House Prices #4 Property market, buying and selling

[Folkevermore]

I bet as soon as the interest rates start decreasing the government will announce some sort of new help to buy scheme

It’s strange how obsessed people are with their houses gaining value. I’ve recently bought my first house and as long as I’m not in negative equity when I come to remortgage, I really don’t care about whether the value goes up or not. It’s not like I can profit on an asset I live in. Meanwhile my parents are constantly worrying about their (mortgage free) house dropping in value. They bought it for 1/5th of what it’s worth now so it’s not like they’ll ever lose money

 

[101d]

Update - previous owners accidentally had a parcel delivered to our house. They're coming to collect (after asking me to take it to the estate agents, I refused)

Do I ask where my curtain poles are? And give them a bag of all their shite?

 

[Lilliepad]

Iv never sold a house before....but it's stressful isn't it?? Wow. A family came for a viewing the other day, started going through all our drawers, turned our computer on and had their kids literally running around our landing. Iv got a really expensive floor lamp and I had visions of them breaking it. It's the most stressful thing ever! And it all feels so invasive too. Got someone coming for a second look today....fingers crossed we will get an offer, I wouldn't want to do this often. Lol.

My uncle was selling his old marital home and had an open house - someone took a dump and it didn’t flush properly

 

[Yel]

Renters have been going through this for years and nobody's really given a fuck

Yep it's a real kick in the teeth that now "homeowners" are having pretty much the same thing renter's have been experiencing for a long time and suddenly it's a big issue.

They might as well broadcast that they think certain people are 2nd class citizens.

Neither of the main parties have spent their time in power over the last few decades trying to make society fair and equal. Both have done the total opposite.

 

[thegirlscout]

Moving into rented next week on a short term tenancy. Anyone having trouble finding a house? It’s either too small or in need of a lot of repairs (or the houses we really like and would be suitable are out our budget).

This doesn’t matter anymore - the house sale has completely fallen through, the chain is in a mess, we are all packed and I’m going to turn to drink.

 

[Yel]

Definitely a good thing that they didn't give a stamp duty holiday. All these schemes over many many years have created way more issues than they fix. Sunak fucked up big time doing this previously.

Houses need to have a correlation to wages. Otherwise it causes damage for the whole of society.

 

[WeepingCassandra]

There's a new build estate about 20 minutes from my parents village which is comprised of 3, 4 and 5 bedroom family homes.

Prices starting at 900k.

 

[101d]

And we’re in! The bastards took my curtain poles when they said they wouldn’t!!! Grrr

 

[iieee]

Iv never sold a house before....but it's stressful isn't it?? Wow. A family came for a viewing the other day, started going through all our drawers, turned our computer on and had their kids literally running around our landing. Iv got a really expensive floor lamp and I had visions of them breaking it. It's the most stressful thing ever! And it all feels so invasive too. Got someone coming for a second look today....fingers crossed we will get an offer, I wouldn't want to do this often. Lol.

What the heck?? Can you not your agent to handle the viewings? They shouldn't be touching any of your stuff that doesn't come with the house.

 

[Shinythings]

It's shocking to see how little some of the big name agents do. So many enquiries that no one has got back to me, viewings they've told they'll sort only to hear nothing. Viewings you go to where the staff member doesn't give a shit or know anything about the property. I've often felt like knocking on the doors of these houses and letting the owners know they're wasting their money....

So many don't listen to a word you say. I've lost count of the times I've had a lengthy conversation with an agent about requirements with very clear absolute no go's only for them to call me about a property that is very clearly the complete opposite of what we've asked for.

I think small independent ones are the way to go. They have to sell houses to live so they've got kore investment in doing a good job.

 

[jojida]

...I take it all back. We've exchanged!!! Feels like such a long time coming as we first put in our offer in September and it's basically zero chain

 

[Folkevermore]

Shortly after I bought my first house, back in the 80’s, mortgage rates rose to nearly 15%. That is mind boggling!

Because of the debt to income ratio of a mortgage now, a 5% rate can hit harder than the 15% of the past.
Here’s an interesting article about it https://mashroom.com/blog/mortgage-rates-from-bad-to-worse-22209

 

[Nolongerjustalurker]

Iv never sold a house before....but it's stressful isn't it?? Wow. A family came for a viewing the other day, started going through all our drawers, turned our computer on and had their kids literally running around our landing. Iv got a really expensive floor lamp and I had visions of them breaking it. It's the most stressful thing ever! And it all feels so invasive too. Got someone coming for a second look today....fingers crossed we will get an offer, I wouldn't want to do this often. Lol.

Omg it’s so stressful isn’t it.. I’ve been hiding all our clutter in my car each night before a viewing and today I panic painted a window sill and cleaned my windows again - even though never once have I viewed a house and thought ‘no we can’t possibly buy it cos the windows are a bit grimy’

I’d die if people went through my drawers though.. that’s so rude. I wouldn’t dream of it in a friends house let alone a strangers!

 

[Folkevermore]

I think any housing initiatives need to focus on making sure affordable homes are available for first time buyers.
Ultimately, they just need to build a lot more houses

 

[Folkevermore]

Im certainly not mocking people with large mortgages. Life is tough at the moment. But I’m mocking those who a) didn’t have the foresight to realise 1% wasn’t normal and those who expect the the State to step in with a support package.

To be honest, I’m 30 and interest rates have been low my whole adult life. It’s easy to see why people would assume it’s the new normal.

People are literally drowning right now with their finances, you can’t blame them for wanting some form of help.

I’m not saying the government should pay people’s mortgages, because I definitely don’t think that, but they’re doing a shocking job at managing inflation, especially with food

 

[Folkevermore]

Exactly! My mum was telling me how interest rates were 18% when she got her first home. Obviously she had to borrow a lot less but still… <1% is clearly not the norm! Not much sympathy for people who don’t read paperwork

I think people are quick to mock/judge these people with large mortgages but for a lot of people there’s not much option? Take out a large mortgage or pay even larger rent - you’re fucked each way.
I think compassion for people who a struggling financially after the rate rises isn’t too much to give.
Where I live the average house hold income is £45-50k but the average house is £290-300k. A two bed house in a safer area is easily £240-250k, so you can see why people had to borrow the max income multiplier

 

[margaretta]

Our sellers flat out refuse to pay for anything!! They wouldn't negotiate on the cost of things that came up in survey. Won't pay to have boiler or gas fire serviced. Won't pay indemnity insurance for a few things that they cannot provide paperwork for such as build over cover for a conservatory. Their line is constantly - "We're not doing that. So. what are you going to do, pull out?" They've been so unreasonable (we think) that we are considering pulling out if we can't reach a compromise.

I’d be extremely suspicious about this behaviour. These are standard things as part of the sale of the property. A reluctance to do these suggests something untoward.

 

[Folkevermore]

Completion date today, a lot of sitting around and waiting so far hopefully we get the keys soon

 

[Upintheair83]

Took advice on here and lowered the price yesterday. Got a viewing tomorrow, so definitely renewed interest! Thanks peeps. Keep fingers crossed for me xxx

 

[jojida]

Had an email from our solicitor this morning asking if we would like to complete before or after Christmas this morning - looks like an end may finally be in sight!

I'm silly levels of excited for our own home - I can't wait to be able to do whatever we want to our walls and garden without anyone else dictating what can and can't be done! This will be our first space that we've fully been able to customise like this and so I'm just itching to get in (but preferably after Christmas so we can relax for it)