“Listings looked at more than 1000 times, but no viewings” – London sellers forced to knock thousands off their house prices so they can move
by BulkyAccident
“Listings looked at more than 1000 times, but no viewings” – London sellers forced to knock thousands off their house prices so they can move
by BulkyAccident
37 comments
Everything is inflated 10% and then another 10%
🎻
And the houses they’ll be buying will get cheaper too, so this is great news for everyone.
But we aren’t building houses, so I don’t believe it
That is how markets work, yes
The original price gougers
i.e. ‘owners set an asking price that’s too high and have to reduce it’.
I just bought a house for 15% less than its original asking price. Lots of people have over-inflated the value of their houses recently and are all now starting to accept reality checks at the same time.
Honestly the listings are delusional prices. I saw a 3 bed flat newly listed at £600k, then the following week reduced to £525k.
If nobody wants to even view your place at the price it’s listed for, then it’s overpriced. It’s not complicated.
Edit:
>Pillai’s three-bedroom semi went up for sale with Arthur Samuel Estate Agents with a price tag of £745,000, the highest of three estate agent quotes she and her husband received.
There’s the issue.
Womp womp
oh noooooooo
why don’t we do sob story articles like this for everything. “No-one bought Tesco’s £1 bananas so they had to reduce the price.”
This is happening because landlords are selling up and flooding the market because of incoming changes to government policy that will make being a landlord less attractive.
Good time to be a buyer, bad time to be a seller or renter – renters should expect higher than usual rent increases due to increased competition for fewer rentals.
I think it means people are listing their properties at higher price than it’s worth? 🤣
That’s how supply and demand works, yes.
For a moment there i thought this was r/compoface
The article literally admits they listed at the highest possible valuation, of course it sat unsold. Sellers chasing peak-pandemic prices are in for a rude awakening when even window-shoppers won’t bite. The market’s correcting whether people like it or not. Time to adjust expectations or keep waiting indefinitely.
If it’s such a bother, I’ll take it off their hands for a tenner
London sellers discover supply and demand
How is this a story!?
Boohoo
World’s smallest violin
The standard proving once again how atrocious their journalism is.
People surprised that high house prices and higher than usual interest rates combined with a moronic rental market equals fewer people with savings to put down as a deposit. Even those with equity built up in an existing home and are trading upwards are screwed as fewer people can afford to buy their places for all the reasons mentioned above…there surely is going to be a tipping point where all the boomers with 7 figure houses are simply unable to sell anymore. Houses will stay within families when parents pass away, who in turn will struggle to sell if they can’t afford the tax bill. A price correction needs to happen if wages continue to not rise and interest rates stay higher than historian averages
Priced too high. Sellers will always go with the agent who suggests highest price.
So some less than ethical outfits (cough foxtons) will go in with an aggressively high price knowing full well it’s unsupported by the market
they get the listing, everyone else locked out. Then after a few weeks of no activity talk to seller to the seller, make up some guff about the market being slow for summer/winter or whatever, and get a price drop agreed
Stays on their books but now at a lower reasonable rate. standard procedure and super gross
Lots of one bed flats in London are going unsold with their owners unable to accept reality. If you don’t have a proper outside space, the price of your property has reduced. Fact. Flats in Islington that would have been going for £425,000 a few years ago are now worth £375,000 and in some cases even less. Good for first time buyers, though!
On the opposite side of the equation, I’ve had viewings repeatedly cancelled and agents reluctant to book me on viewings until I’ve jumped through hoops with them (which I suspect is more what they could get away with in a hotter market).
Add to that I work full time so finding time for viewings is difficult enough anyway and just the way agents communicate is not really helpful.
Even if prices are overcooked, the market just isn’t operated in a way to efficiently facilitate sales unless the properties are basically selling themselves it seems to me.
This is such funny phrasing. “London sellers trying it on with asking prices thousands more than their properties are worth” is more accurate. It’s worth what someone will pay for it!
I bought my house in December at a 6% reduction in zone 3.
Dare I say we must be reaching the point of plateau where hopefully wages might catch up a bit with property prices in London. Perhaps wishful thinking but the big recovery brokers and EAs were predicting this year hasn’t happened, though prices are rocketing elsewhere in the country.
The market in London has just had its udders squeezed mercilessly and disproportionately for years and the teats have finally started squeaking.
If the surrounding streets in my area are anything to go by there are *a lot* of houses on the market currently. Doesn’t surprise me.
They also put it for an inflated price on the market in the hope some idiots buys it. Then they reduce it to a more normal (still ridiculous) price so it’s at a “discount” and people think they get a good deal.
The price of anything is what someone is willing and able to pay for. If the property is being marketed at a high price but it does not attract many viewings and hardly any offers, then you need to lower your price. Cost of financing is astronomical compared to the last 25 plus years so properties are less affordable, subject to decreasing the asking price. It’s really not hard.. it’s just maths.
Also, the idea that any property owner should expect a handsome reward for owing a property for xx years can fuck off. I know it’s been a great ride for a lot of people but it doesn’t come as a right. It was luck and timing. A market is a market and there are market prices. Simple as that.
Zoopla….estimates your house is higher price than the banks do, so likely inflated but people believe it.
Estate agents, they don’t care if it takes you a while to sell, if they get a sucker to pay the extra 10% they tell you to set at then they make more commission, they can wait the extra few weeks for the chance of it while you might not be able to.
general ‘British being bad at haggling’. You see the same abroad when brits don’t know how to haggle and just shout low numbers until the seller gets them to where he wants them beacuse they’ve seen it’s what the wise person does. Same here….sellers think ‘ill put on 10% because the buyer will ask for 10% off, so ill make what i want!’ and the buyer simply doesn’t have the extra 10% to give.
(there may be less of a desperation to buy in london too ofcourse given more flexible working these days, but the above 3 factors haven’t adapted yet)
Good – house prices cannot and should not just go up forever, especially when wages have stagnated for so long.
I think the agents are the problem. They tell the seller a completely unrealistic price so that the seller will list with that agent.
They then pressure the seller to reduce the price in order to actually be able to sell it in a reasonable timeframe.
Basically a bait and switch for sellers – the alternative is that the seller would have listed with a different agent who told them they could get more.
Stamp Duty Tax Raise by Labour is to thank.
Where I live I saw a 3 bed semi (3rd bedroom a loft extension) with no off street parking or garage listed for £1M – was listed at that price for about 6 months, eventually they knocked it down to like £750K which is still insanely overpriced for what it is, somehow how it managed to sell.
Interesting call-out:
> The exception is low-cost houses that — if priced below £500,000 — tend to achieve their asking price. […]
> Ex-local authority housing stock is performing exceptionally well,” he said. “We had a two-bedroom semi on the market in SE3 recently with an asking price of £425,000. We had 29 viewings in the first weekend, and 11 offers. It is now under offer at £455,000.
Seems like people have gotten slightly less snobby / more practical about price per sqft.
Good. Let them fall even further.
Thousands? It should be hundred of thousands for overpriced shit holes
Good?
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