Crystal ball request - will the markets improve or worsen?

[Destiny123]

I listed my house in June, about to change agents next week as bit sold with 1x price drop.

I don't need to move till Sept 2027 when my relocation expenses expires, but equally a long commute a few days a week is less ideal too

Don't know whether to delist and try again in the better weather or whether things are only going to get worse so better with big mger price drops now.. any thoughts pls

Price drops now, don"t chase the market down, everything is volatile and rates look set to rise, every rate rise means another group of potential buyers just sit on their hands.

Yep I will when I change agents. Twas more if I come off for a few months (given not many are interested in buying before Christmas) then start again in spring

Or beg work for 2y to claim relocation expenses rather than 1

My company just give out a flat £10k, spend it as you will.
Are you sure you need to submit expenses?

Yeah... the nhs ... I had to fight for about 6 months that regardless of policy 3m is unrealistic a time frame to buy and sell a house in the current market

Labour will increase taxes for you if you get off your a--e and work so it will get worse

Market will get much worse next year with predicted 75bps increase in rates. Additionally wage growth won't change dramatically and CoL pressure will persist.

Tories messed up economy with brexit, thankfully Burnham is talking about possibly rejoining EU.

It entirely depends where you're buying and your own circumstances. Prices will almost certainly fall in the SE but may actually rise in the North where homes are more affordable relative to wages.

Are you getting viewings but no offers or just not getting many viewings? I think it would be best to price at what you're asking with good photos now with the new agent, then be prepared to reduce the price at Christmas if you don't get an offer.

Conveyancing seems to take an age; we accepted an offer in July in a short chain (FTB - us - onward who has already moved into his new house), we still don't have a date for exchange and completion.

If I was in your shoes, I would take the property off the market, and re-list in early Spring, in the meantime I would declutter, decorate rooms that needed a refresh. Interest rates are looking likely to increase, so yes totally anyone’s guess, but sometimes people need to move, such as you, relocating, more space needed etc. There is so much on the market atm, usually property sells quickly around us but atm they’re so many listed, reducing doesn’t seem to simulate demand or sales currently. Good luck with your move and new job OP.

Moving from Surrey, to a not great part of Kent

5 bed semi to detached

Maybe 13 viewings? 4 which viewed again

New agents said to drop now as noone has offered at current price

It's an unconventional layout is what's a bit off putting, it's over 4 floors. From top down 2 bedrooms, 2 bedrooms with shower/loo/sink, massive study (bedroom) massive lounge, ground floor dining room, kitchen, main bathroom (bath).

It's the bath being in the basement is the only negative feedback and wanting a more conventional layout.

It's in a fab state every room has been redecorated, every carpet replaced, new kitchen bathrooms, driveway and patio and replaced roof all within last 5 years. Had zero intention of moving and it was meant to be my forever home

Patio and drive have few years left on warranty roof has 25y guarantee

The EU is not the place we voted to leave ten years ago, "re-joining" is just a childlike fantasy now, it is ideological rather than real world thinking, all we need is a sensible and fair trading union with the largest European economies and we are good to go. I agree that if rate hikes start people "waiting for spring" etc. will get even less for their house, there has not been a "Spring Bounce" for many years now.

I should have added. The best crystal ball report is the monthly RICS Survey which shows surveyor sentiment by region, Go here for the latest.

https://www.rics.org/news-insights/market-surveys/uk-residential-market-survey

Just similar to the after the event market waffle you get in pension statements, they have no more idea what interest rates will do than the next person.

And by a worthwhile amount (like down to the next filter value in the Rightmove dropdown) or no one new will see your house.

This absolutely matches what I’ve seen in the West Midlands this year - the region is the lowest/most negative on every chart

I would think prices will go down inline with mortgage rates going up. People just can’t afford the prices.

Exactly, buyers are not in the mood now to be dicked about by sellers thinking a couple of new lampshades and a lick of paint "adds value".

I would drop the price further now and get on with it. The market is unlikely to improve/rise, especially where you are. There does tend to be more activity in Spring but pricing will definitely be key still.

I agree. People are tapped out. We can have high prices and low interest rates, or low prices and higher interest rates.
But with the wage stagnation and CoL issues, we can’t have high prices and high interest rates.

January is a boom month as is September, I would hold steady, change agents and photos for a launch first week in January.

We just had the September boom month though, and it didn’t sell.

My thoughts are that we have a period where the market will worsen. Its guess work - but next year looks like being the worst as interest rates are forecast to increase both this November and then possibly a further 3 times more during 2027. This will likley cause a price reset lasting all next year and into 2028.
Once that works through though - then things will improve as they always have.
Thats my speculative opinion.

It may feel like it because of all the EA's trying their Boxing Day sale strategy, but check out UK Property Market Stats Show. March, April, May are the peak.

depends if you are looking at listings or completion data. January market livens up because of new year and people don’t do viewings over the Christmas season. September is a smaller boom because summer holiday disrupt viewings and a September sale can mean a pre Christmas move.

im waiting for January to decide if I start sales process or stay put. The interest rate is a concern. I wonder if stamp duty reduction might inject energy into the market? Like post covid times.