Being gazundered

getmore4less

The motivations are important here.

you are just selling an empty property, so it is just financial/convenience

Your buyers are moving up the ladder so have added life changes in the motivation. Is it a big step up was there a lot of options why pick yours etc.

FTB are they renting living at home stretching.
what was driving them to buy?

are prices really moving down by x% or are people just going to sit tight so supply dries up for a while

You can put a value on the costs of getting another buyer in a few month(have to guess where the price will be)

What was the time on market and has that typically changed in the last few weeks for property priced sensibly.

danslenoir

I'd hold my ground.

The FTBs were well aware of the referendum and the possibility that the UK would vote to leave the EU; indeed, it's all we heard about in the news during the first half of the year.

If they were that scared of the potential implications of the result of this referendum on the housing market they should not have made an offer, full stop.

Instead, they did make an offer, specifically an offer that did not contain an upfront caveat that the offer price was only good if the referendum vote was to remain in the EU.

I could understand if they had regrettably decided to pull out of the purchase based on their fear of what might happen to the housing market over the next few months/years, but to demand a reduction on a pre-agreed price based on this fear does not seem right to me.

danslenoir

smile88egc wrote: »

Or conscientious FTBers that don't want to start out property ownership in negative equity........
At the end of the day they offer what they offer, they are free to drop the offer, a vendor is free to decline. To an extent the reasoning behind the offer/reduction is irrelevant.....
UNLESS you think their reason for reduction is not unique to their circumstance, and that reason may affect possible future offers in the event this chain collapses.

Clearly not that conscientious, because they knew full well when they made their offer that a month later there would be a national referendum which might reasonably be expected to have an impact on the housing market.

A conscientious person, if they were that worried about the effects of the referendum, would have waited until after the referendum, before they started making offers on properties.

jimpix12

How many more of these threads do we need? The market is RED HOT, you'll get another buyer within a few hours of it going back on the market. Everyone here knows this. The estate agent is talking your property down by saying you might not get that price again. Get rid of them and switch to another one who knows what they are talking about ASAP (they have actually gone up by 18% since Brexit).

Brexit is just a distraction, it's got no relation to the economy or housing market at all.

(Am I doing this right?)

Sus59

Thanks for all your advice - much appreciated.
I decided to give a little but not too much and have offered my buyers a 2.5K discount if they sign the contracts by the end of next week. Failing that the price will be as agreed and they have to complete within a month or I'm putting the property back on the market. Whilst I would like to move on I'm not desperate given my low outgoings and if I really cannot achieve the same selling price then I will let the flat out till prices recover, which they always do in the end.
The UK conveyancing laws are really in need of a major overhaul. No wonder they say moving house is as stressful as (if not more than) bereavement and divorce.

jimpix12

Good luck Sus59. Prices only ever go up, if you're selective enough with the figures and years.

smile88egc

That's a reasonable offer and timescale so best of luck to you sus59, let us know how you get on. Letting it out may prove a good option, would you have to change it from a residential to a BTL mortgage?

Crashy_Time

Hoploz wrote: »

£15000 is a lot of £300s

Even £7000 is. Do you genuinely believe your house is worth less than before? Would another 4-6months delay while you re-sell cause you a problem?

It seems to me a lot of people are jumping on the bandwagon of 'I'm going to reduce my offer/offer less/threaten to pull out because of Brexit.' But basically it's just people trying it on. In a couple of months most people will have forgotten all about it and this b!!!!!!! will stop. Brexit (whenever it actually happens, in a couple of years) will make little difference to the majority. For the moment, interest rates are nice and low, and there's no sign of the mortgage market caving in

No, that is completely wrong IMO, all this shows is how fickle the public are and how they catch on to memes and just follow blindly (anyone remember "property always goes up"?) if the O.P hangs on they will just experience more sentiment change and more requests to cut the price. Take the hit and get out now.

Crashy_Time

Sus59 wrote: »

Thanks for all your advice - much appreciated.
I decided to give a little but not too much and have offered my buyers a 2.5K discount if they sign the contracts by the end of next week. Failing that the price will be as agreed and they have to complete within a month or I'm putting the property back on the market. Whilst I would like to move on I'm not desperate given my low outgoings and if I really cannot achieve the same selling price then I will let the flat out till prices recover, which they always do in the end.
The UK conveyancing laws are really in need of a major overhaul. No wonder they say moving house is as stressful as (if not more than) bereavement and divorce.

This was the biggest property bubble in history, with emergency intervention by central banks to match, there is no historical precedent and there has to be a very big crash before things can be normal again, quibbling over a few grand is not the best option just now, and of course £300 is just the mortgage payments is it, not all the outgoings related to owning and maintaining a property (council tax, repairs etc.) ?

jimpix12

Why bother Crashy? Let her choose what she thinks is best. If she loses her shirt, that's her problem.