Anyone else trying to buy at the moment?

[alazuli]

Not seen anything I like enough to offer on but I'm just curious if anyone's had any luck with a lowball offer or if things are still going for asking price or even over.

Have spoken to a few EAs and of course they told me people are still overbidding. I've noticed on Rightmove more properties going Under Offer as well now. In the areas I'm looking at in London things are still shifting even if it takes a few weeks instead of days (as it was pre-Brexit vote).

[TurquoiseDress]

We are FTBs trying to buy currently....well, at least find a property we vaguely like!

We put in a low offer- 90% of asking price back in June, finally was accepted for around 94% of AP. Then the sellers swiftly took their property off the market around a week later.

Keeping a beady eye out as I am certain the gits will put it back on the market at some point soon- probably with a price hike too.

We're in SE London.

I am watching all the land registry prices very closely as they come up...extremely curious to see what things have sold for vs the original asking price!

[alazuli]

Yes, such a strange time to be buying. On one hand I think as buyers we need to take advantage of this period of uncertainty now to get a bargain (hopefully) just in case things stabilise soon and prices go back up again.

But on the other hand if prices are starting to drop surely it's only the beginning and maybe it would be better to wait 6 months or so....?

[TurquoiseDress]

Yes it does all feel a bit strange, but never done this before so it's all a bit alien anyway!

We wonder if we should just wait it out for a few more months, but equally if the right thing came up we would like to jump at it.

I know, there is the worry that prices will start to drop and we'll end up paying to the hilt with a mortgage on a place that will only suit our needs for the next couple of years and we only sort of like.

Right now, there's very little that we've seen that we actually like and is suitable. Things like lack of parking is a real negative for us and also flats on the 3rd floor with no stairs (have a toddler) are not what we need.

One estate agent made the comment to me that "buyers are so fussy right now" and I was thinking, too bloody right!

[Sprig1]

It's a funny mix where we are (rural Wiltshire). Anything good that comes on the market is snapped up v quickly for a good price. The remainder of what is on the market are houses that are over priced or have major flaws, or both!

[alazuli]

Sounds like it might be business as usual then... Maybe there'll just be a slowdown rather than a outright crash. Well, until we actually leave.

[alazuli]

Yes, Turquoise. The supply in London has dried up majorly!

[rallytog1]

We're going for it. The market might go down but it doesn't change the fact we need a home.

We're in Cheshire and sensibly priced properties are selling very quickly. Meanwhile houses that are clearly overpriced are hanging around for ages. Asking prices seem to be rising but actual selling prices appear fairly static.

[oatsandhoney]

The market here is still buoyant (Gloucestershire). Houses aren't hanging around in our budget - around the 200k mark. I've just had an offer accepted on a house that came off the market last week but the buyers were 'taking too long' with their solicitors and the house was just put straight back on the market. I fell in love with and to be sure of getting it I went in at asking price. Not planning on moving anytime soon so a downturn in the market doesn't mean much unless we suddenly can't afford the mortgage.

Estate agents I've spoken to say there's no slowdown at all.

[alazuli]

I have a feeling that there's so much pent up demand from FTBs that those kind of properties will still be snapped up quickly. The reductions I have seen are for places that are wildly overpriced in the first place and for a lot of 2/3 beds as these are quite expensive anyway.

[rallytog1]

But surely if a FTB snaps up a property, that leaves the owners looking for the next property up the chain, which should drive the whole market upwards? Unless BTLers are all suddenly selling up.

[stillnotjustamummy]

The property we were offering on has received a higher offer than ours this week. It had been on for months hence them considering our under asking price offer, but looks like we won't get it. That's in Essex. The estate agent thinks people were just away over the summer making business look slower than it was.

[alazuli]

rallytog1 - I think a lot of BTLers are selling up now as there's going to be some kind tax hike next year for them.

[OurBlanche]

According to all the Landlord Property Press stats BTLers are not selling up at all... so it ain't them!

[reallyanotherone]

Where in london are you looking?

We are relocating so I am starting the house search next week.

[BowiesJumper]

We're currently looking, just outside sw London. There hasn't been a huge amount of houses coming on in our budget, it has definitely calmed down a bit since we were last looking in the spring (decided to save some more money so paused). Hopefully something suitable that we like will appear!!

[sall74]

OurBlanche - I'm not entirely sure the landlord press is an accurate, unbiased source of info as to whether landlords are bailing out or not.

[ShortLass]

Local estate agent told me the Brexit vote coincided with the summer holidays which always slow down anyway. They're still seeing a good turn over of property and sales and made all their targets last month. She also said prices must level off soon, as they've had two years of these "crazy prices".

Village location SE

[WanderingTrolley1]

Brexit has fucked everything up.

[OurBlanche]

I'm not entirely sure the landlord press is an accurate, unbiased source of info as to whether landlords are bailing out or not Sorry, I was using a catch all description - the various sites, associations etc use a wide range of stats, new BTL mortgages, rise in rentals being registered, deposits being protected, etc., so is quite reliable in that way.

It may not be unbiased, but some of the numbers are sound, generated for and used by ONS etc.

[LyraMortalia]

Apart from the normal August slowdown were still seeing rising prices and houses going for AP I'm in the SE not sure where you are WanderingTrolley1

[TheForeignOffice]

BTL landlords are selling up in vast numbers in central london where yields are already very low (new mortgage interest rules will push many yields negative) and it's up to 50% (!!!) BTL stock. Rightmove search will show you the proportion of price reductions easily enough. Mostly chain free but a surprising number being sold with tenancies in place. This was kicking in pre-Brexit.

[LyraMortalia]

Interesting we've just sold a commercial property plus flat above and we are looking for a new property to rent out been looking for six months (sale was delayed) and haven't seen any properties with tenants in situ which would be ideal. Perhaps we should look at flats rather than houses. Here in the SE market seems largely unaffected by Brexit or the tax changes certainly won't impact on our decisions. I think they were good too many btl landlords with multiple high mortgage properties here relying on capital growth and it pushes prices up be good if they start to sell then more ftb will get on the ladder. The stamp duty hike is painful for us but means we will make lower offers so again good to keep prices reasonable. I think it was a good policy decision overall.

[rallytog1]

We sold in the SE in the spring and in our area we could pretty much name our price, as there was a huge bubble of BTL people looking to buy before the stamp duty changes kicked in. We had about 8 offers in a fortnight, only one of which was below asking price.

I don't know if all those BTLers are suddenly realising the error of their ways and trying to get out while they can, or if it's the more seasoned owners now trying to reduce their stock.

Here in Cheshire we've seen some properties come back onto the market with huge price drops over the last couple of weeks (we viewed a house at £25k last week and yesterday it was reduced to £260k), so imagine it's pretty sluggish here.

[rallytog1]

Sorry it was on at £295k

[faffalotty]

I am buying at the moment. There wasn't a great deal available (3 beds up to £250k) when I started looking in June. The house I'm buying isn't ideal, but is all that was available in the area I wanted.

I do still have a nose on Rightmove now and again (out of habit!) and there is even less available. Very few new properties coming on the market but I don't know how much of this is due to the usual Summer slow down