA says I can sell it for', which will later need to be reduced a few months down the line.

Andcake · 25/03/2015 12:02

Just wanted to sympathize - we put our flat (zone 2) on the market just under a week ago and have had no viewings booked yet and I'm going crazy.

We need to be out of the area by Christmas so we can have proof of new address to get ds into a good primary school for the January application deadline.
EA have said the election is a funny time with the market typically flattening for the 6 weeks run up that we are now in.

Also easter is when alot of people start looking apparently.

In my mind I'm not going to panic (easy to say - dp had a go at me for panicking last night)until 1st July and then reduce the price.
Reducing the price though may mean we can't afford a proper family home where we would like which would be awful. But then maybe house prices will come down there.

I do think the market is beginning to cool - and tbh I do wonder how many young couples could afford our home and how...

noddyholder · 25/03/2015 12:04

Prices falling here SE not rapidly but everything we have viewed has been a reduction and so I have decided to wait until after the election when I think they will fall more. Worth looking on rightmove to see how many daily entries are reductions at least a fifth are here every day. I made several offers at teh end of last year which were refused which would now be accepted so i think its slowing gradually.

Original poster
BreeVDKamp · 25/03/2015 12:12

It is on the market hereandtherex. Will try and look up the Land Registry data, thanks.

We had 3 estate agents value the flat, and have just remortgaged as well, so had 4 valuations and marketed the flat at Guide Price £375k, which was the average of the 4. This week 'reduced it' to Offers In Excess Of £365k - not really a reduction as we would have taken £365k when it was on at its higher guide price. I'm worried that if we accept a too-low offer then we won't be able to afford a bigger place outside London (the whole point of the move). But then hopefully if prices in the London market fall, then everywhere else will too?

To make matters worse we have gone with an online estate agent (never read a single bad review about them), and they don't have the benefit of a bank of potential buyers. You have to rely on people seeing the property online. Pics, brochure, floorplan, description etc all really good quality, quick turnaround etc, but what good is that if no-one is interested? (We are premium listings on rightmove etc so no more we can do really).

Once the baby is born I doubt I'll want to do viewings myself, so will have to pay more for a non-online estate agent, which bumps up the moving costs HUGELY.

Andcake maybe we will hang on until Easter! Sorry you're in the same position! I guess we should count ourselves lucky to be homeowners in the first place in this day and age...?! :)

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Original poster
BreeVDKamp · 25/03/2015 12:16

I should add that I do HOPE prices everywhere fall. I think it is ludicrous that we can (supposedly) get that much for our flat nowadays. None of my peers can afford to buy and it is all crazy.

But I reeeeeeally want to leave London!

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RyanAirVeteran · 25/03/2015 12:20

Market still red hot here, one bedroom, one bathroom ground floor flat of grantedly a nice old house in a good catchment area for schools went in two days for £250k.

noddyholder · 25/03/2015 12:22

What is the point of a 1 bed near schools though? Presumably to secure catchment rather than house a family? Ridiculous. I would never buy before easter has passed as it is the agents 'peak' time if there still is one. There are many open days here that weekend to create a frenzy. I went to one on saturday with 10 people viewing and it was nice but didn't sell.

LaurieFairyCake · 25/03/2015 12:23

Is it on Rightmove even if it's with an online agent?

I don't think the markets slow round here, everything I like is off the market within 3 days in St Albans, Harpenden, Berkhamsted

LaurieFairyCake · 25/03/2015 12:24

Ah right, just read your last and see its on rightmove

RyanAirVeteran · 25/03/2015 12:33

Point being people are snapping up whatever they can, they are generally coming down from London for the schools.

Original poster
BreeVDKamp · 25/03/2015 12:44

Ours is 2 bed, ground floor, near really good schools! 20 mins to London Bridge and Victoria.

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Original poster
BreeVDKamp · 25/03/2015 12:44

Actually, probably more like 30 mins.

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Timetodrive · 25/03/2015 12:46

The market it unstable here at the moment, an influx of the large extension homes are questioning the ceiling prices. Strangely these are the only ones not selling but the surrounding properties are increasing their asking price, and there is not much difference in the price of an untouched/ needing modernised and a modernised house with small extension/ conservatory as buyers want the extension but not pay the asking price of one already done.

maryso · 25/03/2015 12:49

Over the two last years, I've seen houses in the same terraces at 30-50% price differences. Crazily, the cheaper one/s sold, always after fierce competition. The ones left on the shelf up their aspirational prices every few months... because... a higher price attracts more buyers???

Pre-election is not a "funny" time. The seller and EA are funded 100% by the buyer, and anyone with a million, or part of or several of, did not get there by being emotional about how a home is presented, rather than what it's worth to them. There is only one reason why homes do not sell in a severe housing shortage. If selling were the option that best fitted my life plans, I'd cut the price. However, if my home is worth more to me than anyone else, I'll get to keep it. Any London home properly priced will sell in days.

ilovemydoggy · 25/03/2015 12:53

It's not slowed down in the South east, we put house on market on the Friday went live in rightmove overnight, viewings all day Sunday and under offer by the Monday lunch time. This was 4 weeks ago and cause the market is so quick we are struggling to find anything. If anything is half decent it goes under offer on the same day which is annoying when we really like something but want a second viewing. We are now going to have to just make do with the one viewing and if we like it put an offer in as soon as we have viewed. Maybe change your estate agents.

Original poster
BreeVDKamp · 25/03/2015 13:04

Maybe we should lower the price again then?? Properties of the same price in the same area don't seem to be selling very quickly either. And are either smaller or uglier than ours Grin Ours is in a lovely Victorian house, up on a hill, loads of amenities close by, great schools, great transport! All the feedback we're getting is 'it's not for us'. Our first viewers were a couple with two kids!!!!! Looking to buy a 2 bed flat!!! Well no shit it's not for you! Timewasters.
We've also had a lot of 'it's too far from the station', which surprised me - it's a 10 min walk.
Waaah.

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ThroughThickandThin · 25/03/2015 13:13

You are very keen to sell, but cutting corners by not investing in going on the market with a good Estate Agent imo.

We're South East, and things are selling where we are.

I thing London got exceptionally heated, so maybe there is a natural cooling off occurring.

Good luck.

LaurieFairyCake · 25/03/2015 13:15

Are there 2 beds closer to your station for the same money?

I'm always shocked that people think ten minutes is far from the station - but they do - so if there's half a dozen closer then why would they pick yours?

suzyrut · 25/03/2015 13:25

I was in a similar situation to you a couple of weeks ago and I just want to tell you to "keep the faith". I have very limited patience and despite the house down the road selling in two days it took a good few weeks for ours to go under offer and I was a nervous wreck throughout. Whenever I got feedback that I thought was a bit Hmm I tried to tell myself that most of the time people's feedback is anything convenient just to stop the agents from badgering them (just like I did when we were looking and it just didn't for whatever reason feel like the house for us). My agent used to say to me just to remember you only need one person to buy it and that became a bit of a mantra that kept me sane.

In terms of reducing the price my dh and I agreed a price which we wouldn't go below and (though we didn't reduce the asking price) we did know that if we were accepting offers we wouldn't/couldn't go below that amount to buy the house we wanted. Have you seen anything you liked as that could help make the selling price decision easier for you.

Good luck I really do feel your pain!

cestlavielife · 25/03/2015 13:33

lots of people with two kids can only afford a two bed flat in london...

you could afford to wait for a good enough offer, as with 1dc and two bedrooms you will be fine for a while where you are.

Original poster
BreeVDKamp · 25/03/2015 14:05

ThroughThickAndThin I'm very keen to sell, DH has more patience Wink Thanks for the luck :)

Laurie Just had a look on Rightmove and no, 2 beds near the station are all more expensive. If you're at the other end of our street you can see and hear the trains, so we really aren't that much of a trek away!

Suzyrut thanks for sharing! Yes we've seen loads of houses we are interested in, and we know our lower limit. That plus the fact we took an average of 4 valuations, and the fact similar properties are similarly priced, is why we are reluctant to reduce much more. A 1 bed in our building sold within a week just before Xmas so I am really worrying what we are doing wrong. It sounds like you've managed to sell, congratulations!

cestlavie I know, I said in my OP we can stay here another year :)

I think most of my angst is because I want to start buying baby stuff, but don't want to clutter up the flat for viewings. And I don't want to have to keep doing so much cleaning for much longer. It gives me heartburn :(

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meglet · 25/03/2015 14:06

I think so. I started a similar thread a while back.