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?

[CrashyTime]

Maybe I am looking at the wrong link?

[XVGN]

@CrashyTime

Maybe I am looking at the wrong link?

On for 750K?

[CrashyTime]

@XVGN

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

Yes, SSTC, down to 750k from 800k. Way too pricey still IMO, obviously not in the potential buyers opinion though.

[Twiglets1]

@CrashyTime

Yes, SSTC, down to 750k from 800k. Way too pricey still IMO, obviously not in the potential buyers opinion though.

If it was down to you Crashy, everything would be too pricey! Am I right or am I right?

[CrashyTime]

@Twiglets1

If it was down to you Crashy, everything would be too pricey! Am I right or am I right?

Not quite, if you look at similar properties in the area with PropertyLog there are loads of 50k and 100k price cuts, sellers are just plucking numbers out of the air and hoping to get lucky, it wouldnt surprise me if this SSTC house doesnt actually sell.

[Twiglets1]

@CrashyTime

Not quite, if you look at similar properties in the area with PropertyLog there are loads of 50k and 100k price cuts, sellers are just plucking numbers out of the air and hoping to get lucky, it wouldnt surprise me if this SSTC house doesnt actually sell.

Ever the optimist eh Crashy?

[overdalexx]

@CrashyTime

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.

why do you keep rattling on about Japan on this thread and elsewhere? Japan is an entirely separate country with its own separate market and issues. For one thing there's an incredible number of empty houses in Japan.

[CrashyTime]

@overdalexx

why do you keep rattling on about Japan on this thread and elsewhere? Japan is an entirely separate country with its own separate market and issues. For one thing there's an incredible number of empty houses in Japan.

What Japan does with YCC and the effect on the "10Year Yield" has a big influence on the mortgage rates people could end up paying, in a global economy the worlds third largest central bank isnt a "separate" market! How do you think they stabilised the market and prevented a massive property crash in 2008? By having all the main central banks co-ordinate to drop rates that`s how!

https://www.rbcwealthmanagement.com/en-asia/insights/global-implications-of-the-bank-of-japans-yield-policy-shift

This stuff has massive consequences for people trying to sell just now.

[CrashyTime]

@Twiglets1

Ever the optimist eh Crashy?

Lets be honest, it isnt worth that money, and with debt costs rising it probably isn`t going to sell for that money? I am happy to be proved wrong though.

[Twiglets1]

Whether it’s worth the money is subjective @CrashyTime and when it sells for an agreed price it is worth that price

[CrashyTime]

@Twiglets1

Whether it’s worth the money is subjective @CrashyTime and when it sells for an agreed price it is worth that price

I agree, but when mortgage rates treble more or less overnight you also have to account for that, the borrowing costs no longer stack up for most people and that means the bottom of the market (which feeds chains and purchases further up the market) is now trading at a big discount to the "silly season" a couple of years ago.

[Twiglets1]

You agree, great.

[roarrfeckingroar]

I've just sold my flat (London) for £60k less than I bought it in 2017; £100k less than valued in 2022.

But I bought a bigger house for about £100k less than I would expect to pay. Swings and roundabouts.

[usertaken]

Seems quite average for London flats in my area (of the generic new type). Current sale prices looking like anywhere between c£350k-375k for properties bought at c£450k 4 or 5 years ago.

Pre-pandemic estate agents trying it on for £500k was common, no doubt because Zoopla simply took the last sale price and added on a % per year to get to their figure.

Fine if you can take the loss, but some people can't. Those in shared ownership or high LTV loans for instance.

[XVGN]

@roarrfeckingroar

I've just sold my flat (London) for £60k less than I bought it in 2017; £100k less than valued in 2022.

But I bought a bigger house for about £100k less than I would expect to pay. Swings and roundabouts.

Yes. Generally, falling markets are good for people looking to trade up. I'm really hoping that lots of young couple swill be able to move on from their first pad to one in which they can raise a family.

[roarrfeckingroar]

Yeah exactly. Sold my 2 bed flat for £525,000 (valued at £650,000 before) but traded up for four bed family home at £615,000 that I would've expected to pay £750,000 for last year.

[Ohmylovejune]

If you go on rightmove and look at the mortgage calculator at the bottom. Take off a 10 percent deposit and look at the monthly cost. Then try a different mortgage rate comparable to earlier this year. And see the difference.

My DD had been looking at houses and had the mortgage in principle for a 240k house. They have recently renewed this mortgage in principle because it ran out - small salary increases - not they can look at houses up to 180k.

So, they've stopped looking and are staying renting for the time being.

[XVGN]

@Ohmylovejune

If you go on rightmove and look at the mortgage calculator at the bottom. Take off a 10 percent deposit and look at the monthly cost. Then try a different mortgage rate comparable to earlier this year. And see the difference.

My DD had been looking at houses and had the mortgage in principle for a 240k house. They have recently renewed this mortgage in principle because it ran out - small salary increases - not they can look at houses up to 180k.

So, they've stopped looking and are staying renting for the time being.

The positive take on this ( I hope they do) is that they were saved from overspending on a home. Could be a blessing in disguise.

It's a crazy world where we moan about the price of milk going up 50p but celebrate the price of a house going up £50K.

[Ohmylovejune]

Hopefully they will be OK.

Both of my kids are in the same position. DD and her partner have had the brakes put on them by the banks mortgage in principle change. My son, by his relationship splitting, up so leaving him to do it on his own. They hadn't got to the stage of actually actively viewing like his sister was but, like he says, no point now in bothering with the double whammy he faces. They are all doubling down and continuing to save their deposits.

[CrashyTime]

@XVGN

The positive take on this ( I hope they do) is that they were saved from overspending on a home. Could be a blessing in disguise.

It's a crazy world where we moan about the price of milk going up 50p but celebrate the price of a house going up £50K.

"t's a crazy world where we moan about the price of milk going up 50p but celebrate the price of a house going up £50K."

Yes, the bankers must have been rolling on the floor of their plushly carpeted offices wetting themselves with laughter. Truly sad society. Hopefully interest rate rises will bring the much needed correction back to a more normal world.

[Doingthingsdifferently]

Was a bit surprised to see this in my notifications but if you would like an update - we completed in early July - thanks to the posters sending good wishes on the sale.

[Twiglets1]

Lol - thanks for the update @Doingthingsdifferently

[ettieb]

Our house has been on the market since November last year. We are in the south east.. we have dropped the price by £75k so far... loads of viewings over this time but no offers. We are going to have to reduce the price further

[Twiglets1]

That’s tough @ettieb but how tough I guess depends on how big a percentage of the asking price 75k is.

Regardless it does seem like you will need to reduce it again if the feedback from the viewings is that it is overpriced.

[Evenstar]

@ettieb I am in the same situation on the market since November 2022, except we have already moved 4 hours away, my husband’s house did sell so we used the proceeds of his for our onward purchase. The estate agent thought being chain free would be a selling point, but not so far.

I have reduced by £80,000, the last reduction of £30,000 only generated one serious viewing and one set of time wasters who hadn’t even put their own house on the market. I have reduced by more than 10% and no viewers have mentioned the price as an issue.

I am paying full council tax, standing charges on utilities and buildings insurance. I will shortly have to think about some heating for the winter.

I am sick of having to think about it and as I can’t sell we can’t fund the new kitchen etc that is needed in our current house.