Properties that are overpriced.

[springishereeeee]

why do they not lower the price? Surely Estate Agents are giving them the appropriate feedback.
Over 2 years on the market.
https://www.rightmove.co.uk/properties/86242311

Sure, but you’re not entitled to someone’s home. If they aren’t in a rush to sell and happy to sit on it, it’s their right. They can price it as they please.

Very wise. By listing at a very inflated, these sellers end up getting less in the end because the crazy price puts people off. I've seen a few renovations reduced considerably down to not far off the purchase price because they started far too high. I think they would probably have sold quickly if they had not been so greedy.

I really would not make that assumption. It depends on the area and type of property but there is already very low demand for some types of homes in some areas. Your logic also seems to hinge on a belief that the market will always rise after a while, ie people can just 'wait it out'. That may no longer be the case, not in real terms anyway. These people may well regret their choices.

Do you agree that there will be a scarcity of properties (for sale and rental once all the landlords have exited?

😭😭 go on, what's your budget?

Divorce is often an issue because one property is going to need to fund two properties. However if the original one is reduced, the cheaper ones might be too but people don’t see it like this. It’s not greed, it’s needing the money.

I live in a popular area and we have loads of properties for sale and for rent at the same time, and it's cheaper to rent than buy with the current price/mortgage rate combination.
Most properties for sale are not shifting though because priced +10% to peak prices instead of -10%.

I’m not.
i’m focusing on properties that have been on sale at an unreasonable price for a while. I’m having a discussion about this.

There will likely be a scarcity of renal properties in some areas.
Not necessarily the case with properties for sale. Lots of LLs have already sold (isn't the new bill coming in 1st April?) and there are lots of properties on the market compared to average currently. Buyer demand is probably tailing off even more given current events.

I can understand wrt divorce but it doesn't follow that the market will rise to meet whatever the divorcing couple think they need.

This is the problem. Sellers nearly always think they deserve to make a profit, even in a falling market. It means that properties just don't sell.

My budget is 250 but for that money I can buy in Brighton. I would expect to pay under 200 fir Worthing or else I don't see the point in moving further out

I think a lot of sellers just want to recover stamp duty/mortgage interest paid.
Stamp duty makes moving houses painful, makes people take up huge mortgages, and benefits only banks and people staying in the same property for decades.

Yeah fair point! Good luck with your house hunt 🍀

I think a lot of properties are on because one party wants to sell and the other doesnt and so its overpriced so that it doesnt sell, its a form of control.

Yes if I was to sell I would have to factor in to the asking price the stamp duty and other fees of new house. Not too many people have thousands of pounds sitting ready to be handed to the government, it has to come from from somewhere and that’s usually the house price

Its interesting that Brighton and Worthing have levelled out so much on price now. I left Brighton for Worthing in 2012 purely because I was totally priced out but there's not that much difference now.

It's understandable that sellers want to recover costs. However, it does not mean that any buyer will want to pay enough for their house to enable them to do so. Not in a falling market anyway.

I call it "ego-pricing". It's a fool's errand. A house is worth whatever someone's prepared to pay for it. It seems that there are many sellers who think they're selling a dream rather than a pile of bricks.

All the landlords can"t exit, there are not enough buyers, many are going to be stuck with their BTL debt and their tenants.

Adding your own costs to a house price usually means no sale nowadays, the market doesn"t care about your costs (unless you bought many years ago and the buyer still feels they are getting a good deal)

Yes because no one wants to buy their future forever home with tenants in situ.

Exiting landlord would fare much better if they evicted their tenants and do a complete refurbishment. There is a scarcity of such properties.

Yes, the "bubble years" were never going to be the long term norm, prices have a long way to fall before we get back to normal wage driven house price inflation, there is a lot of froth to blow off the top. How fast or slow that happens depends on interest rates, employment, sentiment etc. Many people will never sell now, they will carry the "my house in my fortune" dream to the grave.

No there isn"t, new build sales are down 60%, there is no shortage of anything in the UK, all the "shortage" stories are aimed at getting mugs into mortgage debt. Ex -BTL properties are unlikely to be anyone"s ideal forever home anyway, even if they have been refurbished.

I said refurb. There is a shortage of turn key properties. Landlords are offloading Them in a terrible condition which puts off buyers.