Viewing have dried up (apparently on all properties, not just mine) so I have just agreed to drop the advertised price by £10,000 to below what we had hoped to sell the house for a couple of months ago. I guess I’ll be going through all the houses I was researching buying and knocking a load off the list because they are now out of my budget.
Stupid recession. What I am interested in knowing is when the banks are going to realise that if they want to sell the houses they have been repossessing they are going to have to start giving people mortgages.
The BBC had a bit on house prices this morning saying that the average price was about right for the average first-time buyer (in terms of salary, deposit, etc) so all that is stopping them is the lending. I meet one of their average first-time buyer criteria (age) and exceed the average salary by, well a lot (woo, new contract signed today to guarantee income until February), but cannot move because no-one can buy my house – it doesn’t even cost that much.
I’m starting to think that I will never move and I should just take the house off the market (when the current contract with the estate agent ends in a few weeks) and resign myself to living in it for the next 5 years until the economy recovers (if prices drop much further I will be losing money). I should probably also start thinking about what I’m going to do for money. I can continue commuting into London while I live in Reading (I don’t like it, but the money is really quite good) but maybe if I cannot move I should start looking at alternatives.
Fingers crossed the price-drop brings in some more viewings. An offer, even a laughably low one, would be something.