Is anyone moving now?
Discussion
Crunch time today for the two houses we like.
One has gone live and had an offer that they’ll apparently accept in 90 minutes unless I up mine.
The other is still off market but had viewings from yesterday and is perfect. But it’s perfect for bloody everyone - they’ve had an offer already, I’ve said I need an answer today by COP and have gone £50k overs to try and win them over…because they have a stacked day of viewings tomorrow!
But the vendor is in UAE currently and potentially travelling - all very annoying.
One has gone live and had an offer that they’ll apparently accept in 90 minutes unless I up mine.
The other is still off market but had viewings from yesterday and is perfect. But it’s perfect for bloody everyone - they’ve had an offer already, I’ve said I need an answer today by COP and have gone £50k overs to try and win them over…because they have a stacked day of viewings tomorrow!
But the vendor is in UAE currently and potentially travelling - all very annoying.
Edited by okgo on Friday 7th June 13:32
As we are back on the market now after two failed sales, the property we were all lined up to buy has now gone back on the market too. I can't blame the vendor at all but we'll be sad to not move in if we lose it. Hopefully we can sell the searches and survey to any new buyer that is attracted to it.
I therefore spent a chunk of yesterday planning a trip up to our desired area (Gloucestershire/south Herefordshire, south Worcestershire) to look at a raft of other properties, just in case.
I therefore spent a chunk of yesterday planning a trip up to our desired area (Gloucestershire/south Herefordshire, south Worcestershire) to look at a raft of other properties, just in case.
Week 10 of our house sale to a cash buyer and looks like it’s going to end up back on the market. Buyer is having a wobble with information from her solicitors. They’ve asked her to do some checks and she just puts it off because she doesn’t know how to deal with it, says it’s all overwhelming for her. Just stringing us along by the sounds of it.
okgo said:
Crunch time today for the two houses we like.
One has gone live and had an offer that they’ll apparently accept in 90 minutes unless I up mine.
The other is still off market but had viewings from yesterday and is perfect. But it’s perfect for bloody everyone - they’ve had an offer already, I’ve said I need an answer today by COP and have gone £50k overs to try and win them over…because they have a stacked day of viewings tomorrow!
But the vendor is in UAE currently and potentially travelling - all very annoying.
Had to accept no decision yesterday. Lost one of the houses which went for £100k above asking which made me feel better about it as were planning to go below that level. One has gone live and had an offer that they’ll apparently accept in 90 minutes unless I up mine.
The other is still off market but had viewings from yesterday and is perfect. But it’s perfect for bloody everyone - they’ve had an offer already, I’ve said I need an answer today by COP and have gone £50k overs to try and win them over…because they have a stacked day of viewings tomorrow!
But the vendor is in UAE currently and potentially travelling - all very annoying.
Edited by okgo on Friday 7th June 13:32
The house we really want now has 3 offers, there were 3 second viewings today - I suspect we are highest bidder but may not be in best position, even with a FTB buying ours. Even at this level (circa £2m) it seems there are still first time buyers in the mix which is irritating as they’re so attractive on paper.
Just started looking for a house in Devon (Torquay), but don’t really know the market yet - except that things don’t seem to be moving quickly. I know it’s hard to generalise but can anyone that knows this area suggest what the percentage variance might typically be on asking prices at the moment? I.e. if most places might be expected to go at asking, 5% over, 10% under etc
My 2ps worth. Its slow other than perfect stock and the right money. Everything else is just sitting. So for anything that's been on a while I would say slightly under.
Just bear in mind that a lot of stock is on for very strong money. We have been hoping to buy something in Cornwall but 300 to 400k property is now 500 to 600. A hell of a jump in the last few years. Now people are trying to sell to move back to the city and want what they paid plus 10 to 20% its making prices shoot up but no one is buying.
In my search area there was less than 10 properties on RM in 2021. Today almost 100.
Just IMHO.
Just bear in mind that a lot of stock is on for very strong money. We have been hoping to buy something in Cornwall but 300 to 400k property is now 500 to 600. A hell of a jump in the last few years. Now people are trying to sell to move back to the city and want what they paid plus 10 to 20% its making prices shoot up but no one is buying.
In my search area there was less than 10 properties on RM in 2021. Today almost 100.
Just IMHO.
gotoPzero said:
My 2ps worth. Its slow other than perfect stock and the right money. Everything else is just sitting. So for anything that's been on a while I would say slightly under.
Just bear in mind that a lot of stock is on for very strong money. We have been hoping to buy something in Cornwall but 300 to 400k property is now 500 to 600. A hell of a jump in the last few years. Now people are trying to sell to move back to the city and want what they paid plus 10 to 20% its making prices shoot up but no one is buying.
In my search area there was less than 10 properties on RM in 2021. Today almost 100.
Just IMHO.
Thanks, that's helpful. We've looked at a place that was listed a few months ago at £790k, and the seller has indicated that they would accept around £740k. The issue we're finding is knowing how reasonable the asking price is....the only comparable property on the street sold for £500k around 12 years ago. My gut feeling is that the price is fair, but feel a bit out of our depth not knowing the area very well!Just bear in mind that a lot of stock is on for very strong money. We have been hoping to buy something in Cornwall but 300 to 400k property is now 500 to 600. A hell of a jump in the last few years. Now people are trying to sell to move back to the city and want what they paid plus 10 to 20% its making prices shoot up but no one is buying.
In my search area there was less than 10 properties on RM in 2021. Today almost 100.
Just IMHO.
Edited by johnnyBv8 on Saturday 8th June 23:58
Anything thats remotely close to the right price will sell fast. If its been on the market for a while i.e months then its too high.
We bid on a place that was on for 475. Nice place and the price was almost too cheap IYSWIM. We bid 515. We lost out. Fair enough.
It fell through and they can back to us asking for 575! Not a chance. It was remarketed at 525 and sold within a week. Not sure yet what for but will have to wait for LR.
In the end we switched to Scotland so no longer looking in Cornwall but I do think the market down there is getting very toppy.
If its nice, with a nice view and in good condition then prices are defo strong. But there is stuff that needs work thats just sitting there.
I presume people will be trying to get out before their 1.2% mortgage comes to an end which I guess will be in the next 12-18 months if they took a 5 year fix.
For example this sold very quickly, at the higher end of the market. Good views, central location, in good condition and possibility of an income i.e airbnb etc.
https://www.rightmove.co.uk/properties/146473685#/...
Then as an example this. Been on a while, needs work and no views. Similar ish money, but no where near as desirable.3-4 years ago I would have been thinking it was a 400k house. Now its on the market for 2x that.
https://www.rightmove.co.uk/properties/145797470#/...
We bid on a place that was on for 475. Nice place and the price was almost too cheap IYSWIM. We bid 515. We lost out. Fair enough.
It fell through and they can back to us asking for 575! Not a chance. It was remarketed at 525 and sold within a week. Not sure yet what for but will have to wait for LR.
In the end we switched to Scotland so no longer looking in Cornwall but I do think the market down there is getting very toppy.
If its nice, with a nice view and in good condition then prices are defo strong. But there is stuff that needs work thats just sitting there.
I presume people will be trying to get out before their 1.2% mortgage comes to an end which I guess will be in the next 12-18 months if they took a 5 year fix.
For example this sold very quickly, at the higher end of the market. Good views, central location, in good condition and possibility of an income i.e airbnb etc.
https://www.rightmove.co.uk/properties/146473685#/...
Then as an example this. Been on a while, needs work and no views. Similar ish money, but no where near as desirable.3-4 years ago I would have been thinking it was a 400k house. Now its on the market for 2x that.
https://www.rightmove.co.uk/properties/145797470#/...
Currently wait for the buyer's solicitor to receive the searches. Since this is the 4th time in a year that the searches have been requested, you would think that they would be handy
I'm sure there must be a business opportunity for a "middle-man" to hold on to searches and provide them at cheaper cost and more quickly if they have been recently requested by another buyer
Sold last year, don't need a mortgage, in rented which I can get out of. Made 2 offers this month, both declined both houses hadn't had another viable offer. Not gone back with further offers, felt comfortable with my offers the houses were overpriced.
Any thoughts on the state of the market after Labour win? Interest rates are set to drop very slowly, lots of people coming off fixes, Labour's tax regime is going to affect affordability. Don't know whether to just stick to rented for the next couple of years.
Any thoughts on the state of the market after Labour win? Interest rates are set to drop very slowly, lots of people coming off fixes, Labour's tax regime is going to affect affordability. Don't know whether to just stick to rented for the next couple of years.
lost in espace said:
Sold last year, don't need a mortgage, in rented which I can get out of. Made 2 offers this month, both declined both houses hadn't had another viable offer. Not gone back with further offers, felt comfortable with my offers the houses were overpriced.
What was the sellers' position? I guess if they don't need to move they can sit there forever waiting for that 'golden' offer. Then they'll probably stuggle to find their next house because those sellers are doing the same so the whole thing falls apart.Jobbo said:
We've sold our house off market. Put it to the village Whatsapp group when we bought our new one - there's always plenty of interest whenever any sell in our village and only 4 other properties have actually come to market in the last 7 years since we bought it. Since we didn't want the hassle of dealing with multiple viewings we agreed a price we were happy with and have only really had one hiccup (posting with the expectation of exchanging contracts tomorrow so let me revisit this...)
Exchanged contracts on our sale just now - someone further down the chain hadn't organised buildings insurance which was the only reason for the delay from Friday. It's been a surprisingly easy transaction overall. We spent money on bridging finance but saved money on estate agents' fees. I was confident we'd sell easily in any market due to the lack of availability in the village we've moved from; not sure I'd recommend bridging unless you're certain your sale property would go just like that.okgo said:
Had to accept no decision yesterday. Lost one of the houses which went for £100k above asking which made me feel better about it as were planning to go below that level.
The house we really want now has 3 offers, there were 3 second viewings today - I suspect we are highest bidder but may not be in best position, even with a FTB buying ours. Even at this level (circa £2m) it seems there are still first time buyers in the mix which is irritating as they’re so attractive on paper.
Heard today that we have won it, which is great. The house we really want now has 3 offers, there were 3 second viewings today - I suspect we are highest bidder but may not be in best position, even with a FTB buying ours. Even at this level (circa £2m) it seems there are still first time buyers in the mix which is irritating as they’re so attractive on paper.
We were one of 4 offers, quite something given the climate, and that the property never went online, and only got emailed out to the database 6 days ago. We were not the highest offer, but the highest and most attractive on paper considering our short first time buyer chain - went a bit above asking in the end (5%) which always irks me, but its a 15 year house for us so hopefully I will forget about that in time.
Now to herd the cats.
gotoPzero said:
Anything thats remotely close to the right price will sell fast. ...Y
That's b
ks frankly.There's stuff out there which you'd have to discount hugely to shift quickly, because the market is illiquid in places.
You can always sell a house instantly at a no-reserve auction, but you may get peanuts compared with a 'fair price' a willing buyer will pay.
Here in Devon, we are now seeing the market jammed, we're willing to buy our next place, we have buyers who would buy ours if they could sell theirs etc etc. We would happily drop our price several % and see that ripple through the chain, but people at the bottom can't afford to admit being in negative equity. It seems there are also a lot of people with ~£750k houses with little actual equity so they aren't going anywhere.
First time buyers are sniffing a falling market and waiting.
BTL operators are bailing out.
A few employment sectors are feeling insecure about work, and winding their necks in.
Election uncertainty isn't helping.
A lot of people just pressing the pause button for a few months.
OutInTheShed said:
That's bks frankly.
There's stuff out there which you'd have to discount hugely to shift quickly, because the market is illiquid in places.
You can always sell a house instantly at a no-reserve auction, but you may get peanuts compared with a 'fair price' a willing buyer will pay.
Here in Devon, we are now seeing the market jammed, we're willing to buy our next place, we have buyers who would buy ours if they could sell theirs etc etc. We would happily drop our price several % and see that ripple through the chain, but people at the bottom can't afford to admit being in negative equity. It seems there are also a lot of people with ~£750k houses with little actual equity so they aren't going anywhere.
First time buyers are sniffing a falling market and waiting.
BTL operators are bailing out.
A few employment sectors are feeling insecure about work, and winding their necks in.
Election uncertainty isn't helping.
A lot of people just pressing the pause button for a few months.
Sounds like it's very regional but my impression is almost the exact opposite of this . ks frankly.There's stuff out there which you'd have to discount hugely to shift quickly, because the market is illiquid in places.
You can always sell a house instantly at a no-reserve auction, but you may get peanuts compared with a 'fair price' a willing buyer will pay.
Here in Devon, we are now seeing the market jammed, we're willing to buy our next place, we have buyers who would buy ours if they could sell theirs etc etc. We would happily drop our price several % and see that ripple through the chain, but people at the bottom can't afford to admit being in negative equity. It seems there are also a lot of people with ~£750k houses with little actual equity so they aren't going anywhere.
First time buyers are sniffing a falling market and waiting.
BTL operators are bailing out.
A few employment sectors are feeling insecure about work, and winding their necks in.
Election uncertainty isn't helping.
A lot of people just pressing the pause button for a few months.
FTBs losing patience and borrowing on longer terms or buying smaller houses
BTL sector is growing in absolute terms.
employment in the sectors my house peers are in is strong
nobody cares about the election
people pressed pause after truss, but this year the button is unpressed.
From what you say, you have an offer accepted on your house, but your buyers can't sell their house? is this the only offer you had?
okgo said:
Heard today that we have won it, which is great.
We were one of 4 offers, quite something given the climate, and that the property never went online, and only got emailed out to the database 6 days ago. We were not the highest offer, but the highest and most attractive on paper considering our short first time buyer chain - went a bit above asking in the end (5%) which always irks me, but its a 15 year house for us so hopefully I will forget about that in time.
Now to herd the cats.
May I ask what area this was in? It must have been a really peachy property at that price level to attract such strong interest!We were one of 4 offers, quite something given the climate, and that the property never went online, and only got emailed out to the database 6 days ago. We were not the highest offer, but the highest and most attractive on paper considering our short first time buyer chain - went a bit above asking in the end (5%) which always irks me, but its a 15 year house for us so hopefully I will forget about that in time.
Now to herd the cats.
okgo said:
SE21
It’s a hyper sensitive market owing to geographical elements/proximity to schools etc.
Yup, very similar to what I see in my neck of the woods in SW London/Surrey borders. Anything in proximity to the top schools and with a decent plot/garden seems to go very quickly. Still the case of greater demand and strong money chasing the handful of perfect family properties. It’s a hyper sensitive market owing to geographical elements/proximity to schools etc.
lizardbrain said:
OutInTheShed said:
That's bks frankly.
There's stuff out there which you'd have to discount hugely to shift quickly, because the market is illiquid in places.
You can always sell a house instantly at a no-reserve auction, but you may get peanuts compared with a 'fair price' a willing buyer will pay.
Here in Devon, we are now seeing the market jammed, we're willing to buy our next place, we have buyers who would buy ours if they could sell theirs etc etc. We would happily drop our price several % and see that ripple through the chain, but people at the bottom can't afford to admit being in negative equity. It seems there are also a lot of people with ~£750k houses with little actual equity so they aren't going anywhere.
First time buyers are sniffing a falling market and waiting.
BTL operators are bailing out.
A few employment sectors are feeling insecure about work, and winding their necks in.
Election uncertainty isn't helping.
A lot of people just pressing the pause button for a few months.
Sounds like it's very regional but my impression is almost the exact opposite of this . ks frankly.There's stuff out there which you'd have to discount hugely to shift quickly, because the market is illiquid in places.
You can always sell a house instantly at a no-reserve auction, but you may get peanuts compared with a 'fair price' a willing buyer will pay.
Here in Devon, we are now seeing the market jammed, we're willing to buy our next place, we have buyers who would buy ours if they could sell theirs etc etc. We would happily drop our price several % and see that ripple through the chain, but people at the bottom can't afford to admit being in negative equity. It seems there are also a lot of people with ~£750k houses with little actual equity so they aren't going anywhere.
First time buyers are sniffing a falling market and waiting.
BTL operators are bailing out.
A few employment sectors are feeling insecure about work, and winding their necks in.
Election uncertainty isn't helping.
A lot of people just pressing the pause button for a few months.
FTBs losing patience and borrowing on longer terms or buying smaller houses
BTL sector is growing in absolute terms.
employment in the sectors my house peers are in is strong
nobody cares about the election
people pressed pause after truss, but this year the button is unpressed.
From what you say, you have an offer accepted on your house, but your buyers can't sell their house? is this the only offer you had?
In the SW, it went mental during covid, everyone decided they could work form home and wanted to be away from the madding crowds of Suburbia.
Now, the gloss has come off that, looks like a nett movement of people back to the cities.
This has knock-on effects, local builders and developers etc are less busy, self employed types have less work and money.
Talking to my estate agent, it seems a lot of people are carrying a lot of debt, not everyone can afford to move if prices drop £100k or more.
Personally we have no debt and quite happy to spend another £200k to get what we want.
General feeling of, sod it, it's summer let's go sailing and see what's what in the Autumn.
OttoMattik said:
Yup, very similar to what I see in my neck of the woods in SW London/Surrey borders. Anything in proximity to the top schools and with a decent plot/garden seems to go very quickly. Still the case of greater demand and strong money chasing the handful of perfect family properties.
Yes, it’s very particular. There are 3-4 private schools (among the best nationally) all within this fairly small postcode or just outside (so a house inside would make total sense to be a short walk) - and then there’s the grounds if the most well known school taking up 80 acres and then Dulwich Park taking up 80 acres. And a railway line/the south circular dissecting it means there isn’t much left that’s acceptable to most people. Then once you’ve removed the roads where houses cost upwards of £4m - the ‘normal’ people are left with a handful of roads that are going to provide a walk to school and a nice environment. This was one of those - two houses we were considering both went for over guide which as you say is pretty rare in this climate.
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