House Prices #4 Property market, buying and selling

[epl000]

Now this is new to me - miles away but wow !!!

Self-build is something that we will probably see more of as its really being encouraged through planning policy nationally. The biggest self-build experiment is probably Graven Hill - https://www.gravenhill.co.uk/ in Oxfordshire. It was featured on Grand Designs recently and I keep meaning to watch it to see what its actually like.

Increasingly major developments will have to include a set % of self-build plots, so plots that the developer has to market for self-builders for a set period of time.

@ls240898 that's so rubbish. Hopefully you can find another deal? Are you looking to buy or re-mortgage?

 

[Megansnarkle]

The Bank of England announcement this morning has meant that the mortgage product we were going for is now unaffordable

Are you buying for the first time? If so then it may be for the best. You shouldn't overstretch yourself.

 

[Notworthy]

Self-build is something that we will probably see more of as its really being encouraged through planning policy nationally. The biggest self-build experiment is probably Graven Hill - https://www.gravenhill.co.uk/ in Oxfordshire. It was featured on Grand Designs recently and I keep meaning to watch it to see what its actually like.

Increasingly major developments will have to include a set % of self-build plots, so plots that the developer has to market for self-builders for a set period of time.

@ls240898 that's so rubbish. Hopefully you can find another deal? Are you looking to buy or re-mortgage?

Gravenhill was pre covid. It looked OK. I've been pushing my Council to consider some self build. The model I'm pushing for is dividing an area into 3 and 1/3 for Social housing 1/3 for very local people to purchase at reduced rate for self build and 1/3 for the open market (to fund the Social housing)
The reduced rate plots would have to have restrictions on resale but in theory, when people self build, they tend to stay in the house.

 

[Lullabella22]

After some advice or words of wisdom please.

House is on the market (seperation) fixed rate 0.99% runs out in December. Viewings but no offers. Price already been reduced to quite a bit.

What can I do?

House has to be sold - I won’t get the mortgage just in my name - also come December I doubt I’ll be able to afford it it’s going on to triple?!

Feel alone in this and just twiddling my thumbs but time is moving on.

 

[MissTeddy]

After some advice or words of wisdom please.

House is on the market (seperation) fixed rate 0.99% runs out in December. Viewings but no offers. Price already been reduced to quite a bit.

What can I do?

House has to be sold - I won’t get the mortgage just in my name - also come December I doubt I’ll be able to afford it it’s going on to triple?!

Feel alone in this and just twiddling my thumbs but time is moving on.

Can you put it on the rental market for a year and see if things are calmer next year? You could use the rental income to supplement rent for yourself in the short term?

 

[Lullabella22]

Can you put it on the rental market for a year and see if things are calmer next year? You could use the rental income to supplement rent for yourself in the short term?

I’m not sure how that would work with the mortgage? Also I’m not sure ex would agree to that. Thank you for your reply xx

 

[Megansnarkle]

After some advice or words of wisdom please.

House is on the market (seperation) fixed rate 0.99% runs out in December. Viewings but no offers. Price already been reduced to quite a bit.

What can I do?

House has to be sold - I won’t get the mortgage just in my name - also come December I doubt I’ll be able to afford it it’s going on to triple?!

Feel alone in this and just twiddling my thumbs but time is moving on.

What has the feedback from your viewings been?

How long has it been on the market?

Ultimately it's likely down to price, every property will sell at the right price.

 

[Lullabella22]

What has the feedback from your viewings been?

How long has it been on the market?

Ultimately it's likely down to price, every property will sell at the right price.

Thank you for your reply.

Feedback is good. House is like a show home tbh, even took all family photos down.

Price has gone from 400 to 350. Can’t really go much lower. Just need that one person I guess. Manifesting

 

[wideopenspace]

After some advice or words of wisdom please.

House is on the market (seperation) fixed rate 0.99% runs out in December. Viewings but no offers. Price already been reduced to quite a bit.

What can I do?

House has to be sold - I won’t get the mortgage just in my name - also come December I doubt I’ll be able to afford it it’s going on to triple?!

Feel alone in this and just twiddling my thumbs but time is moving on.

I know you say you've already reduced it but how does the price compare to those that have sold? Are you still trying to get 2022 prices in a very different market? I've seen quite a lot of large decreases locally recently at £50-60k. The houses that are selling are those priced around the 2020 pre stamp duty rises. The ones that are priced around the 2022 mark aren't moving.

 

[Megansnarkle]

Thank you for your reply.

Feedback is good. House is like a show home tbh, even took all family photos down.

Price has gone from 400 to 350. Can’t really go much lower. Just need that one person I guess. Manifesting

If the feedback is good, why aren't they interested? That's what you need to ask about. It may not the right house for them but wideopenspace is right, make sure you're pricing for today's market. If you want some honest advice, get over to moneysavingexpert and the house buying, selling and renting board and post the link. Those guys are great at advice.

 

[Lullabella22]

If the feedback is good, why aren't they interested? That's what you need to ask about. It may not the right house for them but wideopenspace is right, make sure you're pricing for today's market. If you want some honest advice, get over to moneysavingexpert and the house buying, selling and renting board and post the link. Those guys are great at advice.

Thanks I’ll take a look. A few have loved it but wrong estate for them, the parking, again estate issues but all loved the actual house.
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I know you say you've already reduced it but how does the price compare to those that have sold? Are you still trying to get 2022 prices in a very different market? I've seen quite a lot of large decreases locally recently at £50-60k. The houses that are selling are those priced around the 2020 pre stamp duty rises. The ones that are priced around the 2022 mark aren't moving.

Currently the cheapest 4 bed on the estate. No 4 beds seem to be selling. Have had abit more interest since dropping 375-to guide price 350.

 

[Princesst]

A lot of houses near me that sound similar (and in general) seem to be taking a lot longer to sell than they were at the peak. But most people are sitting there on their asking prices for weeks/months. They do eventually sell. Depending on how long you’ve been on the market, after already reducing it may just be a waiting game

 

[Yel]

I do find it a bit silly all these politicians going on about people with mortgages should have security and they did the right thing so shouldn't have to pay higher interest rates.

Da duck

You sign up for a mortgage and you have a home for as long as you can make the debt repayment.

Renters get kicked out of their homes through no fault of their own. Mortgage holders get a lot more protection as is.

If people over stretched themselves during ultra low interest rates and now can't meet repayments did they really do the right thing? Or was it people who decided not to buy somewhere for 10 times their income that they'd struggle to service the debt on once interest rates returned to normal that did the right thing?

 

[whoareyouu]

I do find it a bit silly all these politicians going on about people with mortgages should have security and they did the right thing so shouldn't have to pay higher interest rates.

Da duck

You sign up for a mortgage and you have a home for as long as you can make the debt repayment.

Renters get kicked out of their homes through no fault of their own. Mortgage holders get a lot more protection as is.

If people over stretched themselves during ultra low interest rates and now can't meet repayments did they really do the right thing? Or was it people who decided not to buy somewhere for 10 times their income that they'd struggle to service the debt on once interest rates returned to normal that did the right thing?

You are bang on with this mind.

 

[Yel]

I don't for a second think this is real. Even if they were unaware then their house would be worth 95% more than they paid for it so getting a repayment for a few years would be easy.

I'd bet they know full well it was interest only and they have been remortgaging to "unlock the value of their home" to fritter away. Zero sympathy.

 

[wideopenspace]

I don't for a second think this is real. Even if they were unaware then their house would be worth 95% more than they paid for it so getting a repayment for a few years would be easy.

I'd bet they know full well it was interest only and they have been remortgaging to "unlock the value of their home" to fritter away. Zero sympathy.

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There's no way they've just found after 40 years. They'll be a go fund me next week to bail them out. Also we're 40 year mortgages even a thing back then?

 

[aquamarine1234]

Thank you for your reply.

Feedback is good. House is like a show home tbh, even took all family photos down.

Price has gone from 400 to 350. Can’t really go much lower. Just need that one person I guess. Manifesting

In almost all cases like this, you aren't getting offers because the price is too high. I get that you really need to get 350k, but if nobody is offering, it's likely overpriced.

Interest rates going up probably compounds that even more- which of course doesn't help either party!

 

[Folkevermore]

I don't for a second think this is real. Even if they were unaware then their house would be worth 95% more than they paid for it so getting a repayment for a few years would be easy.

I'd bet they know full well it was interest only and they have been remortgaging to "unlock the value of their home" to fritter away. Zero sympathy.

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I honestly think there’s no excuse for not knowing, they’d be sent yearly statements surely. They agreed to those terms when they signed up for it too.

 

[MissTeddy]

People have lost touch with personal responsibility - perhaps it was the Covid pay-outs and the winter fuel bill pay-outs that have changed our mindsets. Its no ones responsibility but your own to pay your mortgage. Rates go up, rates go down. If you had eyes too big for your wallet and took on a bigger house than you really needed when the going was good - well more fool you. Are there people truly foolish enough to believe that interest rates would have stayed that low for ever?

 

[pink_lemonade]

Any advice is welcome!

so we’ve sold our house (people buying ours are going to rent our house out) and we’ve had an offer accepted on a house we absolutely LOVE!
The offer got accepted on 10th May and the persons house we are buying from are still yet to find something. I’ve been in touch with our estate agents as im scared she isn’t going to find somewhere that suits her and will potentially pull out.
I understand completely that finding a house and making sure it suits you is one of the most important things in your life, but we’re coming up to the 7th week and still nothing… What can I do? Are we just being impatient?