House Prices #2 Property market, buying and selling

[HoGi]

Yes, except in Scotland you offer is legally binding. Here in England you can basically back out Until the deposit goes through with little consequence.

Yup which is very frustrating. We had a buyer pull out the day before exchange was due to take place.

We had paid for additional surveys (which showed no issues) as the EA said without doing so we would lose the sale.

So we nearly a grand out of pocket and still lost the buyer. And were back to square one 3 months after first putting it on the market

 

[Italy2]

You’ve been here all pandemic whinging about buying a house, you very clearly have an axe to grind. I’m asking for advice from experienced sellers, not experienced whingers.

Aww bless! Not sure about advice from experienced sellers but you certainly want advice from rude sellers...

 

[heretoreaditall2019]

Yup which is very frustrating. We had a buyer pull out the day before exchange was due to take place.

We had paid for additional surveys (which showed no issues) as the EA said without doing so we would lose the sale.

So we nearly a grand out of pocket and still lost the buyer. And were back to square one 3 months after first putting it on the market

This comment is terrible for my anxiety

How did this effect where you’re buying it you don’t mind me asking? This is my biggest fear - losing out on the dream house.

 

[HoGi]

This comment is terrible for my anxiety

How did this effect where you’re buying it you don’t mind me asking? This is my biggest fear - losing out on the dream house.

So it was my mums house. We were quite lucky that the property she was buying they hadn't found anywhere to buy.

The plan always was for her to move in with my sister so the sale wasn't held up.

Sale fell through on the Monday, was resisted same day and sold for 10k less than the first buyers on the Wednesday. Same day we had a call to say the property she was buying had found somewhere to buy. So now I think it was all meant to be.

Second lot of buyers used the firsts searches etc which sped things up and we completed in 5 weeks. She moved in with my sister and was there for about 12 weeks.

 

[Anne1448]

The thing is my friends house is ready to move in. Kitchen could do with replacing to something more modern but it is fully functioning, it has new bathroom, new boiler, neutrally decorated it is in perfect condition. But because it isn't open plan living space with bifolds and an island (it's a late 60s 3 bed semi) there isn't much bite!

I think part of the problem is a lot of people are lazy. They don't want the upheaval of works being done. They want everything now. They want to share "got the keys " to install with a perfect house in the background. They want to move in without having to decorate and share pictures of their white and grey palace to their couple of hundred followers.

I absolutely agree with the need to post on Instagram to say "hey I bought a house and have nothing to do unlike you peasants".

It's probably because I am in my 20s and everyone is starting to buy a house but they all look the same. Like you said, it's the same open plan kitchen with grey cabinets and marble counter tops with an island.

I am lucky to work from home in the tech industry so I am a more flexible buyer. But I really feel for buyers who are stuck in an area and sellers whose time are wasted.

It is tough on both sides.

 

[heretoreaditall2019]

So it was my mums house. We were quite lucky that the property she was buying they hadn't found anywhere to buy.

The plan always was for her to move in with my sister so the sale wasn't held up.

Sale fell through on the Monday, was resisted same day and sold for 10k less than the first buyers on the Wednesday. Same day we had a call to say the property she was buying had found somewhere to buy. So now I think it was all meant to be.

Second lot of buyers used the firsts searches etc which sped things up and we completed in 5 weeks. She moved in with my sister and was there for about 12 weeks.

Sorry you did say this re your mum.

I absolutely agree with the need to post on Instagram to say "hey I bought a house and have nothing to do unlike you peasants".

It's probably because I am in my 20s and everyone is starting to buy a house but they all look the same. Like you said, it's the same open plan kitchen with grey cabinets and marble counter tops with an island.

I am lucky to work from home in the tech industry so I am a more flexible buyer. But I really feel for buyers who are stuck in an area and sellers whose time are wasted.

It is tough on both sides.

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.

I wonder what’s going on at the London end? I wonder if people are so worried of losing out in a fast market they’re agreeing to wherever then reviewing after the fact?

 

[lurkingaround123]

There's also a lot of cases where estate agents will value a property at £X amount, but then when the bank come to do their mortgage valuation they'll down value the property in some cases by £10 - £15k! Estate agent valuations are quite often way too inflated. So in those instances you'd end up having to drop the price to the current buyer, or reduce the price for another buyer anyway was their bank is also likely to down value what the EA has valued it at.

Definitely! The house I recently brought was down valued by about 5% when the bank did their survey. The previous owner accepted my new offer of what the bank asked luckily. Since I brought mine I’ve noticed prices of houses in much worse condition in the immediate vicinity are up for sale for a lot more than I paid for this house, I assume they will all have the same issues when the bank comes to value. A lot of estate agents, especially strike/purple bricks etc are out of touch with the local areas and just pluck these asking prices from thin air

 

[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.

 

[heretoreaditall2019]

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.

I really understand property is an emotive subject but can people please read my posts before going off on one?

It’s tacky to offer under for entirely fabricated reasons - we had one under because we were moving a distance they saw it as an inconvenience, that is tacky. I have clearly said that if a buyer had a legitimate concern then we would review our price, it hasn’t got to this stage yet. 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. The third had moved on with another property as two weeks had elapsed since their offer. I don’t know how anyone can insinuate I must be living in some blitz ridden hell hole with shrapnel still in the walls with delusions of grandeur without so much as seeing the property? In this area price brackets are very clearly defined (thankfully!) dependent on property type/size, so it’s not even possible to go wildly off piste with a valuation. I don’t know what it’s like outside of London or if all cities are the same wrt that.

Good luck to those struggling to buy.

 

[Holidaybobs]

It's always the greedy rude sellers that end up getting messed around as well. Karma is a witch! 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

So if your house doesn’t sell the same day, it’s not desirable? I think that’s a bit of a naive take

 

[JoeBloggs]

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.

You discounted a buyer who offered on your house because they have a busy job . You don't deal directly with the buyer so why does this bother you, this is for the estate agent and solicitor. We never spoke to our seller once, didn't even know their name.

You seem to have this idea that you get to pick the perfect person to buy your house, they could move on within a year and sell it to someone else. If the offer suits what you want to sell it for just take it.

 

[lattenosugar]

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.

Yes. I am from the south west originally and it’s shocking how much it’s changed with people moving from the counties surrounding London. I live in London and there are a lot of children leaving my child’s school to move out to these counties. I predict there will be property crash pending, which will particularly affect first buyers my age (30s) in small cities out of London with interest rates increasing.

 

[Homebird44]

Yes. I am from the south west originally and it’s shocking how much it’s changed with people moving from the counties surrounding London. I live in London and there are a lot of children leaving my child’s school to move out to these counties. I predict there will be property crash pending, which will particularly affect first buyers my age (30s) in small cities out of London with interest rates increasing.

Yep, I'm from a small town in Herts and 3 bed detached are selling for 700k and they need a complete renovation. Everybody I know from the town has moved away despite having family still there. New buyers are now moving from London and where employers are keeping the WFH and people can move, the house prices are shooting up.

 

[heretoreaditall2019]

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

 

[WilmaHun]

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

Nobody is suggesting that you live in a flea ridden hell hole, and not everyone here is a FTB. There's no need to be so rude.

 

[JoeBloggs]

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

No one has said such a thing, no need to be so dramatic .I am not a FTB and I work in the property industry and have for over 8 years and Wilma has a lot of useful advise considering her job too. It just seems very counter intuitive to want to sell your house but to not accept someone because they might reply to an email in the evening instead of before 5pm. If they offered a low offer fair enough but that reasoning seems mad, I hope you sell but you would increase your chances if you dropped your expectations of others behaviour a bit. But then if you come across in emails as you do on here, I can see why they don't want to take time out of their day to reply.

 

[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.

 

[Anne1448]

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.

I can't explain how much I feel your pain and anger.

Not so long ago I lived in a very quiet village where homes were all affordable. By the time I started saving to get the downpayment the village was turned into a luxury place. Buyers from Dublin all came and brought everything for well over 200k. It is now so bad that I had to move and have to start saving again. The quiet and lovely village is now a glorified status symbol full of people who claimed that we are "lazy" and do not work hard enough to buy our own place.

As someone who worked my whole life since the age of 17, I can tell you that you are not alone in this situation.

 

[Caffeine Fiend]

I genuinely dont think an offer under asking is rude at all, they can offer, you can say no. I dont see the big deal at all.

People paying way over asking is recent. For years people have been paying asking or less since the 2008 crash.

If your EA knows you are expecting x amount then Id advise them to advise buyers of this and Im surprised a good EA would not talk buyers out of a low ball offer if they know owner will never accept it.

 

[Holidaybobs]

I genuinely dont think an offer under asking is rude at all, they can offer, you can say no. I dont see the big deal at all.

People paying way over asking is recent. For years people have been paying asking or less since the 2008 crash.

If your EA knows you are expecting x amount then Id advise them to advise buyers of this and Im surprised a good EA would not talk buyers out of a low ball offer if they know owner will never accept it.

I think it depends upon the client as well as some will be persistent with their offer and if they find out the EA has not put their offer forward, they will drop them. It depends upon the type of property you are selling and the price tag.