How is everyone playing it?

[WestCountryLass]

our house has been on the market since the autumn. We got an offer on it a few weeks after putting it up for sale but then Northern Rock happened and our buyer hasn't got a buyer. They are still interested in our property but can't actually do anything.

So my I wonder what everyone else is doing? I haven't been to look at any houses as I don't see the point as we are unproceedable. Then I heard about chain breaker/savers, where property developers buy the house at the bottom of a chain so that the whole chain can move so I am wondering if it is worth enquiring whether potential vendors are considering new properties in case this is an option?

What are folks doing? Are you still looking at houses?

We are probably going to have to move and am dreading it. Not sure how well our house will do and where we are looking there is a serious lack of the type of house we are after...

I have just had an offer accepted saturday The price came down 27% since feb!I offered 10% off the price i viewed it at and after much discussion and their agent advising them they accepted.It is a lovely house in a lovely road.So i think it is a buyers market atm and so if you aren't expecting to get last years prices you are ok

WestCountry, buyers are out there. They're just refusing to buy at the prices agents are advertising.

Rightmove's full of properties that have been on for over 9 months now, while new vendors are starting to price more realistically. Have you dropped your price?

Blimey, Noddy, result.

I know has sunk in today it had been reduced 3 times when i viewed it last monday and i knocked 10% off and sadi thats it.they tried all day sat to get another 10k and i said no and they eventually gave in!We are over the moon can't wait to get my sledgehammer out

We also had our offer accepted on saturday. Didn't do quite as well as you Noddy in percentage terms but we got £40k off the price. We know we shouldn't have gone for it in the current market but we love the house and wanted to secure it (plus we are going to be homeless in a couple of months having sold ours!). So people are still buying.

Not clear what you mean about chain savers.

The property developers who come in and say they will buy your house are not necessairly going to help you since they buy at a discount from the current market price. They factor in the market position and so your potential buyres would have to take a fairly chunky hit which might mean they can no longer go for yours.

If you mean should you buy the house at the bottom of the chain then that's a possibility but risky making a property investment in this market. When ours first went on the market we had an offer on day 1 for full asking price but the buyers chain had problems four houses down the line. Our agent asked whether we would consider buying that one bed flat as an investment property to keep the chain working. Not on your nelly though in this market.

thats great.The agent selling ours admitted that 10% off atm is a given and she thinks prices will be at least 10% down by xmas but possibly more.Now having fun trying to get best conveyancing deal!

I'm trying to sell the flat we have been letting for the last 9 years. No forward chain. Very early days but no interest. I will be amazed if we get anything near the current asking price.

I think everyone is just too wary of the potential drops and they don't want to commit.

We would be the same but we've been looking for months and months and the house we've gone for is perfect and a long term move.

That being said, if in a couple of months time the prices have fallen dramatically to the extent that it would eat significantly into our deposit then I would expect the mortgage company to down value the property and then we won't be able to proceed.

My criteria for buying was to cover at least a 15% drop from peak prices so i feel i have done that and if they fall further i don't care as this is a home not an investment

Wasn't it said in the media today that, whilst there is a 40% drop in actual sales, asking prices are still rising! So, looks like people are trying to over-price to cushion themselves. But then, things aren't selling. Crazy times.

we have had our house on the market for 15 months waiting for potential buyers to sell. Then suddenly this week we ahd another offer from people in rented. It was a bit lower than we wanted but am persuading DH that we should take it, we have seen a house that is nice so are waiting to see if our offer will be accepted. This is exciting but a bit scary.