Is anyone moving now?

[shalmaneser]

lizardbrain said:

A big deposit doesn’t seem to get you better rates at the moment. Maybe 10 blippies or so.

We've certainly not seen this.

[lizardbrain]

shalmaneser said:

We've certainly not seen this.

Apologies for the exaggeration, it seems to have diverged a bit now. When I last checked the LTVs were near identical. Some convergence at least.

[sc0tt]

We are still hoping to move potentially end of November would be nice!

[skwdenyer]

lizardbrain said:

shalmaneser said:

We've certainly not seen this.

Apologies for the exaggeration, it seems to have diverged a bit now. When I last checked the LTVs were near identical. Some convergence at least.

I think that graph neatly explains some of the frenzy at the start of the year.

[shalmaneser]

lizardbrain said:

shalmaneser said:

We've certainly not seen this.

Apologies for the exaggeration, it seems to have diverged a bit now. When I last checked the LTVs were near identical. Some convergence at least.

Interesting graph, thanks for that.

[Looks longingly at 1.5% interest rates]

[NeilMick]

House which was listed at £450k a couple of months ago has been re-listed with OIRO £450k again (presumably the buyers mortgage offer fell through), however it needs about £75k spending on it.

It was realistically worth a maximum of £500k renovated a couple of months back. I've seen lots of stock being reduced recently as it just isn't selling like it was, therefore I'd say a realistic new maximum would be £475k, probably even less next year if things carry on as they are.

That means I'd be making an offer of £400k on a house listed for £450k, only things on my side would be that it is currently vacant (pretty sure it's being sold as part of someone's estate and I have no chain and a very healthy LTV so mortgaging shouldn't be a problem.

[johnnyBv8]

NeilMick said:

House which was listed at £450k a couple of months ago has been re-listed with OIRO £450k again (presumably the buyers mortgage offer fell through), however it needs about £75k spending on it.

It was realistically worth a maximum of £500k renovated a couple of months back. I've seen lots of stock being reduced recently as it just isn't selling like it was, therefore I'd say a realistic new maximum would be £475k, probably even less next year if things carry on as they are.

That means I'd be making an offer of £400k on a house listed for £450k, only things on my side would be that it is currently vacant (pretty sure it's being sold as part of someone's estate and I have no chain and a very healthy LTV so mortgaging shouldn't be a problem.

You very rarely get the full 'money needs spending' discount.... most of the time it seems not to apply at all!

The reality is that almost any house you buy you're going to spend money to getting it how you want/to your taste, which if being realistic effectively reduces the £75k sum. No harm offering low, but in terms of where you end up, your £75k cost is probably £50k if comparing on a like-for-like basis with other properties.

Edited by johnnyBv8 on Saturday 29th October 13:08

[kingston12]

NeilMick said:

House which was listed at £450k a couple of months ago has been re-listed with OIRO £450k again (presumably the buyers mortgage offer fell through), however it needs about £75k spending on it.

It was realistically worth a maximum of £500k renovated a couple of months back. I've seen lots of stock being reduced recently as it just isn't selling like it was, therefore I'd say a realistic new maximum would be £475k, probably even less next year if things carry on as they are.

That means I'd be making an offer of £400k on a house listed for £450k, only things on my side would be that it is currently vacant (pretty sure it's being sold as part of someone's estate and I have no chain and a very healthy LTV so mortgaging shouldn't be a problem.

It's definitely worth a go. The vacant status can work both ways though. It might make it more likely that they want to sell quickly, split the profits and move on, but it could also mean that they are in a better position just to hold onto it until the market improves.

We are still quite early in this part of the cycle. Affordability has crashed for buyers need a mortgage, but that's not yet reflected in asking prices creating a bit of a stand off. It will be the forced/motivated sellers who will drop first, the rest will try and hang on longer.

[Frik]

kingston12 said:

We are still quite early in this part of the cycle. Affordability has crashed for buyers need a mortgage, but that's not yet reflected in asking prices creating a bit of a stand off. It will be the forced/motivated sellers who will drop first, the rest will try and hang on longer.

Yep. Houses in our desired area where nothing lasted more than a week on the market 6 months ago are coming on at similar prices and just not budging. The silliness is gone, but asking prices haven't shifted yet. We're keeping a close eye on it.

[Sheepshanks]

NeilMick said:

House which was listed at £450k a couple of months ago has been re-listed with OIRO £450k again (presumably the buyers mortgage offer fell through), however it needs about £75k spending on it.

It was realistically worth a maximum of £500k renovated a couple of months back. I've seen lots of stock being reduced recently as it just isn't selling like it was, therefore I'd say a realistic new maximum would be £475k, probably even less next year if things carry on as they are.

That means I'd be making an offer of £400k on a house listed for £450k, only things on my side would be that it is currently vacant (pretty sure it's being sold as part of someone's estate and I have no chain and a very healthy LTV so mortgaging shouldn't be a problem.

I looked at, and had discussions with, the sons of a neighbour who died last year and left a house that was pretty well untouched since it was built mid-60’s. We were dancing around £400K and it was clear they were hoping for more and said they had several interested parties so I dropped out and started extension work on our house.

They put up by modem auction (very unusual around here) for £370K and no one bid. They re listed it at £325K and I hear they had one bidder, who bought it.

Not sure where values will end up now but before the recent softening I’d have said its fully tarted up value would be something like £550K.

[skwdenyer]

Sheepshanks said:

NeilMick said:

House which was listed at £450k a couple of months ago has been re-listed with OIRO £450k again (presumably the buyers mortgage offer fell through), however it needs about £75k spending on it.

It was realistically worth a maximum of £500k renovated a couple of months back. I've seen lots of stock being reduced recently as it just isn't selling like it was, therefore I'd say a realistic new maximum would be £475k, probably even less next year if things carry on as they are.

That means I'd be making an offer of £400k on a house listed for £450k, only things on my side would be that it is currently vacant (pretty sure it's being sold as part of someone's estate and I have no chain and a very healthy LTV so mortgaging shouldn't be a problem.

I looked at, and had discussions with, the sons of a neighbour who died last year and left a house that was pretty well untouched since it was built mid-60’s. We were dancing around £400K and it was clear they were hoping for more and said they had several interested parties so I dropped out and started extension work on our house.

They put up by modem auction (very unusual around here) for £370K and no one bid. They re listed it at £325K and I hear they had one bidder, who bought it.

Not sure where values will end up now but before the recent softening I’d have said its fully tarted up value would be something like £550K.

There was a bit of a goldrush a few months ago; people were convinced their houses were worth ever-higher numbers just because. Around here, I'm seeing a lot of those houses just sitting around, unsold, despite multiple reductions. That particular goldrush is well and truly over, I'd say.

[Petrus1983]

Petrus1983 said:

I’ve had an offer accepted on a place in the Maritime Quarter in Swansea. After guidance from MartyD I had a long talk with some bobbies on the beat that happened to be walking along when I was there and they were very pleased to the extent they’d got on top of the anti social behaviour that had been occurring. It’s still a 3 bed, 3 bathroom duplex with direct sea views - it needs some work - but it wasn’t £400k this time.

This was short lived. I’ve been gazumped. I’m not changing my offer as it was already overly generous considering the work that’s needed. I’ll bide my time.

[Frik]

Frik said:

Yep. Houses in our desired area where nothing lasted more than a week on the market 6 months ago are coming on at similar prices and just not budging. The silliness is gone, but asking prices haven't shifted yet. We're keeping a close eye on it.

Just to add something to this, having reviewed some of the properties we missed out on, one of the properties that was ideal for us but just out of reach in asking appears to have sold in April for 22.5% above this price according to the Land Registry. Now that's madness.

[pacenotes]

Well mine had an interesting twist this week.


Was on a flight and when I landed I had a please call me from the estate agent. Didn't sound good.

Anyway rang him while waiting for the bus to get to the terminal as they mustn't of expected a plane to show up at an airport!

Anyway our 2nd buyer has pulled out. Market and mortgage was the reason, wanted to see what will happen next year.

Now the strange thing is the estate agent went back to our first buyer who pulled out as he was annoyed they wouldn't own the grass out side the flat so pulled out. They have come back and offered the same offer as last time.

He's already had his survey done from the first time, bought the searches off the 2nd solicitor, and wants to be in before Christmas as that's when his good mortgage finishes.

[lizardbrain]

Frik said:

Just to add something to this, having reviewed some of the properties we missed out on, one of the properties that was ideal for us but just out of reach in asking appears to have sold in April for 22.5% above this price according to the Land Registry. Now that's madness.

I had similar, 26% in my case.

There was a feeling in spring that 10 percent rises a year were inevitable, so this was baked into offers . Hopefully things will calm down a bit.

[Calza]

Still worried about my sale.

I delayed 3 weeks getting a final fire safety document. Gave that a few weeks and then it turns out buyer was having to give some more gifted deposit forms to the bank (bit odd that far in). Apparently that's all done now and firmly with the bank.

His survey was 12 weeks ago now, and mine (for help 2 buy) was 10. Mine will expire shortly and cost me some money, worry about the validity of his now??

He said nationwide are taking 60 days on average but who knows the truth of t all. 60 date from when?

We're both chain free, and I've already moved out. If it does fall through, I think being empty and current rates will make a second sale much harder :/

[skwdenyer]

lizardbrain said:

Frik said:

Just to add something to this, having reviewed some of the properties we missed out on, one of the properties that was ideal for us but just out of reach in asking appears to have sold in April for 22.5% above this price according to the Land Registry. Now that's madness.

I had similar, 26% in my case.

There was a feeling in spring that 10 percent rises a year were inevitable, so this was baked into offers . Hopefully things will calm down a bit.

We offered 20% above asking on a unique property earlier in the year. We didn't get it. Haven't see the Land Registry update yet to see what it ultimately sold for. In our case, the property - being genuinely unique, in location specifically - was very hard to value, but it was still a pretty crazy time.

[ChevronB19]

Regarding demands for certificates etc., I can sort of understand an electrical check, but how do the other aspects work with old/unusual houses?

Previous house I sold (built 1780, converted from a mini barn in about 1920), the buyers demanded stove installation certs (installed in about 1920), window guarantee (installed circa 1990) etc etc. So, erm, it’s a ‘no’, which conveyancing solicitor seemed horrified at.

Current house (listed) is 1820 with original windows, stove etc. - so no certs, obviously. Are these people dim, or being advised by someone dim?

[Flooble]

ChevronB19 said:

Regarding demands for certificates etc., I can sort of understand an electrical check, but how do the other aspects work with old/unusual houses?

Previous house I sold (built 1780, converted from a mini barn in about 1920), the buyers demanded stove installation certs (installed in about 1920), window guarantee (installed circa 1990) etc etc. So, erm, it’s a ‘no’, which conveyancing solicitor seemed horrified at.

Current house (listed) is 1820 with original windows, stove etc. - so no certs, obviously. Are these people dim, or being advised by someone dim?

Surely just what you encounter in all walks of life - people can only follow the written process, which was defined for the 80%. Step outside that process and everything falls apart.

[edc]

Flooble said:

ChevronB19 said:

Regarding demands for certificates etc., I can sort of understand an electrical check, but how do the other aspects work with old/unusual houses?

Previous house I sold (built 1780, converted from a mini barn in about 1920), the buyers demanded stove installation certs (installed in about 1920), window guarantee (installed circa 1990) etc etc. So, erm, it’s a ‘no’, which conveyancing solicitor seemed horrified at.

Current house (listed) is 1820 with original windows, stove etc. - so no certs, obviously. Are these people dim, or being advised by someone dim?

Surely just what you encounter in all walks of life - people can only follow the written process, which was defined for the 80%. Step outside that process and everything falls apart.

People need to ask themselves what they are looking to achieve/validate with such certificates. If the expectation is some sort of regular upkeep or maintenance ok. But if it's to check whether something was approved at the time of installation then if there was no standard or cert issued then you can't expect one. Similarly if it's for a warranty you have to ask whether the install would still be within the warranty period.