If anyone is looking for a 2 bed flat in Worthing...

[TeddyBeans]

Here's ours 🤣

Feel free to critique the listing, we had a fluke viewing the day after it went live and radio silence since... Would love to sell, the kids need their own rooms and we desperately want a garden

205k then and that should trigger loads of viewings 🤗

So basically the price level that posters were recommending 6 months ago? I think the market is due another leg down soon, the OP has wasted a lot of time on this with fantasy pricing, it might have sold by now if they had been more realistic.

I did say back on 14th March it would sell at 195k.

I"m not convinced it will sell for that, interest rates are heading up again it looks like.

Interest rates will hold steady and then go down.

Recession?

Yes 😕

Any more viewings or news on what you're going to do re: changing agents @TeddyBeans?

Out of the two properties you recently posted, my choice would be the bungalow as it's a semi and offers most options to improve/add value. Although neither are brilliant, imo.

outside is a bit bland typical looking 1960s flats but has a garage which is always a plus
good sized rooms especially the bedroom the rooms are a bit impersonal and bare
overall ok probably be bought by a landlord to let

Er...

"Nearly all the major mortgage lenders in the UK have announced increases in the cost of home loans in recent days."

https://www.bbc.co.uk/news/articles/c770v7y63r0o

It’s a lovely flat but priced a bit too high. 215-220 is more realistic

@ Chersfrozenface I was referring to the regular Bank of England meetings. I don't think the country can take a further increase in interest rates but happy to be proved wrong of course as nobody really knows. It's a prediction, to get us out of this mess.

@LibertyLily we've got another agent coming on Friday to value it but we're stuck until the contract comes to an end at the end of the month so just twiddling our fingers until we can get on and start afresh really

Won"t really work because it was low rates that got us into the mess? If the bond market signals the cost of mortgage debt is going up there will be nothing the BOE can do about that, mortgages run off the "Ten Year Yield" and are also vulnerable to the Japan "Carry Trade".

Yes we know all that 🙄I'm not suggesting to drop interest rates down to zero again but they are too high now for the size of a typical mortgage in 2026. We are in this mess because they went from virtually zero and up high far too quickly!

I see another flat in your block that recently sold - the seller wanted offers over £215k - can you find out how much that one went for as well?

House prices have to adjust to interest rates, not the other way round! The bond market doesn"t care how much your mortgage debt is.

If house prices drop and interest rates rise further there will be negative equity and mortgage defaults and the economy will slump even further. We just need interest rates lowered a little to ease the housing market stress.

Yes, they tried that and it made an even bigger mess, unless it is co-ordinated (it won"t ever be again, things have changed globally) the countries trying to cut rates would have a run on the currency and be forced to hike even harder to get out of that spiral. The best thing now for society is that house prices drop by a lot.

I would argue that this mess was caused by interest rates being slashed to 0.1% which caused house prices to shoot up! Only 7.3 million people have mortgages out of 69.5 million people. It wasn’t fair on savers for rates to be so low! I think overall house prices will just stagnate which in effect is a lowering.

Well all will be revealed over the next year or so. There are going to be huge numbers of people unable to move.

If you look at mortgage approvals that is already happening.

What exactly do you mean by 'housing market stress'? Do you mean the fact that house prices are far too high relative to incomes?

Whatever you mean, lowering rates a bit isn't going to sort anything out at this stage. They were already a bit lower in 24/25 and many areas were not moving because many sellers were over pricing. As another poster said, 13 years of negative interest rates has been one factor in the many problems that now need to be resolved, not just in the housing market.
I do think there will be more people in negative equity over the next few years. Housing goes in cycles and we are currently in a bubble.

For 2026/27 ( no, not two years ago), even a 1% rate decrease will improve affordability for first time buyers, up sizers, anyone moving now. This will help get a backlog of houses shifted. Mortgage defaults and negative equity will escalate if interest rates don’t come down. Most houses in our area are accurately priced (sellers are being more realistic now) but buyers are scared to commit due to threat of interest rate rises.