House Prices #2 Property market, buying and selling

[littlepup]

People are definitely making offers in multiple properties to ‘secure’ them then deciding from their shortlist.

We had the same too, tacky people offering 5% under. As if I’d ever let our lovely home go to that?!

Here’s where you’re going wrong. Once you make the decision to sell it’s no longer your lovely home. You have to emotionally let it go now or the whole process will emotionally kill you.
Also, it’s actually borderline offensive to call people tacky for offering 5% under. 5% under wouldn’t be unusual at all in a normal market and if that’s what they are willing to pay, that’s what it’s worth to them.
On top of that vendors still seem to think that stamp duty has ended and are money grabbing left, right and centre. Homes are being marketed 10%+ over. You’re home is only valued by the agent, it’s worth what someone is prepared to pay.

 

[whoareyouu]

Absolutely agree with the above. The selling off of council properties should never have been allowed. I can understand it probably got people onto the property ladder that may never have managed it and the discount is given due to the rent thats been paid for x years.

I feel like the long term implications of it werent realised. It would be different if they had built new for every one sold but they havent and the stock is desperately low.

I was reading an article about affordable housing in NYC where there isnt a basic rent but rent is based on your earnings which I think is a great idea. Affordable housing shouldnt be a luxury.

my partners dad earns £80k a year and drives a brand new jag (not on disability) 4x4 and they still rent a council house.
It makes me feel sick. After you hit a certain wage bracket you should have to move out as those who are genuinely needy are missing out.

 

[Holidaybobs]

Viewed some houses this week. Fell in love with one which is listed but, all the hard work has already been done! It’s absolutely stunning for us and came in under our budget. We put an offer in, it was accepted straight away and everything is already in motion. Our house is already sold and we’ve moved out so hopefully won’t be a long turn around.

It’s a lot more rural than our current place and comes with a good amount of land and a lake. Can’t wait to have little ducks in the garden now

 

[sushimama]

After exactly one month we finally signed a contract and bought a studio flat next door! So happy I could cry rn The agent was an absolute angel and it's only thanks to her that we got it. So lucky.

 

[LG22]

Had our first house viewing yesterday. Came away feeling confident that we’d make an offer, probably at asking price and then up to £10k over if necessary.

Ended up able to get a viewing at another house later that day. Fell in love with it! We offered £5k under asking price this morning which was declined, we went straight back and offered asking price and it was accepted! turns out we know the people who live next door and they’ve messaged to tell me a sold sign has been put up already, quick work!

Feeling very happy, just really hope everything goes to plan and works out

 

[ChilliBean]

We have had one offer fall through, the second one I withdrew from the table as they can’t respond in office hours due to their job and I don’t want the inconvenience of that.

Been lurking on this thread for a while but feel compelled to just say WTF when reading this

ETA I’m a nurse who works unsociable hours. I bought a 2 bed flat by myself last year after slogging my guts out during the height of the pandemic in 2020. I’m looking to buy a house in a few years and I’m horrified to think that I would be disadvantaged because someone doesn’t want the inconvenience of dealing with a shift worker. What a terrible attitude. Good luck selling your house.

 

[littlepup]

We’re both remote hence being able to do this move & aware it’s distorting market prices elsewhere. Our building surveyor said about 70% of his clients have left London and he’s seen prices rise by 50% in a year. It’s not fair on people who have always lived there.

No it’s absolutely not fair. So people like my partner and I who have always lived in the rural countryside have seen a 20-30% price increase in our village. £215 to £290 for a 2 bed bungalow and they won’t accept my ‘tacky’ offer of £280k despite needing a total renovation, severe cracking across one wall to wall via ceiling, mud pit of a garden etc. 2 doors up just went £10k over asking due to a bidding war - all retired, all moving down from Essex. We’ve scrimped and saved for years and years so we could buy almost outright and in the last 2 years it’s skyrocketed away from us. Thanks to people like yourself that have come out of a more expensive area and buy up property over asking price. And then think it’s tacky to make an offer because you don’t understand the market at all.

Youve said yourself that the only things selling in London are going under list price but still expect to get your asking (because of 3 false offers?) and don’t think you’ve had harsh enough words with the EA about the quality of buyers?! I can tell you now if you want an EA to do a good job for you ‘harsh words’ isn’t the way to make that happen.

 

[Ibrokethegoddamnwheel]

I think all landlords should have to pay. Surely thats the risk of investing in property?

Maybe Im hard hearted, who knows.

I feel the same. Property isn’t like investing in the stock market, you can’t buy it and then ignore it until you want to cash in. Investing in anything carries a risk, too many people see property as a safe and easy investment. It’s a physical asset which requires upkeep and sometimes that upkeep costs money. Shouldn’t be a surprise to anyone.

Houses shouldn’t be seen as an investment anyway, they are for people to live in first and foremost. It’s selfish to buy a home and then not bother to look after it, creates more work for the next person who buys it and it’s not nice for any tenants living there either who are limited in what they can do themselves. This is a big reason why the housing market is in the state it’s in.

 

[JoeBloggs]

RTB is only an issue because more social housing wasn't built. If you've been paying rent on a property and you want to buy it, then fair enough. We need more social housing full stop.

I do not agree, if you rent off a landlord, they are not going to offer you to buy it as reduced rate just because you rented it. Why if you have been paying reduced rent should you then be able to buy it again at reduced rate taking it off the council stock for another family who may need in years to come, it will then be inherited within the family and gone forever.

Half the issue was they were sold at such a low rate, there was not the funds (let alone the space) to fund more homes. My friend was offered her MIL's house for £125,000 and it was worth over £500K, to me that is not enough to replace the loss.

There was plenty of social housing but now there is hardly any and the waiting lists are extensive. By keeping housing stock it enables people to be moved around to suit the needs of the market, once owned there is little movement and you end up with a family of 4 living in a 1 bed flat.

 

[RedMagnolia]

I find you see this attitude a lot in baby boomers. My parents are the worst ‘we bought our first house for ten grand’, well yes you did but that was in 1980 and you cant even get a decent car for that these days. It’s buy to let landlords and property developers who’ve driven up prices and made it more difficult for first time buyers to get on the ladder. I really believe that people who own more than one home should be taxed.

I am a baby boomer, I’ve just realised. 60s kid, married in the 80s, got 100% mortgage on our first house (scruffy bit of South Manchester which became hugely popular), flogged that for a bloody fortune and bought an amazing house in the country to bring up our children.

We were lucky and had no idea the housing market would be inaccessible to so many now our children are adults.

Unlike Lady Kirsty of Allsop, we are aware that most people don’t have access to “family money” plus any inheritance is usually linked to a devastating bereavement. Fuck her.

And now let the gossiping recommence

 

[Caffeine Fiend]

Another person who doesnt agree with right to buy. I have discussed my reasons for this in depth on this thread before.

The chance to get affordable housing in this country is almost non existant. I live in a deprived area where waiting lists for social housing are years and years long, selling off the already low stock of social housing will only serve to increase these wait times.

Private rentals are unaffordable. Those in low paid jobs can barely afford to live. I think the LHA rate for a 3 bedroom house is about £500 per month. 3 bedroom houses are on the market for around £700-£1100 per month (which yes is probably not high compared to some areas of the country) So private tenants even if they get full housing allowance have to find £200-£600 per month just to have somewhere to live. Landlords can sell up at any time and theyre then forced through the whole rigmarole again trying to find a place.

We need people to be carers and cleaners etc so its not as simple as saying oh well just get a better job.

Affordable housing is not a luxury, its not a want. Its a need. This country is in crisis.

My mortgage is about £360 pm if I had to pay private rental costs for my house I assume it would be about £900pm. Yes I have upkeep of my property to factor in but its still scandalous.

 

[Italy2]

It's always the greedy rude sellers that end up getting messed around as well. Karma is a bitch! Lol if your house was worth an X amount and was priced for an X amount and if it was such a desirable area then it would have sold on the same day to dedicated buyers. I am looking for houses and good houses in good locations get sold the same day and never come back on the market because people want them badly. Just saying

 

[littlepup]

omg me rn in my flea ridden hell hole of a property I should just be grateful to receive a ha’penny and a bale of hay for



When it sells for 30% of asking price I’ll be sure to update the expert FTBs on the thread

You’ve got a really strange attitude. No wonder your EA isn’t doing much to help you because by the sounds of it you’re simply rude and a horrible person to deal with. Not everyone is a ftb but even those that are seem to have a far more realistic grasp and better knowledge of how house buying works than you - naive doesn’t even cut it. Please do update us on your perfect home asking prices sale for your dream home in the countryside over asking. Maybe in 4-6 years too on how that over asking price worked out for you. Frankly I’ve never heard something so absurd as to not go with a buyer because of their working hours. I actually think you might be trolling with that one.

 

[Italy2]

Wow it's so offensive to call someone tacky because they are offering you different to what you think your house is worth. The irony that you were sold the house on a discount by a lovely person but you chose to call people tacky and cheap when put in the same shoes. No wonder sellers get messed around when they are being greedy

 

[Italy2]

This was a nice thread to discuss all things housing market and prices but there is no need to be nasty to people because they have not bought a house yet or work a job that doesn't suit your timings. So rude! Imagine working hard and saving up to buy yourself a home to come home to from your shift work everyday to be called tacky and cheap. Wonderful!

 

[SpindleWhorl]

Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! )

Your parents aren't living in the real world. If you like it you should try to put an asking price offer in the same day.

 

[JoeBloggs]

my partners dad earns £80k a year and drives a brand new jag (not on disability) 4x4 and they still rent a council house.
It makes me feel sick. After you hit a certain wage bracket you should have to move out as those who are genuinely needy are missing out.

I agree. There is a woman on Instagram, I forget the name as I got blocked, but she rents a council flat in Nottinghill that she got a single mum. Her now husband earns a fortune and she spends 8+ weeks of the year in France but do not see why she should give up her very cheaply rented property to someone who needs it. It makes my blood boil knowing there are families in appalling temporary accommodation because there is no where else for them to go when some people have more than enough money to privately rent or buy but enjoy the cheap ride.

 

[Ibrokethegoddamnwheel]

A friend of a friend is buying their council house. They are getting a massive discount and it’s costing them less than £50k. I mean I don’t blame them at all, I would snap it up for that price. But it’s mad that we have a housing crisis and the government and councils are still selling off housing stock on the cheap and not replacing it, the problem will never be solved whilst this is still allowed to happen. A lot of people nowadays need to have deposits bigger than what they are paying to get their house, it’s absolutely mad.

 

[JoeBloggs]

A friend of a friend is buying their council house. They are getting a massive discount and it’s costing them less than £50k. I mean I don’t blame them at all, I would snap it up for that price. But it’s mad that we have a housing crisis and the government and councils are still selling off housing stock on the cheap and not replacing it, the problem will never be solved whilst this is still allowed to happen. A lot of people nowadays need to have deposits bigger than what they are paying to get their house, it’s absolutely mad.

I think its disgusting they ever allowed this, and it should have been stopped years ago. It takes property off the council list and it doesn't allow the funds for them to be rebuilt. My friend was looking at buying her mother-in-laws, but due to a technicality they were not allowed but it was a figure of about £125 when average house go for £400-500K. I know people who have made a lot of money from buying and then selling the house they effectively bought for pennies.

 

[Ibrokethegoddamnwheel]

I think its disgusting they ever allowed this, and it should have been stopped years ago. It takes property off the council list and it doesn't allow the funds for them to be rebuilt. My friend was looking at buying her mother-in-laws, but due to a technicality they were not allowed but it was a figure of about £125 when average house go for £400-500K. I know people who have made a lot of money from buying and then selling the house they effectively bought for pennies.

I’ve never agreed with it either, it was a completely stupid idea. There’s a lot of money to be made buying your council home on the cheap and then selling after 5 years or what ever the minimum term you have to live there for is. It’s a bit galling for the rest of us in all honesty who are having to save massive deposits for years and then have to compete in a crazy market. I’m not saying I wouldn’t do it in their situation, but it’s one of those things where it’s nice for the minority people who get to buy cheap housing way below market value, and then complete shit for literally everyone else including renters, buyers and people on council waiting lists. So many rentals are ex-council it’s ridiculous. I can’t get my head round how it’s still allowed to happen whilst council waiting lists in most parts of the country are miles long.