Where are all the people!?

[Soarkle]

I’m selling a house in a desirable part of London, put on the market at a reasonable price (compared to pre- Covid) but I’m not getting many viewings.

Is this happening to others? Or is there something wrong with my listing? I was assured by my EA it would be snapped up…..ffs.

London is slooooow at the moment, worst its been for years.

That being said, anything will shift at the right price. When you say its reasonable compared to pre-Covid, what do you mean? The market now is totally different to 3/4 years ago.

Well it’s £50k less than a similar pre Covid property on the road. Estate agent wanted to push it much higher!

I don’t feel comfortable doing that @feedbackhq, I was just wondering if others were finding the market slow in London

Seems there's been a few posts on here recently from people in London saying a similar thing.

They’re the best in the area! Sell the most and at the highest prices

I'm very much of the belief that a house will sell for what it sells for. Buyers don't tend to pay more for a house because it's on with Agent A as opposed to being on with Agent B.

Lack of viewings in the first couple of weeks does suggest overly optimistic price, but surprising given you're below pre-Covid pricing. Most places are 20% up since Covid,

Can you tell us the price range OP? £50k less than pre covid price might be a decent percentage on a cheaper house but if it's a million pound place that's not going to make any difference at all.

The market was VERY different pre covid and the house that sold would not have been identical to yours.

I'm not in London but the market is dead as a do do here in my part of the South West.

It’s on for £850k. I’ve had about 7 viewings so far and feedback has been mostly positive.

@feedbackhq are you annoyed with me? You’re being very snappy!

I’m selling for sad reasons and really don’t want to move so go easy.

I know this might sound daft but I wonder if people are put off by the lower price? I have to admit if I see a house on for less than I expect it to be I'm actually put off because I assume something is wrong with it.

It’s in line with others on the market @zeddip. We had a bit of a bubble in this area a few years ago so cheaper than then but defo not cheap I’m worried people think it’s too expensive.

It's definitely pricing or something that can be considered as negative (e.g., big road, large council building on the same road, awful outside). I've offered on two amazing flats recently in desirable areas of London (zone 1 and 2) and they both went above asking (our offers were above asking as well...but lost to cash buyers) in less than 1.5 weeks since posting. In my experience of viewing so many in London now, these two were very reasonably priced

Also don't be too dependent on past comparables especially in desirable areas in london, there are not that many comparables that are useful (not many sales since people don't move etc)

How long have you been on the market for? @Soarkle

And could be many different reasons tbh as to why you haven’t gotten an offer yet.
There are buyers but people are pickier now about certain things as opposed to 2021/22 where people were buying out of desperation/ fear of loosing out.

Give it time anyway especially if you’ve just gone on the market.

I'm in SE London. The market is hot.

It will be price, people are only prepared to pay what they're prepared to pay. how long have you been on for?

Mortgage interest rates have gone up a lot in the last two years so it will be much more expensive to move up the property ladder. Lots of people will stay put or move out of London rather than move to a larger family home in London. Not to say there are no buyers but far fewer than a few years ago.

Also the market is slow, we see the same properties sitting or coming back quite frequently. The ones that go fast or had competition were the good streets (in nice locations) that were well priced and didn't need too much work. The rest are just sitting there on rightmove. I think still a bit of struggle between sellers refusing to accept the reality and buyers who are overly cautious...
but if you price lower at reasonable price, there is usually competition and you end up with better price (than listing at a high price)

I’ve been live 2 weeks but online for less. 7 viewings.

@idontlikealdi are you basing that on something official or personal experience? Am wondering where I can check this!

Yes, @Onaladder I’ve priced at the lower end hoping for more.

It’s a very popular street, in a very nice family area. House is well decorated and feedback has been positive. Maybe I am just impatient. Last time I sold it took 4 days!

Could be price or need for structural works (outdated style etc.). How many beds are there? We are getting closer to peak selling season (March/May) so you don't want to miss that window. After the summer buyers will likely be put off by the GE election uncertainty as well. I am sure at GBP 790k you can get a bidding war started.

Two weeks and on line for even less. I think you are being impatient. It's early days yet.

@SomersetTart you’re right. As I say I’m not selling for fun reasons and I’m getting all anxious!!