Is anyone moving now?

[CSLM3CSL]

Has anyone noticed any properties that have fallen through due to missing the stamp duty holiday come back on the market. I can't say I'm noticing any so far.

[Davey S2]

essayer said:

I wonder what percentage of people who say they are "cash" buyers are actually sat there with £x00,000 in the bank

Very few. Most people seem to think it just means not having to get a mortgage and being able to pay from the proceeds of a related sale.

We lost out on a house to another party who did this. Very frustrating.

[Maximus_Meridius101]

After the mother of all rockets, delivered to the mortgage broker, the big boss got involved, and assured me that this time the new lender’s surveyor won’t say anything regrettable. If they do, I’ll sort it out myself, they really don’t want to lose the business, so we shall see. Because of the current situation, the surveyor for this lender can’t get in until the 17th July. I am one unhappy puppy at present, the vendor is losing patience as well.

[SweptVolume]

CSLM3CSL said:

Has anyone noticed any properties that have fallen through due to missing the stamp duty holiday come back on the market. I can't say I'm noticing any so far.

None in my search area (20 mile radius of Hungerford) that I recognise from 6 months of eyeing up the markets.

Good news for others; bad for me I guess. My house went up today at about 10% above what I thought it would get in best case, so now we play the waiting game...

[bennno]

We exchanged on a third property today, missed month end but zero difference as it wasn’t our principle residence so you pay non reduced stamp duty plus 4% here in Wales. Got a bit risky at the end as next door was listed 4 weeks ago for 12% more and went for significant offers over, whilst 2 doors down just got listed for 15% more and has again gone to offers over.

4 months ago I secured 10k off asking on this one, so thought there was a risk of it breaking down. Market is overheated at present and deals difficult to do. The holiday let flat we also got keys to in May and had an offer accepted on in Feb is already up 20%.....

[Mikee19]

CSLM3CSL said:

Has anyone noticed any properties that have fallen through due to missing the stamp duty holiday come back on the market. I can't say I'm noticing any so far.

Personally, I think If you have been going through the process for months it would be silly to pull out because of missing the stamp duty deadline. If you pull out you will find prices have risen since, and due to the lack of supply you will be lucky to find something else and have an offer accepted on it, you will also risk losing your buyer (if you have one). So if you want to move this year you need to suck it up.

[BigBen]

Mikee19 said:

CSLM3CSL said:

Has anyone noticed any properties that have fallen through due to missing the stamp duty holiday come back on the market. I can't say I'm noticing any so far.

Personally, I think If you have been going through the process for months it would be silly to pull out because of missing the stamp duty deadline. If you pull out you will find prices have risen since, and due to the lack of supply you will be lucky to find something else and have an offer accepted on it, you will also risk losing your buyer (if you have one). So if you want to move this year you need to suck it up.

Not fallen through but I think more are coming to the market for the first time now, or at least in the last few weeks. I remain sold so am looking for somewhere to buy like a hawk!

[kiethton]

Have viewings for 3 places after selling out flat 3 weeks ago. Have been watching like a hawk, subscribed to all agents sites and the below is the pick of what's become available over the last week:

11:30 - 1,300sqft 3 bed semi which needs work but has extension potential on the best road in the village, 5 minutes walk to the shops/bars/station which is ~25 minutes to the city. The £175k of extensions/refurb plus the asking should see our money back with a tailwind (no upside). Can spend a couple of £k to make it liveable in the meantime when saving.

12:45 - 1,700sqft 4 bed detached which looks clean but very dated but nice part of an "up and coming" area with potential to take to +3,000sqft (neighbours have and have pools etc). Cheaper than the above but a 10 minute walk to a station which is 18 mins to the city

2:00 - 1,600sqft 4 bed detached which is well kept and has had the redecoration done (largely to our taste). Needs the kitchen/dining knocking together in time but no rush. Far further out (will see a 15-30 minute drive each way to do anything - family, friends, golf club etc) and me keeping up the motorbike commute. A lot cheaper, £130k below the 12:45 viewing and nearly £200k below the first viewing.

Currently head is saying option 2 but let's see what happens when we get there - think all have quite a few people booked before/after.

[Fast Bug]

Glad quite a few got competition through before the deadline. It's a stressful thing moving, far more than it should be.

We've been in a month and are facing the struggle of getting trades in to do work. Bathroom guy is booked up until November, so Mrs FB will have to have the shower dripping on her when she has a bath for a while yet

Currently stripping mustard yellow paint off the stairs, the previous owners really went to town with it!

[75Black]

It had been a very stressful Tuesday to Thursday as we ended up exchanging and completing on the Wednesday however the move is finally complete and a few days rest beckon before decoration commences. Turns out moving from London to Aylesbury has dropped my insurance premium on my car by £300 a year, result!

[parakitaMol.]

Davey S2 said:

essayer said:

I wonder what percentage of people who say they are "cash" buyers are actually sat there with £x00,000 in the bank

Very few. Most people seem to think it just means not having to get a mortgage and being able to pay from the proceeds of a related sale.

We lost out on a house to another party who did this. Very frustrating.

Disagree, it's standard practise for the EA to request bank statements to 'prove' your word when you make a 'cash offer' - our last two purchases were done mortgage free and independent of our sale. We had to evidence it.

[Blown2CV]

Petrus1983 said:

I’m going to show proof of funds today - but not overly happy about showing a stranger that information just to see a house they haven’t been able to sell in 2 years.

are you a bit naive? Every house has 20 bidders at the moment. People with their houses sold, or in rented, massive deposit, offering way over asking price, often totally funded with cash, no mortgage. You're there whining that you can't see a house because you haven't even met step 1 of the estate agent rules. There are 20 people in front of you who can do the thing you don't want to or indeed can't actually do. You need to agree a sale of your house first - that's how the english housing market works, and has always worked. Why would they waste time with someone who is not ready when they have scores of people who are, all fighting with each other to offer more and more? You don't even know how much money you have yet, until your sale.

[Petrus1983]

Blown2CV said:

Petrus1983 said:

I’m going to show proof of funds today - but not overly happy about showing a stranger that information just to see a house they haven’t been able to sell in 2 years.

are you a bit naive? Every house has 20 bidders at the moment. People with their houses sold, or in rented, massive deposit, offering way over asking price, often totally funded with cash, no mortgage. You're there whining that you can't see a house because you haven't even met step 1 of the estate agent rules. There are 20 people in front of you who can do the thing you don't want to or indeed can't actually do. You need to agree a sale of your house first - that's how the english housing market works, and has always worked. Why would they waste time with someone who is not ready when they have scores of people who are, all fighting with each other to offer more and more? You don't even know how much money you have yet, until your sale.

No - like I’ve previously said its been on the market since 2019 and has so far been reduced from £499,950 to OIRO £350k - so where are these 20 people infront of me in a better position?

[Hugo Stiglitz]

Blown2CV said:

are you a bit naive? Every house has 20 bidders at the moment. People with their houses sold, or in rented, massive deposit, offering way over asking price, often totally funded with cash, no mortgage. You're there whining that you can't see a house because you haven't even met step 1 of the estate agent rules. There are 20 people in front of you who can do the thing you don't want to or indeed can't actually do. You need to agree a sale of your house first - that's how the english housing market works, and has always worked. Why would they waste time with someone who is not ready when they have scores of people who are, all fighting with each other to offer more and more? You don't even know how much money you have yet, until your sale.

And yet by the new year there will start a massive recession with all these ''cash ready to move people" in dire straits as they also had 2xcars, commitments, etc etc that needs funds.

[Blown2CV]

Petrus1983 said:

Blown2CV said:

Petrus1983 said:

I’m going to show proof of funds today - but not overly happy about showing a stranger that information just to see a house they haven’t been able to sell in 2 years.

are you a bit naive? Every house has 20 bidders at the moment. People with their houses sold, or in rented, massive deposit, offering way over asking price, often totally funded with cash, no mortgage. You're there whining that you can't see a house because you haven't even met step 1 of the estate agent rules. There are 20 people in front of you who can do the thing you don't want to or indeed can't actually do. You need to agree a sale of your house first - that's how the english housing market works, and has always worked. Why would they waste time with someone who is not ready when they have scores of people who are, all fighting with each other to offer more and more? You don't even know how much money you have yet, until your sale.

No - like I’ve previously said its been on the market since 2019 and has so far been reduced from £499,950 to OIRO £350k - so where are these 20 people infront of me in a better position?

you still cannot proceed until you've sold. You still believe you are their long-awaited saviour, but in to them you are the bored husband in the car dealership kicking tyres and wasting time until their wife finishes the weekly shop over the road. You can't prove them wrong till you've sold your place, if you are reliant upon that to fund the purchase.

[Blown2CV]

Hugo Stiglitz said:

Blown2CV said:

are you a bit naive? Every house has 20 bidders at the moment. People with their houses sold, or in rented, massive deposit, offering way over asking price, often totally funded with cash, no mortgage. You're there whining that you can't see a house because you haven't even met step 1 of the estate agent rules. There are 20 people in front of you who can do the thing you don't want to or indeed can't actually do. You need to agree a sale of your house first - that's how the english housing market works, and has always worked. Why would they waste time with someone who is not ready when they have scores of people who are, all fighting with each other to offer more and more? You don't even know how much money you have yet, until your sale.

And yet by the new year there will start a massive recession with all these ''cash ready to move people" in dire straits as they also had 2xcars, commitments, etc etc that needs funds.

of course, and i hope they all end up destitute - i hate it as much or even more than the next man, because we've been victims of it... not just because we've dabbled for 5 mins and got pissy that estate agents won't book an appointment

[Petrus1983]

Blown2CV said:

you still cannot proceed until you've sold. You still believe you are their long-awaited saviour, but in to them you are the bored husband in the car dealership kicking tyres and wasting time until their wife finishes the weekly shop over the road. You can't prove them wrong till you've sold your place, if you are reliant upon that to fund the purchase.

It’s only when I’ve suggested to them that I could fund it without a house sale but use something far quicker to sell that they’re now considering showing me. Not everyone’s main asset is their house.

[Lardydah]

Are people really seeing houses out there with 20 bidders/potential buyers at the moment?

Our purchase fell through just before we were to exchange to make the stamp holiday(!!!), with the vendor above ours pulling out, so whilst our vendor still wants to sell to us we are in a holding pattern until they find something (which they are yet able to).

So we have been doing the diligent thing and starting to have a look around again. Out of 5-6 properties we've seen so far, the agent has turned up, let us in to look around and left with us. Followed by almost hounding us with phone calls in the days following. This is a vastly different experience to what we had at the beginning of the year through to April/May time. It certainly doesn't seem 'busy' to me.

A few price reductions too (mad prices to begin with to be fair).

We are however in a fairly decent position (FTB, no chain, big deposit) for the level of house we're looking at, but it seems to me that things have gone very flat, around here at least.

We're looking in/around Windsor.

[SweptVolume]

Without real data it's hard to tell, but anecdotally I know of two different couples who have been looking for places for the past 6 weeks or so and both have just offered on places they're seen. At least one has immediately failed due to a higher bid having been received. They have upped their bid to the max they can afford and are waiting to see.

If there are only two bidders, then things have indeed calmed down from a month ago.

Further to this, my standard search today has brought up more property new to the market than it has for weeks. i wonder if some people were waiting until the perceived stamp duty mania was over before listing. Prices seem as strong as ever, though. This is one day's evidence in one search area around Hungerford, so far from a reliable picture, but it's all I've got.

[Blown2CV]

Petrus1983 said:

Blown2CV said:

you still cannot proceed until you've sold. You still believe you are their long-awaited saviour, but in to them you are the bored husband in the car dealership kicking tyres and wasting time until their wife finishes the weekly shop over the road. You can't prove them wrong till you've sold your place, if you are reliant upon that to fund the purchase.

It’s only when I’ve suggested to them that I could fund it without a house sale but use something far quicker to sell that they’re now considering showing me. Not everyone’s main asset is their house.

the agent would enquire thus though... how are you funding the purchase, do you have a house to sell etc. They might ask for proof of funds or whatever if you tell them you didn't need to sell in order to buy... this is why they ask you these things.