How's it going for sellers?

[Hairydogmummy]

We put our house on a week and a half ago. It's had one proceedable viewer. It's priced on the lower end of the Zoopla valuation and lower end of estate agent valuation. No similar houses in our highly desirable village. We need to see in the next few months as can't afford mortgage when fix ends in March. How's everyone else getting on trying to sell in this market?

Well nothing is selling at the moment, only completions of chains started 3 or more months ago.
New PM, and Hunt putting up taxes, BoE increasing the base rate, inflation over 10%, recession inbound, war in Europe.
Prices are at best flat while people come to terms with the new normal.

@C4tastrophe well that simply isn’t true. Locally three for sale designs have turned to sold in the last 10 days I’m actually I would really like to move to a three bed semi with a garage so I’m keeping my eye on the prices, there aren’t any available at all so when they pop up they’ll be snapped up.

Totally agree the difference between what ends up in the Estate Agents pocket if they sell your house for 50 grand less is negligible. I mean you literally talking 20 quid after-tax to them so keep that in your mind at all times.

The last thing you want to be doing is fire sale selling so go interest only, go on beans on toast but hold your nerve.

I forgot to mention austerity again.

It seems as if houses here are still being snapped up. I had offers on mine in the first week. This was 2 weeks ago, of course a lot can happen between now and completion.

With rents rising at up to 20%, and stamp duty cut in the last budget, there is still substantial pent up demand at the first time buyer end of the market.

Ignore the HPC trolls screaming that the sky is falling in. They've been incorrectly predicting dramatic price drops ever since the market picked up in 2009.

2001 in many cases. Thank goodness I didn’t listen to them then and I would recommend nobody listens to them now

Rumours stamp duty change will be scrapped next week

@HarpoBoy yes I thought about that but First Direct, who we're with don't do them. I'm going to make an appointment to see a broker and see what they say.

What from the Prime Minister that introduced them in the first place ? I’m sure another U-turn would go down brilliantly right now 🙄

I'm still looking to buy and I've been told more houses are failing through now as banks are cauctious. If you cannot ride it out you need to try and sell really quickly.

I've also been told in our city there are so many coming in the market. It is becoming a buyer's market.

I would reduce now to sell.

government needs more tax. its an easy target

Who has told you this nonsense? Was it your misogynistic chums on HPC, by chance?

@HarpoBoy - you are very rude. I was told by a number of estate agents as I am looking to buy. Do not speak to me like this again.

Ooooh handbags....

Sounds like someone has been caught out telling little white lies.

We could found a buyer within few weeks, but couldn't afford to buy anymore with the interest rates raising. But our property is good for rental, so that's why it's easy to sell.
We hope the prices of houses start dropping soon as people can't afford to get big mortgages. So I'd calculate if it's cheaper to sell now with a loss or wait couple of years when market may recover.
The house we were interested in sold for 10% under asking price, but with the high interest rates it was still too much for us.

Exactly. this will play out throughout the market. no matter what @HarpoBoy says / hopes

Watch out for the hidden agenda from @HarpoBoy desperately trying to talk up the falling market. Avoid following this poster’s advice which is hugely wide of the mark.

We could say the same about those desperately trying to do the opposite. Apparently the sky has been falling in since March 🙄

And yet the independent evidence points to a rising market, albeit at a much slower rate than earlier in the year.

Sellers are going to have to be much more realistic about expectations on price.
We have seen a 15% rise is house prices in the last year and they have become 30% more expensive with the mortgage rate rises.

Well in economic terms the sky pretty much has been falling in of late @HiveBee, or do you just not get out much? Desperate sellers, developers and estate agents as far as the eye can see, at least in my neck of the woods (SE), reductions, sales failing to complete….

In terms of property coming on the market, I’ve seen the opposite, very few new ones. I assumed it was a combination of people sitting tight to see what happens politically and getting close to Christmas.

Honestly, stop ruining the fun with facts

I’m not sure Rightmove are independent. Aren’t they estate agents?