Is The Market Really That Bad

itsallyellow

We have decided to sell one of our properties in the South East. Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Having spoken to some local agents it sounds like its quite tough out there. Is this just the normal school holiday slow down? Will it pick up in September or are we best putting the idea off for a while. My concern being that if the market is bad im not sure i can see any reason for it to get better over the next few years?

Combenew

I think it depends on area. We're sitting in a rental with cash to spend but can't find a house we like. All the desirable ones in this area are flying off the shelves

ReadySteadyPop

itsallyellow said:

We have decided to sell one of our properties in the South East. Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Having spoken to some local agents it sounds like its quite tough out there. Is this just the normal school holiday slow down? Will it pick up in September or are we best putting the idea off for a while. My concern being that if the market is bad im not sure i can see any reason for it to get better over the next few years?

I agree, no reasons out there for things to improve, pricing sensibly is a good move.

Albermarle

Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Unless you have an expensive property, that is a big drop without testing the market and taking into account you are in no rush.

Is that £50K off the suggested asking prices ( which are usually above the actual valuations) ?

itsallyellow

Yes suggested asking price as opposed to actual valuations. 4 different agents have looked and the have all been between 2.5 and 2.75. So thought 2.45 seemed sensible

ReadySteadyPop

Albermarle said:

Were in no rush to sell and all the agents have come in at the same sort of value. We have decided to go £50k below the lowest valuation just to ensure viewings etc

Unless you have an expensive property, that is a big drop without testing the market and taking into account you are in no rush.

Is that £50K off the suggested asking prices ( which are usually above the actual valuations) ?

Yes, 50k straight off seems a lot, if you look at the price drop apps people often do 10 - 15k reductions, sometimes 25k, that is common.

jimbog

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

itsallyellow

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

A bidding war would be rather nice. Although im more than happy if it sells at that price.

GDB2222

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

I think the OP is saying the property is valued at around £2.5 million, in which case £50k is not at all a big drop. 

There's some speculation that some sort of property value tax (at around 1% a year) may be introduced by the Chancellor, which could hit higher priced properties quite hard. 

ReadySteadyPop

GDB2222 said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

I think the OP is saying the property is valued at around £2.5 million, in which case £50k is not at all a big drop. 

There's some speculation that some sort of property value tax (at around 1% a year) may be introduced by the Chancellor, which could hit higher priced properties quite hard. 

How would it work?

Albermarle

ReadySteadyPop said:

GDB2222 said:

jimbog said:

RSP is right, knocking £50K off is a big drop. Are you hoping for a bidding war? Why not try at around the lowest valuation to start off with and see what interest you get

I think the OP is saying the property is valued at around £2.5 million, in which case £50k is not at all a big drop. 

There's some speculation that some sort of property value tax (at around 1% a year) may be introduced by the Chancellor, which could hit higher priced properties quite hard. 

How would it work?

Nobody knows , it is just speculation