Are houses slow selling at the moment?

[Nextdoor55]

We've got our house on the market & we're finding that it is very slow, no viewings at all - went on market about a month.
We live in the sticks & our property is very particular I think with another house attached to it but I'm wondering, are sales slow at the moment?
Anyone else?

I want to know this, too. There's a very nice house belonging to a family member that has been on the market for three weeks, with only one viewing so far. It's in a very pretty and previously popular village. I'm concerned by the lack of viewings.

There have been a few thread on this topic recently. Seems to be busy in some areas and not in others.

My experience of looking is that desirable houses are selling very fast (in a couple of days) whilst others are hanging around for weeks/months and gradually reducing in asking price.

A minority of houses are selling within a few weeks, those in good condition and sensibly priced. A lot of houses are not selling at present and being slowly reduced. This is because so many sellers are over pricing their properties relative to the current market. They don't seem to realise that prices have fallen from the peak in 2022 and that higher rates and recent high inflation mean that many people's budgets have fallen significantly.
If you aren't even getting any viewings in a month, never mind offers, your house is over priced (probably by a lot) and you will need to reduce it if you want to sell.

School's off and it's the holiday period. We're looking for a house and barely anything on the market atm. EA saying things will pick up end of Aug. Hang in there.

The housing market seems to hVe crashed here in Glastonbury. The row of houses I live in get snapped up really quickly within a day of going on the market. Next door hS been on the market for 6 months now. Its unprecedented.

Our went on the market last Sept, things were quiet and then in Feb we had three offers over one w/e. We went SSTC all the way to about a month ago when our buyer pulled out 10 days before we were supposed to complete. At that point it went back on the market and we quickly had 2 offers about 12% below the asking price (which the agent had put as the amount we'd gone under offer for in Feb), we said no, and since then nothing...

On since 10th June and no interest at all (Gtr Mcr). I had it valued by four agents as it’s a detached cottage and there’s nothing to compare it to locally. Put it up at the lowest valuation of £400k even though I thought that even that was too high - (I had two at 400, one at offers over £400k, and the last at £450). Plan to reassess and drop by up to 5% ONO at end July and then if there no interest by end Oct take it off until the spring as I’ll be hitting a really busy period at work.

Countryside homes seem to be suffering particularly at the moment. I viewed one in May that had been on the market for three months and had 30 viewings. The good news is that it did go sold STC. I think you just need more patience than town or city dwellers.

Ours is a countryside property. I'd love to move as H and I are divorcing and both living here, but I can't afford to go lower than asking price as we are splitting the equity, and I need to buy somewhere to live at the end of all this.

Yes, it’s the slowest i’ve ever known it round here. Nothing is shifting.

This couple were in the same situation. Sorry to say they had lowered the price.

We already dropped it 12.5% from last Sept. I really can't afford to drop it more, otherwise i'll be permanently moving back in with my parents at 50 and that's not going to happen so H and I will stay till it does sell.

We have reduced by £75k started at £500k
Thought that was quite a drop but nothing.
Not sure what's going on here
EA said it should fly out but hasn't been touched

Hello friend I used to live in Glastonbury! And still visit family there regularly.
I will move back one day, love the town 💖

I think people are just skint. Whereas before people would try and move up the property ladder I think they’re just accepting their lot and staying put. We tried to move two years ago and gave up. We sold it twice but could find nothing to move to. Now we’re staying put until an inheritance appears.

Unfortunately, a lot of agents seem to be giving very poor advice and are over pricing by very large amounts. It must be very frustrating for you to not have a single viewing.
Has your local market ground to a halt in general or is just a certain price bracket or are other homes selling but yours not? Roughly which part of the country are you in? Worth researching if you haven't already.

Good luck! My feeling is that the market will fall in the second part of the year rather than rise. It may be worth reducing sooner rather than later to achieve a sale as there is no guarantee that things will move quickly in the nearish future.
The market did seem to move more and probably go up a little bit around Jan-April (early Spring bounce) but not so much since then.

@startingoveragainagain you’ve had several offers on your house so there is interest, just unfortunately this hasn’t translated into a sale - yet. I would just try to be patient as you have seen from when you first listed it that things can look very unpromising but then suddenly you get an offer you can accept and it’s Full Steam Ahead… you will get there.

@Nextdoor55 sorry to say this but your first month on the market and no viewings is telling you clearly that the EA has overvalued your property. The market is stagnant in most areas but not completely dead. It’s hard to value unusual properties but they got this one wrong. I would reduce by about 5% to hopefully generate some interest.

Not near me. SW London. Two came on my street recently and both sold within a month. One had two competing offers.

We are in the shires and it’s very mixed around here. I’ve been watching the market closely and expected to have ours on the market for ages as it’s very “quirky”. However we have only been in the market for 4 weeks, we had only 5 viewing but ended up with two wanting to buy it and have gone with a cash buyer who gave us a great offer.
I think if it’s fairly priced and your house is a bit quirky, it’s just luck finding someone who loves your house. If you’ve already reduced by a lot, sit tight and someone will come along eventually.

The market certainly isn't dead but it is probably quite slow.

Watch the weekly UK Property Market Stats show on YT (new video each Thu night/Friday morning. Don't love the presenters or their use of arithmetic average house prices, but I don't believe that the other stats are lying - more listings and more sales)

Check your price on houseprices.io and the others around you and what's sold recently.

Chuck your postcode into RM and see what properties have recently been marked as sold, what their prices were and how you compared.

Agent is saying that where we are market is slow (we're in West Wales) - they're saying only property in towns are shifting. I can see this from watching other properties.
I think they waaaay overpriced. We had a few valuations & I admit they were the highest but we're at a level I think is about right now. Although the market will dictate I guess.
We're very rural.

I live in a big city. Houses are snapped up round me.

But my friend can’t sell hers, and my other friend can’t either.

It's absolutely dead where I am in Cornwall. Also in the home counties town I used to live in where houses are not selling despite being priced tge same as they were 4 years ago.

It looks as though whatever you need to buy will have to drop the asking price too though- so even at a lower sale price you can probably buy more than you think?