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Original poster

Putting house back on market

35 replies

Dasheen · 20/08/2022 06:36

After wasting our time for about 5 weeks we’ve decided to cut our buyers loose and put our house back on the market. We had about 5 offers previously.

Any advice on what to expect? Has anyone had to do the same recently. If so what was your experience?

OP posts:
Original poster
Dasheen · 22/08/2022 20:08

DeadHouseBounce · 22/08/2022 18:50

Good luck renting out a property in a recession, and do you know about all the legal stuff you would have to abide by? The Three Ds will ensure that there is always property for sale, and the price that property sells for is the price of your property whether you sell or not, that is how a "market" works, people who dont sell are not part of the market, they are not price makers. It isn`t demand alone pushing up prices, it is also cheap debt, and thankfully that era is now coming to an end.

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I have been a landlord for nearly 20 years. I have 4 properties in my portfolio. This one was my immediate recent main family home. I just wanted views on the ground in terms of what people buying might be thinking or those who are or were in a similar situation- putting a house back in the market.

Nonetheless, I appreciate the views shared. I’m not in a desperate situation. Property value increases over the long run. I’d like the funds to help with planned renovations for next year but I’m not about to sell my property for peanuts.

OP posts:
Original poster
Dasheen · 22/08/2022 20:09

Northbynorthbreast · 22/08/2022 19:27

Ask agents to let the people who Made you offers know it is back on the market. Someone will be delighted!

Thanks. She is doing just that. Fingers crossed.

OP posts:
Original poster
Dasheen · 22/08/2022 20:14

Sprig1 · 22/08/2022 19:00

My neighbour's house sale has fallen through three times in the last 5mths, each time it has gone back under offer again within a week, including last week.

That’s encouraging. Thanks. I hope that will be the same for us. The estate agent is super positive because of the desirability of the area but I’m still wondering whether people will either rush now to move homes because things are likely to get worse (is not putting off house move any longer) or they will stay put because things are likely to get worse.

Time will tell.

OP posts:
goshy · 22/08/2022 20:34

Another thing to be mindful of are future changes to CGT. One of my inlaws is disposing of their 3rd property. They believe there will be changes to CGT & potentially other taxes because people will be desperate to save the NHS.

Original poster
Dasheen · 22/08/2022 20:39

CGT is one of my concerns and so too is the stamp duty relief of last year which needs to be claimed within 3 years. However, that’s by the by. For now, I’m trying to read the tea leaves on how things might pan out when a property is re-advertised.

OP posts:
Original poster
Dasheen · 23/08/2022 23:54

We have several bookings for viewings and one previous viewers who are interested and reinstated their offers. I hope it is 2nd time lucky.

I hear there are a lot of down-valuations. Another hurdle to climb. Something like 40% of sales are down valued.

OP posts:
DeadHouseBounce · 28/08/2022 23:01

40% of sales down valued, wow, that is great news.

GreenLunchBox · 29/08/2022 02:24

DeadHouseBounce · 22/08/2022 18:50

Good luck renting out a property in a recession, and do you know about all the legal stuff you would have to abide by? The Three Ds will ensure that there is always property for sale, and the price that property sells for is the price of your property whether you sell or not, that is how a "market" works, people who dont sell are not part of the market, they are not price makers. It isn`t demand alone pushing up prices, it is also cheap debt, and thankfully that era is now coming to an end.

Show quote history

You need to get in the real world. There's a real lack of rental properties currently and it will only get worse as small time landlords offload their inventory. Rents are going up

Your username betrays your interest in this

BloodyCamping · 29/08/2022 02:33

Sounds positive

DeadHouseBounce · 06/09/2022 21:19

GreenLunchBox · 29/08/2022 02:24

You need to get in the real world. There's a real lack of rental properties currently and it will only get worse as small time landlords offload their inventory. Rents are going up

Your username betrays your interest in this

Show quote history

Not sure rents are going up....

www.bbc.co.uk/news/uk-scotland-scotland-politics-62807578

and if being a landlord is so unappealing, and BTL/FTB mortgages are getting much more expensive, who is going to buy the property off the landlords?

Your post betrays your lack of thought on this.

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