Housing market slump

We have had our house on the market for 2 months now, with not a single viewing! It's on rightmove for those that want to see it:
http://www.rightmove.co.uk/action/publicsite.PropertySearch

We just lowered the price (we knew the estate agent had overpriced it!) so I am hoping that we have more interest, but last night the news was just saying how the market is slumping and getting worse like it was 15yrs ago.

I am doing my best to support DH with the move stateside, but if we have this house longer than a few months from moving (we would move in January), then it's going to really hurt our finances (at the moment, the US to UK exchange is only beneficial living in the UK). We don't have enough equity to sell it on to homebuyer lower than market value. We will only break even probably as it is 

anyone else affected by the housing market at the moment? I just hope it picks up in 2008.

I think it's to do with that people are expectant that interest rates may (finally!) start to fall sometime in the next year...so why would you want to borrow & be locked into a higher rate now if you might get a lower rate soon?  And also that, as a result, I think buyers are betting on that housing prices will start to fall as well.

Not good for you though.

We bought our house nearly 3 years ago now, but we're here (as far as I know) for long-term -- so it's a long-term investment to us in any event.

A lot of people I know are holding out on buying as they are expecting a house price fall.  I don't know if prices will fall per se but I think they will settle.

Our neighbors have had their house on the market on for four months and have only had one provisional offer and that fell through.  First time buyer mortgage apps have fallen by 20% this year. 
Not good news, however, have you thought about letting your house?  Lets only seem to go up and up and perhaps that would give you a bit of income in the interim?

well, our house price has already gone down, so they're right! Prices will fall, I just hope no lower than it already has!

Sorry you aren't getting any viewings.  I am trying to ignore all the doom and gloom in the news about house prices falling etc, but it's tough.

Are you in a position to rent the property out and cover the mortgage until things calm down a bit?  I was just thinking that if you aren't pulling out masses of equity, it may be an easier option for the short term.

I'm sorry for you, but as we have been priced out from buying for a while, we are hoping that it stays this way.  Still, I hope you get a viewing and an offer soon for your house.  Fingers crossed for you.

pittpanther, just to let you know that link isn't working.

It's funny how people like to generalise about the housing market.  It might be slumping in some parts of the country, but my DF is an estate agent & he's doing just fine.  Granted, there are more sellers than buyers at this very moment, but there have been no radically low months for him.  I think London will always be buzzing no matter what, the markets in different parts of the country are perhaps more sensitive.

Good luck, all the same!

aless, thanks for the note - if anyone is truly interested, on rightmove, type in the post code ls25 4bs, it's the only house on rightmove for that post code

Glad to hear it's not a total loss in the market. Our estate agent keeps telling us how dead it is here in Leeds, we are going to change estate agents at teh end of our contract in a month, so maybe that will help.

Anyone else selling right now? just curious

It's dead where I am too.  Nothing is moving and everything that went on sale in the summer is still for sale.  Prices have dropped and nothing.  (we're one of the ones who are looking, and waiting until the spring)

I hope you get some bites soon.  If it's any consolation my landlady's house has been on the market for a year and it finally sold.  It's an up-market property though, I don't know if that makes any difference. 

Hi

We're selling right now.  One bedroom Flat in Edinburgh.  It's been on the market for 1 week and we've had 9 viewings but no offers or notes of interest.

This should be a good time of year to sell to enable buyers to have a chance of moving in for Christmas.  I hope you manage to sell soon, I've only been doing this selling thing for a week now and it's driving me crazy so I know how you feel.

Fingers crossed we both get our properties sold on the same day (preferably within the next week  )

Good luck

i think people aren't waiting to move at all.

i think most honestly cannot afford the inflated prices any more and are either staying put or renting.

i think people aren't waiting to move at all.

i think most honestly cannot afford the inflated prices any more and are either staying put or renting.

That's what I am afraid of, worst comes to worst, we'll mail the keys into the mortgage company after we move to the US if we can't afford it anymore, which will be hard with the dollar so weak to the pound.

On the news today, it was reported that housing prices actually rose during October.

Your house is too far up north from my work in London.
We want to buy a house in near Birmingham area but we are waiting till next year.

By looking at
http://www.houseprices.co.uk/e.php?q=ls25+4bs

If you just bought this house last year, just give the keys to them. You may win
in this situation.

Good Luck..
Kal