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

Impossible only because your asking price is too high. Drop it to the point where demand and supply are in equilibrium

Price is the only issue that matters. If you drop your price enough, your property will be sold by Wednesday.

I sold within three days and am buying something that was only on the market for two weeks. Pricing is key. Both sale and purchase at asking price.

Thank you for your advice. As I said, we have made two large price reductions and had no offers because interested parties are not under offer. I will pass your excellent advice on to them, though. I have bought and sold numerous times over the last 30 years and never known a market as bad as this. The issue is a lack of confidence, which price reductions cannot really solve. Have a lovely evening.

People will always need to move. Both me and my buyers are moving to be closer to workplaces. Nothing to do with confidence. They need to be here and I don’t, but if I was one of the properties in an adjacent road holding out for that extra 7 or 10 percent I wouldn’t be the house that sold really quickly.

Sellers are just deluding themselves that the issue isn't price, but things like "confidence".

I recently withdrew an offer from a property as it needed a new roof, which I discovered after survey.

Seller refused to reduce price any further saying he's already reduced it by £85k since 2025.

Originally listed for £520k, in 10 months it's been listed (twice) he received 3 offers (£435k - me, £405k and £400k). Issue is it was and probably still is overpriced...simples..

Angela from Housing didn’t exactly inspire a lot of confidence on the telly this morning

We’re on the same page @foursquares . Pricing depends on how serious you are about moving imo. I priced realistically. My buyers offered asking, so did I as I was happy it was fair and I really want to move.

We were planning to put ours on the market this summer but have held off. We want to upsize to get more upstairs space and the properties we’ve looked that would make moving worthwhile are ££££ that I just can’t see how in this market we will get what we need for our house to be able to move to what we’d like.

I think we’ll just stay put for now and see what happens in the next year or so.

We've done exactly the same and pulled ours. Been such an awful experience and it has been so upsetting. We're going to try again in a couple of years (if the situation isn't worse by then!)

Just to add: we dropped our price 100K by the time we pulled off the market but then couldn't reduce any further or we'd completely price ourselves out of the market/ what we needed to buy. We had a very realistic price compared to others (even on the same street who were pricing much much higher than us) it was just absolutely dead and the people that came to viewings rarely gave feedback and many ghosted the estate agents. It was so stressful.

The market is definitely in for a rocky few years, my personal opinion prices will come down.
I work for a housing association and we have been offered more new builds at discounted rates on private estates as there isn't the demand the developers are cutting there losses so to speak.
My ex father in law who is in his late 80s now about 10 years ago my ex husband and I were looking to up size and invest he advised against. His opinion housing bubble has to burst where he and his wife brought up children (80s /90s) long road virtually every house family in by 2000s all older people whos children had left home, with lots of new builds lots of the boomer generation aging to much supply not enough demand. My sister best friend, in West London the flat has been on market 2 years they need to sell to buy a house had children can't find a buyer.

Property will never drop by huge amounts but local to me, virtually every house has been reduced, one around the corner 3 bed semi ex rental, price was reduced by 40k from original listed price to sell.

We decided not to. We did have an offer on ours up until about Feb this year but couldn't find anywhere to move into. The houses we were looking at are in the 'probate sale' sort of final boss level house category and their prices were all sticking high (a lot of them are still on the market - one we were looking at - acrimonious divorce- refused our offer, the house sat on the market for a year and they eventually sold it for less than we offered, slow handclap).

We really love the location of our house and our neighbours (both of which we would have had to compromise) so we're staying put and having building work done which will make it good, but not perfect, and we won't have to pay stamp duty. Will be trading a bigger garden for our great public transport.

On the plus side we've got a ton of equity, and in 18 months DD2 starts secondary and we'll have more flexibility in location. If we still wanted to move we could then go to a slightly different area and potentially get rid of the mortgage altogether, especially if the market is a bit depressed. Our street is very popular and things are still moving if priced accordingly.

I was worried also about rising COL and being in another council tax bracket etc. We're both public sector and so pay rises aren't massive. That definitely gave me cold feet about the bigger jump.

We're definitely in weird position then. About to market an inherited home where the value has remained unchanged for the last 18 months, and we know will sell in 2-4 weeks (judging on similar within the same street). Then in 6 months sell up our house (expecting same result).

Where we're moving to the market is poor. We've got a list of amazing houses that we've been tracking for a year, with only 25% of them sold, yet the asking prices have only dipped 5%.

But if you're moving within the same location, surely prices are relative? If yours is dropping x% isn't the target also dropping by the same?

☔️

Only if everyone in the chain accepts that reality. If the people at the top of the chain are downsizers with a stubborn idea of what their house is ‘worth’ and who aren’t in any hurry to move for jobs / new babies etc then the whole market grinds to a halt.

The 3 D's (Death, Debt and Divorce) will act like grease in the process. As one of those forces a sale in a road, then all equivalent properties get revalued.