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Original poster

Help me buy a house

124 replies

JollyGoodBunting · 26/04/2022 15:40

I sold a flat last year and have been trying to buy a house ever since. What's causing the lack of supply? I'm in Manchester, looking in Trafford. I can't even get a viewing.

OP posts:
Original poster
JollyGoodBunting · 27/04/2022 14:44

Milomonster · 27/04/2022 14:01

I met a guy from Altrincham - he also said massive cash influx from Hong Kong.

It's all over Manchester apparently. Along with all the other northern cities that already have a Chinese community.

Canada and NZ have banned foreigners buying family homes. Can't see our government doing anything sensible like that.

OP posts:
WallaceinAnderland · 27/04/2022 16:59

Canada and NZ have banned foreigners buying family homes. Can't see our government doing anything sensible like that.

Do you mean family homes to live in, as opposed to renting out? Why should they be banned, that's disgraceful.

Original poster
JollyGoodBunting · 27/04/2022 17:13

WallaceinAnderland · 27/04/2022 16:59

Canada and NZ have banned foreigners buying family homes. Can't see our government doing anything sensible like that.

Do you mean family homes to live in, as opposed to renting out? Why should they be banned, that's disgraceful.

Take it up with Justin Trudeau and Jacinda Arden. It's to stop foreign nationals storing their money in housing and squeezing out families from buying.

OP posts:
Rosey22 · 27/04/2022 17:22

Milomonster · 27/04/2022 14:01

I met a guy from Altrincham - he also said massive cash influx from Hong Kong.

At the risk of sounding silly.

when posters are saying Hong Kong cash, do you mean people from Hong Kong are actually coming over to live in Manchester? Or just that they investing in buy to lets?

Original poster
JollyGoodBunting · 27/04/2022 17:27

A bit of both. They are taking their money out of HK because of China and investing in the U.K. property market.

I disagree with the poster below in that I think the housing market in this country is broken as it's used for investment rather than family homes. This has caused so many issues.

It's interesting that 2 countries that have left leaning parties in charge have banned this speculation in their property markets.

OP posts:
WallaceinAnderland · 27/04/2022 17:37

JollyGoodBunting · 27/04/2022 17:13

Take it up with Justin Trudeau and Jacinda Arden. It's to stop foreign nationals storing their money in housing and squeezing out families from buying.

Show quote history

If it's investors buying up stock that's one thing. But people who have come to live here and want to buy a family home to live in is a whole different thing.

Don't forget, our government allowed people from Hong Kong to come to the UK to live if they want. Why shouldn't they be allowed to buy a home OP?

Original poster
JollyGoodBunting · 27/04/2022 17:41

@WallaceinAnderland

Why should they be allowed to buy 7 and rent them out? As one family have done.

OP posts:
mathanxiety · 27/04/2022 19:22

I lived in a house with a downstairs bathroom. It had started out as a two bedroom bungalow and had been extended upwards in the 1920s giving three upstairs bedrooms but they didn't put a bathroom upstairs.

It was perfectly fine. If it's the norm in a given area to have an upstairs bathroom, you could always put one in later and retain the downstairs one, giving two full baths. Placing a second one above the first, if possible, would cut down on plumbing costs.

WallaceinAnderland · 27/04/2022 20:16

JollyGoodBunting · 27/04/2022 17:41

@WallaceinAnderland

Why should they be allowed to buy 7 and rent them out? As one family have done.

As I have already said, that is a different scenario.

I take it you have no objection to families from Hong Kong buying a house to live in themselves?

Original poster
JollyGoodBunting · 28/04/2022 05:33

@WallaceinAnderland

Why are you derailing the thread?

1 house fir 1 family is fine by me.

We clearly have very different political leanings. I think that the foreign nationals using U.K. family homes to store their cash, speculate, raise prices and squeeze locals out of buying houses in areas where they grew up and have a support system is disgraceful. You think this is acceptable and you think Canada and NZ are disgraceful for stopping this - as you clearly stated below.

OP posts:
tfresh · 28/04/2022 10:30

Not to be rude to anyone in this thread, but you can't just put Sale +3 miles into rightmove and make a fair comparison. With that sort of range you'll end up in Stretford, Wythenshawe etc - and not to knock those areas they just aren't in anyway comparable to Sale. Northenden in particular will have a very, very different vibe.

The reality is right now, you will struggle to get a proper 3 bed in central sale for that money - this is a 3 bed with the bathroom upstairs although they've obviously chopped the bedrooms up www.rightmove.co.uk/properties/122642660#/?channel=RES_BUY

In catchment for Springfield as well. Saying that, every chance that goes STC in the next few days.

It's just shit at the moment, and thats the truth of it. You aren't just competing with people from Sale, you're competing with people from across the country and HKs with seemingly infinite money.. it's a tough time. Just keep plugging away.

tfresh · 28/04/2022 10:33

Sorry just seen that the above property is fully booked for viewings already, very predictable.. clearly priced to move.

Would you consider flats if you want to stay in the area? One with a balcony might give you that outside space and there are tons of parks..we've got a large garden but we're north facing so spend more time in the local park!

greyinganddecaying · 28/04/2022 10:33

They do come up though. On right move I saw one literally around the corner from Waverley Road, 3-bed semi. It's now SSTC but went for less than £400k

Rosey22 · 28/04/2022 10:35

tfresh · 28/04/2022 10:30

Not to be rude to anyone in this thread, but you can't just put Sale +3 miles into rightmove and make a fair comparison. With that sort of range you'll end up in Stretford, Wythenshawe etc - and not to knock those areas they just aren't in anyway comparable to Sale. Northenden in particular will have a very, very different vibe.

The reality is right now, you will struggle to get a proper 3 bed in central sale for that money - this is a 3 bed with the bathroom upstairs although they've obviously chopped the bedrooms up www.rightmove.co.uk/properties/122642660#/?channel=RES_BUY

In catchment for Springfield as well. Saying that, every chance that goes STC in the next few days.

It's just shit at the moment, and thats the truth of it. You aren't just competing with people from Sale, you're competing with people from across the country and HKs with seemingly infinite money.. it's a tough time. Just keep plugging away.

Also, pound to a penny that house will go for quite a bit more than £320k.

MugOfBuildersTea · 28/04/2022 10:45

WallaceinAnderland · 27/04/2022 16:59

Canada and NZ have banned foreigners buying family homes. Can't see our government doing anything sensible like that.

Do you mean family homes to live in, as opposed to renting out? Why should they be banned, that's disgraceful.

I know a bit about what happened in NZ. They enacted legislation so that foreign investors can only buy commercial property and new build apartments (a lot of these are built for investment purposes). This had the desired effect on traditional residential buildings in that the prices levelled off and the market settled down.

Ever increasing residential property prices only benefit landlords and investors. Are you able to elaborate on why you think NZ's actions are a disgrace?

MugOfBuildersTea · 28/04/2022 12:50

I'm looking too. Advice I've been given is to do anything you can through the agent you're buying through, so mortgage, survey etc. As they get commission through this.

I've also been told that Hong Kong buyers can be quite unreliable. They'll offer big numbers but then are never heard from again. This was from an estate agent I spoke to earlier this week. So get your documents in order, keep in touch with the agent and keep them up to date, don't ghost them basically.

Rosey22 · 28/04/2022 13:40

Advice I've been given is to do anything you can through the agent you're buying through, so mortgage, survey etc. As they get commission through this.

this is utterly terrible advice! (Sorry)

girlmom21 · 28/04/2022 14:24

Advice I've been given is to do anything you can through the agent you're buying through, so mortgage, survey etc. As they get commission through this.

Guessing this advice came through the estate agent?

They charge for a lot of those services...

MugOfBuildersTea · 28/04/2022 14:43

@Rosey22 @girlmom21

Why is it terrible advice? It might cost a bit more but if they think they are making a few extra £ from you they'll give you preference for viewings. Unfortunately the market is so tight that these kind of measures are needed at the moment.

girlmom21 · 28/04/2022 15:14

MugOfBuildersTea · 28/04/2022 14:43

@Rosey22 @girlmom21

Why is it terrible advice? It might cost a bit more but if they think they are making a few extra £ from you they'll give you preference for viewings. Unfortunately the market is so tight that these kind of measures are needed at the moment.

Given you don't do any of those things until you've already had an offer accepted, you don't need special favours.

girlmom21 · 28/04/2022 15:14

And the fact it costs you more is the whole issue

MugOfBuildersTea · 28/04/2022 15:29

Yes but if you tell them you're happy to use their other services when you're talking to them, they'll think they're getting commission. An app with their mortgage broker costs nothing and doesn't tie you in.

MugOfBuildersTea · 28/04/2022 15:30

If the OP is like me (and it sounds like she is in a similar situation) then all levers need pulling!

MugOfBuildersTea · 28/04/2022 15:31

@girlmom21

You need a MIP to get an offer accepted.

girlmom21 · 28/04/2022 15:40

MugOfBuildersTea · 28/04/2022 15:31

@girlmom21

You need a MIP to get an offer accepted.

You're not going to go through one estate agents mortgage advisor to do that though or you're reallllly restricting your options...