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.

It is more that everyone is chasing the same type of house now. 3 bed semi on a quiet road in an area with good transport links/amenities- suits people for all life stages right until the end.
When debt was cheap, people were willing to pay stamp duty multiple times. Now debt is expensive again and the Government is taking the piss on the stamp duty, people stop moving. It is as simple as that. They try and move once and stay there.

I think I have a right to voice my concerns and advise them what support I can and can't offer, but that's where it ends. I think part of the problem is they are taking a head in the sand approach, part of it is that it's in the too hard basket (because that's what happens when you move away from your children to a remote location for the lifestyle). The expectation was there but I have brought them back to reality on that. At this point, I will just have to wait for the inevitable crisis one day.

For myself, I don't want to put my children in that position so will be sure to move when the time is right, though shouldn't be for a long time yet.

Of course. I agree that you have done all you can. It's good that you have had a discussion about their expectations too. I'm saying that (some of) these older people are both foolish and selfish in their decision making.
It's a large generalisation, but it seems that Gen X are often more pragmatic and less selfish than their parents for various reasons, as you and @Gunz have just said. I agree; the last thing I would want to do is making life harder for my children.

I hear some awful stories of people who have reached the stage where they need care in older age. The selfishness can be extreme. I know it must be very hard to lose your independence and ability to do things and I can see my father being difficult when the time comes. I hope it's not something that happens to your brain as you get older, because I don't plan or want to be that way.

Hear hear.

We’ve just moved house, been here five weeks now. The solicitor that was recommended to us by the EA was absolutely useless and the entire process from the second we accepted an offer was stressful. We’ve both said that we hope we never have to move house again. We’re here now and we absolutely love our new town, knowing that we were going to live here is the only thing that kept us going. It was all worth it but my god I wouldn’t want to do it again. If there’s any solicitors on here, can you tell me why EVERYBODY that moves house always says the same thing about you, you are absolutely bloody useless

I think uncertainty is playing a massive part in the stagnant market.

• People expecting interest rates to drop so waiting to get a better rate next year.
• People not accepting the rapid increase in house prices during covid was a bubble and that bubble has burst..thus refusing to reduce house values accordingly
• all this war news and fear
• higher stamp duty rates
• people being skint because of the cost of living - leaving not much to move with
• cost of trades people and materials
• job market contraction
• people in survival mode rather than thriving mode

On another note I have noticed a lot of house's <150k on the market, which I presume is buy to let landlords throwing in the towel. I'm glad these houses are available for people to get on the ladder.

My solicitor has been good. Lovely woman, always cheerful and responsive. But my son, a solicitor in a different area of law, says they aren't all like this.

Because of the cost of living in the UK which isn’t showing any signs of getting better. Lots of people can’t afford to move and pay for things like solicitors fees and stamp duty.

i think more people are staying put and wanting to become mortgage free a lot quicker. Whilst it would be nice for a bigger home, the cost of living crisis has made it non viable. Why spend any longer owing money to the bank than need be.

The area I’m in is seeing massive house price increases. It’s depressing but is being massively encouraged by estate agents and homeowners who are moving out of London.

Weve been looking since our purchase fell through in October. We’ve had an offer accepted but since nothing has happened in 8 weeks we are now starting to look again. Unfortunately most houses we could afford 6 months ago are now out of our price range.

it does not help that there’s only one or two houses coming on in a month if that. The last house we were able to view was 2 months ago.

I agree 100%

Everyone wants the low prices of the 90s but they also don't want the high interest rates and repossessions that led to the low prices.

No people want the salary to house price ratio of the 90s.
High interest rates of the past aren't too different to today because of the cost of housing.
Repossessions were in part because lending criteria was far too lax.

Exactly. People want affordable house prices relative to incomes.

The interest rate argument is a red herring.

House prices had been stable long term and were rocketed upwards way in excess of incomes initially in the 80s due to loose lending. There was a brief crash caused by several factors and then things took off like crazy in the 1990s, caused by fiscal and monetary policy.