Is anyone moving now?

[C70R]

Petrus1983 said:

I’ve had an offer of £370k turned down on a property which is listed, and has been since June, at £400k. The thing is though they won’t even counter, saying it’s worth a minimum of £400k. I don’t want to miss out on it - but feel if it didn’t sell over summer at £400k it’s certainly not worth that now.

Is it worth £400k to you?

If so, and you really want it, it would seem silly to lose out for a small % of its value.

[Petrus1983]

C70R said:

Petrus1983 said:

I’ve had an offer of £370k turned down on a property which is listed, and has been since June, at £400k. The thing is though they won’t even counter, saying it’s worth a minimum of £400k. I don’t want to miss out on it - but feel if it didn’t sell over summer at £400k it’s certainly not worth that now.

Is it worth £400k to you?

If so, and you really want it, it would seem silly to lose out for a small % of its value.

I’d usually totally agree with you. But I need to make a contingent for moving/legals etc - annoyingly a piece of art that I’d wanted became available and I purchased it, and more than anything I don’t want to over pay incase I need to get out for any reason quickly. But I’ll see what the position is in a fortnight and consider my options.

[Mark Benson]

chopper602 said:

Mark Benson said:

Eerily similar here. We're the middle of a chain of three, cash buyers in rented and a vendor buying a chain-free house with cash. Teesdale, rather than The Dales
.

Co. Durham then rather than North Yorkshire - me too - 1½ miles to the boundary!

Yes, Staindrop. The furthest north I've ever lived (grew up in N Yorks, went south to seek my fortune, came back to N Yorks 10 years ago to have a family).
So many (Yorkshire) people have said, "Oh, Staindrop's lovely, in Co. Durham though"

[troika]

Are you folks in the process of buying renegotiating based on events of recent weeks? I guess if you’re selling and buying it doesn’t really matter but for those buying with no chain, surely the outlook has changed somewhat.

[cayman-black]

Petrus1983 said:

C70R said:

Petrus1983 said:

I’ve had an offer of £370k turned down on a property which is listed, and has been since June, at £400k. The thing is though they won’t even counter, saying it’s worth a minimum of £400k. I don’t want to miss out on it - but feel if it didn’t sell over summer at £400k it’s certainly not worth that now.

Is it worth £400k to you?

If so, and you really want it, it would seem silly to lose out for a small % of its value.

I’d usually totally agree with you. But I need to make a contingent for moving/legals etc - annoyingly a piece of art that I’d wanted became available and I purchased it, and more than anything I don’t want to over pay incase I need to get out for any reason quickly. But I’ll see what the position is in a fortnight and consider my options.

Surely a meet in the middle might do it? Otherwise, they are a little unreasonable.

[Petrus1983]

cayman-black said:

Petrus1983 said:

C70R said:

Petrus1983 said:

I’ve had an offer of £370k turned down on a property which is listed, and has been since June, at £400k. The thing is though they won’t even counter, saying it’s worth a minimum of £400k. I don’t want to miss out on it - but feel if it didn’t sell over summer at £400k it’s certainly not worth that now.

Is it worth £400k to you?

If so, and you really want it, it would seem silly to lose out for a small % of its value.

I’d usually totally agree with you. But I need to make a contingent for moving/legals etc - annoyingly a piece of art that I’d wanted became available and I purchased it, and more than anything I don’t want to over pay incase I need to get out for any reason quickly. But I’ll see what the position is in a fortnight and consider my options.

Surely a meet in the middle might do it? Otherwise, they are a little unreasonable.

Yes - that was what I suggested- but it was a blank point no. Frustratingly. It’s in Swansea and £400k is quite high.

[skwdenyer]

troika said:

Are you folks in the process of buying renegotiating based on events of recent weeks? I guess if you’re selling and buying it doesn’t really matter but for those buying with no chain, surely the outlook has changed somewhat.

I'm not (for now). It took us 9 months of searching to find the right property. We're looking at it as a 10-20 year location. There are characteristics to it that money can't buy (from our PoV).

The only thing I'd change is the location (it is superb, just a touch further from my son's school than I'd like). But to put the same property in the location we'd like (even right now) would add possibly 25-35% to the price, which wouldn't be worth it to us.

So unless properties we like are going to come on at 25%+ discounts to where they were a few months ago (seems unlikely), there's no benefit it to us in risking losing the deal for the sake of renegotiating.

But others mileage may vary, of course

[C70R]

Petrus1983 said:

C70R said:

Petrus1983 said:

I’ve had an offer of £370k turned down on a property which is listed, and has been since June, at £400k. The thing is though they won’t even counter, saying it’s worth a minimum of £400k. I don’t want to miss out on it - but feel if it didn’t sell over summer at £400k it’s certainly not worth that now.

Is it worth £400k to you?

If so, and you really want it, it would seem silly to lose out for a small % of its value.

I’d usually totally agree with you. But I need to make a contingent for moving/legals etc - annoyingly a piece of art that I’d wanted became available and I purchased it, and more than anything I don’t want to over pay incase I need to get out for any reason quickly. But I’ll see what the position is in a fortnight and consider my options.

It goes without saying that now is probably not the time to be buying a house that you might need to get out of quickly. This would naturally be compounded by buying at the upper end of affordability/budget.

[C70R]

Petrus1983 said:

Yes - that was what I suggested- but it was a blank point no. Frustratingly. It’s in Swansea and £400k is quite high.

£400k in Swansea? Are you buying the whole of Morriston?

[Mark Benson]

skwdenyer said:

troika said:

Are you folks in the process of buying renegotiating based on events of recent weeks? I guess if you’re selling and buying it doesn’t really matter but for those buying with no chain, surely the outlook has changed somewhat.

I'm not (for now). It took us 9 months of searching to find the right property. We're looking at it as a 10-20 year location. There are characteristics to it that money can't buy (from our PoV).

The only thing I'd change is the location (it is superb, just a touch further from my son's school than I'd like). But to put the same property in the location we'd like (even right now) would add possibly 25-35% to the price, which wouldn't be worth it to us.

So unless properties we like are going to come on at 25%+ discounts to where they were a few months ago (seems unlikely), there's no benefit it to us in risking losing the deal for the sake of renegotiating.

But others mileage may vary, of course

Pretty much the same sentiment here, it's taken us a long time to find the right place.

What we found was a gem. It was undervalued and badly marketed, it's a G2 Listed Georgian house that's been back to bare stone and fully insulated on the external walls, original windows have been refurbished and had new double glazing panels fitted, there's all new plumbing, wiring, networking etc. - it's a 21st century house in the skin of a listed 19th century house, but none of this was mentioned in the details. We only found out when we went to look round on a whim because the location was ideal for us, I was amazed by the amount of work and attention to detail the owners had put into the house over the past few years. It's also close to my daughter's school and we have friends in the area.

So it's futureproofed, affordable, comes with an opportunity to make extra income (holiday let which they're leaving all the furniture in at no extra cost) and we bid slightly lower than asking anyway.

[monkfish1]

Mark Benson said:

skwdenyer said:

troika said:

Are you folks in the process of buying renegotiating based on events of recent weeks? I guess if you’re selling and buying it doesn’t really matter but for those buying with no chain, surely the outlook has changed somewhat.

I'm not (for now). It took us 9 months of searching to find the right property. We're looking at it as a 10-20 year location. There are characteristics to it that money can't buy (from our PoV).

The only thing I'd change is the location (it is superb, just a touch further from my son's school than I'd like). But to put the same property in the location we'd like (even right now) would add possibly 25-35% to the price, which wouldn't be worth it to us.

So unless properties we like are going to come on at 25%+ discounts to where they were a few months ago (seems unlikely), there's no benefit it to us in risking losing the deal for the sake of renegotiating.

But others mileage may vary, of course

Pretty much the same sentiment here, it's taken us a long time to find the right place.

What we found was a gem. It was undervalued and badly marketed, it's a G2 Listed Georgian house that's been back to bare stone and fully insulated on the external walls, original windows have been refurbished and had new double glazing panels fitted, there's all new plumbing, wiring, networking etc. - it's a 21st century house in the skin of a listed 19th century house, but none of this was mentioned in the details. We only found out when we went to look round on a whim because the location was ideal for us, I was amazed by the amount of work and attention to detail the owners had put into the house over the past few years. It's also close to my daughter's school and we have friends in the area.

So it's futureproofed, affordable, comes with an opportunity to make extra income (holiday let which they're leaving all the furniture in at no extra cost) and we bid slightly lower than asking anyway.

As per both above, i think it rather depends on what you are buying. A standard house on a new estate, maybe time to sit tight, offer less etc. For those of us looking for a long term home with hard to find attributes, buggering around reneging on the deal seems a mighty big risk to take for the sake of a few quid.

Having just exchanged last week, yes, i can see it might lose a bit of value short term. It is what it is. There nothing out there that fits the bill, is affordable and in a place i want to live. By the time i sell it, its either because im dead, or incapable of independant living. Hopefully thats some time away.

[C70R]

Just caught the news that the average rate of a 2yr fixed deal available now is 6%. Surely this is going to kill the market stone dead?

[Petrus1983]

C70R said:

Petrus1983 said:

Yes - that was what I suggested- but it was a blank point no. Frustratingly. It’s in Swansea and £400k is quite high.

£400k in Swansea? Are you buying the whole of Morriston?

I’ve been surprised with some of the prices - when I was looking in Mumbles things would come on the market and I’d think “they’ll never get that” - just for it to sell the next day.

[C70R]

Petrus1983 said:

C70R said:

Petrus1983 said:

Yes - that was what I suggested- but it was a blank point no. Frustratingly. It’s in Swansea and £400k is quite high.

£400k in Swansea? Are you buying the whole of Morriston?

I’ve been surprised with some of the prices - when I was looking in Mumbles things would come on the market and I’d think “they’ll never get that” - just for it to sell the next day.

Mumbles is a lovely spot. I grew up with family in the area, and visits were a pleasure (particularly with Joes Ice Cream thrown in).

Swansea is a funny old city. Ok if you want to be in Swansea, but dreadful if you want to get anywhere else that isn't Cardiff.

[Frik]

C70R said:

Just caught the news that the average rate of a 2yr fixed deal available now is 6%. Surely this is going to kill the market stone dead?

Sounds dangerously close to speculation, that!

No clear signs of any effect yet, but we're watching the market in our intended destinations closely. Houses are still coming to market, and not just rubbish.

[Jcwjosh]

There seems to be massive delays with local authorities/land registry and searches in my chain at the moment. I was ahead of the pack and had my searches back within 2 weeks some people in our chain are waiting almost a month for theirs. Is this normal. Incredibly frustrating as wanting to be in before Xmas but looking more and more likely this won’t happen

[monkfish1]

Jcwjosh said:

There seems to be massive delays with local authorities/land registry and searches in my chain at the moment. I was ahead of the pack and had my searches back within 2 weeks some people in our chain are waiting almost a month for theirs. Is this normal. Incredibly frustrating as wanting to be in before Xmas but looking more and more likely this won’t happen

Land registry an an absolute waste of space. We twiddled our thumbs for 6 months solely because of them. Causing considerable on cost to all involved.

[C70R]

Frik said:

C70R said:

Just caught the news that the average rate of a 2yr fixed deal available now is 6%. Surely this is going to kill the market stone dead?

Sounds dangerously close to speculation, that!

No clear signs of any effect yet, but we're watching the market in our intended destinations closely. Houses are still coming to market, and not just rubbish.

I guess it was more a question to those who are in the process of buying now. We bagged a 2.1% 5yr fix in April thanks to an excellent broker. 1-2% higher might have made us think twice, but probably wouldn't have changed our decision. 4% higher is a massive jump.

[Patch1875]

We go on the market today (Edinburgh) no idea what’s going to happen, watching the last few weeks most are still going quick.

Edited by Patch1875 on Thursday 6th October 11:49

[skwdenyer]

C70R said:

Just caught the news that the average rate of a 2yr fixed deal available now is 6%. Surely this is going to kill the market stone dead?

A lot of people have portable mortgages. If they want to move, and borrow more to do so, the new high rates will only impact (in such a case) on the additional funds.

I can imagine people thinking that 6% for 2 years (or even just SVR) is worth a risk on the additional monies (especially with the SDLT changes to ease the blow a little); not least because those with longer memories may imagine a contraction in lending multiples coming down the pipe, so may yet be influenced by FOMO.

Don't forget, a lot of people have 5-year fixes, not just 2-year deals.

And, as is frequently mentioned, there are still a lot of cash buyers out there.