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

[Hello65438]

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?

They said august because their conveyancer told them that’s the soonest they’d be able to complete because of the backlog.

Missed this. I find that hard to believe, or they need a new conveyancer. I sold my house between November and February and the market was already very busy.
3 months with nothing done won't happen.

I'd relist. They've dragged their heels, you seem reluctant to have to move out in August.

@Hello65438 I think I know exactly where you are, and if I'm right we sold there 2 years ago when the market was meant to be very "hot". The agents put it on for a high price and we ended up getting much less.

Definitely resist. Get your agent to get you a better buyer who can provide proof of funds. The market is hot

*relist

I'd relist - it doesn't sound as if your buyers are serious

Ooh interesting ilkleymoorbartat! Beginning with an S...? Out of interest, did you leave London?

I spoke to my agent yesterday afternoon about it and he’s going to ring the buyers to speed them up to beginning of July, otherwise we’ll relist. He agrees that they’re making excuses and there’s no reason for the hold up. Although he also talked about the Cyber attack! I had no idea!

Thank you all - this thread has been very helpful!

It was London fields. We stayed in London actually, but moved to an area where we got more for our money. Our buyers messed around with their mortgage too and dropped the price right at the last minute. It's incredibly frustrating!

OP, are you in Stokey?
A friend has just sold a flat there. Ex council, no outside space, so was expecting it to be a difficult sell.
She got an offer from everyone who saw it on the first day of viewings, and it has gone for over asking. I don't think she had even signed off the pics for the online listing before it sold, it was so quick!

Property market in stokey is pretty hot atm, I’d relist.

There are genuine lengthy delays at Hackney council to obtain local authority searches, I think I saw one estimate saying they were taking 20 weeks to respond! So do check that’s not the reason as you would face that same issue with any new buyer and I honestly think if you relist now you would be lucky to move by Christmas

Mortgage from buyer notwithstanding - we ( downsizing ) exchanged and completed in one day - surveys and searches had been done. I am not sure a survey is not gettable for what I presume is a house for a fairly substantial sum - so survey cost at % of price - Is there a way of getting a search more quickly albeit with a fee ?

If you want to move and they are dragging their feet - what I would do is tell them they are in the game - but re marketing in case anyone quicker comes along. (But I would hold the price if they pull their fingers out - so firm but fair if that chimes with anyone ? )

Yes we’re Stokey!

Christ about the searches . Just had a long conversation with the agent who said no one will make June deadline now. But people could still make mid July. (Although maybe with the searches - no?)

But he thinks it might be worth a remarked because we could get more?

Crikey, nappy! Was that reallt recently? I didn’t know if the crazy prices were all to beat the June deadline or not!