Is anyone moving now?
Discussion
davidc1 said:
My house was 800. The other house is on for 850
With the market the way it is, I’d actually have expected someone to ask more than £850k if an equivalent house sold for £800k last year.It doesn’t t mean they’d get it of course, but the madness seems to be continuing in some areas. so they could even end up with more…
From what I'm seeing, estate agents are trying to stretch what has been a massively over heated market to pick up those who are still desperate to move - targeting especially those who have sold or are in rented and still have their heads in the over inflated clouds.
It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
Pistom said:
From what I'm seeing, estate agents are trying to stretch what has been a massively over heated market to pick up those who are still desperate to move - targeting especially those who have sold or are in rented and still have their heads in the over inflated clouds.
It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
That seems like a bold prediction that isn't backed up by any data or experiences in this thread...It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
Anecdotes are nice, but largely worthless.
kingston12 said:
davidc1 said:
My house was 800. The other house is on for 850
With the market the way it is, I’d actually have expected someone to ask more than £850k if an equivalent house sold for £800k last year.It doesn’t t mean they’d get it of course, but the madness seems to be continuing in some areas. so they could even end up with more…
The vendor knows i paid 800 as well.
I only moved across the road !
C70R said:
That seems like a bold prediction that isn't backed up by any data or experiences in this thread...
Anecdotes are nice, but largely worthless.
Very true - well, almost. As you can see, I'm no expert but this is the feel I get from the market. My only experience is a few people who are trying to sell and a few looking to buy.Anecdotes are nice, but largely worthless.
The experience I do have is that I've seen this kind of activity several times before a market crash but I accept, I am no expert.
Pistom said:
Very true - well, almost. As you can see, I'm no expert but this is the feel I get from the market. My only experience is a few people who are trying to sell and a few looking to buy.
The experience I do have is that I've seen this kind of activity several times before a market crash but I accept, I am no expert.
Been out walking a fair bit in the last few days and have made a habit of looking in estate agent windows still having moved 6 months ago.The experience I do have is that I've seen this kind of activity several times before a market crash but I accept, I am no expert.
I notice that many agents don’t have any stock and are still showing a complete set of “sold” posters. Does make me wonder how many of these estate agents are therefore making any money/going to make any money after this wave have all completed.
Well, I suppose we’ve seen around two years of pent up demand being released, which is bound to over-heat the market. You can imagine there will be a bit of a lull over the next six months, longer if a recession comes along, but in 2-4 years I think we’ll be back to “normal”, pre-Covid demand and pricing (whatever that means!).
I’m in Scotland and moving in Scotland. Things work a bit differently up here. Pros and cons.
A big plus is the home report, including mortgage valuation. Unless you have something out of the ordinary then usually lenders will just accept the valuation. Far fewer sales then falling through because the mortgage provider won’t lend as much as expected. That said with offers over some people offer too much over valuation and fail to realise they need the cash as the lender will only lend a % of valuation, not price paid. 10% over valuation has been pretty typical over the last year or two with the market running so hot.
On the flip side the buyer can pretty much walk away at any point up until the missives are signed off, often only a matter of weeks before completion. The gap between accepting the offer than the solicitors sorted out the missives leaves the seller in a difficult spot.
I offered for a property back in February/March and missed out. Put my own up for sale in March so I could be more proceedable for the next opportunity. Currently in that limbo land with offer accepted on my sale and awaiting the solicitors completing their things. Made an offer that has been accepted on a really nice property and mortgage approved so fingers crossed the paperwork is sorted in the next week or so.
A big plus is the home report, including mortgage valuation. Unless you have something out of the ordinary then usually lenders will just accept the valuation. Far fewer sales then falling through because the mortgage provider won’t lend as much as expected. That said with offers over some people offer too much over valuation and fail to realise they need the cash as the lender will only lend a % of valuation, not price paid. 10% over valuation has been pretty typical over the last year or two with the market running so hot.
On the flip side the buyer can pretty much walk away at any point up until the missives are signed off, often only a matter of weeks before completion. The gap between accepting the offer than the solicitors sorted out the missives leaves the seller in a difficult spot.
I offered for a property back in February/March and missed out. Put my own up for sale in March so I could be more proceedable for the next opportunity. Currently in that limbo land with offer accepted on my sale and awaiting the solicitors completing their things. Made an offer that has been accepted on a really nice property and mortgage approved so fingers crossed the paperwork is sorted in the next week or so.
C70R said:
Pistom said:
From what I'm seeing, estate agents are trying to stretch what has been a massively over heated market to pick up those who are still desperate to move - targeting especially those who have sold or are in rented and still have their heads in the over inflated clouds.
It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
That seems like a bold prediction that isn't backed up by any data or experiences in this thread...It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
Anecdotes are nice, but largely worthless.
Where is the data to make a decent analysis? The UK seems pretty lacking on good data?
In the USA things are looking a bit bleak.
You don’t need to have robust data to say this is a bit toppy. Anecdotes seem sufficient.
Mr Whippy said:
C70R said:
Pistom said:
From what I'm seeing, estate agents are trying to stretch what has been a massively over heated market to pick up those who are still desperate to move - targeting especially those who have sold or are in rented and still have their heads in the over inflated clouds.
It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
That seems like a bold prediction that isn't backed up by any data or experiences in this thread...It isn't just the buyer that has to be convinced of the price - the valuer for any mortgage applications needs to accept the price too which I guess is why we are seeing so many housed get sold on them and back up for sale again without the sale completing.
Even those which are getting sold signs up are taking longer to get them.
It will be tough times for estate agents so I hope they've saved a bit for a rainy day after the crazy 18 months we've seen.
Anecdotes are nice, but largely worthless.
Where is the data to make a decent analysis? The UK seems pretty lacking on good data?
In the USA things are looking a bit bleak.
You don’t need to have robust data to say this is a bit toppy. Anecdotes seem sufficient.
Without any data to support them, we may as well be asking a tarot card reader.
I don't know if this is representative of the market but a couple of friends are looking to buy and the properties they are viewing had no other viewers scheduled for them - very different to a couple of months ago when viewings in pretty much all the houses they'd seen having back to back viewings.
Once viewed, the agent was pushing them for an offer and didn't argue when they said they'd be interested at a lower price.
Once viewed, the agent was pushing them for an offer and didn't argue when they said they'd be interested at a lower price.
Market around here is busying up with stuff to buy, but stuff is not moving fast at all now.
In my search criteria there are maybe 80 houses inc stc/under offer.
Not inc are about 15-20.
“Normally” you’d have had this the other way around, with 60 for sale and 20 stc/offer.
There is lots of stuff in progress and statistically 20% will likely be back on soon, and possibly more due to what’s going on.
So market feels like it wants to get moving but I don’t think it will. Then the stagnation will come.
It’s going to be an interesting autumn.
Just in time for me to be buying again
yay… not.
In my search criteria there are maybe 80 houses inc stc/under offer.
Not inc are about 15-20.
“Normally” you’d have had this the other way around, with 60 for sale and 20 stc/offer.
There is lots of stuff in progress and statistically 20% will likely be back on soon, and possibly more due to what’s going on.
So market feels like it wants to get moving but I don’t think it will. Then the stagnation will come.
It’s going to be an interesting autumn.
Just in time for me to be buying again
yay… not.lizardbrain said:
I can see why people think there could be demand ripples. However there are still loads of bidders for every nice house so quite a cushion.
So unless something happens to give a real boost to supply then I can’t see where decent prices drops are going to come from.
From pat experience, it only takes a small number of people to suddenly need to sell to set the dominoes falling. It has been the same with every collapse of pricing. So unless something happens to give a real boost to supply then I can’t see where decent prices drops are going to come from.
I'm of the opinion that the signs are there that it has started to happen - let's see where we are in 12 months.
C70R said:
Pistom said:
I'm of the opinion that the signs are there that it has started to happen - let's see where we are in 12 months.
Where? What "signs"?Not sure if some are just in denial of the change which is already happening or some parts of the country are later to start it.
Just some thoughts and observations from me based on my current attempts to find a new house. Without going into specifics, sold and looking to buy in the North Cotswolds in the range of 1.7-2 million or thereabouts. There doesn't appear to be a glut of really attractive housing available, and what is nice is selling very quickly. In fact, two houses that we viewed recently had 30-40 viewings back-to-back and rapidly went to best and final offers, one of which we offered around 16% over asking for and were essentially wasting our time. Based on this, there seems to be no signs of a slow down or bubbles bursting just yet. It really is a sellers market and to me it feels a little over-heated at present, but who knows.
It also strikes me that some people are extremely greedy and there are some silly asking prices (in terms of percentage price increases over the last 2-3 years), even for dull looking modern housing. Most of these are unsold, but certainly not all. Without being all socialist, the the crazy prices now being asked for really unremarkable houses makes me wonder about the future and the widening gap between those who are somewhere on the property ladder and those who are not. Just how younger folks are supposed to make any headway into this situation without inheriting either a house and/or a very large sum of money in addition to a lucrative career is a little depressing and worrying.
I'd also forgotten how rude estate agents are!
It also strikes me that some people are extremely greedy and there are some silly asking prices (in terms of percentage price increases over the last 2-3 years), even for dull looking modern housing. Most of these are unsold, but certainly not all. Without being all socialist, the the crazy prices now being asked for really unremarkable houses makes me wonder about the future and the widening gap between those who are somewhere on the property ladder and those who are not. Just how younger folks are supposed to make any headway into this situation without inheriting either a house and/or a very large sum of money in addition to a lucrative career is a little depressing and worrying.
I'd also forgotten how rude estate agents are!
Flying machine said:
Without being all socialist, the the crazy prices now being asked for really unremarkable houses makes me wonder about the future and the widening gap between those who are somewhere on the property ladder and those who are not. Just how younger folks are supposed to make any headway into this situation without inheriting either a house and/or a very large sum of money in addition to a lucrative career is a little depressing and worrying.
I've been keeping an eye on the market around our way for very specific types of property - non new-build 2 bed terrace or semi-detached - as we're in the process of buying one to carve out some additional garden space.When they appear they're going STC within days at asking prices of +£360k. It seems like crazy money for what I'd consider to be a first-time buyer house. The ones I've seen are not well suited to being extended in the future as a family grows. I'd hate to be in the position of buying in today's market. We bought our first place in 2004 and that seemed like the worst time ever then too.
I'm not sure whether to place our purchase (after nibbling off the garden) on to the market immediately, or do a light renovation and market, or extend/renovate and then rent out/market. It's been in the sale process since Sep 2021 so in theory has gone up in value sufficiently to come close to break-even.
Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff