Reasonable vendors starting to lose patience...

Thrugelmir

lobsterpot11 said:

 Are we being played for fools now as a result?

Yes. Let the prospective buyers pay and perform due diligence. They are probably watching the market every day and could drop you like a stone. Often when viewers want builders to quote for work to be done to the property. They'll expect you to reduce your price to accommodate their plans. 

Crashy_Time

Thrugelmir said:

lobsterpot11 said:

 Are we being played for fools now as a result?

Yes. Let the prospective buyers pay and perform due diligence. They are probably watching the market every day and could drop you like a stone. Often when viewers want builders to quote for work to be done to the property. They'll expect you to reduce your price to accommodate their plans. 

The fact that they are seeing headlines like this every day doesn`t help either....
https://www.independent.co.uk/money/house-prices-mortgage-latest-stamp-duty-holiday-b1179046.html
The fact that the media is also using the word "bubble" at every opportunity now is also making people more cautious.

brianposter

If I were the buyer I would wonder about the veracity of the thread title.

NortheastEA

This is typical OTT journalism and not helpful to the OP - the survey was 1000 people - thats a very very small number - having sold over 400 properties via several branches in the last 4 months we have had a handful of down valuations.

Im not saying they are not going on but its is localised and not national so its best to look at your locals conditions and speak to several agents and mortgage brokers to get a feel for the here and now along with a judgement call on what the future holds.
Its not all doom and gloom!

Crashy_Time

NortheastEA said:

This is typical OTT journalism and not helpful to the OP - the survey was 1000 people - thats a very very small number - having sold over 400 properties via several branches in the last 4 months we have had a handful of down valuations.

Im not saying they are not going on but its is localised and not national so its best to look at your locals conditions and speak to several agents and mortgage brokers to get a feel for the here and now along with a judgement call on what the future holds.
Its not all doom and gloom!

What area is this? The thing about OTT journalism is that it feeds sentiment, on the way up but also on the way down.....

NortheastEA

North East specifically around Newcastle and County Durham 
The housing market rises and falls - but over longer periods its always up  - and there are too many external factors to make wild predictions on what will happen next - remember Brexit was supposed to crash the market - Im still waiting - you have to make a call on what is important in your life and make a call. 

I have bought houses that have made huge gains and some very little - thats the risk we all take.
I work out of Newcastle and the general sentiment is positive from my clients and associates - prices feel "fair" and deals are holding together despite the added timescales from the under staffed banks etc

Crashy_Time

NortheastEA said:

North East specifically around Newcastle and County Durham 
The housing market rises and falls - but over longer periods its always up  - and there are too many external factors to make wild predictions on what will happen next - remember Brexit was supposed to crash the market - Im still waiting - you have to make a call on what is important in your life and make a call. 

I have bought houses that have made huge gains and some very little - thats the risk we all take.
I work out of Newcastle and the general sentiment is positive from my clients and associates - prices feel "fair" and deals are holding together despite the added timescales from the under staffed banks etc

The problem is though that getting caught in the falls can hurt your financial outlook quite badly, are there not areas in the NE of England where prices have not risen much or at all since 2008? We have not really experienced what Brexit will be like yet, it was the VOTE for Brexit that was supposed to crash the market, according to some Remain VI`s. I think Covid, Brexit and a potentially contested US election will crash the market.

lesalanos

How desperate are you to sell to these? 

What else might they come up with?

lobsterpot11

lesalanos said:

How desperate are you to sell to these? 

What else might they come up with?

I mean we'd probably lose our onward purchase which would be a big shame. (Survey there is booked but not done yet) But I think we have to be prepared to say we're willing to walk away and find another buyer because they're being !!!!!! (without using the word !!!!!!, obviously).

Have had it confirmed that their buyer is chipping away at their price, so they're obviously trying to pass it on. A £5k hit would be annoying but not devastating for us. £10-20k would make things very awkward.

youth_leader

So sorry to read you are going through this.  My buyer was also constantly chipping away at the price, it is very stressful, I almost started drinking.  My family and I thought he couldn't actually afford it at the time - but we now know he was buying two properties, he drives between the two in his brand new top of the range car.  
Viewing it as a business transaction, if you do go back with a £5K reduction, what percentage of your asking price is this?  Will completing before the stamp duty holiday ends compensate you for the 'loss'?