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ClockworkDolly

VIP Member
Not all sellers hold out for the price they think their house is worth. I didn’t. I accepted a lower offer in order to have a quicker sale and it worked. The house I bought, no chain. The house I was selling, first time buyers bought it.

All done and dusted in 3 months.
 
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fireflies

VIP Member
It will take least 6-12 months see drops in price.
As people are taking mortage breaks and renters cant be evicted.
Once that and furlough ends some home owners may have to make tough choices.
Although interest rates are low and probably stay low.
All hinges on inflation too.
Bank of England printing 745billion.
Houses near me still over priced.
We need to see a fall.
We never saw proper fall last recession.
Mass unemployment and global recession.
I think 2021 be tough year especially those who remortgage or have high consumer debt.
 
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JoeBloggs

VIP Member
There will be a breaking point eventually and that's when the bubble will burst.
I'm not so sure, perhaps I have a skewed view being down south. But here most of my friends who are remoted working have been told they will never go back to the office full time. Most have more money than ever and the demand for rentals is so high.

My friend relocated recently, applied for 9 properties and eventually got one but there were over 50 people viewing some of them.
 
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Consumerism_fatigue

Active member
The mortgage valuation survey for the flat I’m buying just came in £30k undervalued which is sort of great news and sort of terrible news. Apparently valuations are starting to all come in hugely undervalued as banks are unwilling to take any risk and are reluctant to lend. Most 5-10% products are off the market, so you can only really buy right now with a 15%+ deposit and with a seller who is willing to accept the undervaluing (which mine is unlikely to).
 
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Homebird44

VIP Member
That is what they always say, and said back in 2008-9 just before they started falling double digits.

Most people who were going to buy have by now, I can see demand falling off a cliff as mortgage applications fall.
I remember when the criteria for mortgages changed after 2012. You no longer needed to just be able to afford it, the banks stress tested you incase the interest rates shot up to 7%. The amount of people refused a mortgage was crazy.
 
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idk2

VIP Member
We're back on the property hunt but my goodness, the demand is just jarring. We saw a property that only came on the market Friday night. It's extremely close to me now which suits me well as I can visit my parents often, however, we have noticed at least 15 cars stopping outside the house to have a look! Not even a board outside this morning but so many curious eyes.

I have the MIP ready to go and really just want to offer without a viewing because we've been done over before several times. The viewings are all the way into next week earliest when I rang this morning, bear in mind, they were closed over the weekend! Feeling very disillusioned.
 
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HoGi

VIP Member
we had our heart set on a new build property 5 mins from where we live now. read all the planning permission documents on our council website and they estimated to sell the homes for £180k before covid, they’ve just gone on the market for between £216k and £230k!! How can they do this?? a three bed semi with a drive up north! It’s ridiculous
New build 3 bed semi with a drive near me is anywhere upto £500k
 
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Help to buys are so scary and dangerous. I know some friends who bought houses through the scheme and don't really understand the financial implications of the repayments of loan after the initial 5 years!
It’s so bad, a friend has done the same and the loan goes up with the house value?!

The WORST I’ve heard of is the shared ownership (the ones I’ve seen IRL have been out of London), the only examples I’ve seen have been horrific properties that require £30k+ of work to get them even livable, utter slums. They’re selling off dilapidated social housing stock dressed up as a scheme to help low income people get on the housing ladder. I know someone living in a glorified squat who pays for for 100% of all repairs / upkeep whilst paying rent, will never own the whole thing and can’t pass it onto her kid? And if they came to sell you can’t recoup the £3k boiler or the re wiring etc etc before splitting profits with your HA! Why on earth would anyone ever do it?!!
 
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Hertfordshire_home

Well-known member
Both my nieces and my sister have saved like mad in the last year, to pay a deposit for their houses. They stayed at home, paid rent to their parents and saved the rest of their wages. My sister works for the police, crazy hours and shifts and her and her boyfriend have just moved into their their 2 bed house. If you have a job and can save, its hard work but it can be done. As somebody else said, you have to prioritise. I also appreciate that not everybody can do it if you're already renting.
Finally someone else speaks sense 👊
 
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Anne1448

VIP Member
Tbh can’t help but feel a huge part of this is salaries just aren’t good enough for the cost of living and moving around the scraps left after the mammoth social care/pensions bill is like playing with shrapnel uno?!
Salaries stagnated for so long that most people are desperate to buy a home to not be homeless in their retirement years.

I have seen people working like crazy their whole lives from 15 to 62 and ended up with less than 1200€ in pension. How are you supposed to live on that if you don't own your own property. Rent in my city is 1200€ alone. I can't fathom the idea of sharing a house in my 60s or 70s.
 
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Yel

Chatty Member
Moderator
I hear one more person refer to renting as “throwing money away” I will scream! I never saw renting as throwing my money away - how could it be when I was paying to live somewhere?! It doesn’t make any sense!
It's so frustrating. Although it's a very mixed up world where owning is far cheaper per month than renting (and IR aren't rising anytime soon!).

It should have never been made so easy for people to never sell their house when they move and just switch it to a buy to let then remortgage that to use as the deposit on the next place. It's a pyramid scheme, but it makes the financial institutions a lot of money by selling these products and keeping prices sky high.

Taxes on buy to let should have come in decades ago, but many MPs (including Tony Blair) had bought a shed load of them to feather their own nest. So carried on brewing up toxic problems. Homes under the hammer and kirsty & Phil have a lot to answer for!
 
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They’ll be stuck on their current lenders SVR and there’ll be lots of sad face articles in the Daily Mail about how they’re trapped paying over the odds for a mortgage and have no quality of life etc….the banks can be brutal.
Sorry to be like a toddler and be why why why, but then what happens when these people inevitably can’t afford the SVR? This is coming from a place of privilege and not talking about people on min wage or struggling but the number of “comfortable” mums I know who’d love to drop a day but can’t afford to because of their current financial obligations shocks me, that’s 20% of their salary - assuming pay parity between husband and wife 10% of household income, more likely to be between 5-10% really. So when rates rise or something like this happens what are the Telegraph Money gonna be writing about their beloved demographic?! Had to get rid of the Land Rover lease cos of Rishi?
 
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Universal

Chatty Member
I think Estate Agents are whipping both buyers and sellers up into a frenzy. I rang an estate agent out of curiosity as a house in my mums road had gone on sale at a very high price and I pretended to be interested to find out if it would sell at that price and they were like 'Oh yes we have had twenty million viewings* and offers over the asking price so act quick'. The house came off the market and I rang again and they were all 'oh for GDPR purposes we cant tell you ANYTHING'.

Landlords are ending tenancies and selling properties while the prices are at a premium. This is leaving less properties in the private rented sector causing rent levels to rise (its like a bidding war just to rent a 3 bed where I live because of the schools catchment are). Landlords who are keeping their properties to rent out are seeing the increased rent levels and are putting up rents for their own tenants or asking them to leave and advertising at a higher rate. It put so much pressure on people who are currently renting and trying to buy from all angles - higher rents, higher house prices = home ownership is unattainable for many even though it was within their grasp not so long ago.

*approximate figure
 
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Is this a serious post? 6 months rent upfront? A lot of people don’t even have a 3 months rent sitting in the bank. How entitled to think that tenants should have 6 months rent ready to hand over before they’ve even moved in. Like they don’t have other things they may want/need to save that much money up for (like a deposit for a mortgage). Way to make housing even more out of reach for many and keep people stuck in the renting cycle.

As for 3 monthly inspections? No thanks. Been living in my place for 6 years and the only thing that’s ever been inspected is the boiler (which of course is necessary). Maybe I’m ‘lucky’ but I would not rent somewhere that demanded a snoop round my home every 12 weeks. Ridiculous.
This is interesting. We are landlords and rent through an agent who do regular inspections , every three months as part of their contracts. We had tenants who are careless, filthy to be honest and basically didn’t know how to keep a hosue. When they moved out we had to spent hundreds cleaning g their mess things that were not picked up during inspections be sure it was things like inside thr oven, behind the sofas, skirting boards, they also managed to damage two washing machines in two years. If we didn’t have inspections I’m sure it would have been Much worse . Isn’t it reasonable to have the property checked to keep it in a decent state? I rented when I was younger and had no issue with a quick walk through Check, it’s not invasive and is arranged discreetly ?
 
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JoeBloggs

VIP Member
I’ve worked for the NHS for a number of years through the years of seeming plenty, and the years of austerity and crippling underinvestment - both have left us with an estates infrastructure that often is not fit for purpose, a divided and worn down staff, and problems for the future in making a service that is sustainable.

There can be money found if the government want to make a political statement, but it’s often IMO not spent in the right places. We have restructures every 2 years and with every change in government, that are expensive and destructive to the workforce and continuity of service. The NHS does a lot that is good, but often the focus is on its faults. Due to massive underfunding of social care and MH services there is much more strain on the system.

I hate the phrase ‘NHS Managers’ as it is often thrown around in a very meaningless way to refer to individuals considered to be wasteful, overpaid and incompetent. It’s a stock phrase for the Daily Mail types who froth at the mouth about these phantom managers who sit in their ivory towers whilst Rome burns. As with all organisations, there is dead wood, there are people who turn up and do the bare minimum, but there are also a vast number of people who would be classified an ‘NHS manager’ - by virtue of the fact they are not a clinical member of staff - who work very hard and regularly do many hours over their paid amount.

The people who may be held up as examples of poor performance are often without an NHS background and given a job by one of their Tory mates (e.g. Dido Harding). The exorbitant contracts awarded to companies profiteering from the Covid crisis are done so by the Health Secretary not NHS managers.
I did not use the phrase NHS managers.

I was referring to much higher levels than that of the NHS. I’m also talking government level and the firms who are used by the government to fulfil contracts at a vastly over charge the NHS for day to day items.

Part of my job works with NHS and it’s partners for training within universities and colleges, and I can tell you the amazing of wasted NHS funding in that sector is criminal. They are also told to adapt the spreadsheets to ensure every penny is ‘spent’.
 
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ClockworkDolly

VIP Member
We live in the south east and have decided to take a gamble and sold our house (it sold within 5days of being on the market) and have just had an offer accepted on a house. It will be depressing if the housing market collapses and our new house looses value but if this goes through we will be in a much nicer area and beautiful house.
Hopefully we will have nice neighbours and stay there for 10years or so which by then it should have increased in value.
my brother his girlfriend are looking to buy their first property in London and are now waiting it out. My brother has had to take a pay cut as he works in entertainment but his girlfriend is in a stable job earning an average London living wage. It’s so hard to know what to do. I do think it’s all going to slow down soon
I am also in the South East and my property sold quickly. Hoping to exchange contracts within the next week or so. If your property is priced correctly and you’re not greedy, you will get a buyer.

i think once the Stamp Duty holiday is over, the property market may slow down. For now, anyone wanting to sell/buy, now is a good time.
 
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JoeBloggs

VIP Member
Still a bargain, compared to down here in the Home Counties! We own a large new build 2 bed semi which cost over £300k!

house prices are just insane
You'd be lucky to get a very average three bed semi for less than £450/500K near me, and where I am from and had to move away from to buy it is more like over £600K. It is crazy!
 
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