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Original poster

What’s the London property market like now? Should I relist?

38 replies

Hello65438 · 23/05/2021 20:47

We accepted an offer on our small london house 3 months ago. Our buyers offered over asking price (not much - only £10k, which is a tiny proportion of the price), the day it was listed, and our asking price wasn’t as high as we could have made it as we just wanted to sell and we didn’t know the market was so crazy.

Prices seemed to rocket after that, and I know we’d have got more if we’d listed a month later or even waited for more viewings, as our neighbours (fairly equal property, if ours not slightly nicer) got about £50k more than our original asking price.

That stung! But I thought: that’s the way it goes. We didn’t know the market was so hot, etc etc.

But we sold hoping to make the stamp duty deadline (although aren’t immediately buying) because we wanted to relocate to our new area by the summer.

Our buyers - who lied to our agents about their mortgage it turns out - have been dragging their feet and now say the sale will go through end of august.

I’m thinking, if we’re not going to get the summer in our new area, maybe we should relist it and get a higher price. Our buyers have lied and dragged their feet, so I don’t feel so beholden to them.

But is that poor form?

And has the market calmed down now that no one who buys now would make that June deadline? So maybe we wouldn’t get the amount our neighbours got?

OP posts:

Original poster

Hello65438 · 23/05/2021 20:52

Just to add, we live in a desirable london leafy neighbourhood and have a garden!

OP posts:

Chicchicchicchiclana · 23/05/2021 20:55

You're asking if it's ok to withdraw from your current sale in the hope of making more money?

Only you can know how far your morals will stretch there.

If your current buyers have dragged their heels so much that you will demonstrably lose money (I'm afraid I don't know how the stamp duty changes work exactly) then you could always ask them to compensate you for that rather than withdrawing altogether?

PaleGreenAndBrightOrange · 23/05/2021 20:58

I would relist if I were you. At least you’d know and I’m sure you could achieve the same again worst case scenario.

It has slowed though... we accepted an offer in Feb, pulled out as buyers mentioned some slightly stressful things to our EA and have since relisted. We’ve had 1 (lower) offer and not as many viewings as before. We’re holding out for at least the same offer again and I’m sure we’ll get it if we’re patient, as our first offer wasn’t far off. But no hope of the £50k more we had imagined (not that that was the reason we pulled out but would have been a nice bonus!)

youhadmeatgoodbye · 23/05/2021 20:58

Tricky...prices have cooled in some areas. Are you inner or outer zones?

Original poster

Hello65438 · 23/05/2021 20:58

Well... yes! But only feel ok considering it because they lied to the agent (not sure if the agent should have told us that?), and have dragged their heels and I don’t trust them anymore. The agent has grumbled about them to us more than once.

If they were lovely, I’d do nothing - feel peeved, but hope the sale wouldn’t fall apart.

OP posts:

Original poster

Hello65438 · 23/05/2021 20:59

We’re in zone 2, but a very desirable family area with great schools and lots of green.

OP posts:

youhadmeatgoodbye · 23/05/2021 21:01

@PaleGreenAndBrightOrange

I would relist if I were you. At least you’d know and I’m sure you could achieve the same again worst case scenario.

Curious to know what broad area of London and price bracket? My buyers may potentially pull out and wondering whether to relist now or wait it out

youhadmeatgoodbye · 23/05/2021 21:02

@Hello65438

We’re in zone 2, but a very desirable family area with great schools and lots of green.

If it's zone 2 SE, I think you may have missed the boat. The area has slowed dramatically.

PaleGreenAndBrightOrange · 23/05/2021 21:03

@Chicchicchicchiclana - I don’t think it’s necessarily a question of morals. We don’t know the OP’s financial situation. They’ve said they’re not buying immediately so it just makes financial sense for them to get the best possible price for their house to protect them from future house price rises.

The OP mentioned that their buyers have misled them at the time of making the offer. That has caused a delay in securing a mortgage. Perfectly reasonable to look for another buyer if they’re depriving you of something you had hoped for (in OP’s case - spending the summer in their new location).

PaleGreenAndBrightOrange · 23/05/2021 21:05

@youhadmeatgoodbye we are zone 4, north east london. Desirable leafy area. Small house, small garden.

Original poster

Hello65438 · 23/05/2021 21:06

Might as well say and hope they’re not on here reading this! Oh well if they are! We’re in Hackney (the - in my opinion - best bit of it ).

OP posts:

Original poster

Hello65438 · 23/05/2021 21:11

Our very small house is in the catchment of a desirable primary school, so families tend to buy on our road regardless of size. We have owned it for 10 years, but have watched a lot of families come and go because the houses are small, but the location is good.

OP posts:

FrownsAndDimples · 23/05/2021 21:59

I'd relist. You have to protect yourself against further rises when you do buy. It's not grabby of they have been dragging their feet and you lose out of stamp deadline.

Original poster

Hello65438 · 23/05/2021 22:07

Further rises are making me nervous! We’re planning on renting in our new area, but there doesn’t seem to be any slow down happening there.

And we’ll lose out on a rental we really liked - move in date July 1 - because the buyers aren’t completing by end of June.

I think also their lack of urgency is making me - why aren’t they desperate to complete and save money?

OP posts:

Livingintheclouds · 23/05/2021 22:07

You didn't know the market was crazy? You're kidding! And how did your buyers lie? Your estate agent should have asked for proof of mortgage in principle and deposit.
You got over asking- what else did you want? Didn't you think an over asking offer on the day you listed was an indication of the state of the market?
Your buyers will have invested quite a bit, though why the August completion? If you feel they are mucking you about, I'd give them a deadline- exchange by X date or you are relisting. But do not do it just to get more money as you may not.

Candleabra · 23/05/2021 22:13

What about your onward purchase? Won't your chain collapse if you relist your house?

Original poster

Hello65438 · 23/05/2021 22:17

Back then we didn’t know the market was crazy - because our agent told us it wasn’t! He told us that our house would be slower to sell because everyone is leaving london - honestly! And we got 2 agents round, both said the same thing about the London exodus.

We were delighted with over asking on the day.

The buyers haven’t even done the survey yet. They said august because their conveyancer told them that’s the soonest they’d be able to complete because of the backlog.

I don’t think the agent checked their mortgage status, even though he said he’d check everyone’s and not let anyone view unless they had a mortgage in principle as it was lockdown and it wasn’t safe to let time-wasters in. But I guess he didn’t!

OP posts:

Moomin12345 · 23/05/2021 22:18

Ah greed. Apparently 'greed is good' . But given the deeply dysfunctional property market in this country, can't blame you.

TheYearOfSmallThings · 23/05/2021 22:20

I would relist because they have messed you around. Friends of mine are selling and went under offer to a couple who similarly lied about being proceedable. When it turned out they couldn't move forward as agreed, a whole long chain fell apart. You are luckily not in that position, but I wouldn't feel any loyalty towards buyers who have mislead you.

korawick12345 · 23/05/2021 22:22

August is ridiculous! They are totally taking the piss. I have just exchanged on a London flat 2.5 months from offer to exchange.

DblEspresso · 24/05/2021 01:22

I had read that Hackney town council had some cyber attack, due to which all searches etc are considerably delayed. That could be one of the reasons for your buyers' delay in completion.
Your buyers probably gave you the June date as that was the time they thought it will take to complete. I don't suppose they would purposefully miss the June deadline if they can help it and lie to you about it.
So its your moral choice really if you want to potentially make more money.

YellowFish12 · 24/05/2021 08:52

No survey after 3 months?! They are time wasters.

GappyValley · 24/05/2021 08:57

Absolutely relist

They are total time wasters to have not moved things along by now, and clearly didn’t care about the process when they misled you and agents about their position

I’m sure the agents will be supportive as it means more commission for them..!

MrsJuliaGulia · 24/05/2021 18:16

If you’re in SW11 or thereabouts relist!

Lweji · 24/05/2021 18:22

August is a long time away just to get a mortgage in place and they are probably fobbing you off.
I'd give them a deadline to come up with a mortgage offer and demonstrate commitment somehow. If they want you to wait for August, then they could pay a non-refundable deposit.
Up to you.
But I wouldn't wait so long with nothing to reassure me that it will complete.

We once got an offer accepted and eventually gave up because the owners never came back to us or the Estate Agent.

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