Is anyone moving now?
Discussion
LooneyTunes said:
I can see the sense in sitting it out for a while and seeing if it cools a bit but if wanting to buy somewhere to live longterm I’m not sure I’d want to bet on it becoming too much of a buyer’s market with prices in free fall.
Indeed. I don't think that this crazy market can last too much longer, but it's not like the 'old days' when bust usually followed boom.I'd expect things will just calm down - price growth will slow but not halt and there will be far less interested buyers for each property.The whole economy is reliant on QE and perpetual low interest rates which favours asset price growth and the government aren't shy in introducing measures that support the housing market specifically.
I don't think that we'll see another housing market crash of the level of 2008 for a long time to come, let alone a 'proper' crash like we used to have (feel free to quote this when a big crash happens next year
)Edited by kingston12 on Tuesday 6th July 13:53
We accepted an offer several weeks ago, and now have a very impatient chain below us wondering why we haven't found a place to move to yet.
Had one offer rejected due to the length of our chain, and currently 3 weeks into having submitted an offer with zero confirmation from the agent whether it's been accepted (despite calling them almost daily)
I'm acutely aware of the lack of the properties coming available in our price range!
Had one offer rejected due to the length of our chain, and currently 3 weeks into having submitted an offer with zero confirmation from the agent whether it's been accepted (despite calling them almost daily)
I'm acutely aware of the lack of the properties coming available in our price range!
So far I have 'sold' my house three times since December, first drop out was due to an unfavourable mortgage valuation, second a change of mind, third buyer is in rented and seems to be going smoothly. Each sale has been for more than the one before but of course that means nothing until I have the money in my account.
My main problem is finding somewhere to buy, almost nothing coming onto the market at the moment. I suspect we will end up in rented which I am not delighted by but at least we will be in a good position to move quickly when the right house appears.
Ben
My main problem is finding somewhere to buy, almost nothing coming onto the market at the moment. I suspect we will end up in rented which I am not delighted by but at least we will be in a good position to move quickly when the right house appears.
Ben
Rob. said:
We accepted an offer several weeks ago, and now have a very impatient chain below us wondering why we haven't found a place to move to yet.
Had one offer rejected due to the length of our chain, and currently 3 weeks into having submitted an offer with zero confirmation from the agent whether it's been accepted (despite calling them almost daily)
I'm acutely aware of the lack of the properties coming available in our price range!
i don't want to be the bearer of bad news, but vendors are in such a good a position right now that they can get away without tolerating any chain whatsoever. We've lost out on more than one property by virtue that we needed a mortgage, despite 30% deposit. The view was not that it was risky, but they preferred pure cash as there were fewer steps and paperwork delays involved. Had one offer rejected due to the length of our chain, and currently 3 weeks into having submitted an offer with zero confirmation from the agent whether it's been accepted (despite calling them almost daily)
I'm acutely aware of the lack of the properties coming available in our price range!
BigBen said:
So far I have 'sold' my house three times since December, first drop out was due to an unfavourable mortgage valuation, second a change of mind, third buyer is in rented and seems to be going smoothly. Each sale has been for more than the one before but of course that means nothing until I have the money in my account.
My main problem is finding somewhere to buy, almost nothing coming onto the market at the moment. I suspect we will end up in rented which I am not delighted by but at least we will be in a good position to move quickly when the right house appears.
Ben
everyone's problem is finding somewhere to buy. My main problem is finding somewhere to buy, almost nothing coming onto the market at the moment. I suspect we will end up in rented which I am not delighted by but at least we will be in a good position to move quickly when the right house appears.
Ben
I don't see this problem with mad competition for each property. There may not be too much stock around but things aren't at 2007 levels of open mornings then sealed bids on every property.
We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a s
tty stick by any means
We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a s
tty stick by any meansClaphamGT3 said:
I don't see this problem with mad competition for each property. There may not be too much stock around but things aren't at 2007 levels of open mornings then sealed bids on every property.
We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a stty stick by any means
it is happening in many places. Generally it will be happening in places people want to move to (due to post-pandemic life re-prioritisation etc.) rather than places they might be moving from. It is happening to a huge degree around where I live. We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a s
tty stick by any meansWell, we sold at the end of April and found a new property at the beginning of May.
We're in a 6-party chain, which has recently been closed with the top willing to go into rented and the bottom being a FTB.
Things are progressing, just veeeerrrry slowly. Possibly due to a rush on certain services to meet the stamp duty deadline (which we were never going to hit)
We're now in a situation where we're pretty much ready to go, people above us almost are too. Just waiting for the bottom of the chain to catch up.
Fingers crossed.
We're in a 6-party chain, which has recently been closed with the top willing to go into rented and the bottom being a FTB.
Things are progressing, just veeeerrrry slowly. Possibly due to a rush on certain services to meet the stamp duty deadline (which we were never going to hit)
We're now in a situation where we're pretty much ready to go, people above us almost are too. Just waiting for the bottom of the chain to catch up.
Fingers crossed.
Blown2CV said:
ClaphamGT3 said:
I don't see this problem with mad competition for each property. There may not be too much stock around but things aren't at 2007 levels of open mornings then sealed bids on every property.
We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a stty stick by any means
it is happening in many places. Generally it will be happening in places people want to move to (due to post-pandemic life re-prioritisation etc.) rather than places they might be moving from. It is happening to a huge degree around where I live. We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a s
tty stick by any meansLooking at data in the industry, absorption rates for new builds are high and stock rates of both NB and ES are low but HPI isnt stupidly high. Transaction volumes are also low, suggesting that, at the moment, not many people are actually moving.
To the poster a couple of threads up, a six person chain is just mad. I get that it doesnt work at the bottom of the chain but, higher up, I don't see why people conjoin their sale and purchase. When bridging finance has never been cheaper, why go through the pain and uncertainty?
ClaphamGT3 said:
Blown2CV said:
ClaphamGT3 said:
I don't see this problem with mad competition for each property. There may not be too much stock around but things aren't at 2007 levels of open mornings then sealed bids on every property.
We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a stty stick by any means
it is happening in many places. Generally it will be happening in places people want to move to (due to post-pandemic life re-prioritisation etc.) rather than places they might be moving from. It is happening to a huge degree around where I live. We've just bought a place in Hove. Nice little mews house less than 5 mins from the beach. It's done well since it last sold and, because it was what we wanted, where we wanted it, we paid pretty much asking but we weren't fighting other purchasors off with a s
tty stick by any meansLooking at data in the industry, absorption rates for new builds are high and stock rates of both NB and ES are low but HPI isnt stupidly high. Transaction volumes are also low, suggesting that, at the moment, not many people are actually moving.
To the poster a couple of threads up, a six person chain is just mad. I get that it doesnt work at the bottom of the chain but, higher up, I don't see why people conjoin their sale and purchase. When bridging finance has never been cheaper, why go through the pain and uncertainty?
Well, my jubilance was short-lived. Survey has come back to say it needs major work to address roof issues and damp. We were aware of both, but not being experts hadn't realised the extent of the issues. Age of the house (early 19th) was always going to present some issues, but I wasn't prepared for this level of remedial works required.
It's unlikely, from previous conversations, that the vendor is likely to accommodate this in the price (initial estimates are running to around 20% of value!), so it looks like we're back to the drawing board.
Frustrating, but better than buying a black hole to pour money into.
I suspect that any buyer is going to have issues getting a mortgage (we were cash buyers, so not an issue), so he's going to be in a spot of bother selling.
It's unlikely, from previous conversations, that the vendor is likely to accommodate this in the price (initial estimates are running to around 20% of value!), so it looks like we're back to the drawing board.
Frustrating, but better than buying a black hole to pour money into.
I suspect that any buyer is going to have issues getting a mortgage (we were cash buyers, so not an issue), so he's going to be in a spot of bother selling.
Blown2CV said:
everyone's problem is finding somewhere to buy.
I disagree, finding somewhere to buy is quite easy. Getting your offer actually accepted is far more difficult.We sold, provisionally bought three, but each vendor couldn’t secure an onward purchase due to current market dynamics.
Many older purchasers expect to view at least 2-3 times with a critical mindset, won’t build a relationship with agent or vendor, then try to lop off 10% and make everything subject to survey, it’s just never going to happen on anything desirable or priced reasonably in this market.
Vendors want zero chain viewers, offers near or above asking, plus to feel they trust the buyer. If they get all this they’ll then go out and repeat behaviours in my prior sentence.
ClaphamGT3 said:
Hove is about the most desirable target location in the country at the moment and its still not mad.
That seems somewhat illogical.Look at greggy50’s recent posts - he bought his house 20mths ago after it had been on the market for 8mths. He’s just put it up for sale and has been mown down by buyers.
I’m not a million miles from him and pretty well everything is like that and at all prices levels too. There’s a £1.5M (that’s a lot around here) place nearby that just went SSTC instantly. There is the odd property that sticks, but because there’s something wrong or the price is out of whack.
ETA: I just looked at terraced property in Hove on Rightmove - only 27 available of 172 listed. I’d be quite worried why there wasn’t any competition on the one you just bought!
Edited by Sheepshanks on Tuesday 6th July 23:44
Well, everything seems to be on track for our move. The removal guys are coming tomorrow and we should get the keys around mid-day on Friday.
Kinda dreading it, to be honest, our toddler is out of sorts already due to the arrival of her sister six weeks ago so there's going to be a bit of a settling period!
Still, good to get cracking on making it our own soon I suppose! It's all magnolia just now with some dreadful chandelier type light fittings!
Kinda dreading it, to be honest, our toddler is out of sorts already due to the arrival of her sister six weeks ago so there's going to be a bit of a settling period!
Still, good to get cracking on making it our own soon I suppose! It's all magnolia just now with some dreadful chandelier type light fittings!
Sheepshanks said:
ClaphamGT3 said:
Hove is about the most desirable target location in the country at the moment and its still not mad.
That seems somewhat illogical.Look at greggy50’s recent posts - he bought his house 20mths ago after it had been on the market for 8mths. He’s just put it up for sale and has been mown down by buyers.
I’m not a million miles from him and pretty well everything is like that and at all prices levels too. There’s a £1.5M (that’s a lot around here) place nearby that just went SSTC instantly. There is the odd property that sticks, but because there’s something wrong or the price is out of whack.
ETA: I just looked at terraced property in Hove on Rightmove - only 27 available of 172 listed. I’d be quite worried why there wasn’t any competition on the one you just bought!
Edited by Sheepshanks on Tuesday 6th July 23:44
Blown2CV said:
i can imagine some vendors have serious $$$ eyes and even in the current market have massively overpriced their properties for sale, and as such even the mentalists and part time chinchilla groomers with 3M cash budget aren't interested.
There's several locally where I've thought "no way" at the asking price yet they've sold quickly - it seems that for sellers it's worth a punt at a high price. I guess there just is a lot of money kicking around.Sheepshanks said:
Blown2CV said:
i can imagine some vendors have serious $$$ eyes and even in the current market have massively overpriced their properties for sale, and as such even the mentalists and part time chinchilla groomers with 3M cash budget aren't interested.
There's several locally where I've thought "no way" at the asking price yet they've sold quickly - it seems that for sellers it's worth a punt at a high price. I guess there just is a lot of money kicking around.the word on the street is that a lot of city people are moving out to the country, with their oodles of equity and battle scars and skills in seriously sharky conduct in order to 'win' a house... and that has driven more of this insanity than the stamp duty holiday ever could have.
About 2 years ago our place was on the market for 6months without any offers, gave up selling. Last year it was on for a few months until we got one offer. That fell through so went on market in April and had 5 offers on table within 3 days, all at or above asking price. This was a 4 bed place on edge of Cotswolds, all the bidders were local, most looking to upsize to get dedicated home office space.
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