Currently On The Market

[Mydogscoolerthanyourdog]

Hi
We’re currently went in the market at the start of Feb and have had 8 viewings (but only 3 proceedable ones). Feedback has been good but no offers, two really liked it but hadn’t sold theirs, one has since sold and has changed their mind and discounted ours. We’ve dropped the price by 25K earlier this week, as we have found the house we want to buy so feel like the clock is ticking, in the hope this would open us to a new bracket of buyers but it hasn’t generated any viewing requests yet. How are others finding things, we’re in a nice village in Essex. Feeling a bit despondent

Nothing is selling around here, inc village where you previously just couldn't buy as everything got snapped up. Now there are 26 properties.
Including in 2 streets that are amazing and houses there are getting discounted (NW Surrey)

You only reduced the price a few days ago, so it might be early days. How does the price compare with similar properties? I'd give it a week or so and then speak to the EA again to see if there is anything more you can do.

I understand the despondency - it's such a slow and sometimes agonising process, especially in the current market. But your sellers are operating in the same market, and hopefully they will be happy to wait for you.

the market is very sucky for both buyers and sellers. i'm a buyer, but i feel your pain as a seller. i honestly think there just aren't enough buyers around, but buyers also want to buy a certain type of house. the other issue is what you've mentioned, people being in a chain - and they keep falling through. i'm not in a chain and i'm finding it difficult just because the market isn't really stocking the house i want. it's not even "loving" the house, just "liking it", and i've made a few compromises too to find it. you might need to just wait and adjust the price to attract that buyer, but tbh, alot of it comes down to price esp for people who people like me who didn't imagine living in a type of house but could be persuaded with the price. good luck

buyer here... completely feel the same pain! good luck with yours!

Another buyer here. I agree that there just isn't much on the market that is realistically priced. We are looking in a specific area but our criteria isn't THAT difficult to meet. Looking for a 3 bed semi or terrace with a good downstairs layout and decent room sizes. Everything seems to have been renovated/extended cheaply so the floorplans are bizarre.

We've found a few that tick our boxes but haven't been to view because they are about 20% more than what we are willing to spend. We live in a large new build city centre flat and our rent is into the four figures. Even with a 20% deposit and the best interest rate we could hope for, the mortgage will be higher than our rent. While we could technically afford it, we are mindful that we'd like to start a family soon and our expenses will increase. I just don't think a lot of sellers are factoring in the impact of interest rate rises on monthly payments.

we have been in the same boat as buyers @BraveToaster - the houses we would consider are overpriced for what they are - they are not selling still and sitting on the market too (i think by stubborn sellers). it definitely is a problem with sellers not appreciating the interest rate hikes which have more than doubled. frankly, this country is too property mad and i've realised how strange it is people tie their retirement with their property, when there are so many other alternatives and options to invest it. i think UK is just... very behind. what can you do though shrug. i do find some seller threads on here a bit whacky though, not understanding why theyre not getting viewings etc. Really? It is strange some are just ignoring the state of the economy and unemployment is creeping up! anyways, wishing you the best in finding your home.

Exactly. The economy has changed massively and houses are only worth what someone will pay. With houses going stale on the market, it means they are not priced correctly.

I do not understand the British thing of "my house is my pension". You need to live somewhere and it is the most illiquid investment you can have. There are much better vehicles with a better return than housing x

It's all the non-proceedables that are muddying the water. There are actually way fewer people actively buying than there appears. Those "real" buyers that are out there have their pick of the houses, so it's much harder to stand out in many areas. In the areas I spend a lot of time Rightmoving I've seen multiple houses that have reduced by over 100k and still not sold. The ones that sell are ones that have something distinctive about them that appeals. In short, it's hard!

Sorry you are finding it a frustrating process @Mydogscoolerthanyourdog if I were you I would have a word with the EA to bring a halt to any viewings from people who don't at least have their own house on the market.

Although it feels like a long time, you haven't been on the market for that long. And you have only reduced the price earlier this week. As long as the 25k is a good reduction based on the value of the property (a reduction of at least 5%) you should find that more buyers will view it soon and at the end of the day, if the price is right it will sell - it just takes longer in a stagnant or falling market.

Naturally the mortgage will be higher than the rent you are currently paying if you are upsizing from a flat to a 3 bed house.

@Twiglets Sorry, I should have specified that we are looking to move from a city centre flat to a house in a suburban area in a different part of the country with a lower cost of living. When we tell our friends that have mortgages what our rent is they are shocked at how high it is. But now, with the interest rate rises, renting is actually the cheaper option.

Agreed, renting is definitely cheaper right now. Rent has definitely gone up, but most buyers who are searching for a house as able to afford it while they search for the right place. The media is reporting for those who are in a worse financial situation (probably not looking or can't afford to buy!) which is right to address the issue in housing that is almost non-existent for everyone in this country.

I see - could you buy a 2 bed house if the 3 beds you like are all too much money? Or are you waiting it out in the hope that house prices fall significantly over the next year or so?

I'm not selling so no skin in the game.

I do find it interesting that buyers say prices aren't realistic (read can't afford) and expect sellers (likely with mortgages that need to be repaid in order fund subsequent purchases) to drop prices so they can buy.

Honestly, unless you needed to sell I'd just stay put. Buying and selling is tough at the best of times.

For what it's worth on my road and the road opposite houses are still selling for the same as 2021 prices (old people, long term owners so not a lot comes on the market ) despite high interest rate and increased building costs . Buyers (like we were) are willing to pay a premium for a property with big rooms that you can renovate to your taste in a family area.

Right now there's a stalemate but short of death, divorce , forced relocation I see people holding onto their homes instead of choking a loss .

Market seems really different depending where you are and at different price points.

DS is a FTB currently looking to buy in the south east. He went for several viewings on properties which had been on the market since before Xmas but didn't find anything he liked. Most of these have now sold and the new stuff coming in the market is either flying of the shelves for asking or above or coming on £25k more for similar properties and they are finding themselves priced out or having to adjust their options downwards. They are getting a bit despondent already which is a shame. They have to move as their rental is now for sale. They will probably land up going for another rental.

In all honesty I don’t think it’s my job to factor in interest rates / mortgage payments when setting a selling price Although I fully understand they affect the amount of buyers about. The problem is that as a seller we are also going to be a buyer and we need to reach certain price point to afford the next property as do most people.

Thanks @Twiglets1 I’m just being my normal impatient self, wanting everything to happen yesterday lol

I agree with Mydog .

It's not that I'm greedy, I'm not trying to con anyone into overpaying for my house. I'm fully aware of the COL thanks! I pay a mortgage and all the bills and my wage has not kept up with inflation.

BUT the situation for me is, I would like to move to a different area so I can afford more space. The next move will likely be very long-term so I want to get it right.
I've been in my current house over 16 years (it's my first home) the price I achieve doesn't really matter as much as the fact I need to be able to afford my next house and get all the deal-breaker things I need (off-street parking, quiet neighbour, nice garden etc etc).

These are all things I already have so I don't want to lose them and be paying a larger monthly mortgage, council tax bill, utilities etc.

If I can't both sell my current home and buy my next home for the right price for all the interested parties I can't move and that doesn't benefit anyone in the potential chain and although I'll be safe in my current home I won't be putting money into the economy in the same way (stamp duty to the public purse, EAs, surveyors, solicitors, movers etc getting paid).

I don't think the gov should interfere stamp duty holiday, Liz Truss etc etc and if I can't sell I can wait. However I have a pre-schooler and if they hit school age and settle well at school I might not want to move them for my dream of a more rural property.

So I may be stuck in my house another 16 years, nobodies fault, and definitely not mine because I'm being unrealistic. For all the chain to be created and complete everyone has to be motivated and want it to happen for the whole chain. That does seem a challenge at the moment.

out of interest, where's your deposit for the next house? it's not for your buyer to cover your upgrade. you need a bigger deposit for that.

What you’re really saying is that what you want is 20% more than you can afford. So you need to cut your coat according to your cloth. Look for a 2 bed or consider a cheaper area.

@worriedftb

Both my parents died within a few years of each other one died at Christmas and so I'm using my inheritance from selling their/our much loved family home. Not a massive inheritance as I have lots of siblings and there were substantial care home bills but as you're interested

But mainly I've been working my arse off and saving as much as I can (I'm a single parent so it's not easy). I'm probably older than you and I got on the housing ladder 16 years ago (right before a huge drop in prices due to the credit crunch) but I stayed out as I didn't want to waste money moving too often. Until I had my child my home was big enough, but we have definitely out-grown it. My house is our home not an investment product.

Losing my parents so young had made me reevaluate my life, I'd like to go back to living closer to where I grew up and so my child can at least see cousins more as there are no grandparents for her now.

Not expecting a buyer of my home to fund the next one, I'm not moving to try and screw people over, just to try and have a better life for my DC.

Anything else you'd like to ask?

@bravetoaster

Look at 2 million pound places. The 2.5 million pound houses are nicer. It doesn't mean they are overpriced at 2.5 million if you only have 2 million to spend.

If you aren't on the ladder and rent is cheaper and you think there will be a drop in the price of the houses you want to buy then you are in the best position ever. Especially if you are fairly flexible about areas etc and not too bothered about timescales (eg no pressure to move in time to register a child for a particular school etc).

Get your MIP and wait it out would be my advice and enjoy the perks of renting.

@worriedftb where is your deposit coming from seeing as we are all sharing here? And is it enough? Because you can't expect someone with their house/flat on the market to drop the price because you haven't got a big enough deposit.

It works both ways.

It's sad to hear about your parents, and while I extend my sympathy with you, that has nothing to do with what we are ever talking about in this thread. So, while I sympathise with you, I'm not going to sit here and accept that you aren't trying to use a buyer to upgrade your life because where is your saved up deposit? You could have still saved up even though you have inheritance, right? You've been paying for the cheapest mortgages known in history with ultra small interest rates, so not sure where your savings are.

Btw Many people use their buyer to purchase their next home because they haven't saved up a further deposit for their next home. This is ludicrous to me.

I'm afraid to give you a reality check: many buyers today are sick of this, especially millenials. And like someone else said earlier, it is technically cheaper to rent rather than buy a mediocre overpriced property. And for millenials also, that's not the end of the world since many of us don't have children since we knew we couldn't afford them in the first place.

my savings! I work in a lucrative field which helps too. we aren't all bank of mum and dad peeps you know :) Something i'd be ashamed of to be frank.