Anyone else had viewings today?

[Chanel05]

I had 4 viewings today.

First time buyer, couple that have sold to a first time buyer, a first time buyer and a couple that aren't yet back on the market but they had sold and their sale had fallen through.

Anyone else had viewings today? How did they go?

It's absolutely depressing isn't it. Have you/ are you going to reduce your price? We live in quite a desirable village and I never thought it would be this hard :(

It's really depressing. I was so excited when I listed it four months ago as a couple of houses in m road had sold so quickly last year.
I have had an offer but this person in a nearby village can't sell either( put their house on arket after viewing mine). But that was months ago.
I did drop the price by 5k last week,just over 2% but realistically that won't do much,I just wanted to look like serious seller after seeing that looked good on here!
My ndn has put theirs on too, so four houses in my street for sale.

I hope you get some viewers but don't take it personally. I did last month and felt so low but now realise it's not my home,its just a crazy market and we are all just sitting and waiting.

The market is just re-pricing itself back to more normal prices, nothing will move unless it is priced correctly.

The 'unwanted' Edinburgh homes currently on the market that just won’t sell (msn.com)

I agree with you Crashy. Does it start with the more expensive homes in my village,like the new builds on at 400k ,do they all have to reduce first. Or is it the starter homes like mine on between 200/250?. My brain is so confused.
I suppose the people who have to move?

I keep wondering if its our price point. Our house was valued at £300k last year and we're currently on at £275. We are prepared to drop a bit more but not that much and I'm unsure if that will be enough/ if FTB can afford us. Just worried we won't ever sell. Been in this house 10 years this year I am so ready to move!

@BirthdayRainbow that sounds a good plan. In some ways, my moving is a response to losing someone very special to me and my mum's becoming seriously ill. I have also been switching antidepressants. At one point I became desperate and the thing that made life worth living was being in nature. That made me decide I must move somewhere with a garden. It has also been something to focus on as a response to grief and stress.

To those thinking of reducing price, I read somewhere that it's best to take it off the market for a few weeks and then relist it with the new price. I don't know if that's helpful or not. I really hope you get sales soon.

We've been on the market for 4.5 weeks now and had 4 viewings (one resulted in asking price offer but fell through at mortgage application) we have reduced by 5k and that only resulted in 1 viewer. I have checked and our price is reasonable as there are other similar properties up for more. I'm just wondering if the monthly payment with interest rates as they stand is just too much for FTB right now.

Starting to feel like we are going to be stuck here because there is also nothing that suits our needs to be able to buy that we can afford!

All the 35's!

The median gross income last year was around £35K (half people earn less and half earn more).

Two people on median incomes might be able to borrow £315K (per MoneySupermarket) assuming they have no other commitments (car, pension, overdraft, credit cards, student loans, etc).

If they have saved a 10% deposit then they could buy a home worth £350K. That will be £35K deposit and £315K mortgage.

The monthly mortgage payment on that 25 year mortgage will be around £1600.

I have two viewings booked for next week. One is an older lady who is keen because of the lift. My neighbour's flat went to an elderly man so I'm hopeful. I did think I would have more viewings by now... I wish I had been in a position to sell a couple of years ago.

I still cannot believe that I've sold. I even said I'd leave it until June and if no interest I'd take it off the market and try again next year.

My sale is happening because of ill health. I'm 55 and am downsizing so I can become mortgage free and hopefully retire in the next couple of years.

Congratulations @BG2015

Yes but I don't think these figures are at all realistic for the theoretical couple, both on an average wage. Even if banks are prepared to lend the same multiple at much higher rates, the repayments end up unaffordable, often even if the term is extended.
Most young couples will have at least one student loan, need to be making pension contributions (indeed are obliged to if they are employed) and many have car loans/ credit cards. This is before you even start to think about having children. Unless you are fortunate enough to have full time free childcare from family, nursery fees will eat up the whole of one net salary.
I would think, depending on commitments, even £1000/month repayment would be stretching things which seems to be a mortgage of around £170,000 at 5.5% (may be being generous with the FTB rate here) over 25 years. That roughly compares to repayments on a £240,000 loan at 2.5% over 25 years. That's a large drop so little wonder that FTB numbers have fallen significantly.

I think the rate you have used in order to get a monthly repayment of £1600 is quite a bit lower than the rates available to most FTB.

IMO it starts with the buyers who are borrowing most of the sale price, they are going to have to go with their lender valuation and they can borrow a lot less than they could a couple of years ago, I think these buyers drive the market although many posters disagree, and there will always be a buyer with equity/savings who might pay over the odds to get a particular house that appeals to them in some way.

"I think the rate you have used in order to get a monthly repayment of £1600 is quite a bit lower than the rates available to most FTB."

Probably, although I think some banks are still offering teaser rates to draw FTB in at these ridiculously high prices, that would be a good income stream for the bank over the next two or three decades?

Your post outlines exactly how the availability of cheap debt allowed this mega price bubble to form, and the reason that lots of people are now in trouble because rates went back to normal!

'Probably, although I think some banks are still offering teaser rates to draw FTB in at these ridiculously high prices, that would be a good income stream for the bank over the next two or three decades?'
They might be a very poor income stream and a huge liability depending on what happens with salaries/ rates/ the economy/ jobs, etc. Defaults have already risen quite a bit although not yet at very high levels.

You are right about the people who really need to move.
I think it happens across the board in general but at variable speed and obviously will vary depending on affordability and desirability of particular areas/ types of homes.
Logically, you would think that expensive areas and larger houses which require larger, now unaffordable mortgages, would fall more.
Lots of developers are offering money off new builds and lots of incentives. They will obviously need to sell once the house has been built, though construction has fallen now.
The media coverage has been unrealistically positive, especially recently and this isn't helping the housing market or anything else. It will definitely continue though as this is an election year!

@Flensburg I am sorry to hear of your loss and that your mother is ill💐

My uncle died last month but I only found out this week on my birthday and someone I have known for 46 years is also really poorly. I'm desperate to get moved so that I can spend more time with her. She's currently early 90's. I understand re nature. I'm so upset at losing my garden, not bothered about the house, but my garden 💔.

Good point.

The MSM are part of the machine that sells mortgage debt, I stopped doubting that years ago, sad though that so many of the public have fallen for this massive scam on basic shelter.

@BG2015 I'm sorry to hear of your ill health. I hope your plans for retirement work out for you. What size are you downsizing to? My new cottage was described as one and a half bedrooms.

@BirthdayRainbow thank you. I'm so sorry about your uncle and friend too. When I moved to this house, it was the garden I left behind that I missed, same as you. I hope you find a new one to love.

I know I was ridiculously lucky and quick in selling, but I think that in general 4.5 weeks is still not very long in terms of house sales. Spring is supposed to be the best time, isn't it? Hopefully more will come on the market that's suitable for you then.
I get how frustrating it is though.

@BirthdayRainbow this is the garden of the property I'm buying. It's not huge, but plenty big enough for my needs, and I'm coming from a concrete back yard

We have our first few viewings tomorrow. We put the house up this week. We also have one booked for next week. Don't want to get to hopeful that it will result in offers but hard not to! 2 are also proceedable which is good

@BG2015 im sorry to hear you aren't very well. I hope you get moved, settled and well very soon.

Thats lovely @Flensburg . Nice as is but still with scope to add your own choices.

Good luckm@Mover2024