House sale

[user1485851222]

Make me feel better, who else had a property on the market for 12 months or more.... Losing hope..... and yes I have reduced price by over 40k.

You can say there are no nightmare neighbours but people won't believe you. You haven't made any money on the property despite improvements so wanting to leave after just 12 months is going to put buyers off. They will think there is something wrong with it no matter what you say. It's too soon a turnaround with no profit to show.

Can you wait to relist until boxing day? Often market is really quiet October and November but lots of activity boxing day to early January. Market could improve in a couple of years once growth takes off under Labour so might be worth a wait

You are absolutely not alone. I've been thinking about moving since mid-2023 and currently involved in the world's slowest conveyancing process, so I know every single property on Rightmove in the area I'm moving to and its entire sale history. Plenty have been on as long as you and I've watched others sell, fall through, resell, re-fall through etc. I've watched prices drop, estate agents change. There are some that I've watched give up on the sale market and switch to being listed for rental. It's tough out there and I really feel for you! It's all a bit of a vicious circle because when people can't sell, they aren't in a position to buy either so everything's stuck. But mortgage rates are starting to drop a bit now, so I am optimistic the market will rally this autumn. Crossing everything for you.

Wow, lol. I haven't messed around with properties as you call it. We sold our house in a city, didn't want to mess our buyers around, didn't want to rent. So we brought a property we liked, spent money on it & I realised I still wanted a village setting. I'm not exactly young, so why waste time. If I want yo see if I can sell, why shouldn't I.. I have reduced accordingly by 45k. The property market is set up for whenever people want to sell. Onwards & upwards.

I'm not interested in making a profit.

Thank you, appreciate. I'm the same, I see properties I'd offer on, still sitting there not selling. Market is somewhat stagnant.

The UK process is rubbish, we did sell then lost buyer because they lost theirs, if you can afford SDLT etc and you want to move after 2 yrs, then it's up to the seller.

We got an estate agent sales letter this week and it says that the number of properties being sold in our area halved this year compared to last. So yes it is a tough time right now. People might want to move but can’t get excited about what they are moving too. Round here houses either sell in a week (near good schools) or take months. It’s prob because we don’t have to move so much for work now so that market has collapsed

In the same boat OP, though not as long on market. We went on 2nd week August (bad timing but had some last min bits of decorating, wish we’d held off till now). Had 12 viewings and good feedback, a few keen but haven’t sold theirs yet. Lots of viewings have just gone awol since and agent can’t get hold of them, which I put down to people being nosey.

we’re relocating 130miles and have only had the house 18mths and spent £70k renovating it in that time (had planned to stay long term, but life dictated otherwise). The price it’s on now won’t recover our investment. Annoying but we could only afford to do the work as our last house shot up in price with us doing very little. You win some, you lose some.

We have a rental in our relocated place so double bills plus mortgage and rent. We’ll have to rent our place out if it doesn’t sell in the next 6mths!

really hope there some movement for you soon

Houses aren't selling very well in a lot of areas. Maybe prices are due a drop. Who knows.

Yes, of course it's up to you. If you are content to take a loss then anyone can move as often as they want to. I just meant that the system discourages this because most/many people would lose money if they kept moving every couple of years. If you are determined to move, perhaps just accept that you need to reduce further in order to achieve your goal.

I'm not interested in making a profit.

You are missing the point. From a buyer's perspective there are only a few reasons why a person would buy a house, live in it for just 12 months and then put it up for sale. Most of those reasons are not good and make a prospective buyer suspicious i.e. something fundamentally wrong with the property, location, neighbours, etc.

If you had improved the property and made a profit, people would understand that it was a project, now finished and you're ready to move on. But because you have no profit and are prepared to lose the money you spent on it, this rings alarm bells.

You asked for reasons, this might be one of them. I would take it off the market and relist in the spring.

'It’s prob because we don’t have to move so much for work now so that market has collapsed'
That won't be the main reason. It is because affordability has collapsed. I actually thought that the number of transactions was higher this year compared to last year. There is also more inventory, however, and even more reductions.

We've been the same, no negative feedback, all comment the house is lovely. Because of the way the market is, estate agents advise letting people view that havent sold their's yet. So We've had a lot of those, others are what I call house tourists, yep just being nosy. And yes some vanish when agent tries to contact them. We know it's not a great time to sell, but really when is. We won't recover our outlay either, but like you we are prepared to lose it if we can move. More viewers today, so we will see what happens, but I'm at the stage where I'm mmmmmmmm whatever. I hope everything works out for you.... will keep fingers crossed

I get the point, the viewers understand why we are looking to move, alot are in similar positions. I explain, that when I moved in 2 yrs ago there was nothing available in the area I wanted etc etc. Bit I will definitely think about what you are saying.