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 put my old house on the market just after the last lockdown and had to reduce it for less than I bought it for to get an offer.

Then prices went crazy and I think in my city people's expectations are that the prices should be the same. So nothing is selling and so many are being reduced or falling through quickly.

To sell it has to be a good or quite low price.

I live in a small market town in Yorkshire.
Properties always seemed to sell really quickly, but I've noticed a change this year.
The small cottages and 3 bed semis sell within days/weeks, but the larger, detached homes are staying on the market for months.

It's true. Falling prices are generally great for people buying their first home as well as those looking to buy bigger in the same location.

It's really only bad news for inheritors and people looking to downsize and release the equity they mistakenly think has been locked into their home.

I live in a really popular commuter village and houses were virtually selling overnight not long ago but I’ve noticed a huge slow down these last few months, houses and the ever popular bungalows in our village have been sitting for sale for quiet some time (mind you some are ridiculous prices).

Yes, also in the countryside and nothing around us is moving. Part of me wonders if a lot of people wanted the country idyll after covid home-working started, but that trend has gone now. Whatever it is, I hope the market picks up soon.

'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 think you must be right about the agent way over pricing your home. I guess they haven't caught up with the changes in the market and the fact that the more rural areas where you are appear to be less favoured at the moment. There was a huge uplift in prices in many rural areas from 2020-22 but that has reversed now and people are not buying holiday homes to the same extent as they were previously either. If you need to sell, you will need to reduce it more, unfortunately but at least you should be able to buy for less than anticipated too if you are staying local.

We are in West Wales and have a 3 bed grade 2 listed end terraced cottage on the edge of our village. We went on the market 2 weeks ago and not one viewing! Houses round here are sitting stagnant on the market for months on end or being sold and then sales falling through. Its tough out there at the minute. I think we have gone on too high but I'm not even sure we will get much interest if we reduce. It's tough to know what to do at the minute. Keeping everything crossed that it improves.

I’ve noticed that around 50% of houses for sale in a 3 mile radius of us, were bought between 2020 and 2023, so I wonder if people expectations of country living are nit being met.

I also know of two couples in their thirties who moved to our village during 2021, from London and are deeply regretting it due to mortgage costs. (Looking at you Liz Truss).

We're also fairly rural (edge of the Cotswolds) trying to sell a three bed semi and had only one viewing in 3 weeks. Other properties aren't getting any viewings either, nevermind offers. We've priced very low in comparison to others on the market 🤷 agent says the market is dead atm

Ask him to show you the Twentyea Insights data for the area (see end section of UK Property Market Stats Show on YT).

We're in West Wales, and 6 weeks on no viewings. We've asked another agent to look at the listing & give us an opinion of why we've not had any interest.
I know for sure something isn't right & really want to move. Wonder whether you are with the same agency as us - initials JF ?

Very slow in our area. We're a pricey area so people just don't have the money, or are getting more for their money in other areas. With rates as high as they are, people are nervous about getting "stuck" in the house they buy so are prioritising space/price over location.

Houses in our area are selling for asking price so the prices themselves aren't unreasonable, but they're taking months to do so. We’ve been on six months with a viewing every three weeks or so but no offers.

I know the agents you are referring to and no we are not with them. We may well be further up than you as we are on the edge of being mid Wales and North Wales so more North West Wales really. Our Village is inland but coastal properties here seem to be selling okay, its just us further inland that seem to be struggling and nothing is moving. To not have one viewing is pretty demoralising but it is very early days for us. 6 weeks with none and you must be so frustrated. We know a price reduction will be the obvious next step if we are in the same position in 6 weeks time but with nothing moving I'm not even convinced that will make a difference. I feel your pain!!

Agreed^ we live in a well sought after village. Our house isn't the biggest but tons of potential and an absolutely massive garden with tons of space to extend house and still have loads of garden for kids. End terrace and v easy access to motorway for commuters - but not right near the motorway if that makes sense. Houses round here used to sell within days but at the moment only the really cheap or really expensive houses are going, middle road ones aren't.

My parents have most beautiful cottage in lovely Village and house is immaculate but just to big for them. Been on market for about 2 months. They've dropped price and only two viewings.
They're of age where they'll struggle to manage the size of the house if they don't sell soon.

My mother's bungalow been on market 6 weeks and only 3 viewings. Scotland

I’m in Scotland, in my city houses mostly seem to be selling fast usually within about 2-3 weeks of being advertised. There have been two this week that came in the market and went under offer within 4 days.

Some linger a bit longer then get reduced and sell quite quickly after that. There have also been some recently that sell then a few weeks later reappear back on the market and then sell again within a matter of days.

The agent sounds a bit rubbish. The market wouldn't be 'dead' if they were pricing properties realistically. I expect some agencies will be in trouble soon because sales have fallen in many areas.

'Houses in our area are selling for asking price so the prices themselves aren't unreasonable, but they're taking months to do so.'

With respect, it doesn't sound very likely that all the homes are selling for asking price after being on the market for 6 months. Most buyers would be offering below asking in those circumstances, unless, of course, the house was reduced significantly and then they offered asking price because the sellers had finally reduced to the correct price.

Difficult market atm, I have a few friends trying to sell, none of them have had any luck, one has had two sales fall through, one has withdrawn the property due to lack of interest, the other has had the odd viewing but no offers whatsoever. The kids are about the break up for summer, that usually kills the property market, until they go back.

I will give you an example- this house here in Bath has been on since March- 4 bed semi- done up, nice area, good for schools- really near nice countryside At £575, 000 in past few years it would have absolutely flew off the shelf. (And no it's not mine)

www.rightmove.co.uk/properties/145938947#/?channel=RES_BUY

There is a an app on google chrome that you can install onto right move that shows previous price reductions that can give a real picture of what is going on in any area

it’s a pity that agents continue to ramp prices

It’s called Property Log.

With respect, you don't even know what area I'm in so it's silly to claim any insight into the local property market.

Nothing happening here either, houses are just sitting and nothing is selling 😔
We've been on the market for 10 weeks with 2 viewings and that's it ... we've dropped ours a considerable amount over that period but it's had no impact ... it's a very weird market 😔