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Original poster

anyone else up for sale - or about to go up for sale - and nervous because of brexit and possible recession?

38 replies

Nickname1980 · 26/06/2016 20:15

I live in London so I (and the local estate agents who came round) naively assumed brexit wouldn't happen.

Now that it has, I've been advised not to put my house on the market as - they said - only desperate people will be selling because people will offer crazy low prices or not doing anything at all. So I'd either get a lot less for my place, or it'd just sit on the market.

I know that means I would (in theory) get a lower price for the house I buy too, but... It all feels very uncertain out there at the moment and I feel a bit worried about buying and selling at the wrong time.

I am kicking myself for taking my house off the market a few months ago to change agents and give it a rejig.

Someone suggested to me that i should rent this place out and rent somewhere else to live in for 18 months. (We're a growing family who has totally outgrown our current place.)

Anyone else about to list for sale?

Or anyone got any advice on what they'd do? Would you list or wait?

OP posts:
Gracey79 · 26/06/2016 20:19

This is probably a regional difference as I'm 'up north' but I'm a mortgage advisor and haven't had a single person pull out/ask if they can cancel etc I've also done several mortgages recently for eu nationals. I spoke to an estate agent and a solicitor who both said the same. Sorry if this doesn't help but I do genuinely wonder how much is scaremongering

Original poster
Nickname1980 · 26/06/2016 20:23

Hi Gracey, that's good to hear! I am tempted to just list it as intended, and see what happens...

OP posts:
Whatthefoxgoingon · 26/06/2016 20:25

Well why not? You don't have to accept anything lower than your asking price. Good houses always sell. Come back and tell us how you got on if you do decide to put it on the market!

Gracey79 · 26/06/2016 20:27

I agree, I think If we all become too scared to move/buy it will become a self fulfilling prophecy Sad

Donatellalymanmoss · 26/06/2016 21:03

The thing with the London property market is it's been a bubble waiting to burst for a while now, and the shock it needed to do so has probably arrived. However, from experience of bubbles bursting it wasn't a case of houses dropping in value by half overnight, but lower transaction rates and prices dropping steadily for a few years. So it's still worth putting it on the market but possibly waiting a couple of weeks till things are a little calmer. Good luck.

Original poster
Nickname1980 · 26/06/2016 21:11

Yes - the prices are just insane and totally unaffordable in London. Brexit or not, i wondered if there'd be a "correction" anyway, donatella.

Part of me is wondering whether to list for sale and see how it goes. If it sells, rent somewhere for a while until prices level off for a bit, then buy. It's so tricky!

OP posts:
RebelandaStunner · 26/06/2016 22:36

Who advised you ? Who's they?
No one involved in the house buying business surely?

Fwiw we are about to exchange and complete on our purchase very soon. No one has advised us not to.
Can't wait.

Herschellmum · 27/06/2016 10:40

Mine went up on Thursday, not in London, not had any interest that I know of so far. I'm really annoyed and upset. I'm willing to drop the price by estate agent says not to and that its realistically priced and to leave it for a bit ... But I need to sell (my special needs child need to be closer to schools that are more equipped to his needs which are not in our county) and really wanted a quick sell, even if that means we have to rent for a period to get into the Area we want.

I was willing to drop price to achieve this but had no interest in the 4 days!
Stupid of me to expect a remain vote, 2 of my friends have sold recently though, their buyers seem firm, but the houses are first time buyer prices (under 100k here) so I'm in a different band.

Saying that there really is no harm in putting your house up and holding out for the price you want, unless it's up you can't know. I really hope the market will get over the shock by the end of the week, not surely now real the threat really is but I do think it's spooked some people.

BeYourselfUnlessUCanBeAUnicorn · 27/06/2016 12:24

You are the one who wants to sell so I'd go ahead and list it and see what happens.

I agree with a pp, this will turn into a self fulfilling prophecy at this rate.

Herschellmum · 27/06/2016 12:31

My estate agency spoke with me just now, he said that things are still moving, selling and offers being made, the only thing slowed is people looking in the last week, but those already looking are still moving. He thinks things will be fine this week now it's over with and sees no reason why things would change, he is a national estate agent so I'm hopefully it's just a blip. Pit it up with a no steel no fee Agent, but don't use York pessimistic one that viewed last time.

bluecoat08 · 27/06/2016 14:21

i just bought on the friday - the day we left the EU. HAPPY TIMES. i think it'll all be ok though, buying or selling

whois · 27/06/2016 14:40

I can't believe the EA told you NOT to put it on the market....? WTF were they thinking doing themselves out of a deal?

I would put on with an EA who seemed to be more pro active.

PurpleDaisies · 27/06/2016 15:01

We're on the market at the moment. We have to move for work so no option for us not to be. I was really worried after the result but the estate agent has phoned with new viewings today.

People still need houses. Mortgage rates are really good at the moment and we've got a great five year fix on the property we're moving to. I am telling myself it will all be ok.

I'm amazed your estate agent said not to put it on the market. I still get alerts from right move and st least ten houses in the small area we're looking at have come on today. I wonder if people are mischief making with all these rumours of imminent doom.

Original poster
Nickname1980 · 27/06/2016 19:46

This is all really reassuring to read!

It was two separate local agents who suggested not selling now. They said: rent it out and rent somewhere else and wait a year and see what happens if you can (but this wasn't after a cold-call, I've been in contact with them both for a long time as I'm obsessed with moving!). I know whois, bit weird that they don't want my business... I'd had it on with the first agent last year. It just sat on the market for months, over 30 viewings, no offers. It's in a great area, not overpriced, and in perfect condition.

It's good to hear people are finding new stuff/ selling ok though! I hope you get an offer soon, herschellmum.

I checked Rightmove just now and loads of new stuff has just come on in the last 24 hours. Giving me more hope!

Still totally undecided at what to do! (Rent it and rent elsewhere or sell it and buy.) DH is no help. He doesn't really care much either way, and sort of refuses to have an opinion. Totally infuriating! Angry

OP posts:
RebelandaStunner · 27/06/2016 21:02

This can't be real.
Estate Agents suggesting not selling? Really??!
How are they going to stay in business?

Original poster
Nickname1980 · 27/06/2016 21:27

Honestly, Rebel!!! But that was on Friday morning. I am going to chat to one of them again tomorrow and see what they say.

They were putting me in touch with their rental team, though, so were trying to keep my business in another format.

OP posts:
Original poster
Nickname1980 · 27/06/2016 21:38

Erm just looked at a mortgage calculator and checked out mortgage rates Shock.

Now that's making me want to sell and buy! Whoa!

If that doesn't keep the market going, I don't know what will.

OP posts:
PurpleDaisies · 27/06/2016 21:42

Estate Agents suggesting not selling? Really??!
How are they going to stay in business?
It is very strange advice. When I spoke to the estate agent selling our property on Friday they were adamant that people would still be out there to buy it, even if we had to give them a week or two to realise the sky isn't actually falling in.

cherrytree63 · 28/06/2016 22:36

My house went on the market on the 17th, I had lots of interest, and accepted an offer just under the asking price on Sunday. South East London area.

orangebird69 · 28/06/2016 22:41

We accepted an offer on our house about 10 days ago. Everything is still happening, all documents sent off ready to write contracts etc. If stupid EAs such as yours are listened to OP, this country will take itself into a recession anyway. Carry on as you were. And find a new agent.

concertplayer · 29/06/2016 06:51

The old rule of the thumb here If int rates go up can you still afford it?

mummytime · 29/06/2016 06:57

I have had very bad advice from Estate Agents before - telling me basically to sell up and then rent, because the bubble would burst. And then house prices continued to rise for the next 10 years or so.

I would get advise from another Estate Agent, and put it on the market and see what happens.

There is an argument that a weak pound will stimulate at least some of the London housing market, as for rich overseas buyers it will all look like a bargain.

Bambooshoots14 · 29/06/2016 07:46

We put ours on last Friday and have had 5 viewings with more booked in for Saturday . Less than when we sold 2 years ago but it's a different type of house with less competition expected. We're in south London

DH is an estate agent in high end west London and says enquirers have dipped but still taking instructions etc

I'd put it on the market and see what happens

LadyL81 · 29/06/2016 08:55

We are hoping to exchange this or next week. We are a bit nervous about them pulling out. The thing is it's early days and fortunately we aren't going to feel the affects yet (I hope). You have nothing to lose by putting it on the market and seeing what happens. We got 3 quotes from EAs so that might be worth doing. That EA doesn't sound great to be honest

GoogleMonkey · 29/06/2016 09:03

We've had our offer reduced (by about 8%) following the referendum. SE London. Although honestly the original offer was way too high. We've accepted just under the original asking price. Id put it back on the market if I thought we'd get much more for it, but I think this price is more realistic.

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