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?

We're near Aber it really is frustrating! We've reduced quite a lot but still nothing.
We're slightly inland too. Hope you sell soon!

Other than central London I think it's slow everywhere, house near me came on the market 6 weeks ago had a chat with the owner last week and she say's she's not had one viewing, not even an enquiry about the property, we're in the SE.

Interest rates are higher so house prices can't be propped up at the level they were. It's the fundamentals of economics. However it's also something that many of us haven't seen in our lifetimes. House prices need to fall but that takes time. Rates will stay relatively high for a while. People don't want to believe it. Loads of houses on the market around me and they are starting to reduce prices.

We are near Machynlleth. Its just the area I think. Just slow and I think we will need a lot of patience. Saying that, an hour ago we had a couple who are on holiday in the area knock on the door wanting to talk to us about the house. They have expressed an interest and will make an appointment to view on Monday with the agents.

It doesn't matter which are you are in. It isn't logical to suppose that all the buyers are offering asking price on properties that have been on the market for many months unless they have been reduced. In a very slow market, buyers knock money off the asking price.

I think central London and other parts of London and SE have fallen much more than some places further North. N Ireland and parts of Scotland have held up well so far, I think.

This is quite interesting although it is ONS data so lags by a good 6 months:
https://otta.property/blog

I agree with @IvyIvyIvy. There's a lot of downward pressure on prices at present. Lots of estate agents don't seem to have realised still.

You're not that far from us. We're about an hour from Mac, I actually like it there very nice little town. Where are you thinking of moving?

We are going further North and looking to move to Anglesey. We want to be right near the beach. Our kids are grown up now and the youngest is off to Uni in September so we feel its our time. But it looks like we may have a wait! 😕x

We’ve been on since end of April in a popular market town, only had 2 viewings and 3 cancellations. It’s a really well presented house and we’ve dropped the price by 20k and we are chain free, it’s very disheartening

Nothing around me is selling either. Just sitting in the market for months and months. All overpriced though.

I think that there will be more competition ver soon as well as remote working is reduced even further. I know of people who purposely bought near the sea or rurally thinking they could remote work indefinitely who now cannot so they might have to sell.

We were in that weird place of low interest rates and high competition for a while (after I sold) and in my city it appears that some sellers still believe in high prices. Plus we are a university city and the universities have aggressively built their own accommodation so landlords are dumping HMOs and ordinary student houses quickly which is flooding the market. Everything will sell but it's got to be at the right price. I'm amazed by the price that some houses are up for in my city!

We're in the Bristol commuter belt and apparently properties are being snapped up because people can't afford to buy in Bristol.

We’re in a uni city. And despite masses of accommodation, landlords are still buying up first time buyer stock.

They just let it to Generation Rent now because they are squeezed off the housing ladder.

Bristol has always been very popular, with some areas more expensive than others but definitely has become very trendy place to live

Well good luck with the next viewing you never know. We're thinking of going with two agents or at least asking if we can do this since we're in a contract.

Good luck to you too. Its disheartening and difficult when you are just wanting to sell up and move on but nothing is happening. And its so hard to know what to do. Keeping everything crossed for you that you get some good luck soon. Where are you looking to move to? Are you moving area or staying where you are and up/downsizing?

We're hoping to go to a town like Carmarthen we're finding it too rural where we are. Having a call from another agent tomorrow just hoping it'll be positive
Good luck with the sale just needs the right person to walk through the door

Absolutely. Hubby keeps saying it just takes one person to love it like we did. Trying to stay positive and our buyers are out there somewhere. We may just have to wait for them. Best of luck with it all. Keep me posted xx

@user1471538283 “I think that there will be more competition very soon as well as remote working is reduced even further.”

The (huge) company I work for has just announced a 50% office policy. Personally I think it’s ridiculous as now they are back to fishing in the local (expensive) commutable area, rather than being able to take the very best resources available country wide. There are people now with a 3 hour round trip, or worse.

Are you near Twywn?
I agree with PP. It's time for house prices to fall.

When comparing what sellers bought the houses at and what they expect them to sell at some are wanting £30K increase with no actual value added to the house. It's solely down to the ridiculous rising cost of living.

No I'm not near there, but we've decided to swap agents today so we're hoping that'll make a difference

Decided to change agents & refresh the sale, think that'll give us the best hope

Good for you! Have you decided to reduce the price too or are you sticking with it?

Clunky and uninspiring though isn’t it.

I think it needs something quite special to separate people from their money these days.

I’ve seen it in my lifetime, and it’s not pretty when it plays out.