No viewings

[Ellena646]

Hi, we have been on the market for four weeks and not had one viewing. The agent just keeps repeating "It's August, very quiet" on a loop, although we are now in September. Just wondering if anyone else is experiencing the same thing. Not sure if it's the agent, the market, the price... Never been on the market and had zero viewings in the first month before...

Agent has just called to ask if they can do a viewing in 5 minutes time. I said we can sometimes do short notice but by that we mean at least one hour. Not 5 minutes 😆

Mine are due in ten mins time and a cloud of Jehovah’s Witnesses have kettled my singletrack lane 🙄

They probably have someone who is in their office & ready to view straight away.

But if they are serious they will make an appointment.

Hopefully they will get short shift from the neighbours and be on their way soon!

They wished me luck and said they’d pray for a quick sale - I’ll take all the help I can get! Viewers were a couple with a baby so 🤞fingers crossed.

In the next interview he was talking about a "credit crunch" though? That would make mortgage borrowing more expensive and harder to access. Watch what they do not what they say is my mantra, the last year has been all about the media (and markets) getting well ahead of themselves in anticipation of rate cuts, plus many of the people producing articles about future interest rates etc. work for the big banks, the reason they are telling us rates will drop should be obvious?

That is short notice! I would need at least 3 hours notice to get my lot out of the way so I can clean! 🤣 They must be keen! Hope your viewing went well and you get an offer!!! 😊👏

That was nice of them 😊 Really hope you get that offer or a second viewing! 👏😊

It won’t be long to see if rates do start dropping @BubblyTime so let’s discuss this issue again in November

Mortgage funding responds to the "10 Year Yield" more than base rate, you could easily have a situation where they cut (you still have not outlined your economic reasons for this) and mortgage rates get pushed higher due to bond market volatility (Truss budget is a good recent example)

Mortgage rates are going lower not higher @BubblyTime you are pretty much on your own if you think they are getting pushed higher any time soon.

Really? Can you outline your thinking for this, can you give some strong economic arguments? This sounds like the sort of thing people were saying on forums before the Truss budget, and before rates went up at the fastest pace in 40 years etc. etc. Wishful thinking is one thing, sound economic argument is another, I have just moved more money into money market funds and even an emerging market bond fund, I am betting on more volatility and interest rates being sticky on the way down (if they ever go down, the biggest fear the central banks have is dropping rates then being forced to raise again quickly, that reduces credibility and creates panic, they REALLY won"t want to do that.)

Pop over to my 5% mortgage rates ( again) thread and you’ll see loads of examples of lenders reducing their rates over the last few months. For all buyers not just those with big deposits, though they get the lowest rates of course.

I don’t have “economic reasons” for thinking they are falling they just objectively are if you follow what fixed term mortgage rates are doing.

I think you introduced me to the term swap rates and they are falling too apparently.

Lenders in the UK reducing rates isn"t the bond market though, that can change at the drop of a headline, they are suppressing the margins on previously bought tranches of money to draw people into mortgage debt at high house prices, check some of the deals, you probably can"t fix for too long?

People can fix for 2, 3 or 5 years at these lower rates depending on what suits them.

It's time for property prices to DROP. We've been looking for a couple of years now and aren't going to pay for a couple of boomers' retirements just because they think their property has increased in value by 500k. Nope.

You’ve already been looking for a couple of years … at what point do you accept that house prices aren’t going to drastically DROP?

What deposit do they need for the 5 year fix?

Good point, many people now think the same, a lot of people will never sell their house unfortunately.

People have different deposits of course.

For example, as reported in This is Money yesterday, for buyers with a 15% deposit, Barclays will be offering a rate of 4.46%.

In addition, home movers with a 15% deposit can now secure a 4.16% deal when fixing for five-years with HSBC.

As I said before, people with bigger deposits can get lower rates but the above show that people with more modest deposits are getting better deals now too.

www.msn.com/en-gb/money/other/mortgage-rate-cuts-these-five-major-banks-are-slashing-home-loan-costs/ar-AA1rEdi1?ocid=winp2fptaskbar&cvid=2616ae7ee97d4028bc1a173ea6bfeacd&ei=13

Many people have very little deposit due to inflation and COL pressure, that is why more and more property does not get viewings, either they bring back 100% mortgages or house prices drop, I can"t see another way out?

But you're happy to pay for their retirement in rent?

We chose to rent for over a year while looking for our next home. The rent represented a yield of just 2.8% on the sale price of the property after we left. It was a bargain. We could never have afforded to buy the place but got to live there for peanuts.

Rent is a monthly cost, you can find a cheaper cost if needed, a mortgage is a debt that you can"t get away from and the cost of that debt is decided by the bond markets, the poster is right to minimise the cost to themselves of getting into decades long debt at variable cost.

Rent is a cost that lasts forever or until you buy at which point there is an end date to your financial obligation.