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House Prices

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By (user no longer on site) OP   
over a year ago

Market where we are is crazy still. Houses selling within days often for over asking price.

We were expecting a slight price adjustment after how mad prices rose last year but it doesn’t currently show any signs of slowing down.

Thankfully we managed to find one last week and have an offer accepted

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By *unkym34Man
over a year ago

London

Yep same where I am for larger houses not so much for smaller and flats.

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By (user no longer on site)
over a year ago

Yup, I paid 167 for mine two years ago

Next door has just gone up for 400k and they had 3 viewings the day it went up

400k for a (large) terraced house round these parts is scary

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By (user no longer on site)
over a year ago


"Yup, I paid 167 for mine two years ago

Next door has just gone up for 400k and they had 3 viewings the day it went up

400k for a (large) terraced house round these parts is scary "

Where are you from? Areas have a big influence

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By (user no longer on site)
over a year ago

Been trying to buy one in Scotland..

On several occasions they will not even let us view a house as they have too many viewings.

Houses are being sold unseen within an hour

We work and unless you put an offer in within a couple of days they houses are being sold before you can view.

Crazy

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By (user no longer on site) OP   
over a year ago


"Been trying to buy one in Scotland..

On several occasions they will not even let us view a house as they have too many viewings.

Houses are being sold unseen within an hour

We work and unless you put an offer in within a couple of days they houses are being sold before you can view.

Crazy"

I had never heard of that happening in our area but just last week a friend called to book a viewing the same day a house was listed but was told there were over 20 viewings booked already and they wouldn’t accept any more.

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By (user no longer on site)
over a year ago

Well, that doesn’t bode well for me looking at the moment then.

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By (user no longer on site)
over a year ago


"Well, that doesn’t bode well for me looking at the moment then. "

They aren't gonna get any cheaper

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By (user no longer on site)
over a year ago

Almost like pre 2008 again.

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By (user no longer on site) OP   
over a year ago


"Well, that doesn’t bode well for me looking at the moment then.

They aren't gonna get any cheaper"

We sold ours last year and rented as couldn’t find what we wanted. Genuinely thought a slowdown was on the horizon. But now not so sure. Perhaps the end of furlough might cause it to slow down, maybe more so at the bottom end

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By *aptain PeteMan
over a year ago

stamford

It's all acon by the firms that build. They know if they only build the minimum set by the government, they can price as they want. Demand far outweighs supply. Happy hunting

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By (user no longer on site) OP   
over a year ago

What about not new homes ? Brand new houses aren’t really our thing.

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By *annaBeStrongMan
over a year ago

w

Saving up for a house deposit now and it’s not easy. There’s some shit hole houses around me for 200-220k mark. I’m a first time buyer so I often wonder if I should just go for a cheap and cheerful house to get on the market. I could sell up in 3 years and have a bigger deposit than if I was to just save

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By *wisted999Man
over a year ago

North Bucks

I had lunch on Sunday with a partner in an estate agents. Apparently within the industry it is not uncommon now for agents to be followed to new instructions and people will knock on the door and make an offer once the agent has left.

He thinks it will plateau and not crash. But then he would say that.

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By *ritishguyMan
over a year ago

chatburn

I wouldn't be buying now at the peak of price hikes.

The market has always done this over the years, if you're buying now you'll end up in negative equity in the next 6 months. It's a sellers market not a buyers

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By *ea monkeyMan
over a year ago

Manchester (he/him)

It’s ridiculous.

The simple result is that people are unable to buy houses without extreme financial assistance, which forces the rental market higher

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By (user no longer on site) OP   
over a year ago


"Saving up for a house deposit now and it’s not easy. There’s some shit hole houses around me for 200-220k mark. I’m a first time buyer so I often wonder if I should just go for a cheap and cheerful house to get on the market. I could sell up in 3 years and have a bigger deposit than if I was to just save "

Personally I would say yes u should get on the market. Especially if the amount you are saving each month is being outstripped by the gains the potential house you buy would make.

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By (user no longer on site) OP   
over a year ago


"I wouldn't be buying now at the peak of price hikes.

The market has always done this over the years, if you're buying now you'll end up in negative equity in the next 6 months. It's a sellers market not a buyers "

But if you also sell at the peak what’s the difference. And negative equity will only affect people with very small deposits. That’s too much of a blanket generalization to make.

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By (user no longer on site)
over a year ago


"It’s ridiculous.

The simple result is that people are unable to buy houses without extreme financial assistance, which forces the rental market higher"

By “ridiculous”, do you intend to imply that it’s some sort of conspiracy or deliberate effort to inflate house prices, or just that somebody is being silly about it? Estate Agents work to get the best price possible, but that has ever been the case, even during crashes and downturns. People will pay what people will pay, and that depends much on what is available to them. If there is a lack of supply and a high demand... it’s not unique to house prices. I suspect prices for “out of city” family homes will do nothing but increase as people exodus the cities in swathes, following covid and the emergence of WFH policies.

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By (user no longer on site)
over a year ago


"Well, that doesn’t bode well for me looking at the moment then.

They aren't gonna get any cheaper"

You’re right there. Don’t think they will. Just need to up the price range then or a camper van is beginning to look mighty attractive to me. Easy to maintain, head off whenever I like....bliss really.

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By *mwirralMan
over a year ago

wirral

If you believe in the 18y property cycle then we have around 5-7 years of strong growth before any crash, but when the crash comes prices will still be higher than they are today

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By *ewfie02Couple
over a year ago

Ayrshire

Stupid prices for houses in the UK. We have a house in newfoundland, Canada. 4 bedrooms, ocean views on a large plot. If you want to buy it make me an offer of around 15 thousand pounds. In the UK we live on a boat!

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By *VineMan
over a year ago

The right place

High property prices are no good for anyone unless they are estate agents, property investors or inheritance beneficiaries.

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By *imply_SensualMan
over a year ago

warrington

The stamp duty holiday ends soon, see if that has an impact. Im not an estate agent, but a lot of people will be buying to avoid paying the duty, albeit they are probably paying it indirectly with a potentially skewed price because of current market conditions.

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By (user no longer on site) OP   
over a year ago


"The stamp duty holiday ends soon, see if that has an impact. Im not an estate agent, but a lot of people will be buying to avoid paying the duty, albeit they are probably paying it indirectly with a potentially skewed price because of current market conditions. "

Yes I agree this must have an impact. I also agree that what many people feel they are saving on the stamp they are simply paying on the property with the ability to make lower offers harder at the moment

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By *om and JennieCouple
over a year ago

Chams or Socials

We currently can’t even afford to downsize once you include estate agent & solicitor fees. And we have lots of equity tied up in current home.

J x

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By (user no longer on site) OP   
over a year ago

Really ? What are the agents fees ? 1% ? Possibly less

And solicitors fees are what ? £1500 ?

Sounds like you are in an unusual predicament there

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By *athan 123Man
over a year ago

rochdale oldham border


"Market where we are is crazy still. Houses selling within days often for over asking price.

We were expecting a slight price adjustment after how mad prices rose last year but it doesn’t currently show any signs of slowing down.

Thankfully we managed to find one last week and have an offer accepted "

Well done on your purchase hope all goes well going forward but yes it’s gone crazy out the It’s not so bad if your in the housing ladder already but if your just starting out then it must be a nightmare

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By (user no longer on site) OP   
over a year ago

Yes, how a first timer couple can get on the ladder these days without huge help from parents etc seems impossible. Feel for young people looking to purchase their first home, especially in the south

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By *annaBeStrongMan
over a year ago

w


"Yes, how a first timer couple can get on the ladder these days without huge help from parents etc seems impossible. Feel for young people looking to purchase their first home, especially in the south "

I’m a single guy, zero help from family and I’m almost at a 10% deposit. It can be done! But it’s not easy. Sacrificed a lot

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By *ea monkeyMan
over a year ago

Manchester (he/him)


"It’s ridiculous.

The simple result is that people are unable to buy houses without extreme financial assistance, which forces the rental market higher

By “ridiculous”, do you intend to imply that it’s some sort of conspiracy or deliberate effort to inflate house prices, or just that somebody is being silly about it? Estate Agents work to get the best price possible, but that has ever been the case, even during crashes and downturns. People will pay what people will pay, and that depends much on what is available to them. If there is a lack of supply and a high demand... it’s not unique to house prices. I suspect prices for “out of city” family homes will do nothing but increase as people exodus the cities in swathes, following covid and the emergence of WFH policies. "

I don’t know how you got that from the word ridiculous.

When house prices have risen so high, so fast as to price a huge amount of people from the market, when the average earnings of help to buy scheme users has risen above national average wages and people are having to save for years to just raise a deposit, then what word would you use?

Is buying a home the privilege of a few now?

If the price of food, petrol, cars or utilities followed the same level of inflation, there would be major concerns.

I think that my use of the word ridiculous is proportionate and correct

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By (user no longer on site)
over a year ago


"Stupid prices for houses in the UK. We have a house in newfoundland, Canada. 4 bedrooms, ocean views on a large plot. If you want to buy it make me an offer of around 15 thousand pounds. In the UK we live on a boat! "

You wouldn’t be saying this about house prices in the UK if you were living in some countries in Asia.

For the price is a one bedroom flat in central London, you’d get a shoebox in Hong Kong. I kid you not, literally a shoe box because they include the space outside your door and any bay window shelves. Hence actual living space is not flat size.

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By *arkus1812Man
over a year ago

Lifes departure lounge NN9 Northamptonshire East not West MidlandsMidlands


"The stamp duty holiday ends soon, see if that has an impact. Im not an estate agent, but a lot of people will be buying to avoid paying the duty, albeit they are probably paying it indirectly with a potentially skewed price because of current market conditions. "

My son in law has his own Mortgage Consultancy and he considers the current surge in house buying will slow quite quickly after the end of June when the Stamp Duty Holiday ends.

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By (user no longer on site)
over a year ago


"The stamp duty holiday ends soon, see if that has an impact. Im not an estate agent, but a lot of people will be buying to avoid paying the duty, albeit they are probably paying it indirectly with a potentially skewed price because of current market conditions.

My son in law has his own Mortgage Consultancy and he considers the current surge in house buying will slow quite quickly after the end of June when the Stamp Duty Holiday ends."

This surge in demand may dampen perhaps but it won’t pressure the prices down.

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By *hesblokeMan
over a year ago

Derbyshire village


"Yes, how a first timer couple can get on the ladder these days without huge help from parents etc seems impossible. Feel for young people looking to purchase their first home, especially in the south "

We're about to exchange contracts on our first and we're in our forties

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By *hesblokeMan
over a year ago

Derbyshire village


"Yes, how a first timer couple can get on the ladder these days without huge help from parents etc seems impossible. Feel for young people looking to purchase their first home, especially in the south

I’m a single guy, zero help from family and I’m almost at a 10% deposit. It can be done! But it’s not easy. Sacrificed a lot "

Best of luck!!

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By *xfordshireCoupleMFCouple
over a year ago

Nr. Oxford

We got very close to going to market last week. In fact, we actually instructed the agent to go ahead with the listing.

Then over the weekend we had the realisation that the market is just too aggressive for us currently so we pulled out.

In that time the sale board had been up 2 days and someone had called our agent for a viewing. Bearing in mind no photos were done and nothing was listed anywhere.

We allowed the viewing as we were still keen to sell at this point. The agent said the viewers were keen and subject to a second viewing would put an offer in over asking price.

At this stage we decided things were moving too fast so cancelled.

Whilst all this was happening a place we had our eye on went up £60k over asking price, and another was withdrawn from the market to be repriced as the agent was getting too much interest.

We’ve called agents to view properties and been told they are only accepting viewings if your house is under offer.

Other properties have sold in days and the agents had said they sold without people viewing them!

So we’re going to sit out for a bit and wait for things to calm down!

- John

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By *ad NannaWoman
over a year ago

East London

Where I live a For Sale sign goes up and within weeks replaced by a Sold sign, then a To Let sign.

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Saving up for a house deposit now and it’s not easy. There’s some shit hole houses around me for 200-220k mark. I’m a first time buyer so I often wonder if I should just go for a cheap and cheerful house to get on the market. I could sell up in 3 years and have a bigger deposit than if I was to just save "

It depends what you want. If you don't have much time buy as cheap and cheerful as you find acceptable and move on. If you have the time and ability go for the worst house on the best street. Not one that needs structural work but kitchens are easy to fit, decorating is boring but not hard and gardens can make a huge difference to a property's kerb appeal. Add value in other words.

Good luck in your search, it's years ago now but we really struggled to pay for our first place and interest rates peaked at something like 18% , then negative equity came along

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By *hesblokeMan
over a year ago

Derbyshire village


"Saving up for a house deposit now and it’s not easy. There’s some shit hole houses around me for 200-220k mark. I’m a first time buyer so I often wonder if I should just go for a cheap and cheerful house to get on the market. I could sell up in 3 years and have a bigger deposit than if I was to just save

It depends what you want. If you don't have much time buy as cheap and cheerful as you find acceptable and move on. If you have the time and ability go for the worst house on the best street. Not one that needs structural work but kitchens are easy to fit, decorating is boring but not hard and gardens can make a huge difference to a property's kerb appeal. Add value in other words.

Good luck in your search, it's years ago now but we really struggled to pay for our first place and interest rates peaked at something like 18% , then negative equity came along "

The one we've (almost) got needs loads of work, but apart from a re-wire it's cosmetic. We're kinda looking forward to getting our hands dirty with it, and finally having something that's actually 'ours' (well, it's the banks right now but you get it).

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"We got very close to going to market last week. In fact, we actually instructed the agent to go ahead with the listing.

Then over the weekend we had the realisation that the market is just too aggressive for us currently so we pulled out.

In that time the sale board had been up 2 days and someone had called our agent for a viewing. Bearing in mind no photos were done and nothing was listed anywhere.

We allowed the viewing as we were still keen to sell at this point. The agent said the viewers were keen and subject to a second viewing would put an offer in over asking price.

At this stage we decided things were moving too fast so cancelled.

Whilst all this was happening a place we had our eye on went up £60k over asking price, and another was withdrawn from the market to be repriced as the agent was getting too much interest.

We’ve called agents to view properties and been told they are only accepting viewings if your house is under offer.

Other properties have sold in days and the agents had said they sold without people viewing them!

So we’re going to sit out for a bit and wait for things to calm down!

- John"

Yeah I think you're right. That can't continue and the stress involved in buying and selling in that market would be unbearable, it's bad enough anyway.

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By (user no longer on site)
over a year ago

Dublin is just as bad as anywhere its outrageous here ... I saw photos of a one bed apartment in a nice area where it was just a box with a bed, cooker, fridge... So if someone visited and was on the toilet you would be standing next to them cooking dinner! Thankfully I bought my house years ago and was lucky but prices in this area of skyrocketed and i doubt many young people can afford it now. We have a problem here that vulture funds are buying houses and pricing buyers out the market

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By *icecouple561Couple
Forum Mod
over a year ago

East Sussex


"Saving up for a house deposit now and it’s not easy. There’s some shit hole houses around me for 200-220k mark. I’m a first time buyer so I often wonder if I should just go for a cheap and cheerful house to get on the market. I could sell up in 3 years and have a bigger deposit than if I was to just save

It depends what you want. If you don't have much time buy as cheap and cheerful as you find acceptable and move on. If you have the time and ability go for the worst house on the best street. Not one that needs structural work but kitchens are easy to fit, decorating is boring but not hard and gardens can make a huge difference to a property's kerb appeal. Add value in other words.

Good luck in your search, it's years ago now but we really struggled to pay for our first place and interest rates peaked at something like 18% , then negative equity came along

The one we've (almost) got needs loads of work, but apart from a re-wire it's cosmetic. We're kinda looking forward to getting our hands dirty with it, and finally having something that's actually 'ours' (well, it's the banks right now but you get it). "

I get it. We bought this place just over five years ago, it needed a LOT of stuff done. We've nearly finished but there will always be something to tweak. It's very obviously ours now

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

Yes it’s crazy since Jan. I sold for way over asking price I had 4 people bidding within 24 hours of listing thought it was great until I started looking to buy and it’s the same, you have to check right move and Zoopla constantly for new listings and book early or they sell before you even view . Unless you are a cash buyer it’s very hard at the moment because many valuations for mortgages are failing to match the offer price now plus 5-6 week delay on valuation so many vendors are asking for cash offers only

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By *rHotNottsMan
over a year ago

Dubai & Nottingham

But still a great time to buy and borrow with rates at 0.99% and Barclays 7 year fix at 1.49% means leveraging a high mortgage to buy property is better than paying into a pension in most cases

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