Why is nobody selling their houses?

[Bakewellbits]

Is it just me and my area, or are other people struggling to find a new place because there are very few houses going on the market at the moment?

We had a house purchase fall through in October and we've been looking for something else ever since, but nothing much seems to be coming on the market? We have what I thought was a decent 700k budget for a small 3 bed semi in north east Surrey - looking at Tadworth, Banstead, Coulsdon areas. Our number 1 requirement is no main road noise - we want quiet, preferably a cul-de-sac, surrounded by some greenery. Eg. We like parts of Banstead/Chipstead that feel semi-rural, so quiet and good for dog walks and cycling.

I don't think it's a case of budget and needing to adjust our expectations because a slightly higher budget takes us into 4 bed territory, and we don't need a 4 bed. It's just us and our dog, and potentially 1 future child.

Maybe we haven't?

But if you haven't got hundreds of thousands of pounds of equity then you aren't someone I was referring too 😆

@rainingsnoring I have a fair few relatives, older family friend who could easily downsize to the 800k-1m bracket & who really can't manage their homes anymore. And yes it's not unaffordable they just don't want to pay the tax.

Then I'd want to know how many people do actually have hundreds of thousands in equity. Other than the much older set, a lot of people with kids at the age of leaving home still do have mortgages. Maybe part of the issue is people having mortgages for longer?

'I have a fair few relatives, older family friend who could easily downsize to the 800k-1m bracket & who really can't manage their homes anymore. And yes it's not unaffordable they just don't want to pay the tax.'

I agree that there are quite a few old people like that. They allow their stinginess to over ride common sense and then land themselves, or worse their relatives, in trouble when a crisis occurs. These people are often very stubborn, not the sort to listen to their children's well intentioned advice.

That's totally understandable. I don't think you are the type of demographic that the other poster was referring to though.

Other than the much older set, a lot of people with kids at the age of leaving home still do have mortgages.

But I was talking about the older set?

Sorry, I see that she already replied and said the same thing as my pp.

@rainingsnoring you are correct

For many on MN, I am the older set. :-) However, maybe they are talking about people like my elderly parents who have another difficult situation. They do need to move in the coming years but can't because they located themselves rurally and any move is closer to services and more expensive. So that doesn't leave anything free to absorb the stamp duty. It would give them a mortgage again which no bank would give them. So they are staying put.

I'm talking about 70 plus

In that case, my parents aren't selling because they can't afford to buy in a suitable location. The prices there are higher than what they could sell for.

I wasn't referring to everyone though I was specifically referring to people who made a lot of money on property but resent stamp
duty tax.

Nothing is moving because people at the top are being greedy and putting their properties on the market for ridiculous amounts in our area. The same houses have been sat there for months, only to drop to a semi reasonable price after about a year when they realise it’s not realistic. This is a blocker for everyone else trying to move up.

It’s awful. We went on the market in Feb. The person who wants to buy our flat can’t put an offer in because they haven’t sold theirs, and so we can’t offer on the house we like! It feels so stagnant, nothing is moving.

Or possibly they just wish to live out their lives in houses they have legally paid for, surrounded by neighbours and communities they know.

Hardly unreasonable.

Same situation here. Lost out on a house in December and nothing has come up in our ideal locations even worth viewing since. It’s getting frustrating.

Many of these people have the option of remaining in the same community but moving to a more manageable and suitable home. They choose not to and then often end up in trouble or causing their children stress. It may well be understandably but it's not sensible; far wiser to plan or make compromises before you get to a crisis point.

But that's their decision to make. It's not for their children or anyone else to decide when it is the best time to move from their family home. My MIL has just sold her home, managing it just fine till the age of 85. Why shouldn't she? It's her home. She doesn't owe it to a younger family.

Obviously, it's their decision to make legally. However, given that adult children are frequently forced to rush in to 'pick up the pieces', on a different level, it is much less cut and dry and should be a decision made with their family or taking their family into consideration. For every 85 year old MIL who manages everything themselves in terms of moving and selling their home, there are many more in their 80s who do not and who end up in a crisis. I've seen this so many times, both professionally and personally. I'm not saying that everyone must down size, but they should plan sensibly, with those they are close to and think through the options.

Oh believe me, I know. My parents will almost certainly end up in a crisis at some point, before anything can happen to sort things. However, I would never start to think that I have any say in their life while they have capacity. I've told them my concerns in the most caring way I can. Their approach is that it will all work out, which is not sensible. I still think it's cringeworthy for me to have any say in their life and decisions though. At least until they are unable to be independent and I must be part of things.

Hi OP I know this area fairly well and have kept an eye of the market since moving a few years ago. Happy for you to send me a PM as there’s a few specific areas that fit your criteria with houses up for sale

In agreement here but UPFs have permeated everything and it would need such a huge shift in everything we do.

In addition to all the broader market points made above:

OP , how many houses that fit your brief actually exist? Sounds like you are looking in a couple of areas, at some very specific roads (quiet/cul de sac style), and a specific size of house/budget.

Is it possible that almost all of the houses that exist on those roads are actually 4+ bed or 2 bed and so what you’re looking for won’t come on the market because it doesn’t exist?

My grandparents were in sheltered housing in a small one bedroomed flat when the big crisis point hit. They had already moved from the bungalow they bought when they retired (so had downsized twice). The only way to avoid a crisis point is to have a sudden death. It's never easy for the children. My grandparent's bungalow was very well organised and they didn't have loads of crap but it was still hard for my Mum (she was an only child).

I am in the process of down sizing. Living in a large 4 bed house as a Solo - at least 4 of the rooms are not used. Takes alot of upkeep to keep it all going. I am in my early 60s and saw what happened when my parents stayed in the large family home - when their health failed. Wouldn't want to impose that on my children. It has been a big effort to get the house decluttered of stuff and get the house ready for the sale. Not sure if I would want to do this in my 70s tbh. House under offer to young couple in their 30s who have the energy to take house forward.

Yes, this sort of situation is commonplace nowadays. I don't agree that it's cringeworthy for you to have any say in their life and decisions though. If the elderly person/couple had no family and are expecting to pay for all the help and support that they needed, it would be unwise not to plan but not selfish. If they are realistically expecting their DC to step in to support them, it is selfish and unfair not to have an open discussion or to make decisions which will inevitably impact them negatively.
Good for you for thinking things through @Gunz and good luck with your move.