Property market slowing down?

[dynia]

We put our flat on the market 14 days ago in Edinburgh and have only had 3 viewings (plus one second view) and I'm getting a bit nervous. Do you think things are slowing down as people were preparing for lockdown?

The estate agent was pretty confident it would sell quickly, the home report value came back higher than we expected and my search of comparable 2-bed properties on the market in the same price range suggests that ours is much bigger and nicer. It also has a nice garden but I wonder if that's put people off, single people don't necessarily want to maintain a garden, etc.

We didn't intend to move yet (were waiting until my son was a bit closer to school age) but found something we really liked and decided to scramble an offer and now I wonder if the timing of it is bad? We seemed to miss the summer sales rush.

I think we have to stop looking at listings until we've sold (looking in Haddington or Dunbar). Just finding it really stressful as work is hectic (uni) and my son's childcare is still capped, so we only have half our normal care.

Any advice or anecdata?

The market went crazy for a while and it was extremely stressful as a buyer and seller. Stuff was selling within days and we could barely get a look in.
Anyway we have bought and sold, but it is really slowing down here (Yorkshire). Houses that flew off are coming back on as they must have fallen through and ones that came on in the last few weeks or so are staying on. Stuff in my area is getting reduced.
There are a couple of flats and unique houses that have been on the market for ages and not gone with the boom though. Its obvious to me why in most cases as they have some drawback. Flats are, selling less well due to lack of space/garden as I think lock down has made people crave space and outdoor space. But you say you have a decent garden and bigger flat so that's not the case. I'm sure it will sell. Might be that it appeals to first time buyers rather than families and they are waiting for the % of deposit to drop. I know a few ftb have struggled to get the 15% deposit.

I think people are also not aware they can still go round property! Don’t want to share too much, but suffice to say I can relate to your situation- in an area that has been so busy up until now. The uplift in the market was due to lockdown easing and time of year, it’s always a little different in autumn. However, agent told us some people were saying ‘when can we view...do we have to wait for restrictions to lift?’ As the nobody inside homes rule came back in, but it doesn’t apply to house viewings and people have been confused. Or could also be thinking they’ll be stuck if there’s an even harsher lockdown over winter?
Also, know of another local sale that has fallen through due to job redundancy of the prospective buyer. We’ll probably see a bit more of that in the coming months.
Edinburgh should always be a safe bet though, so concerning if it’s already reflecting the impact?

I think the thought of a 2nd wave & potential economic crash is damping things slightly. It was crazy over the summer due to the bounce back from pent-up demand.

Yeah, it is a bit strange. Two flats went up in the neighbourhood at the end of the summer and sold super quick, one house was slower (4-5 weeks) so perhaps just a slowdown. I had just assumed spacious 2-bed in Edinburgh would always go quickly (even in not the most glamorous neighbourhood) but apparently not.

I was told that there were very many 2 beds going on the market as people looked for somewhere with outside space and/or a spare room to use for working from home.
You should see that is the case if you look at online sales, unless my info is wrong.

@Straven123

I was told that there were very many 2 beds going on the market as people looked for somewhere with outside space and/or a spare room to use for working from home. You should see that is the case if you look at online sales, unless my info is wrong.

Yes, I got that impression. There does seem to be quite a lot of 2 beds in roughly our price range but not many that look as nice and airy as ours so hopefully now that it is clear that it isn't a full lockdown people will come calling again.

We've just had an offer accepted in East Lothian, sellers aren't in a massive hurry but I'd like to get an offer here so we can move forward.

@Bytheloch

I think people are also not aware they can still go round property! Don’t want to share too much, but suffice to say I can relate to your situation- in an area that has been so busy up until now. The uplift in the market was due to lockdown easing and time of year, it’s always a little different in autumn. However, agent told us some people were saying ‘when can we view...do we have to wait for restrictions to lift?’ As the nobody inside homes rule came back in, but it doesn’t apply to house viewings and people have been confused. Or could also be thinking they’ll be stuck if there’s an even harsher lockdown over winter? Also, know of another local sale that has fallen through due to job redundancy of the prospective buyer. We’ll probably see a bit more of that in the coming months. Edinburgh should always be a safe bet though, so concerning if it’s already reflecting the impact?

Yes, true! Fingers crossed now that we know it isn't a full lockdown, people will come round again. We're keen to sell as we've had an offer accepted so going to chat with estate agent if a fixed price might help.

We did the same as you - sold in Edinburgh and moved to Haddington. I think many people are having the same idea. At the time all of the agents i spoke to said they expected a reopening bounce over summer (we listed start of july) then a slowdown later. I think there are a fair number of city flats being sold so it's slowing things down a bit for those unless there in very good areas where competition is usually fierce.

Do you have a virtual tour/video on? One of our offers was from someone using an agent to find them a place as they lived down south and apparently having video helps.

Every year tbe market slows down at this time of year. Its getting too close to Christmas to guarantee people will be move in for then, so most wait. Next year it will start again in Feb and get really busy around Easter.