Buyers asking for £60k off just before exchange

[Loobydoobies]

Just as the header says. Suddenly wrote us a long letter ranting about interest rates etc, and asking for a huge discount.

We live in an area where property is scarce and holding its value ATM due to that. Told agent to tell them where to go. I am furious as we will lose our dream home.

60 year mortgage? Exaggerating again, Crashy? And back on the crazy keyboard I see

OP please don't leave us hanging. What's happened?

New to this thread and just watching waiting for OP’s answer 🙏🏼

This has just happened to us (although not bear exchange date). Our buyers wanted £30k off and as of today our house is back on the market. We offered an £18k reduction but they wouldn’t accept. We’re devastated 🥺

@SB1712 ouch! Was it a high % of the price? Things are so..weird right now.

Things going on still little too identifying to update, but promise to be back soon!

@puylentil promise to update soon. Things are still a little too...delicate to do so ATM, but hopefully soon.

Fingers crossed for you op

Hope it's good news

Rooting for you, OP!

Rooting for you, OP!

Thank you for coming back OP! I hope everything is going in your favour

Stressful times, but hoping it all works out well for you.

High interest rates are not a “rant”. People are actually suffering. If you have another buyer, then go with them… but it will probably happen with that buyer because guess what? THE MARKET HAS CHANGED

I keep coming back to this thread for an update. Come on OP I need to know what's going on

Patience is not my strong point!

@ConnieCooper I never knew my problem was so interesting. Flattered! 😂

Any update right now will be too identifying, but hoping to have one this week (even though we are on holiday ATM)

Hoping something good is happening for you, OP!

Ooh looking forward to the update @Loobydoobies

We are nowhere near "High" interest rates yet, the thing is they could actually go higher because inflation doesn`t care about house prices.

Are you looking to buy a house crashy or are you renting ?

I`m looking to see interest rates normalise and also to see how far house prices crash off the back of that.

Aw - still living at home then Crashy?

How big a crash are you looking for Twiglets? 6% base rate should cause a hefty correction don`t you think, and those pesky oil prices are creeping up, surely that is going to make the FED keep cranking the rates handle, and of course we will just have to follow along or risk a full blown run on the pound (which would be amazing to witness but probably not recommended)

Well Crashy I tend to believe mainstream forecasts. Taken from Which:

Experts predict house prices will continue to fall from their peak, but there are varying forecasts when it comes to the extent of this fall. The estate agency Knight Frank forecasts that prices will drop by 5% in 2023, and the same amount in 2024. Analysts at Capital Economics predict house prices will fall by a total of 12% by mid-2024.
The Office for Budget Responsibility (OBR) expects a 9% decrease between now and autumn 2024, while Rightmove is only anticipating a 2% drop this year.
Despite the forecasts, recent house price index figures suggest prices remain resilient, so we may not reach the predicted falls.
However, house prices are due to be impacted by spiraling mortgage rates.
Kim Kinnaird, Halifax's director of mortgages, said: 'The continued affordability squeeze will mean constrained market activity persists, and we expect house prices to continue to fall into next year.
'Based on our current economic assumptions, we anticipate that being a gradual rather than a precipitous decline.'

https://www.which.co.uk/news/article/whats-happening-to-house-prices-aVCwI8I22pBe

The same "mainstream" forecasts that said inflation was "transitory" and rates wouldnt go above 4% (or was it 3%?) I take them with the large dose of salt that they deserve. Think about it, is someone who relies on selling houses or selling mortgage debt (or whos job it is to reassure the public that they are not going to suffer economic pain) for their income going to come out and say things that make people stay away from those things?

Isn't crashytime the same poster who was peddling this for years on MSE? Nobody listened to them over there either. "consistently been predicting a housing armageddon" was one quote 😂

Another shining example of the need for an ignore feature on here.