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Original poster

We're about to get a huge slump aren't we?

131 replies

Potatoduster · 21/08/2019 08:27

My sale has just fallen through as my renegotiated price on the place I'm buying has been agreed!

There has been a rush to exchange before September and brexit. But now any new buyer isn't going to exchange before then

Anyone else think the slump will start soon? I was getting ready to move in a month. Now I'm thinking it could be at least another 6 months

OP posts:
Quellium · 22/08/2019 06:58

Yes, we've been trying to sell ours for over a year, have steadily dropped the price/slashed it and I now think we are absolutely screwed as no one will buy before Brexit now. So angry.

MaybeitsMaybelline · 22/08/2019 08:14

This part of West Yorkshire shows no signs of dropped prices. Whilst there appears to be less houses coming on the market for sure, those that do come up get snapped up. Most specifically two bed starters and three bed semis.

bluejelly · 22/08/2019 08:34

Don't think we're heading for a huge slump. Mortgage rates are still low and we don't have enough housing stock.

OnlyFoolsnMothers · 22/08/2019 08:36

I think everything has slowed but house prices (at least in SE) went crazy between 2012-2017.....I see no issue in a slow down after such a surge

Ounce · 22/08/2019 08:38

90% of asking is the most I would expect to pay for any house!

pennypineapple · 22/08/2019 08:43

Glad I'm not the only one who thinks 90% of asking isn't cheeky! I thought it was pretty standard.

EssentialHummus · 22/08/2019 08:46

90% of asking is the most I would expect to pay for any house!

Depends on the price, surely? Not everyone prices expecting to negotiate, whether they should or not.

Neron · 22/08/2019 09:00

Another who doesn't think 90% is cheeky, and I also think sometimes we need to look at the wider picture and not just blame brexit. If you've been trying to sell for a year, it generally suggests an over inflated price. Not saying for certain of course, but I see it all the time here and it's down to various reasons. People just not being able to afford it, zero contract hours, wages haven't kept up with inflation etc. We also have had a massive spike in crime too because of the drug gangs. What was once consider safe, isn't really now and that has massively impacted house prices too.

SoonerthanIthought · 22/08/2019 09:05

in my bit of London realistically priced stock is shifting, but the "sealed bids after open day for a damp basement flat on the A2" phenomenon ended immediately after the referendum result.

Essentialhummus I have to admit I think that is a good thing! The 'view with 50 other people on Saturday, bid by 12pm on Monday' era made it much more difficult for 'regular people' (needing mortgages etc) to compete with cash buyers. Not that it is easy now obviously!

I think 90% off is a reasonable starting point for negotiations these days. A few years back in the 'sealed bids by tomorrow' era an estate agent did tell me nobody would take a buyer seriously again if they did that, but that just goes to show how the market has changed since 5 years ago.

VeniVidiVoxi · 22/08/2019 09:19

Mixed bag in my part of Yorkshire. Houses are going on waaaay overpriced. An estate agent told me that they had valued a house near me for £420k, the vendor had gone with a "challenger" agent and put it up at £495k. It was bought for £345k in 2013 and looking at the photos not much has been done. So yeah, people are living in hope!

NoLeopard · 22/08/2019 09:25

I really hope there is no major slump. Retiring in a couple of years and need to downsize because we need half of the equity to supplement our poorly performing pensions. What a time to be old!

rzasoshp · 22/08/2019 09:43

@NoLeopard agreed, it’s really selfish of other people hoping prices come down, it’s the way the housing market has always worked, prices should always go up and allow those to move up the ladder.

For those saying 90% is reasonable offer, that’s over 50k for us which we would need as the deposit for a new place.

FeeFee832 · 22/08/2019 09:50

I'm in the SW and we've had 3 buyers - all dropped out because of the chain, 6 offers in total. House back on the market 3 weeks ago and had 6 viewings - 3 second viewings!

House is on at £575k.

So I think the market seems ok! Don't get too down beat, gotta just preserve! You'll get there. The EA seems upbeat and have said that there is only serious buyers and sellers at the moment.

FeeFee832 · 22/08/2019 09:53

Just a point... there are companies out there who buy your property for 90% when you can't sell. So I wouldn't agree that that's a fair offer. Ours is £575 and if someone offered £517,000 I would see that as being cheeky!

It all depends what your house is on at.

Quellium · 22/08/2019 09:54

I totally admit ours was over priced to begin with, but we were on the end of the wave (as it turns out) of very high prices and quick sales in our road.

I'm more realistic than my husband, which is another battle.

It's very hard to judge if we are still over priced because the market is so uncertain/dead, the estate agents are possibly unrealistically hopeful and our house is old and big. We really need to sell it, but I can't see that we will any time soon even if we keep dropping the price.

Although, someone will always buy at the right price, but that leaves us knackered for buying. Gah.

FeeFee832 · 22/08/2019 09:56

@Quellium it's so annoying when they over price. We had a flat we sold that was over priced to begin with and it totally fucked things up for us...! Confused

Quellium · 22/08/2019 09:57

FeeFee we had pretty much that exact offer. On for 585k, they offered 500k. That's our only offer so far. We haven't taken it yet but we have slashed the price again. So we will probably end up taking something like it in the end. Sigh.

Mildura · 22/08/2019 09:58

Glad I'm not the only one who thinks 90% of asking isn't cheeky! I thought it was pretty standard

Valuing a house as a percentage of asking price is crazy!

Asking prices are arrived out in very different ways, by all kinds of different sellers and estate agents with differing motivations and objectives.

Sometimes 80% of asking might still be too much, other times 100% of asking would still be a good deal.

FeeFee832 · 22/08/2019 09:58

@Quellium oh god... that's really cheeky! Ours is on at £575k and we've had 6 offers all for around £550-560k. We had one at £535k and I thought that was bad!

Might be worth taking off, doing some work to it and freshening up and trying again?!

It's soul destroying! Sad

FeeFee832 · 22/08/2019 10:00

@Quellium they sound like the sort of people that drop £10,000 off the day of exchange tbh!

Quellium · 22/08/2019 10:11

@FeeFee832 that was our thinking too. Especially as they already have a house they were going to live in whilst they gutted 'ours'. (I should say I have no emotional attachment to the house anymore apart from wanting a good price).

Thing is, it had a new (inoffensive, gadgety) kitchen 3 yrs ago and while I do appreciate people want to put their own mark on a place, I'm not sure I need to accept a massive price drop so they can essentially build their dream house. I don't know. It's all very confusing. Perhaps we should! It's all very neutral, clean, plain and inoffensive. Our main feedback several times has been that it is' too big' and 'a move or two too far for what they wanted'. Hmm

No one seems to want to buy a house and do it up over time anymore. So perhaps we should accept 'cheeky' or 'reasonable' offers. I hate this!

GreyGardens88 · 22/08/2019 10:24

A 5 bed house standard garden went on the market at the end of my road in Yorkshire for 1.25million in April, still on the market now and reduced by £100k in that time. You can get the same here for around £600k. Yes sellers are still deluded

Neron · 22/08/2019 10:40

Dont you think that certain ways of thinking contribute to the dire housing market? No, people are not selfish for wanting a correction. Same could be said for the attitude about always wanting the prices to increase. Just because someone needs a certain figure to go on and buy a bigger house, doesn't mean the current house is worth that.
There's a difference in increases at a natural growth, to those where houses doubled and tripled in price within a few short years. People are priced out of the current market and cannot even get on the property ladder.

FeeFee832 · 22/08/2019 10:42

@Quellium why don't you post the link and we could have a look for you? And give you some feedback?

FeeFee832 · 22/08/2019 10:43

@Neron so people who have worked really hard to get on the housing market should take a hit?

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