Is anyone moving now?
Discussion
C70R said:
The market for big houses has, and will always be, naturally smaller. So bigger, more expensive properties will always hang around longer on average.
Not our experience at all… we found that there’s a real shortage and any listed were snapped up before we could view. Hence bridging our purchase or we would never have been able to move.
Our own property was under offer as soon as it was listed and several times over. Both our agents repeatedly told us there’s a lack of larger property.
What we did find however was that people were making bigger jumps up the ladder than in previous years…. And this lead to other issues. I think that’s been a negative effect of the recent times. Anecdotally I’m hearing of more friends with chain crashes and buyers pulling out than ever before.
If there’s any changes to property laws I’d personally like to see it around the contractual /offer area.
And I hate peoples and I’m never moving again.
Depends where you're looking I suppose. The bloke a few pages above looking for Country Life cover worthy Cotswold house is going to be up against the great and the good of West London etc etc all with pots of cash, and there isn't that many houses like that that aren't significantly more/part of farms/etc - it is and always has been what huge swathes of wealthy people want to buy.
Welsh Borders sounds much more like a knee jerk market at 6 bed on an estate level, folks leaving town for more space and perhaps that ship has somewhat sailed with jobs requiring people going back, rates going up, recession looming etc, added to which the cost of running something that large - all things that are not really a consideration for your multi million pound market in cotswolds/Surrey/Tunbridge wells etc markets - possibly poster above me here also looking more in the big pretty SE country house market too from memory?
I've been following my home market for a while, and I've bookmarked a number of multi-million pound houses in Hampshire/Surrey/Sussex borders and the good ones are going under very quickly - all of the below on and under offer within the month of May - I thought the £5m would hang about, but no, only a couple of weeks.
https://www.rightmove.co.uk/properties/123376484#/...
https://www.rightmove.co.uk/properties/123294563#/...
https://www.rightmove.co.uk/properties/123204725#/...
https://www.rightmove.co.uk/properties/123021770#/...
Welsh Borders sounds much more like a knee jerk market at 6 bed on an estate level, folks leaving town for more space and perhaps that ship has somewhat sailed with jobs requiring people going back, rates going up, recession looming etc, added to which the cost of running something that large - all things that are not really a consideration for your multi million pound market in cotswolds/Surrey/Tunbridge wells etc markets - possibly poster above me here also looking more in the big pretty SE country house market too from memory?
I've been following my home market for a while, and I've bookmarked a number of multi-million pound houses in Hampshire/Surrey/Sussex borders and the good ones are going under very quickly - all of the below on and under offer within the month of May - I thought the £5m would hang about, but no, only a couple of weeks.
https://www.rightmove.co.uk/properties/123376484#/...
https://www.rightmove.co.uk/properties/123294563#/...
https://www.rightmove.co.uk/properties/123204725#/...
https://www.rightmove.co.uk/properties/123021770#/...
okgo said:
A really nice gaff. Location, as ever, is a prime criteria that determines the balance between supply and demand.£650k in 2011 from what I can gather although I assume a lot has been spent on it since then, probably £500k.
Edited by nickfrog on Tuesday 7th June 10:43
Mum's buyers have just pulled out this morning. Apparently a change in circumstance means they can borrow more money and so their budget has increased. Interesting as they wanted to move prior to September, to get into the local schools. The village she lives in has fantastic schools for the area, so you get families wanting to move into the village to be in the school catchment. Housing stock is limited and only 1 or 2 properties above 500k.
Frustrating as Mum had found an apartment she liked and wanted to put in an offer this week. Hopefully the estate agent can find a new buyer quickly and get the process back on track quickly.
Frustrating as Mum had found an apartment she liked and wanted to put in an offer this week. Hopefully the estate agent can find a new buyer quickly and get the process back on track quickly.
C70R said:
The market for big houses has, and will always be, naturally smaller. So bigger, more expensive properties will always hang around longer on average.
They also ask crazy big prices. A property near my parents just went for £125k under the asking price. They have been holding out for £75k below! I think the agent has been pulling his hair out getting them to accept that their house, as nice as it is, won't be worth £100k more than anything similar has sold.Edited by fido on Tuesday 7th June 11:31
nickfrog said:
okgo said:
A really nice gaff. Location, as ever, is a prime criteria that determines the balance between supply and demand.£650k in 2011 from what I can gather although I assume a lot has been spent on it since then, probably £500k.
Edited by nickfrog on Tuesday 7th June 10:43
C70R said:
We're inching closer to exchanging. Small challenge with a log cabin built in the grounds of the new place has held up the mortgage a tad, and made our vendor testy.
He's turning out to be quite a weird bloke, but then I guess if I'd been an out-of-work actor living alone for the past 2 years, I'd probably be a bit weird too...
As mentioned, it's a fully-furnished Airbnb at the moment, so our TA10 form was almost 20 pages long. We put together a small selection of what we wanted, and bid him 10% less than he was asking. The EA (I suspect embarrassed) copy/pasted his response, which was a huge tantrum about us making him an offer, followed by meeting us halfway on price.
It takes all sorts.
Anyway, I'm in Norfolk this weekend, and will be paying a fleeting visit, followed by lunch at my new local (an amazing gastropub, local produce, opposite the village cricket pitch).
Everything crossed that we're on track to exchange in the next week or so.
I've got a flat in Cromer and love spending time there.He's turning out to be quite a weird bloke, but then I guess if I'd been an out-of-work actor living alone for the past 2 years, I'd probably be a bit weird too...
As mentioned, it's a fully-furnished Airbnb at the moment, so our TA10 form was almost 20 pages long. We put together a small selection of what we wanted, and bid him 10% less than he was asking. The EA (I suspect embarrassed) copy/pasted his response, which was a huge tantrum about us making him an offer, followed by meeting us halfway on price.
It takes all sorts.
Anyway, I'm in Norfolk this weekend, and will be paying a fleeting visit, followed by lunch at my new local (an amazing gastropub, local produce, opposite the village cricket pitch).
Everything crossed that we're on track to exchange in the next week or so.
Edited by C70R on Saturday 4th June 08:57
Drive through some really nice areas/villages between King's Lynn and Cromer.
Journey to that point involves the A17 which is usually a nightmare.
Whereabouts are you moving to? (no need for specifics, don't want to seem like a stalker
)We’re on the brink of exchanging contracts, hopefully. Signed the documents end of last week.
It’s like pulling teeth, 16 weeks so far. I just received a list of enquiries from my solicitor which were raised by the buyers back in April…FFS
Now I’ve been told the buyers are off on holiday and completion will be further delayed.
I’ve bought and sold (professionally, not personally!) airports and the process doesn’t take this long.
Close to insanity now
It’s like pulling teeth, 16 weeks so far. I just received a list of enquiries from my solicitor which were raised by the buyers back in April…FFS
Now I’ve been told the buyers are off on holiday and completion will be further delayed.
I’ve bought and sold (professionally, not personally!) airports and the process doesn’t take this long.
Close to insanity now
fido said:
They also ask crazy big prices. A property near my parents just went for £125k under the asking price. They have been holding out for £75k below! I think the agent has been pulling his hair out getting them to accept that their house, as nice as it is, won't be worth £100k more than anything similar has sold.
In my local village a house with potential has gone on around 300k more than the ones that sold in a better location and sought after lane.Edited by fido on Tuesday 7th June 11:31
The vendor and agent are smokin some serious crack, but the vedor is holding out for full ask.
Plus, the rennovation he's done isn't complete, he's apparently run out of money, plus what has been put in looks worse than what you'd put in for students of your worst enemy. It's hilarious
House move in progress, offer accepted on 20th April but the estate agent went on to say the vendors want to try and complete by 10th June and there is chain above us. We aren’t cash buyers and I said it wouldn’t be possible to meet this deadline but would try and do things as quickly as possible.
Full story of the chain which I only found out today is there are 3 above us including the vendor. The top of the chain is a landlord selling a BTL which is empty. Apparently they are now refusing to pay the mortgage on it and the person below has had to pay for the last month but can’t afford any more than that.
The vendors estate agent is putting pressure on us to exchange as quickly as possible but really I don’t think it’s our problem and this should be resolved by those further up the chain.
I would be interested to hear peoples thoughts
Full story of the chain which I only found out today is there are 3 above us including the vendor. The top of the chain is a landlord selling a BTL which is empty. Apparently they are now refusing to pay the mortgage on it and the person below has had to pay for the last month but can’t afford any more than that.
The vendors estate agent is putting pressure on us to exchange as quickly as possible but really I don’t think it’s our problem and this should be resolved by those further up the chain.
I would be interested to hear peoples thoughts
We are looking at exchanging this week, which is good news but also of course but also gives a sinking/nervous feeling.
What makes it doubly nerve-wracking for us is that where we are buying (Shenfield) over a dozen properties have turned up on market in the last few weeks (my Rightmove Alerts need be turned off I think), probably related to Crossrail starting up and perhaps market conditions as well. Nothing we'd take over our new place but I'm convinced that one of my dream homes will turn up just as we exchange.
Nothing wrong with our new place mind, and we are looking forward to the new chapter. Fingers crossed.
What makes it doubly nerve-wracking for us is that where we are buying (Shenfield) over a dozen properties have turned up on market in the last few weeks (my Rightmove Alerts need be turned off I think), probably related to Crossrail starting up and perhaps market conditions as well. Nothing we'd take over our new place but I'm convinced that one of my dream homes will turn up just as we exchange.
Nothing wrong with our new place mind, and we are looking forward to the new chapter. Fingers crossed.
fesuvious said:
Mr Whippy said:
Half the pain and strife witnessed on this thread is exactly because of the greed and fear in this ‘market’
And such greed and fear don’t make for a stable market either… up on fear and greed could easily become down on fear and greed.
The last 24 months have seen some really horrible human behaviour.
I can see gov and CB throwing assets under the bus.
If inflation is their target, then asset inflation in resi property is the hottest target out there!
My comments aren't actually aimed at you.And such greed and fear don’t make for a stable market either… up on fear and greed could easily become down on fear and greed.
The last 24 months have seen some really horrible human behaviour.
I can see gov and CB throwing assets under the bus.
If inflation is their target, then asset inflation in resi property is the hottest target out there!
Edited by Mr Whippy on Monday 6th June 20:11
Mr Whippy you're in Dreamland if you think this or any gov would actively target home prices.
Not a single gov for decades has ever gone near the housing market like you're suggesting.
Oh sure, they'll allow a recession to do its thing, or at least once upon a time they would. For decades now however UK house prices are sacrosanct.
In recent and living memory we've had the unregulated mortgage market of the late nineties into noughties.
Then H2B and other measures. Further stimulating prices.
Mortgage terms gradually getting extended ever longer.....
Even in the Brexit vote aftermath we had fiddling with stamp duty to provide stimulus.
The real route to a balanced market would be planning reform on a large scale and actually start building the needed 300&350k units per year.
Until gov manages to get out of the pockets of the housebuilders though this market will remain fooked.
We could see a crash in prices of about 25% and probably see very few significantly worse off than they were.
If what you say is true, that the government will not let them drop... then they can't raise interest rates, and if they can't do that, they can't fight inflation.
There is no balancing act that they'll find here, they've never found it before in history.
I've no idea what'll happen, but if people thought it was a struggle to move in the last 24 months, it's not going to be any prettier in the next 24 months.
Either prices will be lower, but borrowing will be much higher, or the fear of buying to see prices drop.
Or prices will go higher and borrowing will be encouraged further, with a backdrop of rampant inflation and fomo, likely leaving many stressed and being priced out of the market even further.
To keep C70R happy. "Generic random comment that'll have been made one thousand times already on this thread inserted here"
-Ad- said:
In my local village a house with potential has gone on around 300k more than the ones that sold in a better location and sought after lane.
The vendor and agent are smokin some serious crack, but the vedor is holding out for full ask.
Plus, the rennovation he's done isn't complete, he's apparently run out of money, plus what has been put in looks worse than what you'd put in for students of your worst enemy. It's hilarious
Ah I love having a good chuckle at these - see them all the time on Homes under the Hammer with the agents referring to them as 'stunning' when they're plastic kitchen worktops and fake chrome showers along with the obligatory grey carpets. The vendor and agent are smokin some serious crack, but the vedor is holding out for full ask.
Plus, the rennovation he's done isn't complete, he's apparently run out of money, plus what has been put in looks worse than what you'd put in for students of your worst enemy. It's hilarious
Share a link for us!
pb8g09 said:
Ah I love having a good chuckle at these - see them all the time on Homes under the Hammer with the agents referring to them as 'stunning' when they're plastic kitchen worktops and fake chrome showers along with the obligatory grey carpets.
Share a link for us!
I'd love to, but we still want it and are hoping everyone is put off or not really chain free. Then we'll get it at a knockdown price and can rectify the issues over the next few years, making 500k in the process.Share a link for us!
Sorry, was just snoozing there for the minute
fesuvious said:
See Johnson's post near (political) death experience waffle about an announcement soon that'll make home ownership easier.....
I've made comment elsewhere that whatever it is it will benefit house-builders first and buyers second.
It's no coincidence that as we near the end of H2B we're due something new.
House-builders profits are under threat...... The lobbying will be constant.
It will be dressed up as help for those that cant afford current house prices......despite it being their utterly stupid actions early 2020 that caused it.
Indeed. I think that the Stamp Duty holiday will be back quite soon as well - that was very effective at convincing otherwise sane people to spend £50k to save £15k.I've made comment elsewhere that whatever it is it will benefit house-builders first and buyers second.
It's no coincidence that as we near the end of H2B we're due something new.
House-builders profits are under threat...... The lobbying will be constant.
It will be dressed up as help for those that cant afford current house prices......despite it being their utterly stupid actions early 2020 that caused it.
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