Same here where I am in the NE it’s crazy - many sold before they hit Rightmove because there’s a shortage within chains and sellers haven’t got a property to move too.
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It’s such a frustrating time as a first time buyer. I held out hoping the market would dip a little but prices are still through the roof and I refuse to pay 20/30 grand more than the house is worth. I think there will be serious consequences for the upcoming generation because of all of this. I also hate the ‘offers over’ system we have in Scotland.
Im also in Scotland and really eager to move but the way the market is at the moment Im not dipping my toe in the water. Im under no illusions my house would be snapped up but Im very concerned about actually managing to get another house.
I saw a house go up on Rightmove yesterday, no home report yet and only one outside image. It was 'under offer' in a few hours.
Im going to wait it out, okay I may not get as much for my own property but it doesnt matter because if prices fall theyl all fall. I will be upsizing so it doesnt really matter to me. My nerves couldnt take the market right now.
I saw a house go up on Rightmove yesterday, no home report yet and only one outside image. It was 'under offer' in a few hours.
Im going to wait it out, okay I may not get as much for my own property but it doesnt matter because if prices fall theyl all fall. I will be upsizing so it doesnt really matter to me. My nerves couldnt take the market right now.
This is anecdotal only but I am in the process of buying a house in a very popular area of a city in the north. We sold our first house for 270 (asking price) in October but it was down valued by 10k to 260 - which we accepted. The house we’re buying now was on the market for 425 in March, we offered 450 with the intention of covering the shortfall in cash but the bank valued it at our offer price - 450! We were pretty surprised by this as we have been house hunting for MONTHS and have put in 10 offers which have mainly been rejected for being too low (even though all of them have been at or over asking - some significantly over!).
There still must be lots of buyers out there who are covering shortfalls in cash. Tbh I know nothing about the valuation process but am wondering whether the sustained increase in prices over the last year has meant they are less conservative than they were a few months ago.
Ones I’ve been involved in or heard of, the mortgage was valued lower than the offer and the provider would not increase the mortgage offer. I always know some people have inflated their finances to make it appear they can afford the house but, in actual fact they cannot. Very strange times.
Thanks both.
Interesting to hear both sides. My mortgage is due to refix in the summer. We are umming and ahhing about moving like you do when these things come up. But will most likely stay put.
But having been through it once and seeing the crazy prices some of the houses near me are going for I was interested to see what people have been experiencing this past year
Apparently places Glasgow and Edinburgh are going for at least 20% over the asking price just now.. madness.
I will shortly be moving back to Scotland from England but not going to buy until the market levels off! I’ll take the stamp duty hit if it means a cheaper flat.
Almost everything in Scotland is going 10-30% over home report value now. Our LBTT break stopped in March and it’s still mental.
The boom will end when furlough and SEIS stops - there will be a lot of businesses tightening the reigns either closing, making redundancies or significantly reducing overtime/shift allowance and it’ll make people who are close to the limit of their means reevaluate their finances which will either mean houses go on the market or worst case scenario we have 12 months then the repossessions will begin.
A lot of people working from home will have gotten too used to the saving they’re making on commuting and will have opted for bigger mortgages, bigger car payments etc and when returning to the office a lot of people will struggle.
When barclaycard reduced their spending limits for a lot of their customers it came as no surprise - I would imagine the utilisation of revolving credit will skyrocket in the next 12 months while folk go back to living pre covid.
Will be very interesting to see how property prices sit over the next 24 months - I’ve seen a few houses on rightmove lately with values that are ludicrous, so much so that if a first time buyer ends up with a 95% mortgage on them they’d probably be in negative equity for the next few years - surveyors really should be tightening the reigns just now rather than overinflating to keep estate agents sweet.
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We bought a new place earlier in the pandemic (have written about it on this thread). Moved earlier this year.
The market was busy when we were looking last summer, but there was about enough property to go round.
Fast forward nearly a year later, we’ve been in our new place for months, and the market has ground to a halt in terms of property avaliable, but demand is higher than ever - we’re getting letters through the door every single day asking us if we’re looking to sell, Estate Agent flyers, people sniffing around the street and stopping us when we step outside to ask if anyone is selling… it is MADNESS!
It is admittedly a very well-located street with good sized properties, but it honestly feels insane. It’s not THAT amazing!
One guy was SO RUDE, suggesting my partner and I must be desperate for him to buy us out of our “huge mortgage”. LMAO our mortgage is like 20% of our house cost, which is one of the reasons we felt confident moving in a bloody pandemic
The market was busy when we were looking last summer, but there was about enough property to go round.
Fast forward nearly a year later, we’ve been in our new place for months, and the market has ground to a halt in terms of property avaliable, but demand is higher than ever - we’re getting letters through the door every single day asking us if we’re looking to sell, Estate Agent flyers, people sniffing around the street and stopping us when we step outside to ask if anyone is selling… it is MADNESS!
It is admittedly a very well-located street with good sized properties, but it honestly feels insane. It’s not THAT amazing!
One guy was SO RUDE, suggesting my partner and I must be desperate for him to buy us out of our “huge mortgage”. LMAO our mortgage is like 20% of our house cost, which is one of the reasons we felt confident moving in a bloody pandemic
Prices where we live have gone absolutely nuts. There is no way on earth we could afford our house now, we paid £380k in 2015 and they are selling on our street for £600k +
Such a pity that my daughter and her boyfriend will never be able to afford here, you can't even find a 2 bed flat for less than £250k. This is in the North by the way.
Both us and her boyfriends parents have always said never rent. Stay at home and save. They are 22 and just about to finish Uni, so it will be hard for them to adjust to full time at home after having found independence but at least they can split their time between houses. We've also given her the biggest bedroom in the attic and had the en-suite done up, plus I've made one section of the basement into a second living room for them to use if they want to be away from us. With rent prices around here it's the only way they'll be able to get a deposit together, and even then there will be help from the bank of Mum and Dad.
Such a pity that my daughter and her boyfriend will never be able to afford here, you can't even find a 2 bed flat for less than £250k. This is in the North by the way.
Both us and her boyfriends parents have always said never rent. Stay at home and save. They are 22 and just about to finish Uni, so it will be hard for them to adjust to full time at home after having found independence but at least they can split their time between houses. We've also given her the biggest bedroom in the attic and had the en-suite done up, plus I've made one section of the basement into a second living room for them to use if they want to be away from us. With rent prices around here it's the only way they'll be able to get a deposit together, and even then there will be help from the bank of Mum and Dad.
I wouldn't say never, they can't remain so out of sync with wages forever.
This is a sign of a very unhealthy country:
I do roll my eyes at people that talk about "unlocking the money in their house", unless they're moving to a cheaper country, don't have many years left or downsizing massively where will they live once sold? People are stupid and love the idea of paper gains making them richer even if it's causing chaos for the labour market and making the country very uncompetitive in a (more than ever) globalised world where many people have spend the last year doing a case study of how easily their job can be offshored.
Omg the cheek! We’ve had letters through the door (we’re temporarily renting to ‘break the chain’, we had to in order to have any chance here, so we just have a good laugh at them) and one of our friends even had a very emotional handwritten letter put through theirs but never so far as people stopping us to ask if we’re selling - that’s crazy! Don’t know why anyone would move at the moment unless they have to, it’s just ridiculous. I’ve been on the other side though and at points we did get so desperate we did consider the leaflet approachWe bought a new place earlier in the pandemic (have written about it on this thread). Moved earlier this year.
The market was busy when we were looking last summer, but there was about enough property to go round.
Fast forward nearly a year later, we’ve been in our new place for months, and the market has ground to a halt in terms of property avaliable, but demand is higher than ever - we’re getting letters through the door every single day asking us if we’re looking to sell, Estate Agent flyers, people sniffing around the street and stopping us when we step outside to ask if anyone is selling… it is MADNESS!
It is admittedly a very well-located street with good sized properties, but it honestly feels insane. It’s not THAT amazing!
One guy was SO RUDE, suggesting my partner and I must be desperate for him to buy us out of our “huge mortgage”. LMAO our mortgage is like 20% of our house cost, which is one of the reasons we felt confident moving in a bloody pandemic
It’s honestly so worth it, they will appreciate it in the long run. I have friends who did this and are so happy they did. Whilst, others rented as well and regret it massively. It’s not that bad living at home, especially if you have your own space. I missed my mum when I left home!
I’m from Manchester and the regeneration is having a huge impact on prices. Areas people wouldn’t walk in 10 years ago are now selling places for a minimum 300k.
Manchester here too, Chorlton. The prices around here are impossible for younger ones.
No one really knows what the future will hold. Just because it worked well for people in the past that's no guarantee it will in the future. Everything is uncertain.
If the future was to keep repeating it's self then the falls at the end of the 90s and in 2008 when there were economic shocks would happen again. But that's not certain either.
It is really hard and really tit for young people at the moment, I really feel for those in their early 20s at the moment. You sound like a very sensible and supportive parent btw!
I despair at the property prices here at the moment, cardiff is generally cheaper than a lot of places in England but prices have still risen so much. I saw a property on right move the other day, end terrace 2 bedrooms priced at £200k, thought it looked reasonable... then I realised the house in the picture wasn’t the property for sale. The £200k property was a small garage/building next to the house. What the hell! That’s like something you’d get in london not bloody South Wales!
I have a friend who is an EA in the south east and that’s how I heard the phones had started to go quiet.
It could just be a blip but the stamp duty holiday is coming to an end plus all the furlough etc
I think at the lower end of the market stuff is still moving but the higher end is slow unless it is in a really desirable area and priced right.
I’ve seen the big crash late eighties early nineties then the mini crash 2008. I really don’t know what to expect this time, but we have had a large increase in population and far too many speculators in high places with enormous portfolios.
It just seems disgusting that I could buy a place 3 times my salary whereas today it’s more like 35
It could just be a blip but the stamp duty holiday is coming to an end plus all the furlough etc
I think at the lower end of the market stuff is still moving but the higher end is slow unless it is in a really desirable area and priced right.
I’ve seen the big crash late eighties early nineties then the mini crash 2008. I really don’t know what to expect this time, but we have had a large increase in population and far too many speculators in high places with enormous portfolios.
It just seems disgusting that I could buy a place 3 times my salary whereas today it’s more like 35
I am only saying that if you can live at home and save then you will be in a better position than those that rent. Regardless of the property market, you have the advantage of saving. I’m only 26 and the majority of my friends do not own properties and many who do come from wealthy backgrounds or have bought in areas they didn’t want to.
The beggy little cards and letters estate agents put through my letterbox piss me off so much. We rent so maybe I’m over sensitive to it but obviously we don’t want the landlord selling as that could mean we lose our home, from a tenants perspective it’s just so thoughtless. I also hate the assumption that everyone owns where they live, like hello tenants exist in the world too. I wonder if anyone has ever responded to those cards or if they’re pointless, I can’t imagine you’d get one and suddenly be like “let’s move house” it’s usually something you think about for a while and then seek out an estate agent yourself. Like I say it’s probably a sore spot for me so annoys me even more. I just want them to stop hounding us and reminding us that this house isn’t really ours tbh.
I can’t look at house prices in my area right now, they are actually disgusting. It makes me sad.
edit: wording
I can’t look at house prices in my area right now, they are actually disgusting. It makes me sad.
edit: wording
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