Lots of new houses coming to market.

[Doofus]

anonymous said:

[redacted]

I'm not arguing with that. I wonder if they all realise that 'holiday' will get get added on the back end (with interest).

[Sheepshanks]

So said:

I keep an eye on the local property market. In the past month, the number of new homes coming to market has started to account for 50% of properties coming to market.

Where are you seeing these - on Rightmove?

I've got an alert set up for a 5 mile radius of our house in semi-rural West Cheshire and that circle takes in half of Chester. I'm seeing about a dozen properties come up per day, but, off the top of my head, I don't think there are any new estate type developments in that area, so I'm not seeing any new-build. I don't recall them normally being listed on Rightmove anyway, until they get down to the last few to be sold.


I will say the stuff that's coming on the market where my reaction is "that's not bad for the price" goes Under Offer very quickly. I've also noticed that houses where I go "Jeepers, that's expensive" are being reduced after just a couple of weeks on sale. So I reckon the market (at least around here) is very price sensitive.

Edited by Sheepshanks on Wednesday 1st July 11:20

[anonymous-user]

Doofus said:

I'm not arguing with that. I wonder if they all realise that 'holiday' will get get added on the back end (with interest).

I think most will have cottoned on to that but I don't know if they realise the implications of essentially telling your mortage company you are potless, I think it was a needed mechanism for many but I also suspect a number just took it, because

[louiebaby]

I'm not in the market, but when I was, there were decent deals to be done on new homes close to the end of the financial year:

http://www.brand-newhomes.co.uk/house_builders_end...

Good point above about Help To Buy becoming due soon.

Interesting times in the housing market.

[danpalmer1993]

We have had an offer accepted on our next house and have noticed that all the non new builds are flying off the market, however all the new builds/built in the last 5 year are still there month after month. Don't think it helps that most of these are townhouse style in large estates with small gardens.

[whatleytom]

I'm looking at the moment around the South West London, almost out toward the M25. Seems to have been lots added immediately post lockdown, but has noticeably slowed down now, although lots of properties appear to be being reduced now too.

[PostHeads123]

Lots come on around my area as well (Hertfordshire) but nothing really selling unless BIG discount. My neighbour is property developer he has 9 x new builds to sell from £800k - £1.2mil usually would sell quick but been on the market since mid June and no offers on any of them.

[okgo]

anonymous said:

[redacted]

I took a mortgage holiday, and I've got 3 years of mortgage in the bank, just to happened that both myself and my wife lost our jobs. Most people also remortgage fairly often, so even (and I doubt it would factor in all that much) if the current lender didn't want to lend because someone took a holiday, upon switching you'll be back in play.

You'd imagine that the banks have probably got to think about just how many people have taken these holidays, if they turn down anyone that did for future lending its a pretty big potential pot of money they're saying they don't want...

Edited by okgo on Wednesday 1st July 12:10

[hotchy]

anonymous said:

[redacted]

I know for a fact my pal done this and said hes now going to sell up and buy a bigger house. Hes in for a shock. I just nod away and say nothing.

[okgo]

hotchy said:

I know for a fact my pal done this and said hes now going to sell up and buy a bigger house. Hes in for a shock. I just nod away and say nothing.

But why?

There was no onus on the homeowner to prove anything when asking for a mortgage holiday, what is the onus to say a single thing about it when you're looking for a mortgage on a new house?

All you'd need to do to be absolutely sure would be to use a different lender surely.

[paulrockliffe]

okgo said:

anonymous said:

[redacted]

I took a mortgage holiday, and I've got 3 years of mortgage in the bank, just to happened that both myself and my wife lost our jobs. Most people also remortgage fairly often, so even (and I doubt it would factor in all that much) if the current lender didn't want to lend because someone took a holiday, upon switching you'll be back in play.

You'd imagine that the banks have probably got to think about just how many people have taken these holidays, if they turn down anyone that did for future lending its a pretty big potential pot of money they're saying they don't want...

Edited by okgo on Wednesday 1st July 12:10

Not sure the issue will be so much everyone that took a mortgage holiday, but I'd be surprised if being able to clearly afford the mortgage yet taking a mortgage holiday does not generate a red flag. Even if it's simply an interpretation that the financial information provided does not support the fact that a mortgage holiday was taken. Alternative interpretation would be around attitude to paying the mortgage being sub-optimal; had the money, chose not to pay. I'd put those two ahead of the more simplistic; didn't have a pot to piss in, so is high risk of being in that position again.

[okgo]

paulrockliffe said:

Not sure the issue will be so much everyone that took a mortgage holiday, but I'd be surprised if being able to clearly afford the mortgage yet taking a mortgage holiday does not generate a red flag. Even if it's simply an interpretation that the financial information provided does not support the fact that a mortgage holiday was taken. Alternative interpretation would be around attitude to paying the mortgage being sub-optimal; had the money, chose not to pay. I'd put those two ahead of the more simplistic; didn't have a pot to piss in, so is high risk of being in that position again.

All data that they have no idea about because they never asked?

They don't know if someone just fancied 3 months off or lost their job.

[towser44]

okgo said:

paulrockliffe said:

Not sure the issue will be so much everyone that took a mortgage holiday, but I'd be surprised if being able to clearly afford the mortgage yet taking a mortgage holiday does not generate a red flag. Even if it's simply an interpretation that the financial information provided does not support the fact that a mortgage holiday was taken. Alternative interpretation would be around attitude to paying the mortgage being sub-optimal; had the money, chose not to pay. I'd put those two ahead of the more simplistic; didn't have a pot to piss in, so is high risk of being in that position again.

All data that they have no idea about because they never asked?

They don't know if someone just fancied 3 months off or lost their job.

It'll show on your credit report you didn't make a payment for 3 months, which may prompt them asking, but, a lot of mortgages offer payment holidays anyway so as you say, how will any lender verify the circumstances for it.

[okgo]

towser44 said:

It'll show on your credit report you didn't make a payment for 3 months.

May well - same as probably best part of 10 million people. Too many people in this boat to change much IMO.

[22s]

I run an estate agency in Surrey.

Demand (as measured via proxy of portal searches, so take with a pinch of salt) up 59% vs 12 month pre-pandemic average.

Supply is currently up 21% vs the 12 month pre-pandemic average.

Sales agreed up 56% vs the 12 month pre-pandemic average.

It's busy!

I think the party is going to last for a couple of months longer, come to an abrupt halt as furlough roll-off bites, then pick back up in spring next year. Hold on to your hats for the rollercoaster!

[towser44]

okgo said:

towser44 said:

It'll show on your credit report you didn't make a payment for 3 months.

May well - same as probably best part of 10 million people. Too many people in this boat to change much IMO.

Agreed, I posted my post before finishing it, how/if they will verify whether someone took a payment holiday due to COVID is questionable, particularly as a lot of mortgages offer payment holidays anyway.

[Julia121]

I'd imagine the cheaper deals would not be available to those taking a mortgage holiday and may well be you'd need a savvy broker to secure a deal. If you've taken a credit card holiday as well it could make matters worse. When it was announced that people could stop paying their mortgages without it affecting their credit rating I suspect many people assumed it would just show up as a payment holiday on data bases like Experian and, when this was over, they could just pick up where they dropped off. But lenders use their own algorithms to decide if you are a good risk and if we're going to have the much touted second wave they will be wondering if you'll stop making payments again. At the end of the day lenders have to be seen as lending responsibly and lending to people who couldn't make the payments on the first wave probably won't be able to make the payments on the second.

[eldar]

jimmythingy said:

We have two new estates in our village, one either side. Both have lots of houses for sale which don’t seem to sell very quickly which is strange as most of the existing houses in the village sell very quickly some within two days.

We’ve similar building, just outside Leicester. Selling before building has got beyond foundations.

[Johnnytheboy]

danpalmer1993 said:

We have had an offer accepted on our next house and have noticed that all the non new builds are flying off the market, however all the new builds/built in the last 5 year are still there month after month. Don't think it helps that most of these are townhouse style in large estates with small gardens.

I moved in 2002 and 2015 and on both occasions you had to wade through loads of newbuild stuff.

The second time round I appreciated the ability to draw a shape on a map as it enabled me to go round Poundbury and Charlton Down (this will mean something to Dorset residents).

[anonymous-user]

My parents put their house up for sale a week or so ago and went under offer in 2 days.