Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Aibu to think homeowners are being unreasonable about prices?

137 replies

Justawonderer2018 · 03/11/2018 00:30

I live in London so maybe this is very niche but I'm a first time buyer and am shocked at some of the prices people are demanding for their flats.

Im looking at 1 bed flats and it's clear some of them are way over priced and that they're not selling plus the market is falling yet owners are holding out for more.

One flat I saw last year was on for 600k. Way over priced for what it was even though it was a lovely flat. It dropped to 585 earlier this year and is now on for 565. Even still it's probably not worth more than 499k but apparently the seller won't entertain anything less than the current valuation even though he's been waiting over a year to sell. He bought it for a lot less so it's not like he is losing money.

Similarly saw another flat on top of a shop - nice but very small. The owner wants 475k. I would say it's worth about 400k. She bought it almost 20 years ago and it's a rental property for her.

The estate agent told me people are just stubborn but it seems to me to be pure greed. At the same time it's clear that these sellers can and will simply wait till someone comes along who can afford their vastly inflated prices.

Im slightly baffled and irritated

OP posts:
JuliaJaynes9 · 04/11/2018 12:57

many houses on the market locally never sold. The owners could never find what they wanted:which was typically something pretty, a bit smaller for half the price!
Everyone wants to have their cake and eat it don't they.....

DrCoconut · 04/11/2018 13:30

My house is valued at £65k. I would probably get £60k if it was sold. Bought it 11 years ago for £74k. So very little equity and it's a bit of a disappointment since I'm mid divorce and could use some money. But on the upside it will be easier to buy my ex out. I know other areas are much more expensive but I can't imagine having a mortgage to spend half a million on a house. It must be terrifying to owe that much money. Again I know you can't help it if that's how it is. The downside of living in a cheap area is that it is a low wage and poor prospects local economy. Typical jobs advertised are in pound shops, cafes/fast food outlets and care homes. Well paid professional roles are thin on the ground and you also have to travel for decent shops, concerts, galleries etc.

Bluntness100 · 04/11/2018 14:27

That if you can't find affordable rents then the location is out of your price range?

I'm unsure about bluelady, but yes, I would say that. If you can't afford something then it is indeed out of your price range. What is " affordable" is different for everyOne.

Branleuse · 04/11/2018 14:48

if local rents are unnaffordable for people working local jobs, then its unsustainable isnt it.
If everybody who lives in my town has to commute into london to be able to afford it, then who will do the local jobs?

FrankIncensed · 04/11/2018 14:59

I agree wholeheartedly OP. Where I live in the SE, the market has all but stalled waiting for Brexit. Some houses priced correctly and in good condition are selling, but others have been on the market for nearly a year as that's when we started looking and the same houses are still for sale. We looked at one house priced at £400k, it came down to £350k over a year, we offered £325k (probably a little over its value tbh) and the vendors said no, fair enough we walked away, even though we were the first offer in a year. The vendors have now increased the asking price to £365k. Shockingly the house has not sold and I doubt they've had many viewings given what else £365k would buy you here. Delusion is the only word to describe them.

kmc1111 · 04/11/2018 15:00

I want more low-cost housing built, I vote for politicians pushing for it, I fight for it with the local authorities, I donate large sums to organisations campaigning for it.

I also have two properties on the market right now, and I won’t be selling them for less than asking. They’ll sell eventually for my price, and there’s zero rush, so why would I lose out on many tens of thousands of pounds when I don’t have to? Especially when we’re talking about expensive properties. It’s not like I’d be helping someone actually struggling if I slashed the prices, I’d just be subsidising someone a bit less wealthy than me. I’d rather be ‘greedy’ and be able to give more to shelters and food banks thanks.

Bluntness100 · 04/11/2018 15:05

Shockingly the house has not sold and I doubt they've had many viewings given what else £365k would buy you here. Delusion is the only word to describe them

Why? They may be more than happy to wait it out for someone to pay that and not wish to sell below it. It's their house. They can do as they wish. They are only deluded if they don't know why it's not selling.

FrankIncensed · 04/11/2018 15:08

@kmc1111 Do you not understand it's a trickle down effect (probably the only time trickle down economics works). And no, one person lowering prices won't have an effect but it will have a knock on effect and the more people do it, the more affordable housing will become.

You can give all you want to housing organisations. New houses are still entering an inflated market and are unaffordable for a huge portion of the population. Social Housing lists are so long people will wait most of their lives for a house.

FrankIncensed · 04/11/2018 15:13

@Bluntness100 They do want to sell apparently. They bought it 4 years ago and believe the price as increased 150% in that time. It is their house, they can do what they want with it I know. We have since bought another house (better area, same size, less money, reasonable seller!) so I am not bitter about it at all but it just typifies what is wrong with the market at the moment.

And they are delusional to think their house owes them a massive profit and the price has to always increase. But yes people can sit with their empty homes falling into disrepair or never being able to move because they think they deserve massive profits. Still makes them delusional.

Bluelady · 04/11/2018 15:49

It makes them patient. Sooner or later someone will pay the price they want. And they're clearly not in a hurry.

JassyRadlett · 04/11/2018 15:50

And they are delusional to think their house owes them a massive profit and the price has to always increase.

Do they think that? How do you know?

tiggerkid · 04/11/2018 15:51

Im slightly baffled and irritated

That's what everyone says until it's time for them to sell their house.

Bluntness100 · 04/11/2018 15:58

Sure they want to sell their house. But for a given price. They don't wish to sell if it its less than this.

That's not deluded, that's fine. Their call.

bananasandwicheseveryday · 04/11/2018 16:04

When we bought our first house, we were both in average jobs paying average salaries. We each lived with our respective parents in an outer London borough. In order to afford to buy a home, we had to move away from the area and after a few years, we were able to move back. This was about 40 years ago, so, OP, I'm afraid that it's not a new phenomenon. It's been the way for at least the last 40 years.

Original poster
Justawonderer2018 · 04/11/2018 16:25

It is very greedy to believe that your house should make you that much money just because and very easy to sit back and say well me selling it for less won't make a difference and I'll just wait.

There have been plenty of news stories in the last year about how more and more people who are homeless are actually working because they cannot afford private rents any more nor to buy. That is a real sad state of affairs but even sadder to see the posters on here saying "just move if you can't afford rent/to buy". It is not as simple as that any more and when you have homeless workers then yes it is everyone's responsibility and people sitting waiting for their second home to sell to give them a massive profit have a lot to answer for

OP posts:
JassyRadlett · 04/11/2018 16:30

This was about 40 years ago, so, OP, I'm afraid that it's not a new phenomenon. It's been the way for at least the last 40 years.

The difference is that today, you’ll never be able to afford to move back. There are problems in the housing market, but I think OP is looking for the wron solution.

Johnnyfinland · 04/11/2018 16:38

I agree with you but thousands won’t because as I said earlier people who’ve benefited from capitalism don’t want it to change even if it’s screwing over people less well off. If I was in charge I’d put a blanket ban on buying second homes for profit (different if you end up with one through inheritance though) because it is greed, pure and simple. I take a dim view of anyone who enters the housing market with profit as their main priority. If and when I ever buy (and I’m not bothered about doing so but renting doesn’t offer much in the way of security) I won’t be doing it with the intention to sell up and make a buck a few years down the line, I’ll be doing it to have a lifelong home (which will be a one bed flat as I’m in London but that’s fine by me!)

JuliaJaynes9 · 04/11/2018 16:41

if interest rates go up lots of people will be fucked

JuliaJaynes9 · 04/11/2018 16:43

and the downward trickle of house prices will become a flood

Bluelady · 04/11/2018 16:55

OP, you're being pretty disingenuous if you think anyone's swayed by your bleeding heart ramblings about homelessness when you're whinging because you can't find a vendor to agree to sell you a property below market value because your pocket doesn't fit your aspirations.

Original poster
Justawonderer2018 · 04/11/2018 17:17

Wow bluelady why don't you get a grip and try and engage with what's being said here - people struggling to get a home. You might find it bleeding heart but at the end of the day you brought up the "just move if you can't afford it" and seem completely unable to engage with what that means - most people can't just move if they can't afford somewhere and the different ramifications that is having.

If you can't intellectually engage your brain with points raised to you other than to say "well you wouldn't if you were in that position" or "just move" then can I suggest you move on from this thread. I can't see what you're adding to it.

OP posts:
Tawdrylocalbrouhaha · 04/11/2018 17:18

In all fairness, OP, when you are complaining that you can't buy a 600k house for 499k, we all know it's not about homelessness.

Just go a few tube stops out. You have MANY options. You just want an nice flat in an expensive area for a modest price, and are frustrated because nobody will give you one.

Bluelady · 04/11/2018 17:31

Quite. It seems I hit a nerve.

SweetSummerchild · 04/11/2018 17:41

it seems to me to be pure greed.

You have absolutely no idea why someone would not want to sell their property for less than a certain price. I can think of several reasons.

Assuming it’s all down to greed just makes you sound bitter and a bit childish.

JassyRadlett · 04/11/2018 17:43

I think it’s fair to say that there are many people who are struggling to get a home.

With a budget of £500k for a flat, I’m not buying that you’re one of them, OP. Plenty within Zones 4-6 that would float your boat, and for decades many have moved to buy and rent in outer borou.

You seem to both want a solution that will solve the big issues of affordability (I’m with you, but it needs whole of market solutions) and at the same time for people who are perfectly happy to wait out the market dip rather than sell to lower their prices to make it easier for you to live where you want.

The two are not the same.

If you need help finding places you can afford with good commutes, MN is superb at property hunting.

Swipe left for the next trending thread