Rightmove Asking Prices Falling Again

Added: 2026-05-18

[00:00:04]Your house is worth whatever it's worth, right? Whoever sells it wrong. I'm Charlie. Welcome to Moving Home with Charlie and thank you for coming.

[00:00:13]>> Charlie Landing Grew up in Sussex is the founder of Best Agent and presenter of Moving Home with Charlie.

[00:00:20]>> If you want to find one of these guys, look out for those compassionate professionals. All estate agents are not the same. So Charlie, what would be your advice for people interested in buying new builds right now?

[00:00:31]>> Don't overpay. Do buy, but don't overpay it. That's why I say disregard the G.

[00:00:36]Read into the numbers and look and it's buried. The bad news is buried in the small print. Okay.

[00:00:41]>> Good evening everyone. Welcome to the property press award.

[00:00:44]>> They may or may not be telling the truth, but you should form your own view. Get out and view. Get out and view. Get out and view. You cannot be in a position to make offers and have the offers accepted if you're not viewing.

[00:00:54]Just be out there viewing. Prof. Uh, pay attention to the back of the glass if you've not been watching my videos. I did one just a couple of days ago.

[00:01:02]Disregard the guff, guys.

[00:01:08]Good evening, everybody.

[00:01:10]It's It's all going wrong today. Uh, my camera's not working, which is why you've got this terrible angle and terrible picture quality. Uh, mic's not working. The internet's probably going to go down. And I've got a really bad cricket. I pulled a muscle in my neck.

[00:01:26]Um, but the show must go on. So, this evening I wanted to just cover the right move uh asking price index. It was re revealed released today.

[00:01:41]And in a nutshell, a lot of the headlines like this one are creating the impression, look at that. UK home price rise in May reaches 10-year high, says right move.

[00:01:58]Now, at a glance, and 90 something% of the people who see this story will only see these headlines. What impression does that create for home sellers? Hm. When we've got a market that's struggling, it's in stasis, there's a standoff between buyers and sellers, those headlines are so unhelpful.

[00:02:23]Um, and what I'm going to do in this video is get into what is actually being reported in writers house price index.

[00:02:31]And I want to start by saying this. Yes, there was a month on-month increase in the overall average.

[00:02:39]Okay. Uh of 1% uh month on month from April to May.

[00:02:46]Call it the spring bounce. Call it whatever you like. It's asking prices.

[00:02:49]Okay. But if you go and look at their year-on-year prices, it is the third month in a row that year on year asking prices are lower than a year ago. They were lower in March, they were lower in April, and they were lower again in May.

[00:03:07]Okay. And also, let's break it down by the three different property types which they use. First time buyer, second stepper, and top of the ladder. And as you can see here and as I knew would be the case, it is the top of the ladder doing all of the lifting of the asking price month on month. So top of the ladder which is where the market is most dysfunctional prices asking price the average asking price of newly listed properties excluding price reductions and excluding everything else that was on the market before the last four weeks that average asking price of top of the ladder properties is 2.3% higher than it was in April.

[00:04:01]or about £16,000 for top of ladder properties. Okay. Now, we have the well-informed people who understand that this is just a national average. It's about asking prices and it doesn't mean that actual house prices are going up. But then we have the other cohort of sellers who just look for anything that they can find to confirm their bias about the value of their home. They'll go, "Oh, did you see right move said asking prices house prices are up?" And that's not the case. Um, I want to get into a bit more detail here because there's quite a lot of detail to get into and it's it's it's helpful in the context of asking prices alone.

[00:04:49]Um, okay. One second.

[00:04:58]Right. So, asking prices up across all three different property types, 1.2% on the month, down 0.3% on the year.

[00:05:07]The number of sales agreed is 4% lower than this time of year ago. That's no that's no big shake, either way, really.

[00:05:14]Uh, and they've got an average two-year mortgage rate. um which they're saying is down from last month was 5.4% last month. It's 5.2% this month which is surprising and I don't think it's going to be very long lived either given what's happening in the guilt market right now.

[00:05:31]Affordability drives a north south price growth divide. And what they mean by that is in the north price growth is stronger than in the south. But market remains confident.

[00:05:52]I I I don't think that's true.

[00:05:55]I I think that there are people who need and want to move house despite what's happening in government, in politics, in Iran, oil prices, inflation, etc. Right?

[00:06:05]There are definitely people who need and want to move house.

[00:06:08]But the confidence is definitely not there from anyone that I've spoken to.

[00:06:15]So, average price of property rose by 4,000 quid in May to £378,000.

[00:06:24]Let's just remind ourselves what the um ONS average house price is because I think it really really up 268,000.

[00:06:34]Okay. So the ONS says the average UK house price is 268,000.

[00:06:41]Right move says it's 378,000 £110,000 more. And therein lies the problem in this market and why half as many people are moving as would like to.

[00:06:53]It's this ridiculous overpricing.

[00:06:59]Um market confidence remains surprisingly strong.

[00:07:06]No, that's a misinterpretation what's happening. However, they do point out prices have fallen by.3% since May last year. asking prices are.3% lower than a year ago. Now, this is important. Buyer choice is at its highest for this time of year since 2015.

[00:07:27]Okay, so that's 11 years by buyer choice means the supply of property, the amount of property for sale. Okay. So that that is one important factor.

[00:07:41]And this is very unusual for right move to say this. 32% so a third of existing homes for sale are seeing a price reduction.

[00:07:53]Those are two words you almost never see in a right move house price index press release. I'm gobsmacked. I had to double check and wobble my face and make sure I wasn't seeing things. When I see the right move talking about price reductions, well, why don't you include those price reductions in your average asking price index? Then new sellers, they're getting a little bit stronger in their language now, need to price more competitively because overoptimistic initial pricing is leading to longer selling times.

[00:08:31]We're going to come and have a look at that in a minute because that's that has spiked up a bit.

[00:08:36]The housing market remains confident overall. Is it did it tell you did it tell you right? Did the housing market say to you, "We're very confident."

[00:08:44]I don't even know what that means.

[00:08:46]Despite global uncertainty and resulting cost of living pressures with the number of sales agreed 4% below last year when mortgage rates were significantly lower, yet still 2% up on the same period the year before. They'll they'll cling to anything that makes it sound good. The number of sales agreed in the heavily mortgage dependent firsttime buyer sector is continuing to hold up. Also 4% below last year. That's not really holding up, is it? But is dependent on lenders continuing to lend at higher loantoval ratios.

[00:09:18]Right? The firsttime buyer sector is dependent on lenders continuing to lend at higher loan to value ratios. 90% 95% loan to value.

[00:09:32]In this sector, we've also seen an annual drop in average prices of 7%.

[00:09:37]which is helping to ease affordability at the entry level. Okay, so that's down there 7% fall in first-time buyer asking prices. Now that north and south that means a bigger drop in firsttime buyer prices in the south uh than in the north.

[00:09:56]Okay, but that that that you hey first-time buyer affordability improving. We like that. We like that.

[00:10:01]That's more people getting a home that they want.

[00:10:05]Um, so Northeast and Northwest are 2.7% and 2.6% up in price year, while London is down 2.4%. So that's a big that's a 5% variation in price growth between the north and the south and southeast 1.6%.

[00:10:27]Sorry, between the north and London.

[00:10:29]So, London and the Southeast are seeing price falls.

[00:10:37]Okay. And they said that the 2-year fixed rate has dropped from 5.4 to 5.2%.

[00:10:43]Providing a small but welcome boost to buyer confidence and affordability.

[00:10:47]Okay.

[00:10:49]Right.

[00:10:51]Um, do get me, By the way, guys, while you're watching this, please give me your live moving questions in the live chat. Once I finish going through this um I will have a look and see what questions there. Who have you got there?

[00:11:02]teach. So, good evening.

[00:11:04]Anthony Keley, Luis Phillips, Norfick, Geeko, hi there. Kiss Dharma one room Somaya.

[00:11:13]Um, who else do we have? Ancient Youth for 64, Peter Hedich, Boss Hog, Malcolm Lane, Sharon Smith, good evening, Jason Katherine Moore, hi there. Um, uh, Jonathan Atlas on LinkedIn. Hello there. Jonathan Atlas Fun. Uh, Na still being stubborn. Keep putting offers in.

[00:11:41]Well done. Um, agents need to tell sellers the truth about the housing market now. Yes, they do.

[00:11:51]Is Charlie on the council gritter? What does that mean?

[00:11:56]What what does that mean? I've got no idea what that means. Um, right.

[00:12:03]Good evening, AZ and Ramble and Root.

[00:12:06]Okay, let's keep going with the right move stuff.

[00:12:11]Okay, I'm not going to go through this.

[00:12:12]This is where there's lots of guff blahy blahy blah and they try and make everything sound brilliantly. Market activity holding up surprisingly well even in the important first- time buy sector. Well, first-time buyers want to buy a home, whatever's happening in the wider world, don't they? It all just comes down to their affordability.

[00:12:26]Expert views. Yes, lots of expert views, guys. Um, there's a link to I'll put the link to this in the live chat actually because it's not in the description.

[00:12:35]There's the link to this PDF for those of you who want to go have a look yourself.

[00:12:40]Uh, but I'm going to try and give you some insights here.

[00:12:44]Uh, that's the 10-year no 10 years. It's only one year graph of price and activity trends. Okay.

[00:12:54]So price came down so May last year 380,000 down to 360,000 in December and it's back up 378,000. So it hasn't got back to where it was last May yet. This is average asking price. Remember that's average across all property types leaseold and freehold north and south everything.

[00:13:13]Um pretty useless graph. There's your month-to-month changes.

[00:13:20]Um, now this is the time.

[00:13:26]They haven't actually put the title on there, have they? It's not very helpful.

[00:13:30]They literally have left out all the titles. So, we don't know what those three things are.

[00:13:36]Uh, I'm pretty sure that is time, days to sell or days to find a buyer for the ones that are going under offer, but they don't include the ones that aren't going under offer there. So, that's jumped up from 59 days to 62 days. 3 days more.

[00:13:51]Um, I don't know what that one is.

[00:13:57]They haven't said what it is.

[00:14:00]It seems it's day days to find a buyer in London or something. Oh yeah, sorry guys. They haven't got anything there.

[00:14:06]And then they give their their um uh regional price differences. Now, it's interesting. Scotland has a 1.3% drop month on month even though it's up 1.9% yearonear. So Scotland is bucking the trend everywhere else.

[00:14:24]Um and weirdly if you look here that month-on-month change in Scotland is in red but the year-on-year changes down here down the bottom that are negative are not in red.

[00:14:38]So 2.2% falls in the southwest, 1.6% 6% year-on-year price falls in the Southeast, 2.4% in London.

[00:14:47]Um, right. So, uh, and then, and then the London breakdown, but that's always I think it's too spiky, the London one. You you you've got changes there from Camden 8% prices are down 8% on a year ago in Camden, 7% in Westminster, but up one and a half% in Hing.

[00:15:14]But you can see that the overall in London is is down. I mean almost everywhere is down from yeah about a quarter of the page. The rest of it all negative year on year showing big big house price falls. Hammer of the Fulham 6% down. Southern four and a half%.

[00:15:31]Kensington and Chelsea down.7%. Yeah, that's in the biggest falls over the last couple of years.

[00:15:41]All right. Um guys, I I have had very very long and tiring few days. We don't have many questions. going to call it a night early tonight.

[00:15:59]Um, yeah, people saying there's a lot of stuff being reduced on right move.

[00:16:11]Oh, Christopher Holland, sorry. Best agent find your agent section. It should work. Um, I don't know. We I have seen we have had leads coming through on best agents find your agent section. So, I'm not sure what your problem was there.

[00:16:24]Um, if you try again and there's a little report a problem button if you want to to do that would help. Um, Luis Phillips says, "I'm finding it difficult to work out what a reasonable offer to make is as I actually don't now know if the houses I'm viewing are overpriced or not." literally so confusing and sorry.

[00:16:54]Um well, if you're looking at properties where no one else is offering, then it comes down to what a property is worth to you to offer. If you're looking at a looking at a house where lots of That's the state of my brain. I'm starting to salad my words together.

[00:17:21]If you're looking at a house where there are lots of buyers looking and offering, well, that's going to pretty much determine for you what the market for that property is. But in either case, it should be working out the maximum price you're comfortable paying for that property in your circumstances. Um, it's always a personal choice.

[00:17:40]Um um okay Steve M says question really need to move personal reasons dropped the listing price 50k from previous asking. Well we need to know what your previous asking was. Was it a million and you dropped to 50k or was it 250,000 you dropped to 50k? Important context please.

[00:18:08]Two offers within the first two weeks, none proceeded. Now over a month on the market, thinking WBA, is that some kind of auction?

[00:18:25]Um, if if you're thinking about an auction house, if that's I haven't seen that WBAH before. Um, it it's my view that no properties need to go to auction. It just means that they weren't marketed properly on the open market. You can sell any property on the open market if you market it warts and all and show the launch price, your listing price to to show that you are serious about selling it. And I think everyone that ends up having to go to auction has basically been failed by their estate agent and could have got more money in the open market if they hadn't overpriced it to begin with. What typically happens is people think, "Oh well, let's try the open market and see if we get lucky." Put on a price that's too optimistic and no one comes and looks at it. Or like Steve M here, you get two offers in two weeks, but they're not proceedable.

[00:19:21]Um, I would not I mean going to an auction is the absolute last resort. It's the absolute last resort.

[00:19:35]Uh, we buy any home. Oh god. Okay. We buy any home. That's what WBH means. Uh, I mean, we buy any home, we'll pay you 15 to 20% below what you would get if it was properly marketed on the open market. So, yeah, it's a bad idea. I mean, if you're desperate and need it done fast and you don't mind taking a massive hit, but they only buy properties that they can either rent out for a big yield or sell for a profit.

[00:20:02]So, selling into We Buy Any Home is the worst possible financial outcome for you if you're selling Um, you need to find a better agent. That's what you need to do. You need to talk to more agents and talk to as many agents as you need to until you find one who says, "I know how to get this property sold because I've been here for a long time. My name is above the door. I'm an owner managed independent or I'm a manager of a big corporate, but I've been there for a long time and I genuinely know how to get competing biders on your house. let me take take care of it for you. They'll have to prepare the marketing properly. Make sure the photographs are good. Never ever ever be optimistic in your in your descriptions, right? Just be factual.

[00:20:48]Take out all opinion. Don't any of that.

[00:20:50]Oh, lovely. It's a beautifully presented. No, that's that's a matter of opinion. You can't put that. Just put the facts, the bullet points.

[00:20:59]Get as many photographs as you can.

[00:21:00]Present it as well as you can. price it so that it looks like it's better value than any comparable comparable properties. That signals to the market you're serious about selling. Okay? You get competing buyers and you will get it sold quickly if you can do that. Um you got to just try to I mean I it's very very difficult to give you the advice you really need in such a short time here. But um yeah, we buy any home bad idea, worst idea. That's the most desperate thing you can do.

[00:21:33]Um, okay. Um, Louise, are you actually physically viewing the homes that have been on the market for 3 to six months but will not lower their prices? Now, roughly speaking, to set expectations, when you're looking at the homes that have been on the market for a long time and they're and they're too expensive for you, but you think, "Well, no one else is going to have a look." You know, four out of five are have got their head stuck up the up in the clouds about price. But, you know, that's why that's why I say you have to be patient and persistent and keep viewing. You will find some who just they just want it done, right? They're so tired of being in the market for so long. So, just keep viewing and keep making your offers. You don't have to It's not up to them to lower prices. It's up to you to make a compelling offer that is good enough that the agent will recommend they accept it.

[00:22:41]Um, this is a this is a good question.

[00:22:44]Uh, Jenzing, how am I supposed to say that? I don't know what that is. Anyway, that guy or girl question. You keep on telling us to not overpay, to ignore the guff, ignore asking prices, etc. Aside from per square meter comparison, could you please share your wisdom on how to value a house?

[00:23:10]Ah the shortest answer I can give you to that is this is why I always say and this is there is balance required here because I say don't overpay as in don't overstretch yourself financially but I also say don't under bid if you would have paid more to secure it. So that's why I always say offer your maximum comfortable price for that for a given property in your circumstances.

[00:23:43]If you are buying a home, okay, now there are two different scenarios. A new property comes to market, it's well priced, so there's lots of interest, lots of viewings, lots of people offering. In that scenario, you really just have to put your best foot forward as in that is the price above which I would not pay for this property, my one my first and final offer. And by doing that, you give yourself the best chance of securing the property, even if there are other bids using my offer template, my free offer email template, making sure you've got conveyancer. And so many of you still aren't doing this.

[00:24:17]I simply don't understand why so many of you watch my channel for months and for years and everything else and you hear me give these repeat pieces of advice and you think, "Oh, it doesn't apply to me. I don't understand it." I know that there are still lots of you using my my template but don't have a conveyancer who's already approved your source of funds. Why not? You know, Louise, I don't know, don't know what your situation is, but have you signed up with a conveyancer?

[00:24:46]Now, most of them will say, "No, don't come to us until we you've found an offer accepted." That's why I recommend my guys because my guys will happily help you get prepared to bid. Okay? And if you want them to start the process, they will do ID verification, anti-moneyaundering checks, and confirm that your source of funds is approved.

[00:25:02]And with that contained within your offer, you have a much higher chance of the agent saying to the seller, "Well, you know what? Actually, this is it's not it's a disappointing amount, but they can proceed straight away. They they've had the the legals checked on their finances, etc. So, yeah, if you're bidding on a property that the lots of other people are bidding on, you've got to just put the highest price you're comfortable paying for that property.

[00:25:29]If you're bidding on a property where no one else is bidding, well, it really is just up to you. Like, what's it worth to you? Um, you know, it's got to be high enough for the seller to accept it. Low enough for you to not be overpaying so much that you couldn't sell it again the next day. But that only matters if you're not if you're planning to sell it against you. But if you're planning to move in and buy and stay there for a long time, doesn't really matter what happens to prices after that.

[00:25:54]Um, you know, there isn't a formula for this.

[00:26:01]Um guys, best agent. The reason I don't promote best agent too much is and you're saying that only one agent is contacting me. It's very very much still. I mean, we are getting very close, but it's very much still in the testing. Some of you getting two, three agents contacting you. Some of you only getting one agent contacting you. This is why I'm not it's it's we're we're really betting it down. It's a big system. We're making sure it's really ironed out and working properly. Um it does work. it is. There are sellers finding good agents through it. Uh not as often as we'd like. As soon as I I I can confidently say that there's a better chance of getting more agents responding, I'll be telling you all about it. To those of you trying it, thank you very much. It doesn't cost anything to try it. So, and it can help.

[00:26:43]Um I don't think my conveyances do Northern Ireland. No, I'm afraid. Um there is a really serious problem. So I can see so Louise and Katherine both saying all the sellers are going on really high and they won't budge in Surrey and Oxfordshire. And that is exactly what the right move um this is exactly what the right move index just showed us. Let's just have another look at it.

[00:27:17]Yeah, this is my point I'm trying to say. and it's it's at the top of the market. The the detached houses and larger houses are the ones where the sellers are being the sellers are finding it hardest to come to terms with the price reality. Look at this. The monthly change at the top of the ladder in one month, the average asking price of new top of the ladder properties is 2.3% up in a month. There is widespread delusion. absolute baked in denial, delusion, and confusion with sellers up there who simply are unaware of what's been happening in the market in the last couple of years and are being blindsided by it and agents who are just agreeing to overvalue stuff in order to get to get instructions.

[00:28:11]Um uh okay so Steve M so you're saying your previous asking price is 325,000 you dropped it to 275 and still no viewers.

[00:28:30]Yeah I Steve I'd love to know the story about that value. How did you arrive at that valuation of 325? Whereabouts are in the country are you? Who valued it?

[00:28:39]Was it a big corporate? Did they tie you into a long contract? Love to know the story.

[00:28:44]Um, oh, hello, John Biscuit.

[00:28:59]Okay. Well, I feel compelled to take that question.

[00:29:04]Wicked witch of the West. I'm a landlord and I want prices to crash. Well, that that makes you that puts you in a in a a popular landlord demographic. Uh Yas 5734. By the way, John Biscuit, I'll come on to your question just a moment.

[00:29:20]Properties in Liverpool are still frustratingly selling at high prices with bond yields remaining over 5%. Will it follow the South eventually?

[00:29:28]Uh on the balance of probabilities, the way things are looking, I expect it will eventually. Yes, but in the Northwest, Manchester and Liverpool are seeing more demand because it's better value for money than other places and people can now work from different areas. They can work more rel there's not so much requirement. So, you have a lot of people moving from London and the Southeast and they're moving up to the Northwest for better value for money and a better quality of life. Um, so I mean we who knows what's going to happen in the bonds market. Who knows what's going to happen with this this uh bi-election with Labor, with the oil, with Tehran, you know, who knows? Who knows? It's difficult one.

[00:30:19]All right, John Biscuit, I wouldn't have answered this question if you hadn't bunged me 20 quid. Thank you very much.

[00:30:26]But I'm going to use it as an opportunity to remind everyone what what I do this on this channel. Okay, this channel is about moving home. It's not about property investment.

[00:30:35]Um, and the reason it's about moving home is because my stated goal is a home for everyone. And the thing that's made homes most unaffordable in the last 20 years has been a combination of extending uh extended salary multiples on mortgages, extended mortgage terms, and a huge amount of berlet lending, which meant that loads and loads of amateur landlords bought up properties that otherwise first-time buyers would have bought, pushing prices up.

[00:31:00]So, John asks, "I've just subscribed to do a lot of share trading and use my stock gains to work out my profits, but I'm thinking of this is an advert for my stock. Thinking of investing property. Not sure where I land on the ethics of it." Okay. Right. The ethics of property investing is if you are improving other people's lives, then the ethics are good and it's okay to earn some money because you're actually improving other people's lives. Okay? If however you are price gouging and making the people whose lives are affected by your your dealings worse then the ethics are bad. It's that simple. It's that simple, right? If you are making money by helping other people, that's okay. If you're making money by stitching other people up, that's not okay. And it pretty much boils down to that.

[00:31:52]Um, first time buyer, so this is uh FAXE on YouTube. First time buyer here. We had to pull out in February due to a down valuation and we're only looking at three bed semis after your tip on overpriced listings. We agreed on a four bed detached 40 grand under asking which we never imagined.

[00:32:17]That's incredible.

[00:32:19]That is it's so so nice to hear when followers of this channel listen to this guide guidance, listen to the advice, follow up on it, and end up in a nicer house than they thought they could afford.

[00:32:37]Thank you so much for letting me know that. I can't tell you that's made my day. It really has made my day. Um, you were only looking at three bed semis, but you've actually managed to buy a four bed detached.

[00:32:51]Fantastic.

[00:32:56]Christopher Smith asks a great question on X. Is there a way of creating relationships with estate agents that can keep you in touch with any up and cominging houses? Looking for a three or four bed detached and we haven't had any luck apart from one we got out bidded on. Excuse me.

[00:33:12]Um, this is why I say get out and view. Get out and view. Get out and view. Just clean the lens a bit here. Sorry. Excuse me one second.

[00:33:25]That's a bit better. Light is crap.

[00:33:27]That's better. Um, the only way to have a relationship with estate agents where they keep you in the loop about new properties coming to the market is when they you are at the forefront of their mind when things are coming on the market and you're keeping in touch with them. And of course, all buyers wish that agents would just keep in touch with them. And most buyers think, well, if the agent wants to sell me house, they'll call me for reasons I won't bore you with. That just isn't how it works.

[00:33:57]Um yes of course very good agents will call good buyers and and again once you have demonstrated your seriousness and intention to buy.

[00:34:08]You can get called and it depends on what kind of market you're you're at. So three or four bed attached haven't had any luck apart from one that you're out on. Okay. So you you've just got to this is persistence it's patience. It's preparedness. Okay. Are you fully prepared? Do you have proof of deposit funds? Do you have a mortgage and principal? Do you have a conveyancer appointed? Have you told them that you will order a search pack the day your offer is accepted? If you get an offer accepted, do they know that about you?

[00:34:36]Are you viewing as often as you can?

[00:34:37]When you are viewing, are you turning up on time and making the agent think, "I'd love to show this people a house again next time because they're just decent, reasonable people." These are all things that you can do that will improve your chances of getting that call one day when they're like, "Who should we call about this new house?" And they'll call you. That's the way to do it. There's no shortcut to that.

[00:34:57]Um, the actions lacks. He's calling me out on it. He's not up to this tonight.

[00:35:03]Guilty is charged, but I just thought I'd do my best anyway. Um, Norfolk says, "Moving into a detached house changed your life for the better."

[00:35:12]Fantastic.

[00:35:17]Okay. Samara Joe Jordan, have you got anything else in there?

[00:35:26]Okay. Samara Joe Jordan says, "Partner and I are firsttime sellers. Selling our leaseold flat so we can relocate. Listed at offers over the price we bought for in 2022 and have since dropped the price by 10 grand. We've had one viewing. Right.

[00:35:48]I I'm going to make some assumptions here and forgive me if they're they're wrong, but so listing offers over the price that you paid it for in 2022, I imagine you're thinking to yourself, look, we're not being greedy. We just want to get our money back. And that is a not unreasonable assumption. However, it is ignoring the cold hard facts about what's happened to the prices of leaseold properties since 2022. 2022 was the peak of the market. It was also the last year of help to buy um and leaseold properties have suffered the most since that time. What part of the country are you in? Um you it doesn't matter what you paid for it or when. What you paid for it and when you paid it has absolutely no bearing on what the market thinks the property is worth today.

[00:36:42]Okay. To work out what you should be selling it at today, you need to be looking at the prices of the most the closest comparable properties that have actually sold if you can find those. And one of the ways to do that is to go is to is to Google land registry price paid data.

[00:37:01]And you can go down to your street level and put and it'll list you all the addresses of what sold and exactly when they sold. That's one way of doing it.

[00:37:08]Um, and when you're looking at the prices of other properties that are for sale, like yours, if they've been on the market for a long time, you know that they're priced too high. And your price should be below all of those ones aren't selling. And if it's a leaseold flat, your asking price should probably be a bit below comparable the the published asking price of comparable flats. Um, I'm sorry you're having that disappointing experience. You're not on you're not alone. There are a lot of people in your situation.

[00:37:36]Um h the action lack says house near me went on for 1.4 ages ago dropped to 1.375 and now on with three agents. Well that's just ridiculous. That's if if you go on for 1.4 and don't sell it. There's a rough rule of thumb. If you if you overdo your asking price by about 10%.

[00:37:57]You you'll probably sell it and you'll probably get 10% below the asking price if you're lucky.

[00:38:04]But if you have to drop your price because you got no offers, you need to be dropping the price more than 10%.

[00:38:12]Right? So that price should have been dropped, I think, by probably 150 grand at least, if not more like 250 grand.

[00:38:22]And don't go with multiple agents. it.

[00:38:25]Multiple agents doesn't it actually decreases your chance of selling because unless they are joint sole agents, you've just demotivated them from doing the work to sell it.

[00:38:41]Uh oh, Catherine, you've had your offer accepted. Congratulations. Um sellers don't have all the power. Gareth win. They really, really don't. If they did, we wouldn't have the largest amount of unsold property on the market for 11 years.

[00:39:07]Um, you know what power? A seller hasn't got the power to force a buyer to pay something. A seller can choose not to sell at the price the market's offering, but the buyers have the power because the buyers pay the money.

[00:39:21]Um, Silvichi says, "Good evening. Do you remember Zooi man, the Eastern European guy followed your advice about two years ago and successfully moved houses from Southeast to West Yorkshire, paying max comfortable price?"

[00:39:35]Rings a bell slightly. Why?

[00:39:39]Uh, I'm looking for a follow-up to that.

[00:39:47]Can't see one. Sorry about that. Right.

[00:39:49]Pre Oh, Steve M. Good child. All right, Stoke on Trent. Thank you. So that you're the one that's went on 325, you reduce to 275.

[00:40:01]Um, again, the thing you got when you say compared to similar new houses, well, yours isn't new, right?

[00:40:11]If you're comparing it to a new house, there's your problem. New houses have a new build premium on them, okay? which is the the developer's profit margin.

[00:40:21]Yours is nine years old. All electric, solar, batteries, heat pump, etc. Proven zero bills in the last 12 months. Well, that's great, but you've got to look at the price of comparable properties that have actually sold recently, 9 years old. And you've got to just I actually know goods. They used to be clients of mine a long time ago.

[00:40:42]Um Gareth Gwyn says, "I offered on a property. It's got three offers including one cash offer. I offered asking price. Should I increase my offer? The property is competitively priced. The answer to that is if you would be comfortable paying more and would kick yourself if you lost out on it to someone else who paid a bit more, then the answer is yes, you should increase your offer.

[00:41:11]Um, but if your offer is your maximum comfortable price, then no, you should walk away. Let someone else pay more.

[00:41:19]Don't pay more than you're comfortable paying. Don't overstretch yourself.

[00:41:23]Uh, Samara Joe Jordan, who's trying to sell the leaseold flat, only have one viewing. The one person who viewed our flat, a student landlord, is coming back this week. Any advice on how to convert?

[00:41:38]Our service charge went up this year because of temporary reserve fund contribution. No, there's nothing you can do. Clean it. Make it look presentable. If it's a landlord, he's just going to be doing it based on the numbers.

[00:41:51]The advantage of it being a landlord is you'll probably get a quicker deal.

[00:41:54]They're not going to have anything to sell. They may well be cash. The disadvantage is they're not going to pay as much as a homeowner that might buy it. But right now, landlords are the best buyers of leaseold properties because they're going to be renting it out. They can absorb the service charge more easily than than a home buyer can.

[00:42:13]Um Oh, wow. Peace meals. After a long time, I completed today, Charlie. Woohoo.

[00:42:25]It has been a slog. Manchester two bed flat in sale. Had a fail. Had a fall through on my first sale and glad this is done. Manchester market is slow now.

[00:42:34]Interesting. All right. Well, thank you for letting me know. It's made my day again.

[00:42:40]Um, Alex White, currently in a two-bed flat which is about to undergo cladding works. We're looking to sell and buy a house. Want, not need. In the current market, is it best to hold out or sell and move ASAP?

[00:43:02]Sell and move ASAP in the current market in the situation you describe. Sell and move ASAP.

[00:43:12]Now, there might be specifics to your situation where which means that's not the case. It's a very I'm giving you a generalized uh generalized answer based on the fact you said that that you want to move house. You don't need to, but you want to. Um, there's no advantage I can see to you waiting because if prices fall, they're going to fall on what you're selling as well.

[00:43:36]Um, uh, uh, Rudolph, I can't answer that. I I says, I just bought a semi bungalow in three bed and a half for 150k. It started 160 in October last year. Is that a good deal? I don't know. I've got no idea. I can't tell. I don't know how big or small it is, how old or new it is, what condition is like, what your situation is. Um, the answer is if you've bought it and you're happy, then yeah, it was a good deal. So, congratulations.

[00:44:15]Um, Luis Phillips says, "What would be your dream area if you had to move city, country, or overseas?" I am a man of the world and I love I I love lots of different countries. Uh I love Norway, I love Portugal, I love I love America. Um I also love England and um I love travel. So if I had to pick one place, don't think I could answer that.

[00:44:45]Um, Inuendo XP says, "Is there any advantage of getting early viewings before the wider market if you're diligently watching an area for all new listings anyway?" Yeah. Um, it is because if you're really really well prepared and and you've got everything lined up so when your offer comes in, the agent goes to the seller, this offer is goldplated, then you might snag a property before it goes to the open market, you know? So, it is worth it.

[00:45:12]Yeah.

[00:45:18]Um uh okay. User TR7 says, "As you said earlier, the property came back to the market with 10K reduced asking price with a different agent.

[00:45:36]Still 20k higher than my rejected offer before going off the market." Okay, I understand. You put an offer in um 20 30k below the asking price when it was on with the original agent. It's now come back on with a different agent 10 10 grand less but still 20 grand with new offered first listed in January.

[00:45:56]Should I wait a few more weeks before making the same best offer again? How much time do they need to realize mine is the best offer they got?

[00:46:04]Um I I don't see any benefit to waiting um at all. In fact, if you wait, you just risk losing out to someone else that might make the same offer you do.

[00:46:13]So, I would put your offer back in and go, "Hi, me again. Me kooey."

[00:46:19]And say, "Look, I I realize you you're hoping for more. You're wishing for more.

[00:46:24]I want your house. That's the best I can pay. I'm the only offer." Um, and they might just go, "Okay."

[00:46:35]Um, oh, York Sam. Okay, thank you. Um, yeah. So, John Biscuit says, "I'm not enterprise gouging. I already own one place. I rent out well below market value. I just have mixed feelings about buying up limited assets when people are struggling to get on the ladder." Yeah.

[00:46:54]And honestly, I think there are better returns elsewhere.

[00:46:59]Put it this way, I would not be investing.

[00:47:02]The only thing that I would do to make money out of property if it if the margins were there and the market was there for it would be buying buying places that need fixing up fixing them up turning around and selling them doing a good job. You know, nobody minds people who do that. If you're selling it good, you know, if you're doing a good quality job and selling to people who want to buy it, you know, you're you're you're you're meeting a market need. But um unless you want to be like a professional as in a if you want to be for an occupation, you want to be a landlord, I don't think it's worth it.

[00:47:45]Um Kobbat says, "Charlie, what are your opinions on lowballing?" Um, lowballing increases your chances of not getting a property. Now, if you are a developer or a landlord and you're buying something purely for financial reasons, you know, you got to lowball 20 times, you might get lucky once. If you're buying a home, lowballing is uh counterproductive strategy. You just won't get a place.

[00:48:18]If you're talking about offering on a property that's been on the market for a year and no one's offering and you and you're going in, but what you're offering is what it's worth to you, that's not lowballing. If you're the only offer, you're not lowballing.

[00:48:29]You're just going, "No one else wants it. It's not worth any more than this.

[00:48:32]That's what it's worth to me." So then it's worth doing.

[00:48:42]So says, "Thank you for your help and your reply. I think we were a tad naive, but a comparable flat did sell for the asking price last year. We all have a thank think think. Thank thanks again and keep checking your vid. Cool. Um, I'm glad it helps. Um, Selvich is just saying your advice worked well and warranted my family, the house we love.

[00:49:04]That's three tonight.

[00:49:06]That is three tonight.

[00:49:10]Three people in a home better than they expected because of this channel's content.

[00:49:17]That makes me want to keep going, you know. Really does.

[00:49:24]Um, no, D. Griffo, I haven't got any advice around potentially contaminated land. I'm afraid that's outside my that's above my pay grade.

[00:49:32]Um, Kharma says, "Charlie, I need advice.

[00:49:45]Resign is my advice. Resign.

[00:49:50]Just resign, please."

[00:49:52]Um.

[00:49:54]Uh.

[00:50:00]Oh. So, Rudolph says it was a 1970s 90 meter with a garage fully renovated.

[00:50:06]That sounds like pretty good value to me. If you're happy, it was a good deal.

[00:50:14]No, I don't have my my forms in Chinese.

[00:50:16]Andrew Dennis, maybe try chat GPT or something. Um, uh, Sage, I am a not a mortgage advisor and I am b not a calculator. So, I can't answer your question, which you'll very quickly easily find it if you just go and look up for a mortgage calculator.

[00:50:35]You'll find out what that is.

[00:50:38]Uh, and by the way, I saw the question both on X and on YouTube. Um, but I don't know. That's that's not what I do on this channel. Uh, peace meal says, "Is it lowballing if your market is full of overpriced fixer uppers that need gutting?

[00:51:01]Well, I don't know that that's an incomplete question. Depends on what you offer."

[00:51:11]Um, Jud World says, "Would you call our recent offer of 635K low listed over two years ago at 800K?

[00:51:23]Subsequently, you reduced to 750 and more recently reduced to 685." No, I don't think that is lowballing. And I'll tell you why. I say that roughly speaking, if it's listed and they have to reduce the price to get interest, it's typically 20% overpriced to begin with on the first price. Take 160 grand off 800K, you get 640K.

[00:51:45]So, you're not lowballing. You're probably bang on, right, guys? My neck's hurting. My camera's still not working.

[00:51:59]It's very annoying. I don't know why it does that.

[00:52:01]Um, but thank you all for persevering with me this evening. Um, I hope you found this questions useful answers I mean. And please, if you're new here, go and look at my just go and search for Charlie's 10 golden rules for buying or Charlie's 10 golden rules for selling.

[00:52:19]Whether you're buying or selling, start with those videos. They're 20 minutes and each one has got 10 rules. And from there, you can go on to other uh more in-depth videos if you want to.

[00:52:31]Um, if you want to make sure you don't miss out on anything every week, make sure you're on my mailing list, mhwc.co.uk newsletter.

[00:52:41]Other than that, if you're buying, make sure you got your finances sorted out.

[00:52:45]mhwc.co.uk.

[00:52:48]If you're selling, get your conveyancer first. mhwc.co.uk/conveyancing.

[00:52:55]If you need a survey, mhwc.co.uk/serveys. UK/serveys.

[00:53:00]And of last but not least, property pack. mhwwc.co.uk/propy pack for the property search pack that you need to buy when your offer is accepted to make sure your deal goes through quickly.

[00:53:14]Thank you everybody.

[00:53:18]Have a great one. All the best. Good luck. Remember, be prepared, be persistent, be patient, and disregard the guff. See you all soon. Bye-bye, guys.