Buying and / or Selling - What's the market like for you?
Discussion
I've seen a few threads on here where the experiences of buying and selling seem to be extremely varied, so I figured it was worth starting a thread to try and build up an overall picture.
Selling - 4 bed detached in South Bucks. Been on for about 6 weeks. A reasonable amount of interest, but no offers yet. In contrast, a friend of mine put 2 properties up for sale, a flat in Chichester and a house near Derby. Both went under offer the very next day.
Buying - Something on the coast in Dorset with a sea view. Found somewhere we like, but can't secure it until we have a complete chain. Thankfully (for now) stuff down there doesn't seem to be shifting. Properties in Rightmove searches regularly coming up as "reduced". I would be particularly interested in any insights on the state of the market for sea view properties on the South coast between Swanage and Exmouth.
Selling - 4 bed detached in South Bucks. Been on for about 6 weeks. A reasonable amount of interest, but no offers yet. In contrast, a friend of mine put 2 properties up for sale, a flat in Chichester and a house near Derby. Both went under offer the very next day.
Buying - Something on the coast in Dorset with a sea view. Found somewhere we like, but can't secure it until we have a complete chain. Thankfully (for now) stuff down there doesn't seem to be shifting. Properties in Rightmove searches regularly coming up as "reduced". I would be particularly interested in any insights on the state of the market for sea view properties on the South coast between Swanage and Exmouth.
Selling - 3 bed mid-terrace in Coventry. Sold for asking price within a week. It is in a popular area and other houses tend to do the same.
Buying - The market in Coventry is a bit strange - there are loads of 1930's 3 bedroom houses, either terraced or semis, but far fewer 4 or 5 bedroom houses. Except that there are a couple of large developments of new houses going up. We wanted to avoid those, and found a suitable house that had been on the market for a while. We ruled it out after the initial viewing, as the inside needs a bit of work - I expect that was putting people off. It was reduced, and with our search not finding anything better we decided to go for it. Our initial viewing was on the 22nd January and we expect to be completing this month.
Buying - The market in Coventry is a bit strange - there are loads of 1930's 3 bedroom houses, either terraced or semis, but far fewer 4 or 5 bedroom houses. Except that there are a couple of large developments of new houses going up. We wanted to avoid those, and found a suitable house that had been on the market for a while. We ruled it out after the initial viewing, as the inside needs a bit of work - I expect that was putting people off. It was reduced, and with our search not finding anything better we decided to go for it. Our initial viewing was on the 22nd January and we expect to be completing this month.
Selling - top of market in a commuter town in Surrey - market last year was flat as a pancake. Interest rates and the election killed the market at that end. Got an offer (eventually) at 10% off asking price which itself was 10%-15% off what we would have got in 2023 according to agents. Took house off market, gave it an internal redecoration and tidied it up a bit, going to relaunch next week. Agent says markets slightly better but the typical buyer would be someone moving out of London, but there’s fewer of them around atm.
Selling a 3 bed in a very popular South Manchester area. House is in good condition and priced right in the middle of 3 estate agents quotes. Been on since Christmas with one offer which was a bit low.
Dropped a few k and seems to have more interest now. I think its priced about right compared to sales of other properties but it does need the right people to buy it, doesnt work that well for a family where as some others the same size have 4 beds.
Time will tell!
Dropped a few k and seems to have more interest now. I think its priced about right compared to sales of other properties but it does need the right people to buy it, doesnt work that well for a family where as some others the same size have 4 beds.
Time will tell!
omniflow said:
I've seen a few threads on here where the experiences of buying and selling seem to be extremely varied, so I figured it was worth starting a thread to try and build up an overall picture.
Selling - 4 bed detached in South Bucks. Been on for about 6 weeks. A reasonable amount of interest, but no offers yet. In contrast, a friend of mine put 2 properties up for sale, a flat in Chichester and a house near Derby. Both went under offer the very next day.
Buying - Something on the coast in Dorset with a sea view. Found somewhere we like, but can't secure it until we have a complete chain. Thankfully (for now) stuff down there doesn't seem to be shifting. Properties in Rightmove searches regularly coming up as "reduced". I would be particularly interested in any insights on the state of the market for sea view properties on the South coast between Swanage and Exmouth.
I'm in Devon and some sectors of the market are a mess.Selling - 4 bed detached in South Bucks. Been on for about 6 weeks. A reasonable amount of interest, but no offers yet. In contrast, a friend of mine put 2 properties up for sale, a flat in Chichester and a house near Derby. Both went under offer the very next day.
Buying - Something on the coast in Dorset with a sea view. Found somewhere we like, but can't secure it until we have a complete chain. Thankfully (for now) stuff down there doesn't seem to be shifting. Properties in Rightmove searches regularly coming up as "reduced". I would be particularly interested in any insights on the state of the market for sea view properties on the South coast between Swanage and Exmouth.
Lots of holidays homes for sale and not shifting.
Lots of places with annexes not shifting.
Prices generally falling, lots of stuff reduced.
Some things which we've seen the sale prices of have been a big slice below asking.
The nice places which we want to buy are often being taken off the market unsold.
We've had the chain collapse and now considering coming off the market ourselves.
Different estate agents saying different things, but vague consensus that the bottom of the market is doing OK, under £250k 'locals' houses, and there's still people with over a couple of million who aren't concerned by losing a few £k or paying a lot of stamp duty and council tax. In between there are few buyers and the houses which do sell often take much longer, because everything is a chain, nobody wants to rent out their old place or pay double CT while doing up their new place.
Selling in Norfolk - 4 bed detached in a popular village just outside Norwich, been on since November, plenty of viewings but no offers. Price (350-375k) is the cheapest in the village and in the same ballpark as others in the surrounding villages. Similar houses just aren't selling either, especially the identical one 100 yards away that is for sale at £40k more than us...
Buying in Norfolk - we need a bit more space as we want two home offices which means we're looking at the 750k houses, they're just not selling either or just sitting on Rightmove for ages.
It seems a lot of people have their houses up for sale, set the price and are just waiting for it to sell rather than lowering in the price. Houses in the 200-250k bracket seem to be shifting pretty quickly.
Buying in Norfolk - we need a bit more space as we want two home offices which means we're looking at the 750k houses, they're just not selling either or just sitting on Rightmove for ages.
It seems a lot of people have their houses up for sale, set the price and are just waiting for it to sell rather than lowering in the price. Houses in the 200-250k bracket seem to be shifting pretty quickly.
OutInTheShed said:
I'm in Devon and some sectors of the market are a mess.
Lots of holidays homes for sale and not shifting.
Lots of places with annexes not shifting.
Prices generally falling, lots of stuff reduced.
Some things which we've seen the sale prices of have been a big slice below asking.
The nice places which we want to buy are often being taken off the market unsold.
We've had the chain collapse and now considering coming off the market ourselves.
Different estate agents saying different things, but vague consensus that the bottom of the market is doing OK, under £250k 'locals' houses, and there's still people with over a couple of million who aren't concerned by losing a few £k or paying a lot of stamp duty and council tax. In between there are few buyers and the houses which do sell often take much longer, because everything is a chain, nobody wants to rent out their old place or pay double CT while doing up their new place.
Isn't Devon one of the areas where some people are exempting themselves from the council tax doubling on holiday lets by listing for sale but just slightly above true market value.Lots of holidays homes for sale and not shifting.
Lots of places with annexes not shifting.
Prices generally falling, lots of stuff reduced.
Some things which we've seen the sale prices of have been a big slice below asking.
The nice places which we want to buy are often being taken off the market unsold.
We've had the chain collapse and now considering coming off the market ourselves.
Different estate agents saying different things, but vague consensus that the bottom of the market is doing OK, under £250k 'locals' houses, and there's still people with over a couple of million who aren't concerned by losing a few £k or paying a lot of stamp duty and council tax. In between there are few buyers and the houses which do sell often take much longer, because everything is a chain, nobody wants to rent out their old place or pay double CT while doing up their new place.
scot_aln said:
Isn't Devon one of the areas where some people are exempting themselves from the council tax doubling on holiday lets by listing for sale but just slightly above true market value.
Yes, I think places that are on the market are exempt, but only for a limited time. I've heard there are more pen-pushers looking into this, it won't surprise me if they cost more than is raised by the council tax premium.
It's a moot point what the true market value of a holiday let is, as buyers are a bit scarce.
I've heard of a couple of places being bought by businesses as 'staff accommodation' or possibly they are leasing them.
Rumour is that quite a lot of holiday places bought in the covid peak are heavily mortgaged so people are not keen to take a price drop.
In general, it seems remarkable numbers of people who downsize and 'retire' to the coast still owe a lot of mortgage well into their 60s.
Perhaps if the dry weather continues into Summer, we'll get a fresh wave of incomers to put prices back up?
But I think many people are thinking more of mainland Europe instead, having got over the Brexit and Covid panics?
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