House Prices

[heretoreaditall2019]

I think it's just going to be an extension of the existing schemes for new boilers and insulation. Devil is always in the detail that we've yet to see. Could be a nice bailout to give companies work and reduce energy. I was expecting more in this mini budget.


Yeah it's a not really a much of a help. Honestly it looks like they want house prices to fall. They've got little left to stimulate them and there's less people that want them proped up.

ML seemed to think boilers wouldn't be included & told people not to hold off if they were getting a new one - I imagine such a scheme would get absolutely rinsed.

The previous owner of our house was an elderly lady with a chronic pain condition so I think she was eligible for the loft scheme as a result, our loft is incredibly well insulated. I wanted to get the floor boarded for storage, and the walls boarded for insulation so it wouldn't be uncomfortable for my husband to spend time up there (the storage is for his hobby gear) - but that's definitely a very weak link to green improvements so I doubt it'll fall under the criteria. A girl can dream, I'm gonna keep a hopeful eye out...

Sorry to rant but not sure how a stamp duty holiday would help first time buyers? First time buyers need deposit and high LTV mortgages to come back and cheaper house prices. Stamp duty was already exempted for first time buyers anyway. The only group that would be benefitted by this scheme are landlord or help to buy people. Majority of home owners are probably going to stay put anyway until furlough ends and economy stabilises.

Does anyone else have a different opinion or what do you guys think?

FTBs aren't exempt from stamp duty entirely, you've still got to pay it on >£300k so there are still a good few that do benefit from this new holiday. I agree it's not the big win for FTBs, Martin Lewis' show did also mention that the higher value property you buy, the bigger the saving, so it's not exactly for the people. The same with that green grant - it applies to LANDLORDS which is scandalous IMO!

 

[Boutros-Boutros Ghali]

It’ll stagnate for sure. If people can afford to stay where they are and don’t need to move for any reason then they’ll just stay put, it’ll work it’s way up the chain. Be interesting to see how it pans out. Estate agents will have to start being more realistic (ha ha) Hope you managed to get your flat

 

[heretoreaditall2019]

Thats what restructures and redundancies are for. No employer will keep paying staff for a job that isn't needed. Local authorities do it all the time.

Not true in my experience, outside of small companies. I know of a few women in admin level roles in (retail) banking & construction getting the chop. I completely agree that in technical roles outsourcing has never worked, it’s actually incredibly difficult to hire into technical roles as it is ime there’s a shocking skills shortage.

 

[Boutros-Boutros Ghali]

Agents are often useless, my last ones were putting forward offers from people that weren't serious. This is why I sold my last house myself for £600 online, not a huge saving as was an average priced home but at least I met the buyers so could see how serious they are. Good and bad points overall.

Some agents here I think are using family and friends homes to make it look like they sold something quickly.

We considered that option but had to get an agent as we had already moved, so there was no one to show people around. Ours weren’t the worst but I did feel they were pushing people into us who weren’t serious buyers (we had three offers all of whom dropped out within days) just to get a sale. They also over valued the property, not massively but enough to put people off viewing as out of their budget. I had a very ‘frank’ conversation with them at one point

 

[Anne1448]

Agree. Off the top of my head I can count SEVEN new build flat developments currently in progress within a 10 minute drive of my house, in addition to what's already there. It's genuinely a bizarre sight, every inch of available space in suburban London has now got a block of flats crammed into it. And heaven help you if you're lucky enough (or god forbid, paid a premium) to live next to a green or open space of any kind. The amount of houses I see that are now towered over by huge new build flat developments makes me want to weep.

My favourite are the ones marketed as "a luxury, boutique development of only 6 apartments" - i.e. we are taking the absolute piss by turning a tiny post office into another block of flats and this is all we could get permission for. And who are 'luxury flats' even aimed at anyway? The large majority would only be in a flat as they can't afford a house. So who would opt to pay a premium for a luxury version? Or are the standard new builds now so small that a flat of an actual liveable size is now considered 'luxury'?

This seems to be a global phenomenon. A corporation built 15 townhouses in my city and they all start at 600k. Mind you there are no gardens not even an inch of grass. People asked who was this targeted for because even the highest paid employees here are paid 60k. So they can't afford it. The company sold it to a corporation who is now renting them as shared housing. These corporations are engineering an entire scam with 1 purpose : creating an entire generation of renters.

 

[Lisdiz]

Weve been looking for the past year and the house prices round here have trebled in price in the past year alone. Some of the houses on the worst street can go for between 5k-10k usually (awful houses damp with the copper pipes ripped out by criminals etc) are now priced at 50k+ that's how mad the prices have shot up recently.
We have been given a decision in principle for upto £110k which for our earnings is fair but I'd never be able to justify the house youd get for that price at the moment. So it looks like we will be continuing to rent for another couple of years until the madness ends. It was difficult enough for us to manage to raise the deposit that we have and get a decision in principle as it is without then having the rug pulled under us with the state of the market currently. Its disheartening. No sooner is something listed that its been sold. Literally within hours. First time buyers just stand no chance at the minute it's all being snapped up by investors

Where about s do you like for houses to be so cheap? The cheapest where I live is 250k. Currently priced out and rents are skyrocketing…….

 

[Moe]

House prices up 2% in Aug, not a huge suprise. The stamp duty holiday and months of no action would do this. But unemployment is growing and the economic outlook is gloomy. Let's see where things are in a few months though as it feels unsustinable.

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I think it’s already started to slow down as I’m getting emails from agents asking if they can help and even a solicitor!
Once September is out of the way I think it will be interesting.

 

[Former_Antelopee]

Be aware that they’ll say that to make people think they have to bid more than they’re comfortable with. I’d view anyway. If you like it put your bid in, let them know your circumstances and leave it there. Never be put off by what an estate agent in a shiny suit says to you…they want the highest price for the highest commission

True, but I did expect it to have a lot of interest anyway so I do believe it does have offers and because I can’t go much higher than what they want over I don’t think I’ll both.

 

[rainbowlemon]

We’re in the same situation, the only way a house becomes available is if someone dies. Which is why we tend to never get these leaflets, we get stupid retirement based scams instead so equity release or moving to one of those communities?

I hope this isn’t inconsiderate but I do wonder why some elderly stay in these houses when they could move out to a smaller flat or one of those over priced communities and have a much better quality of life? A house a few doors down has a really overgrown front garden, her adult kids barely visit beyond the mandatory “stay in your will” trip once every few months, and the whole house could just do with an overhaul. What’s the point in staying? You’re living in an expensive house but are so cash poor you can’t get a gardener round…? It’s bizarre to me. Obviously very dependent on circumstances, my OAP friend is like a socialite and has kids, grand kids, great grandkids visiting all the while and maintains a decent QoL even as a pensioner.

Maybe it's just because there's comfort in the familiar rather then the possible unknown? I moved from one floor onto another in the same building and still found that was still a hassle. If you lived on your own with no visitors you'd still be on your own with no visitors just in a new area and it makes less of a difference. Maybe with the garden she wants to recreate a natural ecosystem!

 

[Caffeine Fiend]

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.

 

[Mamacita]

I have read of many people who have won the lottery or euro millions etc who have given up their jobs. fairly regular thing I believe.
And the lottery is exacrly what you’ve just said doesn’t exist, a shortcut in life.

But to clarify, your exact words were



so on that basis, people who win the lottery are greedy and disgusting too? As they didn’t work hard to win millions.

I feel rentals fall into the same bracket as lottery wins. If you’re lucky enough to be able to purchase one, why shouldn’t you earn money off it? it’s no different to a company making profit off essential items for example and it’s exactly the same as if you win the lottery, why shouldn’t you be able to do nothing and live off your winnings. Doesn’t make you greedy or disgusting tbh.

It's not exactly the same though because someone winning the lottery and having money doesn't really have a knock off effect on others?

 

[Tublet83]

Houses around me are still selling within a week of going on the market. Everything that was left on from just before lockdown has now sold.

 

[Former_Antelopee]

Just there’s almost always a ground rent charge and a service charge. Payment into sinking funds etc just be sure you know who’s responsible for what. They can also put clauses like in rented like no pets, no sky dishes, can’t run a business from the house so just so long as you’ve seen it

I’ve asked about pets as I definitely want some pets they said no issues with that. I asked about altering stuff inside as I read online you sometimes have to get permission but they said no issue with it

 

[Italy2]

I just feel really frustrated at the moment. In the last 6 years or so we paid off a significant amount of debt (35k+) and are now debt-free. We sold our home in 2018 and made some money back which is our next deposit, we're currently renting.

Since selling our affordability has been affected by two things mainly 1) childcare - was pretty high pre-covid (£700/month) and 2) defaults on file owing to going into a DMP.

So we've waited until our 30 hours free childcare kicks in and the defaults are about to drop off and now the LTV rate on mortgages change has meant the deposit we had saved isn't going to get us the size of home we want and our credit history isn't helping. So just as it felt like we were getting somewhere we're back to square one again. I've contacted some local house builders to inquire about HTB schemes as this seems like the only viable option for us. We're not struggling where we are but I'm conscious that we want things that come with owning a home again, like being able to have pets, decorate etc.

I just don't know what to do for the best other than sit, wait and save.

One of my friends works at a bank and she was telling me that the banks are planning to bring high LTV mortgages back at the end of the year. So maybe like you said just save and wait for them to come back? I really think that they would come back to support first time buyers because as much the landlords can benefit from stamp duty exemption, it doesn't help first time buyers.

The house prices are far too disproportionate to people's salaries. People's salaries up north are not that great and it is hard for people to save up a deposit as first time buyers.

 

[actuallyeducated]

I have read of many people who have won the lottery or euro millions etc who have given up their jobs. fairly regular thing I believe.
And the lottery is exacrly what you’ve just said doesn’t exist, a shortcut in life.

But to clarify, your exact words were



so on that basis, people who win the lottery are greedy and disgusting too? As they didn’t work hard to win millions.

I feel rentals fall into the same bracket as lottery wins. If you’re lucky enough to be able to purchase one, why shouldn’t you earn money off it? it’s no different to a company making profit off essential items for example and it’s exactly the same as if you win the lottery, why shouldn’t you be able to do nothing and live off your winnings. Doesn’t make you greedy or disgusting tbh.

exactly! Companies and people make profit off of others. That’s how life works I’m afraid.

 

[littlepup]

I ended up just putting in the asking price as when I spoke to them they asked for final and best offers. It’s leasehold £125 a year with 230years left.
I saw another similar house a few weeks ago but didn’t get it when I offered just above asking.

Does that cover ground rent and service charge? Have you seen a copy of the lease too? There could be something in there putting people off

 

[Italy2]

I hope the prices don't drop too much we're hoping to put our house on the market by August at the latest. We are just trying to get the new bathroom finished and refresh all the paint work so at least it's ready to move into, lots of buyers seem to want to unpack without doing any diy these days. The houses where we live seem to still be selling, a couple have went on the market on Friday and offers accepted by Monday. Here's hoping

Yes but if your house price drops a little bit then the house you would buy will drop as well? Unless you are looking to downsize, it shouldn't affect you. It rather just helps more people get onto the property ladder and people who are already homeowners shouldn't make a loss.

 

[Lanavalentine]

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.

You are quite lucky though - my own house sale has taken longer than yours, for example. Bigger chain with some complicated issues (divorcing couples) and in a VERY in-demand area post-lockdown, so things like conveyancing had a massive backlog.

Our house sold for asking price because the asking price was fair. Neighbours up the road with a worse house (ours is fully renovated) went with the Estate Agent who massively inflate prices. They still haven’t sold, despite finally dropping the price.

 

[mindlessness]

Related to this, I far prefer renting a property managed by a property manager/letting agent. It makes for a much better experience for me as a renter and I imagine also saves the landlord a whole lot of hassle.

 

[heretoreaditall2019]

Yeah, it sounds like a private sale to me. If your house is in a sought-after neighbourhood, if you have a good network, a buyer lined up or a good agent usually houses are sold like that.

The "For sale" sign is put when there is no buyer lined up. So, the agency or the seller has to draw attention to it publicly.

I’ve mentioned before property only tends to become available here when someone dies tbh and the quality is therefore really poor. Their house had been modernised so is a rarity so not really surprised it went so quickly, shocked it wasn’t so much as listed online though! And frustrating as any similar property won’t have details on zoopla for us to create a range with? :/

There’s another one for sale on our road now but it’ll require a good double digit percentage of its price’s worth of work doing to it as it’s a probate sale.