Is it the market, my property, or the agents?

[rubberduck68]

I’ve been on the market for nine weeks and I’ve had only one viewing (on day three). At the six week mark I knocked 50 grand off putting it in a lower right move bracket. The property is in really good condition, in a popular area and other things seem to be selling in the area (albeit slower than 2021). The agent says it’s probably the run-up to the budget. I’m getting so much conflicting advice from the agent, friends, family, the newspapers, I’m feeling really adrift, and would just love to hear from some other people who are currently selling their homes at the moment.

Sorry to hear that. How long has it been on? Do you think it is price or the market, what does your agent say?

Sorry to hear that. Will you take it off or keep going? So they didn't advice a price reduction?

The agent says it’s the budget and Christmas. It’s only been on a couple of weeks.

Did the agent tell you two weeks ago when you signed up with them that because of pre-budget and Christmas you might struggle?

Demand seems to have dropped by a lot, but as prices adjust the market will move again.

Its slow where I am. We have been trying to sell since April, changed agents & dropped our price to that of a semi (we are detached) and are the lowest price detached in our area. Had a buyer at the start of October but they pulled out. I suspect its a combination of lots of choice (def a buyer's market here), time of year and the budget probably isn't helping. I imagine everyone is worried about costs generally too (I know I am). We are going to keep trying for a bit longer then will probably have to accept that we can't move and look into the logistics & costs of extending. Like PP our first agent was very hit & miss as to whether they answered the phone, and when looking for a forward purchase saw a lovely place they had listed as a bungalow instead of a chalet (the loft had been converted it had a proper staircase with 2 large bedrooms & a bathroom upstairs) so we missed it when we first looked - it didn't turn up in the search results because we had filtered to houses. It's worth double checking your listing. Good luck.

I think the hysteria over the budget means no one's making big financial decisions until they find out what it is.

Budget, people feeling insecure in their jobs so don’t want to move up the property ladder with a higher mortgage payment and stamp duty costs, and unemployment is at its highest since 2016. I can’t see that anything Reeves does will improve this lukewarm market.

I'm on the market too. Same as you, one viewer then nothing. Not expecting much until after Christmas now. The market is totally dead where I am!

The trend in down-valuing is probably more to do with the "carry trade" than the budget, banks are being super cautious now.

https://www.msn.com/en-in/money/markets/japan-s-bond-yields-hit-a-17-year-high-10-year-tops-169-flashing-2008-crisis-warning/ar-AA1QiH8Z

"As Japanese investors sell US, European, and Australian bonds to buy JGBs, global bond prices could fall, pushing yields higher worldwide,"

When you say sold recently, is that the actual sale price or the asking price?
If it's on land registry then it should be on house prices.io which will show you the actual sold price and if you loosen the postcode up a bit from the full six digits to five you can see what the trend is in the local area for actual sold properties.
You may need to do a Google search of the property that has just sold to find the exact postcode or have a look at Google map Street view to see what number it was

I sold 2 houses before the madness of the pandemic where property was selling really quickly. It took me months to get a buyer and then months more to complete. And this was when interest rates were lower.

The market will be slower in the run up to Christmas.

But I think it's always the price.

"It took me months to get a buyer and then months more to complete. And this was when interest rates were lower."

That is a key point I think, interest rates decide how much most people can spend (borrow) on property.