We have been looking since August. Narrowly lost out on a house which with hindsight we realised was perfect- BEST STREET EVER.
But no other houses came on so we found another stop gap house- it needs total renovation and definitely isnt forever house.
We are about a week away from exchange and I am gutted to discover a great house on that street has come up. I dont think we can pull out now as its not fair on anyone (its an old lady who has gone into a home and I won't mess people about as its just not fair)
Well its a bit more complicated as dream house is let til 2012 so we couldn't get in til then but have 18k per annum income in meantime and rent somewhere else. Its three beds (same number as stop gap house) so in reality we may grow out of it BUT we could do loft conversion when time came to it. Probably isnt forever house either but would want to be there 10years instead of no more than 2/3 max I want in current house.
If you're only going to be in the not perfect house for 2/3 years (and providing stamp duty isn't huge issue), could you buy that one, do it up and sell it on to reduce mortgage on the perfect one, iywim? Get the other one on BTL mortgage and move in when other has sold?