Why I Just Pulled Out - Buying A House In 2024

13th February 2024

Earlier today I informed my solicitor that I was withdrawing my offer to buy a house, this is the first property I have offered on since the UK house price crash started but following recent events, it probably won't be the last!

We had an offer accepted on a property 2 weeks ago and we were very happy with the price that we agreed, however, after visiting the property yesterday we noticed a noise issue that is a deal breaker for us.

The UK housing market is in a very precarious position so it is more important than ever that buyers are confident about the purchase they are making.

Buying a house can be very emotional and stressful, however, it is important to try and remain as neutral as possible in case you need to make the difficult decision to withdraw your offer.

Some buyers end up proceeding with a purchase due to guilt or concerns about pulling out. While these feelings are understandable, you have to make the decision that is right for you - not other people in the chain.

Although I don't believe the UK House Price Crash is over yet, some sellers are starting to become more realistic with pricing. In my example, the seller accepted our offer which was £125,000 (approximately 20%) less than their original asking price.

This shows how important it is to continue viewing properties during a UK housing market crash as some sellers are more motivated than others and it is possible to secure a good deal.

It's impossible to know how much house prices will fall in 2024 or if house prices are going to drop at all, but the downside risk is very real so it's important to avoid overpaying.