House Prices #2 Property market, buying and selling

[a.pain]

Yeah understandable point, although when I say we knew them, it was literally that we knew who they were, my husband and the owner used to work for the same company but had never really spoken. I wouldn’t recognise them in the street, they definitely wouldn’t know me and I was the one who made the initial offer and didn’t give my husbands name.
Incidentally when we sold our house, it went to the ex wife of my MIL’s best friend’s son. There was horrible history between them apparently, we realised who they were at the viewing but they were nice to us and made the best offer, I wouldn’t have liked to not give it to them because of that, no one pressured us not to but some of the family did make it clear they didn’t think they deserved anything good coming their way

 

[Anne1448]

Ohhhh I never thought about this viewpoint. It totally makes sense that they wanted to sell to someone that they don't know instead of someone that they know.

It can be very awkward to sell to an acquaintance. Because if the house has a problem the sellers will be blamed. Which can ultimately strain the relationship. Also, they might have felt pressured to give you a good deal. Especially now that a recession is coming. If the house is then valued at a lower price once again the sellers would be blamed.

 

[a.pain]

Perfectly possible this is the reason and it does make sense. In our town everyone knows everyone and when you sell a house you’d almost definitely get offers from people you knew of but there’s also people moving into the area so again possible. Guess you never know with these things!

 

[ejej123]

So on the searches for the house we’re buying, it’s flagged that there might not be building over agreements made (they made a carport into a garage near but not on top of a sewer).
What’s the process with this? Do I wait for solicitor to chase this or do we get in touch with vendors via estate agent? Trying to get this move done as quick as possible so feeling a bit eager!

 

[Yel]

Finally, I hope more cities start to do this and it's for more than just new builds. Even if it's about 5 years too late.

Brighton will become first UK city to take action against second homeowners and holiday lets after wave of pandemic buyers pushed average property prices above £500,000

• Brighton is set to be the first city in the UK to take action against second homes
• A report found over 3,000 properties are being used as short-term holiday lets
• It comes after a historic vote in Whitby last week where residents said yes to banning out of towners from purchasing new builds popping up in the area
• In St Ives projects only get the green light if reserved for full-time residents
• Plans could prompt likes of Whitstable and Tideswell to implement similar bans

 

[Anne1448]

Finally, I hope more cities start to do this and it's for more than just new builds. Even if it's about 5 years too late.

Brighton will become first UK city to take action against second homeowners and holiday lets after wave of pandemic buyers pushed average property prices above £500,000

• Brighton is set to be the first city in the UK to take action against second homes
• A report found over 3,000 properties are being used as short-term holiday lets
• It comes after a historic vote in Whitby last week where residents said yes to banning out of towners from purchasing new builds popping up in the area
• In St Ives projects only get the green light if reserved for full-time residents
• Plans could prompt likes of Whitstable and Tideswell to implement similar bans

This is amazing

They need to bring this all over the country. I hope that Ireland would do the same. I live in a small town which was turned into a bank by wealthy Americans and British. The average price jumped from 300k to 500k within 2 years.

 

[whoareyouu]

So we complete on our new build on Monday. I am absolutely terrified. Has anyone else felt like this? I think I’m worried it’s going to be a mess.

 

[hydeist]

Outbid, outbid outbid When is this going to end? As FTBs we just haven't got the money to offer these insane amounts people are putting up. My brother was outbid by 40k not long ago. I'm starting to feel like we should just give up on it.

 

[EasterEggs]

Finally, I hope more cities start to do this and it's for more than just new builds. Even if it's about 5 years too late.

Brighton will become first UK city to take action against second homeowners and holiday lets after wave of pandemic buyers pushed average property prices above £500,000

• Brighton is set to be the first city in the UK to take action against second homes
• A report found over 3,000 properties are being used as short-term holiday lets
• It comes after a historic vote in Whitby last week where residents said yes to banning out of towners from purchasing new builds popping up in the area
• In St Ives projects only get the green light if reserved for full-time residents
• Plans could prompt likes of Whitstable and Tideswell to implement similar bans

Hoping they will do something like this for the Highlands and Islands too

 

[SpindleWhorl]

Finally, I hope more cities start to do this and it's for more than just new builds. Even if it's about 5 years too late.

Brighton will become first UK city to take action against second homeowners and holiday lets after wave of pandemic buyers pushed average property prices above £500,000

• Brighton is set to be the first city in the UK to take action against second homes
• A report found over 3,000 properties are being used as short-term holiday lets
• It comes after a historic vote in Whitby last week where residents said yes to banning out of towners from purchasing new builds popping up in the area
• In St Ives projects only get the green light if reserved for full-time residents
• Plans could prompt likes of Whitstable and Tideswell to implement similar bans

It wouldn't be a problem in the first place if all these local residents didn't sell their homes for lots of dosh to second homeowners

 

[CatCafe234]

It wouldn't be a problem in the first place if all these local residents didn't sell their homes for lots of dosh to second homeowners

Or buy properties specifically to rent out as holiday lets … That’s something that never gets mentioned, that in a lot of these nice places, the problem isn’t necessarily second-home owners which are relatively rare. The big problem is holiday lets and it’s not necessarily ‘incomers’ buying houses for this, it’s locals. Whereas years ago they might have bought a house to be a rental - which is not ideal but does at least generally mean that people are in the community longer-term - now you can get so much more money for holiday lets. Why have the bother of a tenant when you can make as much money just renting a property over the summer?

 

[Yel]

It wouldn't be a problem in the first place if all these local residents didn't sell their homes for lots of dosh to second homeowners

That's such a daily mail comment

You can't blame people for selling for the highest price they can get, almost everyone would.

So many countries quite rightfully have controls to stop killing places. Not in the UK where properties can be marketed exclusively for buyers in Singapour and financial institutions encourage the haves to "re-invest" their property gains into the Ponzi housing market. Governments should regulate to stop such things.

 

[emm]

I wonder if places like Cornwall and Wales will follow suit?

 

[Cariad]

I wonder if places like Cornwall and Wales will follow suit?

Wales are already planning sanctions against second home owners thank goodness fed up of local communities being decimated by second home owners who don't contribute to local communities meaning shops and schools are closing as well as GP surgeries
Second homes: Tax hikes make holiday lets in Wales unviable, owners say https://www.bbc.co.uk/news/uk-wales-61525903

 

[emm]

Wales are already planning sanctions against second home owners thank goodness fed up of local communities being decimated by second home owners who don't contribute to local communities meaning shops and schools are closing as well as GP surgeries
Second homes: Tax hikes make holiday lets in Wales unviable, owners say https://www.bbc.co.uk/news/uk-wales-61525903

Good,I live in London but am so glad this is (finally) happening, so unfair for other places

 

[veryfondoftea]

Good,I live in London but am so glad this is (finally) happening, so unfair for other places

Me too. I went to Lyme Regis out of season last year and it was like a ghost town. Virtually every house a holiday let

 

[Cariad]

Good,I live in London but am so glad this is (finally) happening, so unfair for other places

Where I live in N Wales we do rely on tourism for a vast majority of work , but it's seasonal and low paid and there's a dire lack of opportunities for employment for the young who have been priced out of the housing market, so I welcome this move wholeheartedly.....of course there are still some very entitled w@"*#RS who think just because they can afford property they shouldn't have to put anything back into the community and I hate to see so many lovely villages decline ....the last bus from town to the community where I live is at 17:40!

 

[emm]

Where I live in N Wales we do rely on tourism for a vast majority of work , but it's seasonal and low paid and there's a dire lack of opportunities for employment for the young who have been priced out of the housing market, so I welcome this move wholeheartedly.....of course there are still some very entitled w@"*#RS who think just because they can afford property they shouldn't have to put anything back into the community and I hate to see so many lovely villages decline ....the last bus from town to the community where I live is at 17:40!

Exactly, my mum and her family are from north wales , but staying in hotels/bnbs etc provides SO much more momey thna people who own holiday homes

 

[Affiliatedlink]

I live in North Wales, I have to disagree about the low paid seasonal work. At the moment hospitality is so desperate I’ve never seen such well paid job offers.. recent advert £12.50 ph plus tips for a small cafe isn’t low paid, even the holiday caravan parks such as Haven and Haulfryn are offering minimum £11+ ph for Bar staff and waiting staff And even offering permanent work.
Im 50/50 on the second home debate as without in my area there wouldn’t be anywhere for holiday makers to stay as there are practically no Hotels or B&Bs. There have been quite a few properties in and near my home town on the market for months and months well below national average (under £180k) they may need a bit of TLC but you can’t get anything cheaper anywhere else In the country.
My next door neighbours house is a second home and they’ve been coming regularly for over 40 yrs and don’t let it out, they’re now in their late 70s but As the council are now considering a 300% council tax hike for any second home owners that would make their little 2 bed house £10k per year in council tax and that’s not right, they’re devastated and panicked by the whole thing. I personally don’t believe in the saying “if you can afford a second home then you can afford to pay more council tax‘, some people have owned their house longer than I’ve been on the planet. Already so many houses are going on the market in a panic but who will buy them? Even if they get reduced they’re never going to make it to first time buyers Bracket. My small town hasn’t built any local housing for years and years despite saying they will, I do think any new builds should be for locals and doubt many would disagree.

But at the end of all this how many of you commenting on here will be staying in a holiday cottage somewhere this year? Even when you hire a villa or an Apartment abroad its exactly the same thing!

 

[Anne1448]

It is quite interesting how so many of us live in places that have been decimated by holiday homes.

In the short term it is amazing for tourism and it brings so much capital. But in the long term the locals' children cannot afford to live near their parents and during the off season the town is empty because no one can afford a 3k rent per month. Business owners cannot afford to pay waitresses or cashier 9k per month either.

Those who sold their homes or land for a big amount of money to second home owners destroyed their children's chances to ever own a home in their home town.

Apply this to a large scale and you have the housing crisis that we all face. A few people wanting a quick buck at the expense of multiple generations coming after them.