House market - anyone struggling to sell?

[Doingthingsdifferently]

We are in the south east and have we been on the market for ten weeks with what we thought would be an easy house to sell. We had an early offer that fell through and now we are back on with a 5% drop in price. We have had hardly any viewings for six weeks and no further offers - is it the market, are others struggling to sell at the moment?

[rainingsnoring]

It's a lovely house and very well presented so I don't think the lack of offers is house related.
It will be market and price related. The market has fallen as was inevitable with a combination of a very rapid hike in interest rates, general inflation which has increased everyone's bills a lot, banks already tightening lending (this will get worse, look at current banking sector problems), falling real wages, higher taxes in April plus likelihood of higher unemployment for people in some sectors is putting people off moving/ taking on lots of debt.

You could give it another 4 weeks or so at the reduced price and then reconsider. It depends how much you need/ want to move. If you reduce the price enough, it will sell, of course.

[StillWantingADog]

Looked at the pics again. The lack of pics of bedrooms puts me off a bit tbh and it looks like the upstairs isn’t nearly as spacious as downstairs - nothing you can do about that but it will affect its selling price. I’d be more likely to view a house with bedroom pics I wasn’t keen on than a house with no bedroom pics at all


also the second pic taken near the stairs is offputting, can’t put my finger on why though.

generalky speaking the downstairs and garden are fantastic- need more pics of the garden too to highlight this.

[Doingthingsdifferently]

Thank you all for your feedback. To answer one specific question - there is nothing bad about the area, ofsted outstanding primary and secondary, lovely neighbourhood. However the comments on pictures are extremely helpful and we can definitely do better - I really appreciate all the different perspectives.

[MegsLevante]

@rainingsnoring

It's a lovely house and very well presented so I don't think the lack of offers is house related.
It will be market and price related. The market has fallen as was inevitable with a combination of a very rapid hike in interest rates, general inflation which has increased everyone's bills a lot, banks already tightening lending (this will get worse, look at current banking sector problems), falling real wages, higher taxes in April plus likelihood of higher unemployment for people in some sectors is putting people off moving/ taking on lots of debt.

You could give it another 4 weeks or so at the reduced price and then reconsider. It depends how much you need/ want to move. If you reduce the price enough, it will sell, of course.

Do you think we are about to enter a credit crunch? (I’ve seen your comments before and you seem knowledgeable on economics / finance).

As I posted above, I have a vested interest as I’m planning on starting to look for a house to buy after the Easter holidays. I need a mortgage though.

[cherriestort]

A lovely house!
Not remotely my taste in decor, but I could very very easily change that and it seems so well maintained.

I think it's the economy, no one seems to be in charge, costs are spiralling, with no plan to neutralise inflation apart from hit us all hard with interest rates. Leaving the EU was always going to hit our economy, but I don't think any of us really realised how badly, and they won't let us back in now.
I had my best year ever earnings wise, but I feel scared about the future cost increases so I'm cautious about moving house, although I'd love to size up.

In regard to your listing, apart from the tweaks on RM, I think you need much more photos, a video (I hate them, but Estate agents tell me most viewers love them) I think the photos are very bland, and your house is lacking some personality, better photos are needed.
There seems lots of the house that isn't shown, the garden is amazing and just what so many people are looking for, you need to promote that more.

[DogInATent]

Lovely house, well presented, but a bit lacking in Wow! factor.

Add more photographs, and find a shorter photographer. The perspective the photos are taken from makes the ceilings look a lot lower than they are which makes every room look more confined/enclosed. If you've got the option, always get the photos taken by a property photographer rather than an estate agent with a phone camera.

As PP mention the economy is badly affecting the market. Rising interest rates deter buyers - plus they're not helping address the underlying economic problem and they're now creating a potential banking crisis. It's not enough to be a Good property in this sort of market, it needs to be Outstanding of it's type, area, and price bracket. Push the EA harder to create a better listing.

[Swansandcustard]

Honestly, there are cosmetic bits you could change, but it is fairly neutral and you’ll never please everyone. Maybe better pic of living room, and other bedrooms, also outside space, but it looks key ready.

The continuing raising of interest rates is doing nothing to curb inflation (because it’s caused by energy companies, not people overspending) and everything to cripple the property market as well as the fact it will start pushing people into negative equity (particularly on the overpriced new builds).

[RoseBucket]

I really wouldn’t bother changing artwork (and adding a kitchen island!) buyers are more interested in the space, floor plans and what if any work needs doing. Yours is in move in condition however agree with others, there is not enough photos and the ones you have do not show the space effectively.

[GonnaGetGoingReturns]

I think it depends on the area as 2 houses near me in SE London (but a popular area, near good primary schools and high streets) have both sold at asking prices within weeks of going on the market. I was potentially looking at them for DB but both slightly out of their price range.

[MidnightMeltdown]

I imagine that people are waiting for interest rates to drop before upsizing. You'll probably have better luck if you can wait a year.

[GonnaGetGoingReturns]

The house seems nice to me!

Slightly off topic but we used to holiday at Hoads Farm in Sandhurst years ago as friends knew the farmers (it is now a b&b) - nice area but we found it a bit quiet in terms of things to do - great for kids though! Wondering how much it’s changed since late 70s/early 80s.

[rainingsnoring]

@MegsLevante

Do you think we are about to enter a credit crunch? (I’ve seen your comments before and you seem knowledgeable on economics / finance).

As I posted above, I have a vested interest as I’m planning on starting to look for a house to buy after the Easter holidays. I need a mortgage though.

I do think we will see a credit crunch, yes with banks tightening lending further.
So less higher risk borrowing, smaller amounts and some job sectors less favoured than others.
If you only want a small mortgage and have secure jobs you will be better placed than lots of others. If this is the case, you might want to consider waiting as prices are very likely to fall more in the second half of the year. This is my opinion having looked at the data and many disagree so have a look at the data yourself before making decisions.
As a first step, have a look at movinghomewithCharlie. He is on YouTube and twitter.

[tt9]

@Doingthingsdifferently

Thanks @Kentlassie that is a really helpful insight - and yes please all thoughts would be helpful https://www.rightmove.co.uk/properties/131117486

the house is gorgeous. you've done it up really nicely

[LuckymumofAbi]

@Doingthingsdifferently I hope you don’t mind me asking but did you sell? I’m struggling with mine and running out of energy with it.

[Roaminginthegloaming]

@LuckymumofAbi - if you look again at the Rightmove listing it states “Sold Subject to Contract”

[DogInATent]

@Roaminginthegloaming

@LuckymumofAbi - if you look again at the Rightmove listing it states “Sold Subject to Contract”

Doesn't really answer the question, no contract = no sale yet.

[LuckymumofAbi]

@Roaminginthegloaming

@LuckymumofAbi - if you look again at the Rightmove listing it states “Sold Subject to Contract”

Thank you, hopefully they will complete soon.

[DogInATent]

Sorry, it does answer the question... but doesn't carry much infomation.

[Doingthingsdifferently]

Hi, we are waiting to exchange - had to take a further reduction in price though!

[CrashyTime]

@rainingsnoring

I do think we will see a credit crunch, yes with banks tightening lending further.
So less higher risk borrowing, smaller amounts and some job sectors less favoured than others.
If you only want a small mortgage and have secure jobs you will be better placed than lots of others. If this is the case, you might want to consider waiting as prices are very likely to fall more in the second half of the year. This is my opinion having looked at the data and many disagree so have a look at the data yourself before making decisions.
As a first step, have a look at movinghomewithCharlie. He is on YouTube and twitter.

Charlie is a bit late to the party though, the time for people to listen to the more informed posters about all this on various forums was years ago, not when the credit crunch has started?

[XVGN]

@CrashyTime

Charlie is a bit late to the party though, the time for people to listen to the more informed posters about all this on various forums was years ago, not when the credit crunch has started?

Not really helpful. New people will be coming to the market all the time (New buyers and 3 D's, etc) and did not have the benefit of predicting their situation years ago. The information available is still useful.

[CrashyTime]

@RoseBucket

I really wouldn’t bother changing artwork (and adding a kitchen island!) buyers are more interested in the space, floor plans and what if any work needs doing. Yours is in move in condition however agree with others, there is not enough photos and the ones you have do not show the space effectively.

Yes, they are interested in location, size, repairs needed and most importantly price.

[CrashyTime]

@XVGN

Not really helpful. New people will be coming to the market all the time (New buyers and 3 D's, etc) and did not have the benefit of predicting their situation years ago. The information available is still useful.

Not sure it matters anymore TBH, "Charlie" and others are just parroting what HPC has been saying for years, people coming to the market now are being told by the banks that they are getting a lot less debt to play with, the decision is out of their hands, the time to be smart was when you had access to loads of credit but could choose a smaller house, less house for your debt so to speak (and less interest on your debt in future) If you want to know where house prices are going watch the "10 Year Yield" and keep an eye on Japan not YouTube.

[CrashyTime]

@Roaminginthegloaming

@LuckymumofAbi - if you look again at the Rightmove listing it states “Sold Subject to Contract”

Doesn`t seem to say that now, but it is showing a 50k price reduction, I still think the price is very ambitious though.

[XVGN]

@CrashyTime

Doesn`t seem to say that now, but it is showing a 50k price reduction, I still think the price is very ambitious though.

Have you got a problem with Property Log? It says SSTC when I look. Hopefully they're in sniffing distance of exchange.