Anyone else having a nightmare trying to find a home?

[Dave_ST220]

A semi just down the road came on late last week, sold sign up already. Never known it like this? Noticed on my Rightmove saved properties ones that have been on for years have sold now too. People sick of awaiting the crash that never was? Or another 2007 bubble & round 2 ahoy?

Ding ding....

[Sargeant Orange]

Pretty crazy times at the moment, 4/5 beds around me are easily back to pre crash prices.

My problem is I keep comparing every property to the one I missed out on a few years back which was sold a few hours after we viewed it. In hindsight it was perfect and nothing has come close since. Annoys the hell out of me every time I drive past the turning for it (every day).

[IATM]

I know this might sound crazy to some and I know its certainly easier said than done but some people have mentioned almost waiting 4 years to get into a new (different) house.

Why are you not maybe motiviated to self build. My dream is to self build when it is possible. The reason being is to build the house to the way I need it and not fit myself into a house.

I know its hard getting a plot of land and planning permission etc but I am sure it would be worth the house you could get for the budgets you lot have got.

[russy01]

IATM said:

I know this might sound crazy to some and I know its certainly easier said than done but some people have mentioned almost waiting 4 years to get into a new (different) house.

Why are you not maybe motiviated to self build. My dream is to self build when it is possible. The reason being is to build the house to the way I need it and not fit myself into a house.

I know its hard getting a plot of land and planning permission etc but I am sure it would be worth the house you could get for the budgets you lot have got.

I have looked into it as I would love to take a project like this on - and living in the country you'd think there would be lots of opportunities for land. BUT....any plot in my area sells very well at auction and in most cases goes for 75-100% of my whole budget, normally leaving less than 100k to build the house.

Then about 18months later a monstrous 5/6 bed detached house pops up. There are a few sites around at the moment, but they are all a several acres only suitable for a multi-millionaire or a small development. If only I could find 5-10 like minded people so we could buy the land together and all build our own houses!

[IATM]

russy01 said:

IATM said:

I know this might sound crazy to some and I know its certainly easier said than done but some people have mentioned almost waiting 4 years to get into a new (different) house.

Why are you not maybe motiviated to self build. My dream is to self build when it is possible. The reason being is to build the house to the way I need it and not fit myself into a house.

I know its hard getting a plot of land and planning permission etc but I am sure it would be worth the house you could get for the budgets you lot have got.

I have looked into it as I would love to take a project like this on - and living in the country you'd think there would be lots of opportunities for land. BUT....any plot in my area sells very well at auction and in most cases goes for 75-100% of my whole budget, normally leaving less than 100k to build the house.

Then about 18months later a monstrous 5/6 bed detached house pops up. There are a few sites around at the moment, but they are all a several acres only suitable for a multi-millionaire or a small development. If only I could find 5-10 like minded people so we could buy the land together and all build our own houses!

I guess that is a very fair point. I understand almost 75% of the battle is finding the land and then getting PP for the house you want/need as even in my area land is rather thin on the ground (no pun intended).

I have heard of a few people that seem to manage to do it and on the cheap - for example if they see small country road/lane that has 3 or 4 houses on it spread out quite far apart - they approach the land owners near/on this lane.

The reason is they get it reallly cheap and by cheap I mean 20k for just under an acre, but of course the battle is planning persmission but these people seem to have the knowledge that as there are a few houses already there then it shouldn't be a problem getting PP.

I guess some wouldn't take the gamble of 20k and I guess I would be on the fence about doing that too unless I investigated it and even spoke to the PP department of the likelyhood of getting the PP approved on that land if I bought it etc.

I think in an ideal world it would be great to have like minded people of 10-20 who all want to build their dream home and buy the land but there would be so many concerns with doing it too - the planning and management would really need to be very maticulous with a contingency plan for various issues that could happen: someone pulling out, builder approvals, communication etc

[russy01]

IATM said:

russy01 said:

IATM said:

I know this might sound crazy to some and I know its certainly easier said than done but some people have mentioned almost waiting 4 years to get into a new (different) house.

Why are you not maybe motiviated to self build. My dream is to self build when it is possible. The reason being is to build the house to the way I need it and not fit myself into a house.

I know its hard getting a plot of land and planning permission etc but I am sure it would be worth the house you could get for the budgets you lot have got.

I have looked into it as I would love to take a project like this on - and living in the country you'd think there would be lots of opportunities for land. BUT....any plot in my area sells very well at auction and in most cases goes for 75-100% of my whole budget, normally leaving less than 100k to build the house.

Then about 18months later a monstrous 5/6 bed detached house pops up. There are a few sites around at the moment, but they are all a several acres only suitable for a multi-millionaire or a small development. If only I could find 5-10 like minded people so we could buy the land together and all build our own houses!

I guess that is a very fair point. I understand almost 75% of the battle is finding the land and then getting PP for the house you want/need as even in my area land is rather thin on the ground (no pun intended).

I have heard of a few people that seem to manage to do it and on the cheap - for example if they see small country road/lane that has 3 or 4 houses on it spread out quite far apart - they approach the land owners near/on this lane.

The reason is they get it reallly cheap and by cheap I mean 20k for just under an acre, but of course the battle is planning persmission but these people seem to have the knowledge that as there are a few houses already there then it shouldn't be a problem getting PP.

I guess some wouldn't take the gamble of 20k and I guess I would be on the fence about doing that too unless I investigated it and even spoke to the PP department of the likelyhood of getting the PP approved on that land if I bought it etc.

I think in an ideal world it would be great to have like minded people of 10-20 who all want to build their dream home and buy the land but there would be so many concerns with doing it too - the planning and management would really need to be very maticulous with a contingency plan for various issues that could happen: someone pulling out, builder approvals, communication etc

Im not going to pretend to know anything about it, but my view is that it only really works if -

A- You have a big budget and can afford to pay the premium for the plot and still afford to build the house you actually want. (i.e I can buy most plots, but would have to live in a shed)
B- You have the land in family OR in your current plot?
C- You are bloody lucky and manage to get a cracking deal from somebody.

However for the normal chap in a popular area with a standard budget it just doesn't stack up. Then even if it does it can be a long and stressful project with risk and uncertainty - so not great if you have a family in tow and a 9-5 job.

If I want to stay in my area I have figured that I have to continue buying houses until I have 500-600 to spend. Only then can I get a worthwhile plot and build a nice enough house.

[brickwall]

Well put in an offer today (at asking) - let's see what happens.

[greygoose]

russy01 said:

However for the normal chap in a popular area with a standard budget it just doesn't stack up. Then even if it does it can be a long and stressful project with risk and uncertainty - so not great if you have a family in tow and a 9-5 job.

There's the added danger of Kevin McCloud turning up and your wife getting pregnant again too.

[Mobile Chicane]

russy01 said:

I have looked into it as I would love to take a project like this on - and living in the country you'd think there would be lots of opportunities for land. BUT....any plot in my area sells very well at auction and in most cases goes for 75-100% of my whole budget, normally leaving less than 100k to build the house.

Then about 18months later a monstrous 5/6 bed detached house pops up. There are a few sites around at the moment, but they are all a several acres only suitable for a multi-millionaire or a small development. If only I could find 5-10 like minded people so we could buy the land together and all build our own houses!

If Cameron's Eton Toff mates who own half the countryside could be persuaded to release land for building on, we wouldn't have this problem.

Of course, they won't.

[Matt..]

I'm getting close to exchange now. Is there anything I should request or know for exchange?

[CharlesdeGaulle]

Mobile Chicane said:

If Cameron's Eton Toff mates who own half the countryside could be persuaded to release land for building on, we wouldn't have this problem.

Of course, they won't.

Eh?

There's a not-sure-if-serious-thing that probably fits here.

[Countdown]

Going to see a house on Monday - fingers crossed

Price is right, it has enough parking, double garage plus spacious drive and a fair amount of room to expand. It's just the size of the bedrooms which might let things down.

[brickwall]

brickwall said:

Well put in an offer today (at asking) - let's see what happens.

Well, estate agent called back and said "There have been 3 identical offers on the property, and the vendor can't choose between them. Are you prepared to up your offer?"

To which the response was "No, I'm not."

[panholio]

Interesting the earlier posts about Leeds. I am looking around North Leeds and struggling. Put an offer in on a house this weekend. We were first to view it an offered before it had gone online. Vendor had another offer higher than ours this afternoon. I thought we'd offered beyond what it is worth so I'm not prepared to go higher. I lose.

I guess the point of my post is I'm after a decent place (my "must haves" are parking, a garage, a good sized garden and within a decent school catchment area). My budget is about £350k ish. I have a £60k saved for a deposit. I'd go for a cheaper place and do a 90% mortgage with a view to extending.

What I can't understand is how people afford these prices unless they have big deposits. Some quick monthly mortgage payment figures at 10 and 20% deposits on 25 year mortgages:

£350k house £1650, £1185
£500k house £2350, £1770

£1600 a month is a lot of money. For a long time! and these are cheap 2 year fixes at historically low rates. Then you need to stump up £10500 stamp duty on a £350k house and £20,000 on a £500k house. Plus solicitors fees, plus moving costs plus whatever crazy "booking fee" the mortgage company add on.

What does your average person earn up north? £25-30k per year? So a couple might be on say £3200 a month after tax? 50% of your income What if you have kids, she can't go on maternity leave. What about childcare costs, or you lose your job? Or rates go up?

Doesn't add up. I can't see how it can go on.

These £350k houses aren't anything special either! What do people earn that live in £500k houses?!

The madness of a market where 10 people are making offers within days of it going on sale I can't cope with.

[vescaegg]

Sargeant Orange said:

Pretty crazy times at the moment, 4/5 beds around me are easily back to pre crash prices.

My problem is I keep comparing every property to the one I missed out on a few years back which was sold a few hours after we viewed it. In hindsight it was perfect and nothing has come close since. Annoys the hell out of me every time I drive past the turning for it (every day).

I still cry every time I walk past 'the one that got away' 18 months ago; which in Reigate with prices the way they are may as well have been ten years ago.

Were about a week from exchange and lost our buyer so we lost the one we were buying.

We had it at £260k and vowed we would live on that road when another came up. Next door just came up;

£430k!

[Dave_ST220]

panholio said:

Doesn't add up. I can't see how it can go on.

What you don't know is how these are being funded. A lot of people made a lot of money not so far back, some property doubled in value in the early 00's. If you purchased at the right time & sold up at the right time it's quite easy to get to the figures you quote on not too fantastic wages.

Now if these houses are being purchased with small deposits it can only really end in tears.......

(+ mortgage lending has supposedly been tightened up??)

[scenario8]

vescaegg said:

I still cry every time I walk past 'the one that got away' 18 months ago; which in Reigate with prices the way they are may as well have been ten years ago.

Were about a week from exchange and lost our buyer so we lost the one we were buying.

We had it at £260k and vowed we would live on that road when another came up. Next door just came up;

£430k!

I know it's cheeky to ask; but you wouldn't mind letting on what tyope of house and/or which road (or area). As mentioned in other threads I'm local and an agent so curiosity gets the better of me in these threads, I'm afraid!

What happened "in the end" for you? Presumably you ended up somewhere somehow?

[panholio]

Dave_ST220 said:

What you don't know is how these are being funded. A lot of people made a lot of money not so far back, some property doubled in value in the early 00's. If you purchased at the right time & sold up at the right time it's quite easy to get to the figures you quote on not too fantastic wages.

Now if these houses are being purchased with small deposits it can only really end in tears.......

(+ mortgage lending has supposedly been tightened up??)

I guess you are right Dave. I'm 32, bought my previous house in 2007 and made the square root of fook all on it. I guess some people did accumulate big equity over that period and they can do better than me.

[vescaegg]

scenario8 said:

vescaegg said:

I still cry every time I walk past 'the one that got away' 18 months ago; which in Reigate with prices the way they are may as well have been ten years ago.

Were about a week from exchange and lost our buyer so we lost the one we were buying.

We had it at £260k and vowed we would live on that road when another came up. Next door just came up;

£430k!

I know it's cheeky to ask; but you wouldn't mind letting on what tyope of house and/or which road (or area). As mentioned in other threads I'm local and an agent so curiosity gets the better of me in these threads, I'm afraid!

What happened "in the end" for you? Presumably you ended up somewhere somehow?

It was a 3 bed semi in need of refurbishment on New North Road (on the good side with the cricket pitch at the end of the garden). One has just come on for £430k and a similar finish could have been achived for around £30k on 'mine' so for arguments sake, a £140k over what I would have been in at with the way the market has gone.

Yes I bought elsewhere only round the corner, which ended up being a cracking deal just before things went mental, but not as good! Things have gone positively stupid though in the last 3-4 months. Me and the missus absolutely LOVE Reigate though so will have to spend a lot more when we come to move of ps off out of here

Incidentally who do you work for? I will probably be selling in about 12 months and it may be handy to have a contact If you dont want to spread it about and dont mind saying then perhaps PM me?

Edited by vescaegg on Tuesday 29th April 17:15

[scenario8]

panholio said:

I guess you are right Dave. I'm 32, bought my previous house in 2007 and made the square root of fook all on it. I guess some people did accumulate big equity over that period and they can do better than me.

To have bought your previous (first?) house at 25 and to be in a position to buy a circa £350k home at 32 would indicate you're doing "ok" - perhaps especially when I see what your £350k buys you in "North Leeds" compared to the lifestyle you would be affored in, say, the Reigate area mentined just a couple of posts before. Look on the positives!

North Leeds

http://www.rightmove.co.uk/property-for-sale/prope...

http://www.rightmove.co.uk/property-for-sale/prope...

http://www.rightmove.co.uk/property-for-sale/prope...

http://www.rightmove.co.uk/property-for-sale/prope...

Reigate

http://www.rightmove.co.uk/property-for-sale/prope...

http://www.rightmove.co.uk/property-for-sale/prope...

http://www.rightmove.co.uk/property-for-sale/prope...

(I'm sure there are better examples - I just searched on the map and clicked on a few).