Is anyone moving now?
Discussion
Well the one I saw that went from guide 460, we initially offered £470, then in formal bidding 500, the final offers 505, but lost out last Friday.
Got a call today, buyer at top isn’t in the running now (not sure why)... the EA had mentioned when we were bidding the risks of mortgage bidders going too high and banks not agreeing with values, and had specifically said we shouldn’t worry too much as it might come back round.
In any case, as much as it’s a nice offer, we bidded to 505 to win it... now the top bidder is out, it’s not sensible for us to stay at 505.
I’ve a feeling the next bidders were down at 480 or so. Bit weird they now get it offered at 480 perhaps...
Anyhow we’re not buying it. Lost a week of our time until we’re out of our rental in 11 weeks.. The seller won’t commit to a rental until exchange, and might want 3-4 weeks between exchange and completion... but given their greed so far and clearly not aware of the rental market yet, I get this feeling they’ll just pull out of the sale when they realise it’s not a good time, and won’t go to exchange if they can’t find anything right.
We’re also £1000 + legals down on another property now.
Stupid market. Stupid time to be selling. Time wasters around. Greed. Stamp duty change coming. People thinking they can rent to be ‘chain free’ but not realising 12 months at £2000 pcm is £24,000, plus costs... £30,000... just to sell now... not in a more normal market.
You can see why new builds are popular but 90% of those are horror shows too.
The UK’s property market is showing its ugly side imo. No doubt many see this as a good time, but it’s only good for the fee earners.
Got a call today, buyer at top isn’t in the running now (not sure why)... the EA had mentioned when we were bidding the risks of mortgage bidders going too high and banks not agreeing with values, and had specifically said we shouldn’t worry too much as it might come back round.
In any case, as much as it’s a nice offer, we bidded to 505 to win it... now the top bidder is out, it’s not sensible for us to stay at 505.
I’ve a feeling the next bidders were down at 480 or so. Bit weird they now get it offered at 480 perhaps...
Anyhow we’re not buying it. Lost a week of our time until we’re out of our rental in 11 weeks.. The seller won’t commit to a rental until exchange, and might want 3-4 weeks between exchange and completion... but given their greed so far and clearly not aware of the rental market yet, I get this feeling they’ll just pull out of the sale when they realise it’s not a good time, and won’t go to exchange if they can’t find anything right.
We’re also £1000 + legals down on another property now.
Stupid market. Stupid time to be selling. Time wasters around. Greed. Stamp duty change coming. People thinking they can rent to be ‘chain free’ but not realising 12 months at £2000 pcm is £24,000, plus costs... £30,000... just to sell now... not in a more normal market.
You can see why new builds are popular but 90% of those are horror shows too.
The UK’s property market is showing its ugly side imo. No doubt many see this as a good time, but it’s only good for the fee earners.
I agree whippy. i,m looking at a house now its been for sale on and off for about 3/4 years and the price started back then at 500k then 535k and now offers over 600k and apparently, they have just received an offer around the asking price, hmm my daughter is going to look Monday. It ticks most boxes for us and i really like it but do not want to offer too much over that final figure especially as the market may well be slowing but do you risk losing it? it is a hard one.
If I were buying for 25-30 years of use (till I’m an old fart and might move), I’d happily go 20% over if necessary.
But I’ve seen two such properties I could afford in 12 months... and even then, one wasn’t ideal.
Anything else I’m being very considerate to resale and how much I might lose... or if it’ll be a good renter.
It’s not a time to be overpaying if you might be moving on any time soon as there is a good chance you’ve got your pricing way out vs the market, which as we can see is just all over right now.
But I’ve seen two such properties I could afford in 12 months... and even then, one wasn’t ideal.
Anything else I’m being very considerate to resale and how much I might lose... or if it’ll be a good renter.
It’s not a time to be overpaying if you might be moving on any time soon as there is a good chance you’ve got your pricing way out vs the market, which as we can see is just all over right now.
Bam89 said:
First time buyer looking for advice!
We've got a few viewings booked in over the weekend, they're all priced as follows
Offers in excess of £575k / £550k / £525k - all 3 went live this week
Offers in excess of £575k - was reduced from OIEO £600k 6 months ago
We put an offer in on a house we viewed a few weeks ago that was priced at offers over £550k and went to best and final offers. The offer was 5% below asking, but the agent basically told us we were miles off which threw me a bit.
I'm just wondering about etiquette on offers - Is it bad form to go way below the line they've drawn with the OIEO line? We could stretch to £575k, but not much more, gut feel is that the first is probably the one we're going to like the best but I don't want to set myself up for disappointment if we definitely need to go over that amount, which is why we've gone for a couple that are lower priced.
Then there's the one that has been on the market for a while, which is probably our second favourite from the listing - given its been up for a while, is offering below £575k acceptable?
All responses appreciated
First off, would be good to know the areas you are looking at. Assume from the combination of FTB and budget c. £550K you are somewhere in the South East? Which part though?We've got a few viewings booked in over the weekend, they're all priced as follows
Offers in excess of £575k / £550k / £525k - all 3 went live this week
Offers in excess of £575k - was reduced from OIEO £600k 6 months ago
We put an offer in on a house we viewed a few weeks ago that was priced at offers over £550k and went to best and final offers. The offer was 5% below asking, but the agent basically told us we were miles off which threw me a bit.
I'm just wondering about etiquette on offers - Is it bad form to go way below the line they've drawn with the OIEO line? We could stretch to £575k, but not much more, gut feel is that the first is probably the one we're going to like the best but I don't want to set myself up for disappointment if we definitely need to go over that amount, which is why we've gone for a couple that are lower priced.
Then there's the one that has been on the market for a while, which is probably our second favourite from the listing - given its been up for a while, is offering below £575k acceptable?
All responses appreciated
Bought my current house this year (offer made early/mid Dec, moved in mid-Feb) and although I am also in the SE/London area, didn't experience anything like this BAFO situation you describe.
We liked the place and it was on the market for a reasonable price so made an offer of 5% below asking. Found out later that day that someone had put in an offer of full-asking so could have back-fired. As we were chain-free/cash, the seller came back to us with a counter offer of 2.5% under asking if we could guarantee to complete in 3 months. She had already bought a new place several months previous on the assumption she could sell her existing house asap but it fell through due to a fraudulent mortgage application. She just wanted to move to her new place, nearer her aging mum which was fortunate for us.
Everyone's situation is different
Yes, I'm in the South East, we're looking for a place around north west Kent, mainly due to the high speed train connection at Ebbsfleet as we're both going to be in London offices 3 days a week going forward.
Will be interesting to see if the 3 newly listed houses go to best and final pretty quickly, or if it was just unlucky that the first we offered on went to that process. That'll confirm whether it's a common strategy for the agents in the area or just a one off
Will be interesting to see if the 3 newly listed houses go to best and final pretty quickly, or if it was just unlucky that the first we offered on went to that process. That'll confirm whether it's a common strategy for the agents in the area or just a one off
The market seems a bit bonkers still. I rang up about a place the day it was listed and was told it will be going to best and final offers ... in a month.
Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Flooble said:
The market seems a bit bonkers still. I rang up about a place the day it was listed and was told it will be going to best and final offers ... in a month.
Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Normally with big deposits the lender is comfortable as long as you have the cash for the extra. I.e. agreed price £750k with £200k deposit, lender down values to £700k they just note £750k p.p. On offer with valuation £700k, buyer puts in the £150k for mortgage deposit and overpays the £50k, no probs.Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Caddyshack said:
Flooble said:
The market seems a bit bonkers still. I rang up about a place the day it was listed and was told it will be going to best and final offers ... in a month.
Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Normally with big deposits the lender is comfortable as long as you have the cash for the extra. I.e. agreed price £750k with £200k deposit, lender down values to £700k they just note £750k p.p. On offer with valuation £700k, buyer puts in the £150k for mortgage deposit and overpays the £50k, no probs.Feels a bit like they are trying to run some sort of eBay auction!
However, some cracks are appearing. A few friends have had mortgages declined - their offers being too far above what the mortgage company felt the property was worth. They had chunky deposits too.
Our experience so far:
Selling:
Spent a few hundred quid on decorating materials and a couple of nights without sleep getting the place tip top for photos and viewings. We have lived here for 15 years and did a major overhaul of the house with extension, would probably lose money on it but child #3 was deliberate but unexpected (I think I know how it works now - that has stopped lol)
We went on the market end of Feb and sold in a week for asking (435K) 10 weeks later they dropped out; having spent 2 years to find a place they liked thought we were taking too long.. The market was moving so stuck it back on at 440, sold within 3 days, but they dropped out after 1 week, as they decided they wanted to stay in the village they were in, spoke to another family selling their house and apparently they had done the same to them a few months earlier.. tw@s. Stuck it back on at 445, sold within the week.
We picked the wrong estate agents. They weren’t the cheapest but at the time we were thinking of relocating and as part of uk network they promised to help with the search. Problems:
1. The photos weren’t great, we redressed the master bedroom as in the process of decluttering made it look like a bare student room. we asked for them to be retaken, however they just added horrible filters.
2. The junior estate agent they assigned was useless, I watched on the cctv cameras her inability to answer questions and as I had done a couple of viewings myself wrote a sheet of FAQs, extension age etc that she couldn’t answer. Next viewing still couldn’t answer FFS!; this continued.
3. She turned up late for 1 viewing so I started to show the potential buyers around, she turned up I handed over but she just spent more time talking about why she was late than on selling the house.
4. As part of the large chain of estate agents, I received no advice on properties anywhere else. The only recommendations I received we’re from the junior selling our house; the houses did not reflect the list requirements, and even included the one I’d been living in for the past 15 years and had been taken off of the market 5 weeks prior ( 1st potential buyers)
5. Had the latest buyer turn up at my door 2 weeks ago ( quite fit tbh - no photos sorry) looking angry/emotional and shaking a bit like she was trying to keep herself in check. I had contacted our estate agents to confirm the chain length of our buyer ( I knew it was short) as I thought this would be useful info in my back pocket to have when making an offer on a house we liked, however, the message relayed was we were reconsidering their offer.. ffs! Calmed her down, set the record straight, now dealing with her direct for messaging. They actually exchanged this weekend and are preparing to move into rented so in hindsight she was probably preparing for knocking my head clean off of my shoulders.
Buying:
1. The missus decided after a few weeks that she wanted to stay in the local area, and the estate agent that controls the local area wasn’t the one we selected. Because people tend to stay local, nice area, not bad for commuting, good schools, they pretty much control the entire chain: I had snubbed them, they had lots of buyers and not much supply, and as they weren’t going to make any money out me… ughh
2. I am a fairly basic straight forward thinker and I try to take emotion out of big purchasing decisions. I put a house on the market at what I want for it and when I get the offer I accept. So when we saw a house we wanted ( with calculation of what needed doing in mind) went in at asking with maybe 20K in reserve if it got competitive, but people were offering 50-70K over asking ( this happened 4 times)
3. On one where we were the highest ( the rare occasion when the house didn’t reach asking) we lost out to cash buyers - not completely satisfied our offer was submitted tbh
4. Saw a property we wanted, and went to view, submitted at asking, told the buyer wandered 30K over as a minimum.
and as properties are going in a week round here got into negotiations, the short chain defo helped.
5. Anyway the good news is we have an offer accepted - I know there is plenty that could go wrong from here but TFFT!
It does make me a bit nervous tbh, as a single income household I’m quite conscious that if I loose my job I need a buffer and I keep overheads low e.g. only 1 vehicle with outstanding finance at any one time, cheap gym membership etc; but I’m not very careful with discretionary spending on the rest tbh. I knocked a budget spreadsheet together and spoke to a mate who works as a mortgage advisor so the AIP so I was very clear what I had to work with. I think I’m still comfortable, not sure where it has all gone previously
but how much is enough disposable after all outgoings - the uk average is frightingly low and barely covers the cost of a premium tyre per month?
Selling:
Spent a few hundred quid on decorating materials and a couple of nights without sleep getting the place tip top for photos and viewings. We have lived here for 15 years and did a major overhaul of the house with extension, would probably lose money on it but child #3 was deliberate but unexpected (I think I know how it works now - that has stopped lol)
We went on the market end of Feb and sold in a week for asking (435K) 10 weeks later they dropped out; having spent 2 years to find a place they liked thought we were taking too long.. The market was moving so stuck it back on at 440, sold within 3 days, but they dropped out after 1 week, as they decided they wanted to stay in the village they were in, spoke to another family selling their house and apparently they had done the same to them a few months earlier.. tw@s. Stuck it back on at 445, sold within the week.
We picked the wrong estate agents. They weren’t the cheapest but at the time we were thinking of relocating and as part of uk network they promised to help with the search. Problems:
1. The photos weren’t great, we redressed the master bedroom as in the process of decluttering made it look like a bare student room. we asked for them to be retaken, however they just added horrible filters.
2. The junior estate agent they assigned was useless, I watched on the cctv cameras her inability to answer questions and as I had done a couple of viewings myself wrote a sheet of FAQs, extension age etc that she couldn’t answer. Next viewing still couldn’t answer FFS!; this continued.
3. She turned up late for 1 viewing so I started to show the potential buyers around, she turned up I handed over but she just spent more time talking about why she was late than on selling the house.
4. As part of the large chain of estate agents, I received no advice on properties anywhere else. The only recommendations I received we’re from the junior selling our house; the houses did not reflect the list requirements, and even included the one I’d been living in for the past 15 years and had been taken off of the market 5 weeks prior ( 1st potential buyers)
5. Had the latest buyer turn up at my door 2 weeks ago ( quite fit tbh - no photos sorry) looking angry/emotional and shaking a bit like she was trying to keep herself in check. I had contacted our estate agents to confirm the chain length of our buyer ( I knew it was short) as I thought this would be useful info in my back pocket to have when making an offer on a house we liked, however, the message relayed was we were reconsidering their offer.. ffs! Calmed her down, set the record straight, now dealing with her direct for messaging. They actually exchanged this weekend and are preparing to move into rented so in hindsight she was probably preparing for knocking my head clean off of my shoulders.
Buying:
1. The missus decided after a few weeks that she wanted to stay in the local area, and the estate agent that controls the local area wasn’t the one we selected. Because people tend to stay local, nice area, not bad for commuting, good schools, they pretty much control the entire chain: I had snubbed them, they had lots of buyers and not much supply, and as they weren’t going to make any money out me… ughh
2. I am a fairly basic straight forward thinker and I try to take emotion out of big purchasing decisions. I put a house on the market at what I want for it and when I get the offer I accept. So when we saw a house we wanted ( with calculation of what needed doing in mind) went in at asking with maybe 20K in reserve if it got competitive, but people were offering 50-70K over asking ( this happened 4 times)
3. On one where we were the highest ( the rare occasion when the house didn’t reach asking) we lost out to cash buyers - not completely satisfied our offer was submitted tbh
4. Saw a property we wanted, and went to view, submitted at asking, told the buyer wandered 30K over as a minimum.
and as properties are going in a week round here got into negotiations, the short chain defo helped.5. Anyway the good news is we have an offer accepted - I know there is plenty that could go wrong from here but TFFT!
It does make me a bit nervous tbh, as a single income household I’m quite conscious that if I loose my job I need a buffer and I keep overheads low e.g. only 1 vehicle with outstanding finance at any one time, cheap gym membership etc; but I’m not very careful with discretionary spending on the rest tbh. I knocked a budget spreadsheet together and spoke to a mate who works as a mortgage advisor so the AIP so I was very clear what I had to work with. I think I’m still comfortable, not sure where it has all gone previously
but how much is enough disposable after all outgoings - the uk average is frightingly low and barely covers the cost of a premium tyre per month?MDUBZ said:
..... but people were offering 50-70K over asking ( this happened 4 times)
Have any of these appeared in the sold listings yet? It's a bit of a pain that they take many months to appear but sales in our village appear bonkers, yet a probate sale of a 4 bed, double garage detached, one of the few bigger houses in the village, went up for £450K. Neighbour who knows everything said it sold (after a month, so not as instantly as everything else) for £440K. Sold listing shows it at £370K.Sheepshanks said:
MDUBZ said:
..... but people were offering 50-70K over asking ( this happened 4 times)
Have any of these appeared in the sold listings yet? It's a bit of a pain that they take many months to appear but sales in our village appear bonkers, yet a probate sale of a 4 bed, double garage detached, one of the few bigger houses in the village, went up for £450K. Neighbour who knows everything said it sold (after a month, so not as instantly as everything else) for £440K. Sold listing shows it at £370K.I’m trying to move at the moment. I’ve encountered the mothership of all shady bulls
t. Okay, originally, I was looking at a particular apartment, in a particular building. Upon viewing, this wasn’t suitable. The EA who was doing the viewing, made me aware of an instruction, which wasn’t listed yet, which was far more suitable. I went in with an asking price offer, it was accepted straight away. Then the bullst started. I was fed a line about a clause in the leasehold agreement, which would make it “unmortgageable”. I thought that was ‘odd’ at best, given I know a lot of folk in that building, and they’ve had no issues. So, TCALSS the original sale went tits up. With a bit of digging, I got to the bottom of it. There ( apparently) was a big reach around going on. The EA had a ‘mate’ lined up to buy the place, because it was ( is ) a shoe in for a decent rental return. The guy who tipped me off ( from the EA ) shouldn’t have done. The mortgage broker was ( allegedly) in on it, and fed me a truck full of BS to get me off the case. Unfortunately, it didn’t work as they had ( allegedly) hoped. The vendor got in direct touch with me, and we are now going it alone. The ‘problem clause’ is standard ( apparently) they ( seem to have ) tried to screw me ( and the vendor ) over, and it hasn’t worked as they hoped ( allegedly).
t. Okay, originally, I was looking at a particular apartment, in a particular building. Upon viewing, this wasn’t suitable. The EA who was doing the viewing, made me aware of an instruction, which wasn’t listed yet, which was far more suitable. I went in with an asking price offer, it was accepted straight away. Then the bullst started. I was fed a line about a clause in the leasehold agreement, which would make it “unmortgageable”. I thought that was ‘odd’ at best, given I know a lot of folk in that building, and they’ve had no issues. So, TCALSS the original sale went tits up. With a bit of digging, I got to the bottom of it. There ( apparently) was a big reach around going on. The EA had a ‘mate’ lined up to buy the place, because it was ( is ) a shoe in for a decent rental return. The guy who tipped me off ( from the EA ) shouldn’t have done. The mortgage broker was ( allegedly) in on it, and fed me a truck full of BS to get me off the case. Unfortunately, it didn’t work as they had ( allegedly) hoped. The vendor got in direct touch with me, and we are now going it alone. The ‘problem clause’ is standard ( apparently) they ( seem to have ) tried to screw me ( and the vendor ) over, and it hasn’t worked as they hoped ( allegedly).Backagain said:
I’m trying to move at the moment. I’ve encountered the mothership of all shady bullst. Okay, originally, I was looking at a particular apartment, in a particular building. Upon viewing, this wasn’t suitable. The EA who was doing the viewing, made me aware of an instruction, which wasn’t listed yet, which was far more suitable. I went in with an asking price offer, it was accepted straight away. Then the bullst started. I was fed a line about a clause in the leasehold agreement, which would make it “unmortgageable”. I thought that was ‘odd’ at best, given I know a lot of folk in that building, and they’ve had no issues. So, TCALSS the original sale went tits up. With a bit of digging, I got to the bottom of it. There ( apparently) was a big reach around going on. The EA had a ‘mate’ lined up to buy the place, because it was ( is ) a shoe in for a decent rental return. The guy who tipped me off ( from the EA ) shouldn’t have done. The mortgage broker was ( allegedly) in on it, and fed me a truck full of BS to get me off the case. Unfortunately, it didn’t work as they had ( allegedly) hoped. The vendor got in direct touch with me, and we are now going it alone. The ‘problem clause’ is standard ( apparently) they ( seem to have ) tried to screw me ( and the vendor ) over, and it hasn’t worked as they hoped ( allegedly).
the dangers of using companies who all know each other.t. Okay, originally, I was looking at a particular apartment, in a particular building. Upon viewing, this wasn’t suitable. The EA who was doing the viewing, made me aware of an instruction, which wasn’t listed yet, which was far more suitable. I went in with an asking price offer, it was accepted straight away. Then the bullst started. I was fed a line about a clause in the leasehold agreement, which would make it “unmortgageable”. I thought that was ‘odd’ at best, given I know a lot of folk in that building, and they’ve had no issues. So, TCALSS the original sale went tits up. With a bit of digging, I got to the bottom of it. There ( apparently) was a big reach around going on. The EA had a ‘mate’ lined up to buy the place, because it was ( is ) a shoe in for a decent rental return. The guy who tipped me off ( from the EA ) shouldn’t have done. The mortgage broker was ( allegedly) in on it, and fed me a truck full of BS to get me off the case. Unfortunately, it didn’t work as they had ( allegedly) hoped. The vendor got in direct touch with me, and we are now going it alone. The ‘problem clause’ is standard ( apparently) they ( seem to have ) tried to screw me ( and the vendor ) over, and it hasn’t worked as they hoped ( allegedly).We’ve been back on a week after a rest to let things stop going silly after our sale fell through. Six viewings, one ‘proper’ cash offer accepted, buyer living in holiday home in Cornwall and wants it done in next month.
Best look on Rightmove……Christ! There’s absolutely bugger all on. Going to have to look out of our original search area. We have a one bed flat that we can move in to but it’s less than ideal (second floor, no lift, two dogs that can’t do stairs)
Anyone knows of anything west Bridgford, or south of the Trent and north of leicester for under 400 let me know! Might also have to look at nice bits of derbyshire
Best look on Rightmove……Christ! There’s absolutely bugger all on. Going to have to look out of our original search area. We have a one bed flat that we can move in to but it’s less than ideal (second floor, no lift, two dogs that can’t do stairs)
Anyone knows of anything west Bridgford, or south of the Trent and north of leicester for under 400 let me know! Might also have to look at nice bits of derbyshire
Edited by talksthetorque on Saturday 7th August 21:37
I want to move but the market is a mare. I sold and completed etc in nov and am downsizing due to divorce. The area I live is rural pretty Peak District / West Yorkshire villages. Prices have gone up by 50% in last 6 months. Houses that they couldn’t sell a year ago are now snapped up. Each house has 100 enquiries. Each house then goes to sealed bids. So it’s pretty much an impossible market. There are very few houses on the market. Interestingly the larger houses are seemingly not going up in price.
At least I am able to save more money but it’s not looking like I’ll be moving soon.
At least I am able to save more money but it’s not looking like I’ll be moving soon.
Gazzab said:
I want to move but the market is a mare. I sold and completed etc in nov and am downsizing due to divorce. The area I live is rural pretty Peak District / West Yorkshire villages. Prices have gone up by 50% in last 6 months. Houses that they couldn’t sell a year ago are now snapped up. Each house has 100 enquiries. Each house then goes to sealed bids. So it’s pretty much an impossible market. There are very few houses on the market. Interestingly the larger houses are seemingly not going up in price.
At least I am able to save more money but it’s not looking like I’ll be moving soon.
best off staying put, IMHO. Lodger? At least I am able to save more money but it’s not looking like I’ll be moving soon.
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