Is anyone moving now?
Discussion
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.We sold two city centre flats in December 2020, and have been looking for a house since then. This was a “stage of life” decision for us, but unfortunately has coincided with a seemingly widespread covid re-assessment of housing needs!
We’re in Scotland, where most places go to a sealed bids closing date - within 2 to 3 weeks of listing. When we sold our flats the market for them was a bit slower as everyone wants a garden, but the buoyancy seems to have now trickled down to flats - albeit to a lesser extent.
We’ve found it a slightly stressful search - very little supply, and stuff going well over valuation…up to 30%. Apparently a lot of relocation money from London. Although we’ve probably lost some price growth by selling at the start of the year, we’re at least in a good position as buyers with no chain. We started looking at houses for £700-800k but they’re routinely going for £150-200k more than this, with 15+ bidders. Looking at the market, we moved our budget up to £1-1.2m, where although houses are selling quickly, they’re generally going closer to valuation. Had an offer accepted last week, partly based on our position as buyers and partly due to rapport built with the seller.
I’m still addicted to Rightmove, but am planning to wean myself off it
. I think the market will probably continue to rise this year, but then flatten off. As to whether prices will dip over the next few years, it's anyone's guess - almost all predictions for 2021 were wrong!
We’re in Scotland, where most places go to a sealed bids closing date - within 2 to 3 weeks of listing. When we sold our flats the market for them was a bit slower as everyone wants a garden, but the buoyancy seems to have now trickled down to flats - albeit to a lesser extent.
We’ve found it a slightly stressful search - very little supply, and stuff going well over valuation…up to 30%. Apparently a lot of relocation money from London. Although we’ve probably lost some price growth by selling at the start of the year, we’re at least in a good position as buyers with no chain. We started looking at houses for £700-800k but they’re routinely going for £150-200k more than this, with 15+ bidders. Looking at the market, we moved our budget up to £1-1.2m, where although houses are selling quickly, they’re generally going closer to valuation. Had an offer accepted last week, partly based on our position as buyers and partly due to rapport built with the seller.
I’m still addicted to Rightmove, but am planning to wean myself off it
. I think the market will probably continue to rise this year, but then flatten off. As to whether prices will dip over the next few years, it's anyone's guess - almost all predictions for 2021 were wrong!Edited by johnnyBv8 on Thursday 8th July 08:50
C70R said:
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.
Presumably you're going to test your theory by making an offer based on what you now know?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 depends on how special the property is I suppose, we've just taken one on with similar issues, but it'll be worth the aggro and money eventually for the finished product and for the location.
C70R said:
Don't underestimate how many people have built up a nestegg and resentment for their current house over the past 18mths.
I suppose there must be an element of unexpected savings, but (PHers apart) they're mostly not going to go far towards a step-up in property level especially as the steps are getting bigger.There must be whole bunch of people who have benefitted from an inheritence (only slghtly more than normal though) or perhpas people who've pulled money out of pensions.
I think generally there's a bit more of a 'get it spent' attitude amongst our friends than there used to be.
Evoluzione said:
C70R said:
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.
Presumably you're going to test your theory by making an offer based on what you now know?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 depends on how special the property is I suppose, we've just taken one on with similar issues, but it'll be worth the aggro and money eventually for the finished product and for the location.
Had this been a forever home, we might have thought differently about it. As it is, it's a second home for us to split time between London and the countryside for a few years while we figure out a long-term solve.
Consequently, I'd prefer not to spend a long time and a load of money (that isn't guaranteed to be recouped) fixing stuff. We really want a house we can just buy and enjoy. Not an easy task, given the desire for something with character. Perhaps time to focus back on barn conversions, rather than period cottages.
We did discuss the prospect of flipping this into a holiday let after a few years (which would justify the spend), but we're keen to double-down on a BTL in London later this year, and it would probably be an either/or situation.
Edited by C70R on Wednesday 7th July 15:21
kingston12 said:
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
)There are still houses out there that are sensibly priced, and sellers prepared to do deals, but there have definitely been fewer good ones listed near us in the past few weeks.
Seeing a few £700K + houses go SSTc within days.
That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
LooneyTunes said:
RICS survey apparently cites view amongst its members that they’ll keep going up due to supply shortages... https://www.bbc.co.uk/news/business-57754558
There are still houses out there that are sensibly priced, and sellers prepared to do deals, but there have definitely been fewer good ones listed near us in the past few weeks.
Yep. In fairness, all it has done in my area is exaggerate the ongoing trends. The houses in the sweet-spot price and location-wise are the ones that have gone up in price and have the extra interest. Almost everything outside of that band looks increasingly good value in comparison and is staying on the market just as long as before.There are still houses out there that are sensibly priced, and sellers prepared to do deals, but there have definitely been fewer good ones listed near us in the past few weeks.
Lord.Vader said:
Seeing a few £700K + houses go SSTc within days.
That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
That house looks lovely. Has that type of place seen big price hikes due to the current situation or are they just selling more quickly?That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
It's a good point about the maintenance, and there is also the fact that not everyone adjusts to a completely new lifestyle, however idyllic it seems.
A lot will depend on how remote working pans out. Living there would be far less attractive for people who end up having to go to London a couple of times a week than those who only have to go once a month.
kingston12 said:
LooneyTunes said:
RICS survey apparently cites view amongst its members that they’ll keep going up due to supply shortages... https://www.bbc.co.uk/news/business-57754558
There are still houses out there that are sensibly priced, and sellers prepared to do deals, but there have definitely been fewer good ones listed near us in the past few weeks.
Yep. In fairness, all it has done in my area is exaggerate the ongoing trends. The houses in the sweet-spot price and location-wise are the ones that have gone up in price and have the extra interest. Almost everything outside of that band looks increasingly good value in comparison and is staying on the market just as long as before.There are still houses out there that are sensibly priced, and sellers prepared to do deals, but there have definitely been fewer good ones listed near us in the past few weeks.
The area we're buying in has a LOT of ugly 60s/70s towns, and much of the bang-average property is hanging around as long as it did 18mths ago.
The market is stretching, propped up by desirable property.
Lord.Vader said:
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
"NEAREST STATIONShttps://www.rightmove.co.uk/properties/109963211#/
West Kirby Station 5.4 miles"
(There's a large river estuary in the way)Lord.Vader said:
Seeing a few £700K + houses go SSTc within days.
That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
I don’t know the area but that looks incredible for the moneyThat is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
C70R said:
Yeah, I've noticed the same.
The area we're buying in has a LOT of ugly 60s/70s towns, and much of the bang-average property is hanging around as long as it did 18mths ago.
The market is stretching, propped up by desirable property.
It stands to reason I suppose. The change in demand this time is primarily driven by more people moving to areas cheaper than where they are now, either city to suburbs/commuter belt or further out. Most of those buyers have always only looked at the better houses in their target areas and ignored everything else. The area we're buying in has a LOT of ugly 60s/70s towns, and much of the bang-average property is hanging around as long as it did 18mths ago.
The market is stretching, propped up by desirable property.
There will be a few people who just want more space at all costs, but not that many. Other than that, it is two completely separate markets.
I've just spent a few days in Southwold, Suffolk and that is as extreme an example as anywhere. The centre of the town is priced like parts of London, but a couple of miles outside prices really fall off.
kingston12 said:
Lord.Vader said:
Seeing a few £700K + houses go SSTc within days.
That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
That house looks lovely. Has that type of place seen big price hikes due to the current situation or are they just selling more quickly?That is a lot of money here when a 3/4 bed detached is normally sub £300k.
I am hoping it is a lid of City people who will get fed up when they realise the cost and time to maintain the houses and gardens and shall swoop to buy in 2-3 years.
I highly doubt it mind.
Something like this … what’s that, a studio on Zone 1?
https://www.rightmove.co.uk/properties/109963211#/
It's a good point about the maintenance, and there is also the fact that not everyone adjusts to a completely new lifestyle, however idyllic it seems.
A lot will depend on how remote working pans out. Living there would be far less attractive for people who end up having to go to London a couple of times a week than those who only have to go once a month.
DanL said:
As nice as it is, I’m not sure anyone needing a zone one flat will be moving to Wales…
Indeed. It is a small 3 bedroom house in the nice parts of SW London though. If you have a fantasy of your kids growing up in the middle of nowhere (and a lot round here do) then it would be appealing. Frik said:
Indeed. It is a small 3 bedroom house in the nice parts of SW London though. If you have a fantasy of your kids growing up in the middle of nowhere (and a lot round here do) then it would be appealing.
You'd have to budget for private education though - or get a boat and paddle across to West Kirby - the schools in North Wales are terrible.I know someone who has a similar-ish place in Oxfordshire - his oil bill is over a grand a month in winter.
Frik said:
DanL said:
As nice as it is, I’m not sure anyone needing a zone one flat will be moving to Wales…
Indeed. It is a small 3 bedroom house in the nice parts of SW London though. If you have a fantasy of your kids growing up in the middle of nowhere (and a lot round here do) then it would be appealing. That's two-bed flat territory in my nice bit of SW London.
put a final offer in on a property on Monday. Agent says we're one of two bidders and strongly indicated that we are equal, however he says it will all be concluded same day. It's probate but all being managed by one guy in the family, and as everything is selling over asking, there should be no major qualms or lots of people getting involved. Now Thursday and we are still waiting. Apparently the family point of contact did in fact need to go and speak to lots of people in the family, some of whom are in other countries. I can sense i am going to get black-balled by another agent for highlighting their shortcomings.
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