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Original poster

Are lots of people thinking of putting their house up for sale in the new year?

27 replies

IlanaK · 28/12/2009 17:20

I am desperately hopeful that lots of people are about to do this as we are still looking for somewhere to buy. Just wondering if there are people on Mumsnet thinking of doing this - then it must be true!

OP posts:
NomDePlume · 28/12/2009 17:24

not me!

What are you looking for ?

Original poster
IlanaK · 28/12/2009 17:27

I am in central london. Prices never crashed as much here and various people have said to me that people will sell now as the prices will still crash further. Also, that people have been holding out, but now will be forced to sell. Not sure if this is true or not. Demand here far outstrips supply and anything good often goes to a bidding war.

OP posts:
chocolaterabbit · 28/12/2009 17:28

Yes, renting it out at the moment and the bank have said we either need to remortgage to a BTL or move back in. Given it would mean a 2 hour commute to where we now work and there would be no room for DS, I think selling is the only option.

What are you looking for?

Original poster
IlanaK · 28/12/2009 17:30

I am looking for a three bed garden flat/house in Queens Park/Kilburn area. We have "almost" bought 2 different places. Pulled out of both for different reasons. There is just nothing new on the market. I am just hoping that the New Year will bring new stock.

OP posts:
Plutothatpresentdown · 28/12/2009 17:30

We need to move but have to wait until the spring when we'll know more about Dh's job situation, and then I think we might end up waiting until after the election, and then it's Y6 to Y7 application to schools time in September...there's never a good time to move is there.

EldonAve · 28/12/2009 17:30

we are thinking about it

Original poster
IlanaK · 28/12/2009 17:31

Ugh - I hope people are not waiting until after the election. We can't wait that long.

OP posts:
Plutothatpresentdown · 28/12/2009 17:52

I wouldn't normally let an election govern a decision to sell the house - but as our hands are tied until April I think we might as well wait until June. I don't suppose a new government, Tory or not, will make it any easier to move though.

Original poster
IlanaK · 28/12/2009 19:40

From the limited responses, it looks like there is not going to be a flood of new houses on the market then.

OP posts:
yomellamoHelly · 28/12/2009 19:52

We will be moving / selling in the new year. Probably be the end of January before ours goes on the market (got various bits of deorating and odd jobs to sort out) but we've had an EA round to value ours to check the idea is feasible (i.e. can afford area we want with bigger place). EA said that there will always be people who simply need to move for jobs etc. It's also divorce/separation season so there'll be homes on the market from that situation. He said there will be more homes on the market than there were in December, but also more competition from others who've decided to move with the new year too. In December there were houses in our "desired" area that were reasonably priced. They went quickly (which makes me think we need to put our house on the market first to be taken seriously). There are also some on at ridiculous prices that have been on the market ages.

Original poster
IlanaK · 28/12/2009 20:19

Well, that's one then! Here's hoping for more.

OP posts:
RubberDuck · 28/12/2009 20:40

We're looking to sell in the new year - we've already got somewhere to buy, so hoping it'll happen quickly. Just hope there's people out there looking!

TDiddy · 29/12/2009 08:12

IlanaK- will be selling a property that haven't lived in for over 15 years (in the less posh bit of Cambridge) but that wouldn't help you.

Don't panic buy though. After 18mths and much fees, we bought right at the top of the market in summer 2007 - it is a nice house but definitely not exactly what we were looking for. And it needed lots of work - just done phase one of the work and it cost much more than what we had assumed - it is an Edwardian money sink. Atleast half of the house now looks really nice but it has been a painful two years.

Elibean · 29/12/2009 08:44

Hang in there, Ilana - I bet a lot of people who aren't sure/haven't thought about selling quite yet will get their heads around it when the year gets under way. New stock is usually more abundant around March/April, though.

We sold last September, and are in rented - but bought a few weeks ago even though we think prices will drop further: we're also in London, and don't think there'll be a huge drop in our area, if any. There may not be floods of stock in London, but - as we found out - it only takes one! Good luck

MrsJohnDeere · 29/12/2009 09:03

Yes. Planning to sell (and buy) next year once we're sure that dh's job is secure for another year.

There is nothing at all suitable for sale at the moment in the areas we're considering (North Herts/South Cambs).

Original poster
IlanaK · 29/12/2009 10:00

So, if you are thinking of selling, but see there is nowhere to buy, does that stop you putting your house on the market? If so, we are all doomed!

OP posts:
HerHonesty · 29/12/2009 10:49

ilanak cant believe you are still looking, poor you!.. i think a lot of people have held back this year but will be bursting to move so we may well see a spring burst (i hope, for you!)

dont give up hope yet!

Original poster
IlanaK · 29/12/2009 11:38

Spring is way too far away for us! We moved in with my Mum (after selling our place) in November. I can't still be here in spring!

OP posts:
EldonAve · 29/12/2009 12:12

Do you have a particular area you are after? Have you tried leafleting? It worked for someone I know

Original poster
IlanaK · 29/12/2009 13:20

I have a general area. Not a particular street. The problem with the area I am looking at, you can't tell if something is a house or 3 tiny flats/conversions from looking at the outside of the building.

OP posts:
EldonAve · 29/12/2009 17:09

Round here you can usually tell by the doorbell(s)

Also websites giving the house price sales data usually list if they are flats or houses

TDiddy · 29/12/2009 20:55

Ilanak- sadly (public sector) unemployment will continue to rise and there will be more stock for sale in 2010. Also the lending market will eventually become a bit more competitive: The margins are a little abnormal given the security banks now require.

mumzy · 30/12/2009 22:20

The low interest rates mean not a lot of people have been forced to sell and a lot more people want to take advantage of it by buying now. My prediction is interest rates will rise after the next election and unemployment may go up forcing a lot more people to sell up.

BouncingTurtle · 30/12/2009 22:36

I am putting my house on the market next week, but it is because we need to relocate due to DH's new job!

Things are picking up I believe.

TDiddy · 30/12/2009 23:34

"The fundamentals" tell us that this should really be a sideways market for a while but markets are rarely in equilibrium so who knows whether there will be another little irrational boom.

Also we should bear in mind that all UK asset values effectively fell 25pc in the last 18 mths or so just from the fall in sterling alone . COpmound this with the 20pc fall in nominal house prices then you could say that UK residential property fell 40pc. UK Commercial Property fell much worse as you know.....

I guess in inflationary times having property (gold even better) is not such a bad thing.

I still wouldn't panic buy as the world economy is not fixed yet....putting a rotten piece of meat in the fridge stops it smelling but it is still rotten... this is how someone paraphrased a Japanese saying in relation to the world's economy.

UK Public sector employment will be hit hard in the next 18 mths

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