Is anyone moving now?
Discussion
The wife and I have decided that now is the time to get onto the property ladder, and all I can say is...it's been emotional. Been living in the same rented house for 6 years now, so our first port of call was the landlord, to see if he still wanted to sell up as he did last time we spoke to him. Spoke to him, he had a couple of valuations done, then came back with a price at least £15k over what we would be comfortable paying (similar houses have all gone for the 200-210k mark, he wanted 230). Being first time buyers we can't really go above market rates - not that we want to - so started looking elsewhere.
That new journey included:
- 4 cancelled viewings as the seller had already had an offer and didn't want any more
- 3 houses we were interested in which sold, then came back on the market 20k higher than previously
- Many patronising estate agents who only just stopped short of "Can I speak to the man of the house?" when my wife called them up
- 1 house we put an offer on, only to find the only reason it had been relisted was to get the original buyer to get back in the game
- Some overpriced tiny new builds.
Must admit we were getting pretty despondent towards the end of last week and were ready to leave it for 3 - 6 months to let things sort themselves out, however whilst browsing Rightmove, I noticed someone had just added a lovely 30's Semi Detached out by the Hospital - recently refurbished and with a fully kitted out garden, including a bar.
We thought we'd book one last viewing. Booked in for 5:30 Friday, got there, rang on the doorbell a few times, no answer. Ended up leaving, then as we were driving off the seller appeared, so we parked up and had a look. House is just as stunning as we thought, even had stained glass on the stairway....and a bar (I've mentioned this a lot
).
Finished the viewing, put an offer in a couple of hours later - didn't think we'd get anywhere, then it was confirmed on Monday the offer was accepted! As you can imagine we are over the moon, it's right at the top of our budget, but seems totally worth it. Now we've just got the fun part to come and all the other potential pitfalls:
- The survey - it was last sold in 2016 so not too concerned here
- The mortgage valuation - this is the big one for us, as if there is too big of a gap between what they have asked for and what the mortgage company will lend against it we could struggle, but the asking price is in line with Zoopla's valuation.
- The mortgage application itself - Barclays have offered us twice the value of the property so we are reasonably relaxed here.
So exciting times. However neither party has a chain (being sold as part of a divorce) and we are all looking to move quickly, so fingers crossed.
That new journey included:
- 4 cancelled viewings as the seller had already had an offer and didn't want any more
- 3 houses we were interested in which sold, then came back on the market 20k higher than previously
- Many patronising estate agents who only just stopped short of "Can I speak to the man of the house?" when my wife called them up
- 1 house we put an offer on, only to find the only reason it had been relisted was to get the original buyer to get back in the game
- Some overpriced tiny new builds.
Must admit we were getting pretty despondent towards the end of last week and were ready to leave it for 3 - 6 months to let things sort themselves out, however whilst browsing Rightmove, I noticed someone had just added a lovely 30's Semi Detached out by the Hospital - recently refurbished and with a fully kitted out garden, including a bar.
We thought we'd book one last viewing. Booked in for 5:30 Friday, got there, rang on the doorbell a few times, no answer. Ended up leaving, then as we were driving off the seller appeared, so we parked up and had a look. House is just as stunning as we thought, even had stained glass on the stairway....and a bar (I've mentioned this a lot
). Finished the viewing, put an offer in a couple of hours later - didn't think we'd get anywhere, then it was confirmed on Monday the offer was accepted! As you can imagine we are over the moon, it's right at the top of our budget, but seems totally worth it. Now we've just got the fun part to come and all the other potential pitfalls:
- The survey - it was last sold in 2016 so not too concerned here
- The mortgage valuation - this is the big one for us, as if there is too big of a gap between what they have asked for and what the mortgage company will lend against it we could struggle, but the asking price is in line with Zoopla's valuation.
- The mortgage application itself - Barclays have offered us twice the value of the property so we are reasonably relaxed here.
So exciting times. However neither party has a chain (being sold as part of a divorce) and we are all looking to move quickly, so fingers crossed.
kingston12 said:
There are two noticeable changes here in the SW London suburbs.
Firstly, the asking prices of older flats have gone down significantly unless they have private outside space. The asking price for a standard 2 bed flat in a block in a reasonable (but not really sought-after) location was £450k-£500k last year, but now seems more like £375k-£420k.
That's quite drop considering that most of the rest of the market is up quite significantly. Flats in the better location with gardens seem to be holding up and new builds are just as silly as usual.
Secondly, the volume of properties coming onto the market in the really sought after segment of the market (£800k-£1.3m 2-3 bed houses in certain roads) has totally collapsed after a real peak last year, perhaps indicating that most of the 'lifestyle-changers' have already gone.
Yes. Without giving too much detail away, someone I know agreed above asking up towards Tolworth on a 3 bed house, current owners can't find anything onward to buy. She's kept her alerts on and NOTHING has dropped into the market. Peculiar. Firstly, the asking prices of older flats have gone down significantly unless they have private outside space. The asking price for a standard 2 bed flat in a block in a reasonable (but not really sought-after) location was £450k-£500k last year, but now seems more like £375k-£420k.
That's quite drop considering that most of the rest of the market is up quite significantly. Flats in the better location with gardens seem to be holding up and new builds are just as silly as usual.
Secondly, the volume of properties coming onto the market in the really sought after segment of the market (£800k-£1.3m 2-3 bed houses in certain roads) has totally collapsed after a real peak last year, perhaps indicating that most of the 'lifestyle-changers' have already gone.
C70R said:
The stuff that's moving in my part of London (Z3 SW) appears to be only slightly above that level.
It's a mix of what appear to be first-timers (our new neighbours being a prime example - £450k for a 1.5-bed flat) and small family homes (£750k-ish for a 2.5-3-bed flat or house).
A friend of mine who paid ~£1.5m for a detached, family home in Z2-3 SE a few years ago floated the idea of putting his on the market and exploring a bigger house in the 'burbs. The agent said that he'd be lucky to get what he paid, as the number of people moving at that level was smaller than he could ever remember.
Where are you? This sounds quite cheap for Z3 southwest?!It's a mix of what appear to be first-timers (our new neighbours being a prime example - £450k for a 1.5-bed flat) and small family homes (£750k-ish for a 2.5-3-bed flat or house).
A friend of mine who paid ~£1.5m for a detached, family home in Z2-3 SE a few years ago floated the idea of putting his on the market and exploring a bigger house in the 'burbs. The agent said that he'd be lucky to get what he paid, as the number of people moving at that level was smaller than he could ever remember.
Edited by C70R on Wednesday 21st July 12:13
Not so surprised on the other one, buying big in SE is a gamble outside of the very nice bits (of which there are not many..!).
We're in the process of buying in Edinburgh. The process here is usually sealed bids (i.e. a closing date and you submit your best offer - really hard to gauge). Paying 15-30% over valuation is normal (the valuations never seem to quite catch up!). Edinburgh isn't cheap and the market has been nuts in 2021 - not so much for flats, which are not selling as quickly and not for crazy money.... but anything with a garden and garage is very popular, which I guess is the same countrywide post COVID. Apparently there's a bit more 'London money' than usual, presumably reflecting increased locational flexibility of employers and people deciding to return to be closer to family etc.
In decent areas here, 1920-1950s dormer bungalows valued at £650k have been selling for £800k+, with 15 or more offers. Houses up to £1m have generally been going to closing dates within 1-2 weeks. In the £1m-1.5m+ bracket is generally older semi-detached Georgian or Victorian property in prime areas.These are still typically selling within 2 weeks, but sometimes without going to a closing date and/or for a lower % premium over valuation. We started in a lower bracket but moved into this bracket - it's arguably better value being out of the stampede price range (which seemed to be £600-900k). With a few exceptions, £1.5m is around the top of the market here.
It just seems to be driven by limited supply and too much demand - who knows where it will all end, though it does feel that the market might be cooling slightly over the past couple of weeks (though it would usually over late summer anyway). I think the UK is unlikely to resolve its housing shortage any time soon, and the government and BoE are invested in avoiding a crash.
Building rapport with sellers can be really worthwhile - we recently viewed one where they told us they “didn’t need the highest offer” and wanted people they like to have it… not sure why it makes any difference, but I guess people emotionally invest, and I do remember my parents accepting a lower offer from a family they liked years ago. The key thing is not to borrow too much/over-commit financially, and choose somewhere you would be ok with staying longish term if the market does drop. Totally appreciate that achieving this is much more difficult if you're buying a first home and/or on stretched finances.
In decent areas here, 1920-1950s dormer bungalows valued at £650k have been selling for £800k+, with 15 or more offers. Houses up to £1m have generally been going to closing dates within 1-2 weeks. In the £1m-1.5m+ bracket is generally older semi-detached Georgian or Victorian property in prime areas.These are still typically selling within 2 weeks, but sometimes without going to a closing date and/or for a lower % premium over valuation. We started in a lower bracket but moved into this bracket - it's arguably better value being out of the stampede price range (which seemed to be £600-900k). With a few exceptions, £1.5m is around the top of the market here.
It just seems to be driven by limited supply and too much demand - who knows where it will all end, though it does feel that the market might be cooling slightly over the past couple of weeks (though it would usually over late summer anyway). I think the UK is unlikely to resolve its housing shortage any time soon, and the government and BoE are invested in avoiding a crash.
Building rapport with sellers can be really worthwhile - we recently viewed one where they told us they “didn’t need the highest offer” and wanted people they like to have it… not sure why it makes any difference, but I guess people emotionally invest, and I do remember my parents accepting a lower offer from a family they liked years ago. The key thing is not to borrow too much/over-commit financially, and choose somewhere you would be ok with staying longish term if the market does drop. Totally appreciate that achieving this is much more difficult if you're buying a first home and/or on stretched finances.
Edited by johnnyBv8 on Wednesday 21st July 13:39
okgo said:
Yes. Without giving too much detail away, someone I know agreed above asking up towards Tolworth on a 3 bed house, current owners can't find anything onward to buy. She's kept her alerts on and NOTHING has dropped into the market. Peculiar.
Yep, I've got an alert on the river/town centre area and there's been no new houses at all in a while. Even the existing stock seems to have mainly sold - there are a couple of the really small terraced houses on (£1,000 per sqft!), one that has hung around for ages and virtually nothing else. Compare that to last year when there were more houses on in the area than I've seen seen before and it's quite a swing!
okgo said:
C70R said:
The stuff that's moving in my part of London (Z3 SW) appears to be only slightly above that level.
It's a mix of what appear to be first-timers (our new neighbours being a prime example - £450k for a 1.5-bed flat) and small family homes (£750k-ish for a 2.5-3-bed flat or house).
A friend of mine who paid ~£1.5m for a detached, family home in Z2-3 SE a few years ago floated the idea of putting his on the market and exploring a bigger house in the 'burbs. The agent said that he'd be lucky to get what he paid, as the number of people moving at that level was smaller than he could ever remember.
Where are you? This sounds quite cheap for Z3 southwest?!It's a mix of what appear to be first-timers (our new neighbours being a prime example - £450k for a 1.5-bed flat) and small family homes (£750k-ish for a 2.5-3-bed flat or house).
A friend of mine who paid ~£1.5m for a detached, family home in Z2-3 SE a few years ago floated the idea of putting his on the market and exploring a bigger house in the 'burbs. The agent said that he'd be lucky to get what he paid, as the number of people moving at that level was smaller than he could ever remember.
Edited by C70R on Wednesday 21st July 12:13
Not so surprised on the other one, buying big in SE is a gamble outside of the very nice bits (of which there are not many..!).
kingston12 said:
okgo said:
Yes. Without giving too much detail away, someone I know agreed above asking up towards Tolworth on a 3 bed house, current owners can't find anything onward to buy. She's kept her alerts on and NOTHING has dropped into the market. Peculiar.
Yep, I've got an alert on the river/town centre area and there's been no new houses at all in a while. Even the existing stock seems to have mainly sold - there are a couple of the really small terraced houses on (£1,000 per sqft!), one that has hung around for ages and virtually nothing else. Compare that to last year when there were more houses on in the area than I've seen seen before and it's quite a swing!
Frik said:
kingston12 said:
okgo said:
Yes. Without giving too much detail away, someone I know agreed above asking up towards Tolworth on a 3 bed house, current owners can't find anything onward to buy. She's kept her alerts on and NOTHING has dropped into the market. Peculiar.
Yep, I've got an alert on the river/town centre area and there's been no new houses at all in a while. Even the existing stock seems to have mainly sold - there are a couple of the really small terraced houses on (£1,000 per sqft!), one that has hung around for ages and virtually nothing else. Compare that to last year when there were more houses on in the area than I've seen seen before and it's quite a swing!
Frik said:
This is presumably why we've heard very little from our buyer. Zoopla reckons the house has gained £20k since we accepted her offer 4 months ago.
That's the thing that is going to risk chains breaking down eventually. Your buyer is waiting patiently for you to find somewhere, but you could end up having to offer in a completely different market before long if prices continue going up 1% a month as they have been in some areas.Frik said:
We've been looking further out for property but there's not much out there either.
How are you finding the price differential when they do come on? I keep a casual eye on the Sevenoaks-Tunbridge Wells corridor and the prices have continued to shoot upwards for the larger houses of the type that people moving out of London would be looking for. Prices are unrecognisable there from two years ago. I wasn't seriously looking, but I reckon to make the move I'd have wanted to make to a bigger house there would have cost me net £250k in 2019 but £450k+ now.
No significant changes down the Portsmouth line that I've noticed. You really don't get an awful lot more for your money when compared to town, in the nicer bits. Station access as ever demands a premium that unfortunately we have to stump up for.
Problem is the kind of houses we want are the kind that people hold on to until they're wheeled out of them, hence there not being so many on the market.
We did look at a house 5 mins from us last weekend as an alternative plan but balked at paying £250k more for a couple of extra tiny bedrooms and the same living space. It was probably £50k over, mind and also not "immaculate" as claimed.
Problem is the kind of houses we want are the kind that people hold on to until they're wheeled out of them, hence there not being so many on the market.
We did look at a house 5 mins from us last weekend as an alternative plan but balked at paying £250k more for a couple of extra tiny bedrooms and the same living space. It was probably £50k over, mind and also not "immaculate" as claimed.
greggy50 said:
I would agree its £300 - £550k ish that's selling quickly around here (Chester)
......
I wonder if a lot of that is people who've inherited over the last 12 months or so moving up from traditional semis etc.......
My daughter and her husband live in Vicars Cross 'estate' so pretty near the place you're hoping to buy. They must be above average locally - she works in the NHS and he's a teacher. I don't know exactly how much they earn but probably in the region of £75K gross. Their house could be nudging £250K (they paid £150K for it) and now their little kids are both at school so they're free of nursery costs I wondered if they might make a step up and they were absolutely horrified at the suggestion.
heard from an agent today that the rentals market is starting to wobble a bit round our part of the country. So many people selling their house and then being unable to find a place to move to in good time, and so aiming to source a rental house. They said landlords now starting to demand minimum 2 years contracts, just because they can. Obviously they don't want tenant after tenant who only wants 2 months and moans at the idea of 6 month minimum. Don't shoot me; it's just what i was told. I do however see lots of naive fresh faced fools on social media, buoyed by they amazing price they sold their house for, asking without a hint of irony if anyone has a house to rent meeting their long unreasonable list of requirements, for an unreasonably short and irregular term.
Just moved to a house I’m unlikely to move from - enormous project that will kept me hard at the grindstone but I live in a town that’s mainly a conservation area with very restricted stock of the type we wanted. The perfect house came up off market and we went for it.
Too busy for the ball ache of a chain so have kept my current house. Idea was to work on the new house for 2/3 months to make it civil before starting major works and planning. Put the current house up for rent and it went in 24 hours! Now a mad frenzy to move in the next 2 weeks.
I’m sure it will be worth it in the end but now overbusy..
Too busy for the ball ache of a chain so have kept my current house. Idea was to work on the new house for 2/3 months to make it civil before starting major works and planning. Put the current house up for rent and it went in 24 hours! Now a mad frenzy to move in the next 2 weeks.
I’m sure it will be worth it in the end but now overbusy..
We are selling a house in England and buying a farm in Scotland, the two systems couldn't be more different.
Once our buying offer was accepted that was it, no risk of gazumping or any other stuff like that and our solicitor is cracking on. Time from accepted offer to completion is going to be 6 weeks.
Selling.... two offers from cash buyers who turn out not to have any actual cash, one offer from a very nice couple who decided at the point of exchange that they would rather live closer to London. Now back with viewings again.....
Lucky for us, we don't need to sell our house to buy the new one or our dream place would have been lost to us.
Once our buying offer was accepted that was it, no risk of gazumping or any other stuff like that and our solicitor is cracking on. Time from accepted offer to completion is going to be 6 weeks.
Selling.... two offers from cash buyers who turn out not to have any actual cash, one offer from a very nice couple who decided at the point of exchange that they would rather live closer to London. Now back with viewings again.....
Lucky for us, we don't need to sell our house to buy the new one or our dream place would have been lost to us.
Sheepshanks said:
greggy50 said:
I would agree its £300 - £550k ish that's selling quickly around here (Chester)
......
I wonder if a lot of that is people who've inherited over the last 12 months or so moving up from traditional semis etc.......
My daughter and her husband live in Vicars Cross 'estate' so pretty near the place you're hoping to buy. They must be above average locally - she works in the NHS and he's a teacher. I don't know exactly how much they earn but probably in the region of £75K gross. Their house could be nudging £250K (they paid £150K for it) and now their little kids are both at school so they're free of nursery costs I wondered if they might make a step up and they were absolutely horrified at the suggestion.
We earn about £90k gross between us and our stretch budget was about £475k.
The issue your daughter will have in Vicars Cross is they will need to spend 400+ for it to be worthwhile moving which may be too much for them.
We were moving for location mainly, if we had a decent semi in town which we had picked up a couple of years ago instead of the house we had just sold I doubt we would have bothered moving either.
The properly nice stuff is £600k+ for £300-£500k in a decent part of Chester all you will get is a nice semi detached with an extension now.
Blown2CV said:
heard from an agent today that the rentals market is starting to wobble a bit round our part of the country. So many people selling their house and then being unable to find a place to move to in good time, and so aiming to source a rental house. They said landlords now starting to demand minimum 2 years contracts, just because they can. Obviously they don't want tenant after tenant who only wants 2 months and moans at the idea of 6 month minimum. Don't shoot me; it's just what i was told. I do however see lots of naive fresh faced fools on social media, buoyed by they amazing price they sold their house for, asking without a hint of irony if anyone has a house to rent meeting their long unreasonable list of requirements, for an unreasonably short and irregular term.
One would imagine that for only a month or two the current rates for a hotel room + storage would be as cheap as renting a house. skeeterm5 said:
Selling.... two offers from cash buyers who turn out not to have any actual cash
Blame the agents... the number who think “cash buyer” means “someone with nowhere to sell but still requiring a mortgage” is quite scary. Even when they know a mortgage is involved (because they’ve asked for a copy of the mortgage in principle) they will still present as “cash buyer” to the vendor.LooneyTunes said:
Blame the agents... the number who think “cash buyer” means “someone with nowhere to sell but still requiring a mortgage” is quite scary. Even when they know a mortgage is involved (because they’ve asked for a copy of the mortgage in principle) they will still present as “cash buyer” to the vendor.
Our buyer flat-out lied and changed the goal posts a couple of times after appointment of solicitors.With the collusion of the solicitor.
Shirty stuff.
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