UK house market has gone very quiet
 

Hi all

Has enyone else found this since the new year? I know its not the best time to try to sell a house but we`re just not getting hardly any viewings :(
We have two couples that really like the house but cant sell their flats......its just so dead :scared:

We`ve just given our estate agents 2 weeks notice so we can try another to see if that helps?

Good luck to all those in the same situation :)

Sue x

Re: UK house market has gone very quiet
 

Hi Sue .We have just had ours valued and the agents have said that the market is very slow at the moment.They are hopinng it will pick up Springtime.
We were also disppointed as our property rise was not as much as we expected.
We are in the same boat and will be selling in a few months too hopefully.
Good Luck

Re: UK house market has gone very quiet
 

Hi Sue,

I really hope you find a buyer soon!

We changed Estate Agents and got a buyer within a few weeks, so hopefully that will happen for you too!!!!

Shell

Re: UK house market has gone very quiet
 

Thanks guys....the best of luck with the selling + sale :) I do hope it does pick up in the spring!! Its so different from when we first put it up for sale :eek:

Good luck :)

Sue :)

Re: UK house market has gone very quiet
 

hi all, we put our house on the market september last year,had quite a lot of viewings and they all loved it"but had there own to sell".
yesterday we accepted an offer . hooray! below asking price but,hey! lets get on with it! weve waited soooo long.!!
good luck to all you peeps on the market karen. :D

Re: UK house market has gone very quiet
 

Hiya Sue

It's soo depressing when you're not getting ANY viewings.. :( Maybe you're right to change agents...a fresh new approach may give it the boost it needs.

whatever you decide to do....make sure you make your prescence felt by your agent on a regular basis :D
Get him to explain in detail frequently EXACTLY what he's doing to market your house. How many sets of details have been sent out...have they followed each one of them up to get feedback from them? What did they like....what was putting them off... Mine didn't like me hassling him over stuff like that because it meant he actually had to do something!
Only trouble is, you still feel like you're being fed a line all the time...which you probably are :rolleyes: :mad: But at least your agent knows you're there and you're not going away until he's sold your house!!

Re: UK house market has gone very quiet
 

You,re right it does seem quiet even though our agent told us it was picking up :rolleyes:

How,s this though i phoned ours up yesterday and had a grumble that we hav,nt had a viewing in over 3 months.Then we had a phone call 5 minutes later to say we have a lady who wants to view the house.Very odd don,t you think i wonder if they have people on standby just to keep us happy if they think we might go elsewhere. :(

dave

Re: UK house market has gone very quiet
 

We are "up North" so it may be different here but it was really quiet Nov/Dec and then after Xmas it really picked up. We put ours for sale early Nov, a week later next-door-but one put theirs up, early Dec next door put their's up we thought we were never going to sell but in January we sold ours (actually got a bidding war going on!) and next-door-but-one sold theirs....maybe the trend will spread "down south"????

fingers crossed for you!

Carole

Re: UK house market has gone very quiet
 

Hi Karen

Thats great news :beer: try to get things moving fast and get those papers exchanged.

All the best

Sue

Re: UK house market has gone very quiet
 

Hi

We are hoping that the new agent will help.....I always contacted our last one, I think I got on his nerves :rolleyes: but his service was great at first and since the new year seems to have changed?? The problem we have with our house is that it is on a main road, we`ve had alot of interest but its putting some off.....just got to hang in there.

As always thanks for your support :)

Sue

Re: UK house market has gone very quiet
 

Chippydave ...that just makes me so :mad: it has happened to us a few times. There has been so many houses going up for sale around here that I felt that we`ve been a bit forgotten.....all the best.

Great news Carole :D all the best with your house sale, hope it all goes smoothly :)

Sue

Re: UK house market has gone very quiet
 

I think that even amongst the different regions there are pockets where houses move well and others don't. I live in an an area in the North East and we have had our 4 bedroomed detached up for sale since September. We have had NO viewings and our house is realistically priced in comparison to others on the estate. The problem is that the area is full of 4 bedroomed detached houses and a lot of them are up for sale. There have been no Sold signs on this estate since August last year.

Just holding out for the Spring Rush!!

Re: UK house market has gone very quiet
 

Hey Sue
We know exactly how you feel, it is getting us really down and taking the shine off what should be a really exciting time :(

It is the uncertainty that annoys us, with timewasters etc.
We need to validate by May 10th, my boss is pressuring me into giving him a date, and we need to get flights booked, and the shippers need a month so it is depressing at the moment, and it is all down to the house situation.
We have reduced our house price drastically now in the hope of getting it sold

Anyway good luck with yours and will keep you posted on ours.

Re: UK house market has gone very quiet
 

In a stagant/falling market, bear in mind you need to market for a price that will still be attractive in 3 months time, otherwise you run the risk of the market having fallen by the time it takes to sell and your buyers pulling out.

IMHO I think we're in for a crash, but then again I've thought that since 2003. Average wages and average house prices are just out of sync. Same in Oz.

One other interesting point is that the Nationwide's house price index showed a 0.6% rise in Jan. The thing is, the non-seasonally adjusted price had stayed static. The 0.6% rise was purely the result of seasonal adjustment. From Feb onwards the seasonal adjustment works the other way. In other words, if prices don't pick up in Feb then Nationwide's index will show a small decrease. The seasonal adjustment gets bigger each month as we head towards Spring/Summer, so a static market will show up as falls in the index. This will, presumably, put off buyers.

Re: UK house market has gone very quiet
 

Goodluck Sue x

We had to change estate agents too & they got results eventually(maybe they were fed up with hubby constantly moaning about the lack of viewings :rolleyes: )anyway with the ups & downs we had,we got it sold in the end!!!

Now here i dread the thought of buying even though the systems different,we,ve rented for 12mths!

Thinking of you & hope for a sale soon x

Donna.

Re: UK house market has gone very quiet
 

Jaymac....Your right it does all depend on where you live, there are parts that are selling better than others in the SE...we are lucky our area is usually good, although there are loads of houses going up for sale that people are now spoilt for choice.

Dicko...What a nightmare :eek: I do really feel for you guys!! We have at least got time on our side as we`re still waiting for our visas. We do need the cash from the sale of our house as we needed to invest to gain the 5 bonus points but now have faced facts that we will have to get the cash on the mortgage.

Sackofspuds....We`re giving ourselves 2 wks (whilst changing agent) to think about reducing our house price due to the possible changes in the next few months :(

Cheers for advice and all the best for the house sales!!!

Sue :)

Re: UK house market has gone very quiet
 

Hi Donna & thanks

Glad to see your getting on well :) What area are you living in?

Sue

Re: UK house market has gone very quiet
 

It does seem to have gone a bit quiet for us here too. This is the first weekend since putting the house on the market back in October (excluding the Christmas period) that we haven't got a single viewing booked (there's still tomorrow I tell myself optimistically! :D )

Have had a really bad couple of weeks actually, had an offer one day and withdrawn the next then the next two viewings that were booked the people failed to show (doesn't everyone have a telephone these days or at least access to one? :( ). Very disillusioned at the moment - I was expecting the people that just wanted to come in, wear the carpets down a bit and have a bit of a nose but to make an appointment and then not bother to turn up is just rude.

You find yourself holding on to the slightest positive thing - the last viewer said he really liked it and would try to persuade the missus to come and have a look..... so we wait.......

The 'problem' with our house is the railway line that lies in a cutting beyond our back fence so I know where you are coming from with your comment about being on the main road. Everything sells at a price - it would just be nice to have an offer that lasts more than 24 hours.......

Binbird - may it all happen for all of us soon

Re: UK house market has gone very quiet
 

hi sue, yes we will, are agent has been pretty good,kept us informed and always got feedback after viewings.

good luck with yours. :beer: ;)

Re: UK house market has gone very quiet
 

Hiya Binbird

I know what you mean, I`ve done a load of house work today......just incase someone books to have a look :o

Good luck:)

Sue

Re: UK house market has gone very quiet
 

Hi

We live up in sunny scotland and ours sold within 10 days and as a bonus it went over asking price all we have to do now is find out when we are getting our visas.

Hope u get some better luck soon

G

Re: UK house market has gone very quiet
 

It's pretty much the same here in North East Lincolnshire. Our agent has managed to get us 2 viewings in 5 months !

Trouble is were tying to sell an unusual property, that is on two titles and next to a farm yard that is run down, but hopefully the farmer will get his development application through this year. However, all features that will put off a prospective purchaser.

Our daughter has got fed up of waiting and is now planning to go ahead of us, leaving at the end of March - oh well at least she can suss SE Qld out for us and hopefully it won't be too long before we can join her. But the reality as is, is making this whole relocation very stressful.

Good luck to everyone

Blossom

Re: UK house market has gone very quiet
 

Thats good going :) hope the sale all goes well

Good luck with your visas

Sue

Re: UK house market has gone very quiet
 

Hi Blossom

It does really get you down does`nt it....hope you sell soon so you can all go out together. Our estate agent keeps saying it will pick up but the waiting is just a real pain especially for those that have a dead line.

Best of luck

Sue

Re: UK house market has gone very quiet
 

Hi Sue,
Hopefully the local market will pick up soon. :)

We are in a different position.I put the house on the market a week before Christmas not expecting any viewers until middle of January at the earliest. We got 2 viewers on the second day. Second couple decided to buy the house. We are exchanging contracts on Monday with completion for Friday. The purchasers they have sold their own house. Our situation is house sold but nowere to live :(
I know lots of people think it an enviable position, but we are having to pack the house up with our 2 daughters and only this weekend and after work till Thursday to do it. If I sound down its due to the fact that I am taking a break wondering how on earth I am going to pack the house (kitchen has taken 5 hours and only half done) but hey life is an adventure I keep saying to my daughters.
Best of Luck to you all. :)

Re: UK house market has gone very quiet
 

Without wishing to put a damper on people's expectations, nearly ALL the posts in this thread appear to be in serious denial of something rather fundamental. There are comments about changing agents, hurrying them along, or disbelief that your homes are somehow not selling, or that the market is "very slow".

I'm afraid the reality is that if your house is not selling that is because it is too expensive, but no one appears to be able to take this stark fact on board. It appears that you have all become attached to the fantasy that your properties will magically keep on inflating ad infinitum.

Just look at the current conditions: A surplus of properties for sale, Buy To Let speculators flooding the market, the highest personal debt on record, House Inflation now way out of sync with earnings, dubious economic indicators for the future.

And yet people in this thread still think they are going to achieve a sale probably based on an asking price which is in fantasy land.

The solution: LOWER YOUR PRICES.

Medici

Re: UK house market has gone very quiet
 

hi medici,
sad fact is your right :( we knocked £20k off ours,got an offer very soon after. truth is we HAVE to be realistic.
best of luck to all. karen :scared:

Re: UK house market has gone very quiet
 

Sorry Medici, but I at no time have quoted what my property is on the market for, but between you and I (and everyone else watching this thread) we have listed our house £85,000 less than a comparable property, that is not only smaller than ours but not as presentable either. So don't qualify your comments by telling us our house prices are inflated (what an ignorant and rude comment) :mad: - we are in the unfortunate position of not being in the first or second time around house buyers market. We will look to reduce the price further if we feel it necessary and at this stage if we reduce further it could put buyers off because they may think there is something wrong with the house, when indeed there is not.

Blossom

Re: UK house market has gone very quiet
 

Hiya Dave,

Yes this is very odd and happened to us with both previous estate agents. I complained about no viewings and hey presto people booked. Most cancelled or just didn't turn up. I went into the office to give notice, 30 mins later a viewing was booked. When nothing came of this I actually told the estate agent that I thought they had a list of people in a little black book that they called on from time to time to boost their viewings. It didn't go down too well. They also called me with a viewing that could only take place 3 days after our contract was finished. They said if I accepted that I was bound to them for another period of time. I guessed that this was just a scam and turned the viewing down. Some might think I'm mad (yes I am most of the time) but if the guy was that interested he'd find us in another agents.
Got a new guy now who appears to be more genuine than the others, only with him a week and he has already done 2 viewings. Far better than the other 2 we have been with. It's a crap time but someone will buy soon, fingers, toes and everything else crossed. Good luck.
Sarah

Re: UK house market has gone very quiet
 

I`ve only gone with what the estate agent has said "the expert" (We infact put our house on under the price that the agent said to try to move things along) When looking around at the other propertys same as my house in my area we are not over priced at all.
We sold our house in October, 3 weeks after putting it on the market and had two couples bidding for it and got over the asking price, unfortunatly they lost their buyer for their flat so we are now back up for sale. If they sell we have our buyers back as they still want our house.

I`m changing agent due to the fact that there service is crap and would have found that out if we had`nt sold so soon.

I`m sure that most people that are selling and have posted on here are doing the same as we are and keep an eye on house prices around them....give people a little credit!! :mad:

Sue

Re: UK house market has gone very quiet
 

hi Karen

happy for you that you have sold your house, but I cannot agree that Medici is right in his comments. I think he is ignorant and rude, anyone can drop the price of their house but that still will not guarantee a sale at the end of the day.

However, good luck to you I wish you well in Oz.

Blossom :eek:

Re: UK house market has gone very quiet
 

You're joking, aren't you? It went crazy after the New Year. We had 7 viewers on the 2nd Saturday and 6 on the 3rd. Then we had 3 offers for the full ammount, one of which we accepted. It's just up to the solicitors now.

The trick is to get the agents on a 'Multi Sole Contract'. That way we were able to get 5 estate agents all on a low commision, 1.25%

Good luck,

Steve.

Re: UK house market has gone very quiet
 

Good going Steve :) all the best with your sale. Did think about multi agents but was put off by a couple of friends....may well give it a go, I`ll see how things go with our new agents.

All the best

Sue

Re: UK house market has gone very quiet
 

For someone who is just thinking of putting the house up for sale, what is a multi sole contract? I thought that if you went for multiple agents it cost yuu more. Here in St Neots it costs 1.5% for a sole agency. Got any tips for bargaining with these guys?

Steve

Re: UK house market has gone very quiet
 

Hi there I have been following the threads about houses not selling now for months and we were dreading it being our turn
The house went on the market last week and we have 5 viewings booked this weekend probably all nosy neighbours !!

Come what may our f lights are booked for June 30th
my hopes for success are play the agents at their own game
I convinced the agent I wanted to use that his competitior was offering to sell for 0175% not 1 % and that Stuart wanted to go with him
he agreed to sell for 0.75% I have phoned him every other day to date to check on progress and say we will be changing agents at the beginning of March if not sold
I will be sending in a mystery shopper to check they are doing the marketing
so I agree its hassle hassle
and finally our flights are booked for June 30th so I have told Stu he has to come back if its not sold so i thin k he will be walking round with a sandwich board if its not go ne by April

have you tried looking on ourproprty.co.uk lnked to the land registry and tells you what all the houses sold in your area for the last 3 years actually sold for
just to answer the critics that are saying maybe the price i s pitched too high


anyway good luck to everyone :) :) :) :) :) Mary

Re: UK house market has gone very quiet
 

Hi Steve

I spoke to our new agent about it, we managed to get a couple of agents that would charge 1.25% each.....That was the lowest they would go for multi agent so it costs a bit more, whoever sells it get the cash. The only thing that put me off was when I spoke to a couple of friends they said that it looks like you cant sell the house.....I must admit when I`ve seen two or three boards outside a house thats what I thought. But extra boards extra advertisement.

We got our agents down to 1% we had a few around and just told them it was between them and another got them down to 1%.

Good luck :) :)

Sue

Re: UK house market has gone very quiet
 

[QUOTE=marysidey]Hi there I have been following the threads about houses not selling now for months and we were dreading it being our turn
The house went on the market last week and we have 5 viewings booked this weekend probably all nosy neighbours !!

Come what may our f lights are booked for June 30th
my hopes for success are play the agents at their own game
I convinced the agent I wanted to use that his competitior was offering to sell for 0175% not 1 % and that Stuart wanted to go with him
he agreed to sell for 0.75% I have phoned him every other day to date to check on progress and say we will be changing agents at the beginning of March if not sold
I will be sending in a mystery shopper to check they are doing the marketing
so I agree its hassle hassle
and finally our flights are booked for June 30th so I have told Stu he has to come back if its not sold so i thin k he will be walking round with a sandwich board if its not go ne by April

have you tried looking on ourproprty.co.uk lnked to the land registry and tells you what all the houses sold in your area for the last 3 years actually sold for
just to answer the critics that are saying maybe the price i s pitched too high


anyway good luck to everyone Mary



Wow 0.75% thats great :) all the best for selling before June 30th!!Good idea adout the sandwich board :D I`ll make one up for Chris :D

Thanks for the ourproprty link I`ll take a look :)


Good luck

Sue

Re: UK house market has gone very quiet
 

Dear Blossom,

I think you are being a little over sensitive. If a house is not selling after quite a time, then it is a fair comment to suggest that it might be overpriced. That may be upsetting for you but what other explanation would you suggest? I note that your house (as you described it) has other aspects which might further drive the price down so in a way you are answering your own question.

Your house may indeed be offered at a substantially lower price than those which you assess as being similar, but I would suggest that those other houses too are probably way over their true current value if they are not selling either.

I don't think it is a personal insult or rude to suggest houses mentioned on this thread are probably too expensive. Please don't take it personally. This IS a forum and I expressed a general view.

Unfortunately, many property professionals are currently talking up the market for purely selfish reasons and they seem to have spread the illusion that houses are still maintaining values which were prevalent in 2004. In fact the market is now manifestly falling to more realistic levels and you should not believe what Estate Agents and others are saying before looking at the obvious evidence. We're on the way down and if a house is failing to sell the solution is, I suggest, lowering the price. So I stand by the previous post.

Medici

Re: UK house market has gone very quiet
 

Ask yourself - Will the house price cream keep rising?

The most bullish forecast we can find is from the Council of Mortgage Lenders who see prices rising 4% in 2005.

Knight Frank warned that the housing market faces two years of virtual stagnation although fortunately for the good people of KF the market they specialise in, top-end central London property, is expected to enjoy further price gains [What a coincidence. Ed.]


Each month, we ask Mervyn King, Bank of England Governor, and Mervyn King, International Darts Champion about a major economic issue.

“Mervyns, what are your exchange rate predictions for 2005?�

“I predict 2005 will be even stevens all the way, ending with a tiebreak situation.�.
Mervyn King - Governor of Bank of England

"I have no intention of ever starting to forecast exchange rates. That's a mug's game."
Mervyn King - World Darts Champion

The Knight Frank forecast for 2005 is 1% across the UK and slightly higher for prime properties.

The biggest are the softest

Nationwide, the UK’s biggest mortgage provider, believes the market is on course for a soft, pillowy landing after the double digit price rises of recent years.

Alex Bannister, Nationwide’s top economist, said: “A sharp downturn in prices cannot be completely ruled out, but while the economic outlook remains positive it looks unlikely. Importantly, we do not foresee a reoccurrence of the sharp increases in interest rates and large-scale joblessness that resulted in house price falls in the early nineties.�

Nationwide sees UK house prices rising 2% in 2005.

Good news and a good tip

Halifax have demonstrated that population levels and house prices are related [Shock horror. Ed.]. Conclusions were drawn from this that John Prescott’s plans for 128,000 new homes in the Thames Gateway by 2016 would mean continuing house price rises for the South East.

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More interestingly, if you look at the Office of National Statistics figures you will find that over the last decade, house prices have increased by an average 238% in the 10 local authorities with the fastest growing populations. In the same period, prices rose by an average of 195% across the country. Even more dramatically the 10 areas that have seen the greatest exodus of people have seen more sluggish growth of 123%.

The Halifax forecast for 2005 is that house prices will drop nationally by 2%.

Hometrack call "lunar-tics" bluff

John Wriglesworth, of Hometrack, famously said: “The idea that house prices will fall by 45% is absolutely ridiculous. There is more chance of finding Elvis on the moon than house prices falling by anywhere near that this decade.�

The consultancy sees national house prices stagnating in 2005 :scared: with London prices falling 5%. Earnings growth, higher employment and a rising population will all support demand beyond 2005 and the good news is Wriglesworth sees the long-term trend for house prices to rise in real terms is set to resume.

Government encourages widespread property investment with changes to SIPPS

Joined up government - Pensions
FSA warn people not to rely on property for their pension :eek:

Double-digit doom-mongers

Predicting a 20% fall we have Roger Bootle and Ed Stansfield of Capital Economics. This pair have been heralding a fall in house prices since I was in short trousers. In my view they are right in everything they say, just wrong for trying to put a timescale on it. There is no doubt the market is over-valued but buy-to-let, relaxed lending, low interest rates and government schemes are all responsible for supporting the market to a greater degree than Capital Economics can have predicted.

Their time may have come and Capital Economics are leaders in the pack of those expecting price falls in double figures over the next few years. They also believe interest rates will fall to 4% later in the year.

“I see your 20% and raise you another 10%�

Dr Doom himself, respected fund manager Tony Dye, foresees a 30% fall over five years. He has recently been joined by John Calverly, of American Express, in predicting a housing market crash. Calverly, who, in true ‘Richard & Judy’ style, has a book out in shops near you. “Bubbles and how to survive them� is actually very interesting and lays out his theory that modern economies are dominated by bubbles in asset prices. If you hang on for two weeks you will be able to buy it from In2Perspective’s new shop… Amazon will give us 70p if anyone buys it through us so please wait if you can help yourself. [Then we might make enough to buy the latest Sarah Beeney book! Ed.]

“30%. Pah! House prices will crash 40% and more!�

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Neil Woodford of Invesco Perpetual has made headlines with his ‘30-40% fall in 4 years’ prediction. As has David Pannell of Durlacher, the oh-so-trendy investment bank worth considerably less than 40% of the value it was a few years ago. We can also include the great Professor Andrew “Property prices will fall over 30% but I won’t be selling cos my wife won’t let me� Osmond of Warwick University in this bracket.

King Mervyn and the Knights of the Round Monetary Policy Committee

At the court of the Bank of England, Mervyn and his Merry Men [Please excuse the mixed myths, Ed.] are holding the cards when it comes to house prices. Never before has the power balance seemed so delicate. When interest rates are low and interest levels high a quarter percent move in rates, whether up or down, can seem extremely dramatic. Recent inflation and employment data would indicate a rate cut in the near future is unlikely.

Governor Mervyn and his sidekick, Mr Bean, [No jokes please, this is the serious bit. Ed] have been careful to warn the British public that house prices may be in for a rocky ride. They have also tried really hard to show that consumer prices are no longer as related to confidence in the housing market as previously thought. I think this may be because they believe house prices will fall and they don’t want to be pushed into lower interest rates in order to sustain an overvalued housing market. In other words, despite what some may say, the Bank of England has already factored a correction of prices into its policy and probably has a level (say 10-15%) that is prepared to take – as long as it doesn’t precipitate a sharp decrease in confidence in the rest of the economy.

Prescott unveils affordable homes costing £60,000

Home Truths

Another crucial event on the horizon takes place in April 2006 when an estimated £4bn - £11bn cash will be invested in residential property as a result of changes to self-invested pension policies. This will have significant effects on the market, some of which I will be exploring in a talk at the London School of Economics towards the end of February. If you are interested in coming along, the talk is entitled “Home Truths�. The principle topic will be why only the smartest and luckiest people, in my opinion, will really profit from property. Tickets are £20 and must be booked in advance.

sPIN SPIN SPIN .... odaat

Re: UK house market has gone very quiet
 

As you say, perhaps I am being overly sensitive, however, the fact is that each area is predominently different and the housing market is always linked to other external and environmental factors, so to generalise that all houses are overpriced is not a qualified statement.

It is not necessarily your thoughts that are the problem, perhaps it is in the delivery !

Blossom