Anyone else decided not to sell in this market?

[rootsandwings89]

We’ve made the tough decision to pull our property from the market.

We put our house up for sale in March, accepted an offer in May and found a house we loved, lost our buyer in July and have been trying to sell ever since. We’ve had viewings, reduced the price but only offers we’ve had are silly ones which means we can’t afford to upsize like we need to.

Mortgage rate increases meant the house we wanted is now unaffordable. It’s just too stressful so we’ve decided to stay put another 2 years and try again when things have hopefully settled down again.

has anyone else decided to pull their property?prop

We moved two years ago and houses that went on the market where we used to live at about the same time as ours, are still not sold. I think it’s sensible to remove the stress for a while and reconsider in a year or two.

it only matters about your house price when you buy and when you sell . Inflation is eating into house prices in real terms with wages not keeping up

There will always be forced sellers , death , debt , divorce etc but at the moment there seems to be a buyers market and probably will be for years ,

Lots of new planning permissions being granted but none of the big house builders seem to want to build if they cannot sell them at the prices they need so a catch 22 there

Property Log on rightmove shows loads of reductions or price realignment as they seemed to get called now

I think the situation will continue to decline over the next few years

I suppose that’s one of the difficulties - nobody knows if the market will get better or worse.

How frustrating for you. It sounds as if the market has fallen in your area this year, at least in your home's price range. Have the sort of houses that you want to move to not fallen in price too?
It depends what you mean by the market getting better or worse. The likelihood is that prices will fall in most place. Usually falls affect the more expensive properties more than the cheaper one so it may work in your favour as you want to upsize.

We’ve also pulled our home from the market. We just found we couldn’t afford to upsize as the larger homes we wanted to buy wouldn’t accept offers, which meant we couldn’t afford to reduce the price of our home further. It’s a vicious cycle, I don’t know how we solve it.

We’ve had similar, although we can afford the larger homes on paper the higher monthly amounts mean quite a drastic change to quality of life. If the right property came along it’s a sacrifice we might be willing to make as we just want a bigger home, but we are powerless until we sell ours.

Could you not have reduced your offer on the house you wanted.

Yes but it still doesn’t help when ours isn’t selling

I’ve decided to leave it until Trump’s gone. I am downsizing and don’t need to move into anywhere else straight away as I had plans to travel, but my house is a family sized house but it’s not a family sized garden.
The last time I put it up all the viewers (young parents with small children) fed back that the small paved garden was the problem. There’s no point putting it on now when rates are pushing 6%.

Just looked online and from 2027/ 2028 things are predicted to vastly improve. We’ve been in this slump for 4 years now and will be coming out of it soon. Viewers at the moment are taking advantage and out for a bargain with anyone forced to sell through circumstances. Just hold tight and wait.

Hi! Where did you see info things are going to improve? I am interested as trying to sell but could wait if better.

The problem is that people get really emotional about their homes, and very attached to the price they think it’s worth. If it doesn’t attract offers at the price they want, they sit tight and wait for the market to improve - as this thread illustrates.

This has a knock on economic impact on the likes of surveyors, conveyancers and estate agents. But also on people like builders, plumbers, kitchen and bathroom companies and home wares, as people don’t want to improve a home that they’re expecting to sell in a year or so. It becomes an economic doom cycle. I’m not sure of the way out tbh - traditionally it was repossessions but in 2008 governments printed money so we haven’t seen that at scale really since around 1991.

Source for this? I can’t see the property market improving and that the boom time over the past few decades was a one-off. Interest rates, buyers waiting for prices to fall, the leasehold problems, global conflicts, sellers with unrealistic expectations of what they’re properties will sell for, increasing inflation and perhaps most significantly of all, the relentless march of AI, gradually creating a perfect and ugly storm.

Yes we're taking ours off at the end of the month. It's been a stressful time trying to sell and we're, fortunately, in the position where though we would have liked to move area to be closer to family we don't have to.

We have had interest and several offers on our house but - early on - from people who couldn't sell their own house and - more recently -finding that viewers are scatter gunning low offers on several houses they like and seeing who is desperate enough to sell to accept.

We're coming off for at least 13 weeks to reset our listing on Rightmove and then will reassess in Spring as to whether we want to try again.

I agree with this. Houses have been massively overpriced and there's just isn't the pool of buyers anymore as the younger generation comes through and the older generation die off.

We pulled out. We're downsizing but not only is selling quiet but there's nothing coming on the market that ticks all our boxes and we aren't desperate to move yet. We love it here so no hardship to leave it and try again next year.

i dont think there will be a boom without some serious intervention with a help to buy scheme on steroids !

Reality is beginning to bite for sellers and with Labour in power they seem obsessed on taxing anything over £1m

Scrapping stamp duty may help ? but ultimately its about buyer confidence in the economy of which there is not a lot

I don’t think the market is going to get better anytime soon, we plan to sell in the next 5 years so are saving as much as possible to facilitate

Interest rates have a massive impact hence you have the house prices vs salaries ratios that we have plus cost of living.

Remember historically equity gains drove a lot of the market but that is much harder now.

Agree it’s not rocket science. How can prices keep going up when salaries haven’t?

Sounds interesting, could you share the link?

We’ve been on the market for 6 weeks. We had an offer accepted, but unfortunately the buyers pulled out due to concerns about their financial situation.

We’re still getting viewings, but no new offers so far. We’ve decided to take the property off the market after 10 weeks and relist in spring, as we’re heading into a quieter period and there’s very little available for us to upsize to anyway.

We’re actually quite happy with our estate agent, so I’m wondering whether to stick with them when we relist.
Does anyone know how long a property needs to be off the market before Rightmove treats it as a fresh listing rather than an old one? Or is the general rule of thumb to change agents when relisting?
I’d love to hear from anyone who’s been in a similar situation.

We haven't withdrawn our house from the market. We're getting viewings but no offers so far, and will just keep waiting. But we have stopped looking for something to buy because there's no point in getting invested in a particular house at the moment.

We had people interested but they hadn't sold their own houses. I think they both still on the market.

I don't know, but with the market so difficult at the moment I don't think it looks dodgy to change estate agents or go off piste now and then.