House Prices #2 Property market, buying and selling

[champagne_supernova]

I had the same thing happen. And sadly it ended with them pulling out.

I was told they want to measure up and are bringing dad with them as he is a builder. The house did need work, but it was priced accordingly (around 80k less than "done" houses in the area)

They were there ages. Didn't measure anything. Lots of muttering and whispering.

Next day 9:10 phone goes and it's the EA and I just knew.

We were meant to be exchanging that day as well

This is what I feared. She was saying she's really keen to move in but I have this horrible feeling.
In my eyes it wasn't/isn't worth pulling out for. Guttering needs replacing and a window lintle was mentioned. They're doable/fixable things. I've just put a brand new boiler in as there was a slight leak and I didn't want her to have to foot the bill.
I suppose I'll find out over the next couple of days what the outcome is trying to stay as positive as I can. The things that's so hard is the survey that was done by the first lady didn't bring up anything noteworthy she was happy to complete it was just her circumstances sadly.
This house buying and selling malarkey isn't much fun at all is it

 

[margaretta]

I had the same thing happen. And sadly it ended with them pulling out.

I was told they want to measure up and are bringing dad with them as he is a builder. The house did need work, but it was priced accordingly (around 80k less than "done" houses in the area)

They were there ages. Didn't measure anything. Lots of muttering and whispering.

Next day 9:10 phone goes and it's the EA and I just knew.

We were meant to be exchanging that day as well

That is ridiculous and I feel your pain.

The law in the UK really needs changing as the only winners are the lawyers.

 

[Megansnarkle]

That is ridiculous and I feel your pain.

The law in the UK really needs changing as the only winners are the lawyers.

Conveyancing lawyers are not winners, they get paid very little for a phenomenal amount of aggro.

 

[margaretta]

Conveyancing lawyers are not winners, they get paid very little for a phenomenal amount of aggro.

So far I have lost over £3000 on legal fees on house purchases that have not completed. I can’t afford to keep losing money like this.

 

[hydeist]

I've mentioned previously I'm on my 2nd sale. First sale fell through at the last minute due to my buyers sale falling through.
My current sale seemed to be going well. I had a call from the estate agent last week saying that my buyer and her friend wanted to come round and measure up for stuff. The EA said it would have to be after 5pm and I would need to be at home.
My buyer turned up with a surveyor in tow, a relative, who wanted to go through all the points raised on the survey - reassuring me she still wanted the house.
Obviously she is well within her rights to but I was really taken aback considering I thought she was coming to measure up - I'd even got my tape measure out to help her!
They started talking about work which may need doing in the future. I'm thinking and expect she is going to knock me down in price.
Just having a rant/moan really as the house selling process has been so stressful for me on top of lifes stresses. Never again

Stay positive! We are buying a place that does need a lot of cosmetic stuff done and we have been spending ages getting rough quotes and prices and picking things out - it might just be that your buyer wants a better idea of their spend on the work and nothing sinister. Fingers crossed for you!

 

[champagne_supernova]

Stay positive! We are buying a place that does need a lot of cosmetic stuff done and we have been spending ages getting rough quotes and prices and picking things out - it might just be that your buyer wants a better idea of their spend on the work and nothing sinister. Fingers crossed for you!

Thank you so much
There was a lot of positive talk in there too so here's hoping

 

[sushimama]

 

[a.pain]

We got our mortgage offer for our new build back in may and were given a completion window by the builder for august-October, mortgage offer expires 23rd October. House is only at foundations so no way will it be done for October. They don’t seem to be able to give me a new timeline though. Mortgage advisor has told me that as interest rates have gone up so much any new offer or extension we get will be 1% higher interest which is an extra £100 a month she also said all the criteria has changed and affordability so who knows if they will even accept us if we need to be reassessed. The property price was well under what we were offered initially which is my only consolation at this point.

I need to complain to the builder because the other houses around us are ahead of schedule and ours was meant to be ready next yet it’s the least progressed why why why

 

[whoareyouu]

We got our mortgage offer for our new build back in may and were given a completion window by the builder for august-October, mortgage offer expires 23rd October. House is only at foundations so no way will it be done for October. They don’t seem to be able to give me a new timeline though. Mortgage advisor has told me that as interest rates have gone up so much any new offer or extension we get will be 1% higher interest which is an extra £100 a month she also said all the criteria has changed and affordability so who knows if they will even accept us if we need to be reassessed. The property price was well under what we were offered initially which is my only consolation at this point.

I need to complain to the builder because the other houses around us are ahead of schedule and ours was meant to be ready next yet it’s the least progressed why why why

That’s a shame. We were the exact same but signed on the dotted line just before the covid extension was removed so we got a no questions asked extension of 3 months.
Things like this do seem to be happening a lot and I’m sorry to hear about this.

 

[rainbowlemon]

“Perenna, has been awarded a licence to bring 50-year mortgages to the UK market,”

From this article:

https://www.ftadviser.com/mortgages/2022/08/16/lender-to-bring-50-year-fixed-mortgage-to-market/

 

[epl000]

Wow 50 years house prices are so nuts that I can understand how that will be the only option for some people getting on the housing ladder. The thought of it makes me feel a bit ill though, with the average first time buyer 32, they will be locked in until they are in their 80s!

 

[Yel]

Traders are apparently expecting base interest rates of 4% by early next year. With mortgage rates above base rates 6%-7% mortgage rates could be pretty close.

This is updated with the average interest rate from July's approvals

 

[Anne1448]

Wow 50 years house prices are so nuts that I can understand how that will be the only option for some people getting on the housing ladder. The thought of it makes me feel a bit ill though, with the average first time buyer 32, they will be locked in until they are in their 80s!

The worst thing is that companies don't want workers after 40 years old because they cost too much due to high salaries.

Now, imagine having to pay a mortgage at 75 years old. What kind of job can you actually do?

 

[Yel]

Obviously this is the SF bay area, but prices there apparently falling. Which is only really reversing the massive recent rises.

The states is a bit further ahead as they've proactively raised rates, while the BoE has been very slow to react imo (and long term this doesn't help anyone).

 

[Folkevermore]

Obviously this is the SF bay area, but prices there apparently falling. Which is only really reversing the massive recent rises.

The states is a bit further ahead as they've proactively raised rates, while the BoE has been very slow to react imo (and long term this doesn't help anyone).

I’m currently looking for a house and I’ve definitely noticed a slow down in the Market where I live. Places are taking much longer to sell and I’m seeing a lot more price reductions than before

 

[Yel]

I’m currently looking for a house and I’ve definitely noticed a slow down in the Market where I live. Places are taking much longer to sell and I’m seeing a lot more price reductions than before

Same is happening here. I think it's to be expected. House prices rose so much because the ultra low interest rates allowed people to borrow more. Now that's coming to the end and it won't be long before mortgage rates are back to the long term average.

All the covid stuff to keep rates low has kicked it down the road. I think the picture will start to look very different by spring.

 

[Anne1448]

Are you seeing changes in you area guys?

Where I live prices are down by 16-20%! The prices are still way higher than 2019 but I'm hoping that more buyers will hold until it turns into a buyer's market.

 

[Nnrr46]

Are you seeing changes in you area guys?

Where I live prices are down by 16-20%! The prices are still way higher than 2019 but I'm hoping that more buyers will hold until it turns into a buyer's market.

Yes and so many houses being reduced too!

 

[margaretta]

Are you seeing changes in you area guys?

Where I live prices are down by 16-20%! The prices are still way higher than 2019 but I'm hoping that more buyers will hold until it turns into a buyer's market.

What part of the country is that. London is still crazy.

 

[HoGi]

What part of the country is that. London is still crazy.

Essex is still mental too.

Houses still selling within hours of going on rightmove and for 30% more than they were a year ago