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Original poster

Is the housing market dead at the moment?

61 replies

firefirefire · 15/02/2019 16:15

Hi all,

We have our main house and also a rental property on the market at the moment.

Neither are on for an inflated price, but are reasonable

We just aren't getting anyone even come to look round, let alone any offers!

We are relocating and have noticed that in the areas we are looking at, properties are constantly being reduced on Rightmove and just hanging around.

Is this due to Brexit/time of year etc?

OP posts:
Alexalee · 15/02/2019 16:19

Brexit
Time of year
Unaffordability not just of prices but all costs included aswell like stamp duty, legal and removals
No viewings generally means overpriced, but in my area of south east London unless it is in great condition and put on for under perceived market value nothing sells

Misty9 · 15/02/2019 16:28

Our estate agent said it's really slowed down the last couple of weeks as the brexit fiasco gets over more uncertain. First time buyers are holding off and that affects the rest of the chain.

13cba519 · 15/02/2019 16:57

We had our house on the market and it took six months to even get an offer, and that was with us having to drop the asking price by 20k!
In the end the sale fell through so we’ve decided to extend our current house as the market is so slow at the moment. I think Brexit has a lot to do with it and the uncertainty it may bring...!

tenapenny2018 · 15/02/2019 17:02

firefirefire Which part of country are you in?

London and South are rather slow at the moment. Whereas north is more buoyant.

Original poster
firefirefire · 15/02/2019 17:14

Thanks everyone

We are in the South East.

I think we may be flogging a dead horse at the moment, though we need our rental one to go because we aren't getting another tenant

OP posts:
Alexalee · 15/02/2019 17:25

Share a link if you want opinions on them.. or PM if you want

TaleOfTheContinents · 15/02/2019 18:23

My husband and I are looking to buy our first home and are holding off for the moment because we keep reading about prices dropping post-Brexit (one article I read this week estimated by as much as 30%). I personally doubt the drop will be that extreme, but we have seen prices steadily decreasing in our area (Kent/London border) which makes us hesitant to buy now in case prices fall further. We would hate to buy now and then have the same property available for a lower price a few months down the line.

I suspect that a lot of first time buyers might be feeling this way, or just generally uncertain about housing prices in this climate, which might be why you're not getting a great response?

rabbitcarrot · 15/02/2019 18:38

I have been looking the house in midland since last December & found unless the house being priced is very reasonable, probably below the same period in 2018/17,then the house can go quickly. On the whole, so many uncertainties of Brexit did hold back lots first/moving house buyers. Nobody want to put in an offer, then after several months the similar house comes out with much lower price

PizzaPlanet · 15/02/2019 19:39

I work in an estate agent and contrary to general perception, we’re busier now than in January and both months have been pretty similar to this time last year. So not as slow as people might think.

bilbodog · 15/02/2019 20:14

Dont forget that if house prices do drop then mortgage rates will probably go up so buying now is not necessarily a bad idea if you can fix the mortgage for a good rate.

GETTINGLIKEMYMOTHER · 15/02/2019 21:33

Seems to be pretty dead around here (outer SW London) - not just Brexit, I think, but also because prices had become so ludicrous and many sellers can't bring themselves to reduce from what they like to think it's 'worth' - which often = the peak prices of 2016 ish.
A family house not a million miles from us has been on the market for well over 2 years.

PlatypusPie · 15/02/2019 21:46

Also SW London - in a road that is within catchment for two highly rated primaries and for a really prized secondary . Properties usually fly off the market here - they have been very over priced, even by local standards, for the past few years so it is not surprising that that the asking prices have slid downwards considerably but it is the first time in years that properties are sticking on the market for months.

We are considering moving with the area for various reasons but are holding off now because we are not optimistic about a sale and there is nothing appealing in the market. Similarly, my DD is renting further in to London and had planned to buy around here but has now delayed because there is so little that is on the market to buy in their target market and the prices of the next level up haven’t fallen enough. She and her DH aren’t feeling pessimistic about their jobs, though.

mum2015 · 15/02/2019 22:53

SW London area too. Asking prices of family homes are 2016+10% . No idea why that extra 10% really!! Not many houses are in the market and the ones which listed are staying for months. If anything comes for 2016 price, it is sold in 2-3 weeks.

katycb · 15/02/2019 23:49

We've just sold within a month for just shy of asking price after 9 viewings.. We are in the North East where growth has been very slow for years so I think it is less noticeable that it is slowing slightly now. Our house has gone up in value in the 7 years we have owned it but nowhere near as much as our friends down south have.

stanski · 15/02/2019 23:58

SW London here and work with Surveyors. We had a quiet January but February has been very busy for us.

jemihap · 16/02/2019 05:57

Anything in my area (Wales) that is realistically priced is still selling quickly and easily, usually well within a month.
It's just the overpriced stuff that is hanging around with no interest from potential buyers.

CharDeeMacDennis · 16/02/2019 06:04

Don't know anything about the housing market, but two houses on our road went up for sale on Monday and by friday both had "sold" signs up.

DavetheCat2001 · 16/02/2019 11:54

SE London here and the market seems very stagnant.

The same properties are hanging about and not selling, where as a couple of years ago there would have been queues of people waiting for 'open house' viewings.

Our's has gone under offer quickly, but we have priced it sensibly to sell as we are buying something bigger locally. A lot of similar properties are still trying to get silly money hence they are not selling.

The house we are buying knocked 25k off the asking price too..you have to be realistic at the moment.

There doesn't seem to be much new stuff coming on either. I think a lot of people are holding fire till after Brexshit.

notanothernam · 16/02/2019 12:05

We're in the East and just had a valuation done for a remortgage, she said it was quiet before Christmas but that it's picking up now, she thinks people are trying to crack on as Brexit is drawing on. She (they, however it's done) gave us a much higher valuation than I was expecting too, though I'm certain we couldn't sell it for that right now.

Mammajay · 16/02/2019 12:15

The problem is the less property offered to the market, the higher price the agents have to suggest as marketing price in order to get the instruction. This is a major factor now with property sitting unsold.

Seaseasea · 16/02/2019 12:17

Just look at the amount of estate agents closing/merging over the last few months. The market is screwed, especially south/London.

Original poster
firefirefire · 16/02/2019 12:39

Thanks, glad it's not just us then, although it is quite worrying

Do you think we would be best to come off the market and go on again after Brexit or in the summer?

OP posts:
Original poster
firefirefire · 16/02/2019 12:40

Not the rental house though, that needs to go.

OP posts:
Alexalee · 16/02/2019 14:01

What area is your rental op?

Jsmith99 · 16/02/2019 14:11

House prices in the South East had reached such extreme unaffordable levels that a significant correction was both inevitable and long overdue.

If you want to sell, you need to price realistically.