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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

..to think a lot of large houses will come on to the market?

491 replies

Whatarisk · 19/04/2020 23:58

AIBU to assume that larger more expensive houses will start to appear on the property market?

My house is currently up for sale. We’d like to upsize. DH doesn’t think the property market will be affected much and if anything, people in larger houses will be put off listing their home. I think the opposite will be true.

Our jobs are relatively secure (in the sense that v few can be 100% confident of total job security right now) and I’m of the opinion that we sell ours, move in with my parents and hope something comes up. There are no properties that we are interested in currently but I’d rather sell before the market dips too much.

Interested in people’s views.

OP posts:
showerdodger · 22/04/2020 12:50

my mum is convinced she will go to Dignitas or similar but I believe currently you need to decide when still well with time left & I think the average cost is 10kb

Chickpeees · 22/04/2020 12:51

I think you do need about 10k and be of sound mind to arrange it first.
It would be my preference rather than a care home.

PinkDramaLlama · 22/04/2020 12:57

Huge stamp duty charges on larger houses mean that people at thiat end of the market are making fewer moves. We have a family sized home in an expensive area (good schools) - we'd love to downsize but the stamp duty penalty means it does not make sense - any portential gains from lower bills would be wiped out by the stamp. We'll stay put until we know exactly where we want to be in retirement.

Proudboomer · 22/04/2020 13:35

I have a large home with 3 generations living in it.
I am a widow and my plan was always to keep the large house until the oldest generation died off ( my mum in her 80’s disabled, housebound and unable to live alone but with no life limiting conditions) And then sell and split the proceeds with the younger generation ( my two twenty something sons)
As it is I have paid to make an annex for one son and his partner and a small extension for separate living space for the other son. We are not cramped or living on top of each other and with a bit of rigging if needed we could stay here until only the youngest generation is left and then it would be up to them what to do.
If they wanted to buy and I didn’t sell our home I would have no money to help them as I am asset rich but income poor.

Oliversmumsarmy · 22/04/2020 17:45

I think there are a lot of people who say they will go to Dignitas if they get too old or too ill but in reality they never will and will end up in a care home.

Saying is easy. Actually making plans to end your life is not something most people will do

Oliversmumsarmy · 22/04/2020 17:50

all OP needs is 1 family in meon family Hampshire to suffer a failed business/redundancy etc and she could get a very good bargain. She is only buying 1 house after all

I am presuming op needs a mortgage in which case if the house was that much of a bargain then those with cash will beat her to it.

Leflic · 24/04/2020 00:04

There are no bargains in Hampshire unless you are a cash paying investor, buying a rubbish house, to rent out to people with no choice.

County is packed to the gills with people with money.

sunglasses123 · 24/04/2020 09:22

I havent read the whole thread but I wonder if the OP had some wishful thinking. If you live in a big house you could be:

  1. Like my DH. Had lived in the house nearly 50 years .No mortgage
  2. Rich people who brought the house as a cash buyer
  3. People who have worked their way up the housing ladder over 30 years so small mortgage (if any)

When the recession hits people living in big houses will likely stay put even if they were thinking of downsizing.

I think the OP is presuming that people who live in big houses are mortgaged up to the hilt and that they can jump in and pick up a bargain. Sorry - if that wasnt what you were asking...

Oliversmumsarmy · 24/04/2020 11:23

People in big houses have the funds to stay in big houses.

I have seen some relative good buys at auctions but these were houses in their millions and I am sure the buyer would more than likely have paid cash.

Ellmau · 24/04/2020 11:58

*People in big houses have the funds to stay in big houses.
*

Most do, but some will have overreached themselves, or their businesses crash, or divorce forces sale.

ChrissieKeller61 · 24/04/2020 11:59

Some people are fur coat and no knickers. I know plenty of people who’s “Rover” has disappeared off the drive in the past few weeks. My plans for a new beemer have gone up in smoke. But the house is different honestly, I’ll literally do anything to keep it and the lender has to work with me. Even if I pay £10 a month towards the mortgage the court would see that as making an effort and be very reluctant to repossess. The fire sales will be rare

Oliversmumsarmy · 24/04/2020 12:07

I think the type of bargains op is looking for are few and far between and even if one came up she would be pushed out by those with cash.

Oliversmumsarmy · 24/04/2020 12:27

I will be a cash buyer when my house sells. I have someone who might be interested. I am in North London My friend will be a cash buyer when her house sells She lives an hour away. Just found out we both have a the same house as top of our list. Both of us think it is at least £150,000 under priced.

Can’t get to view it atm and the estate agents are making a list of potential viewers as soon as they open again.
We think we don’t stand a chance unless one of us miraculously sells our house and bids without seeing it.

Neither of us know the area or why it is so under priced so we would want to view or at least drive around the area and see it from outside before committing

I don’t think op is on her own in wanting to move and I think those who have cash and are quick off the mark will get the real bargains.

Puppylucky · 24/04/2020 12:32

@PinkDramaLlama
Just to say that I think you are confused about stamp duty. The buyer pays not the seller so if you are downsizing then you wi be paying it on the (presumably) cheaper property not the one you own now.

ploopsie · 24/04/2020 12:37

I will be a cash buyer when my house sells.

Isn't that the same position as the OP. The OP has a good budget

Oliversmumsarmy · 24/04/2020 12:49

Slightly different. I have a cash buyer who is waiting for his partner to view but because of lockdown they are not able to make the journey.

Oliversmumsarmy · 24/04/2020 12:49

Also I think op has to get a mortgage

ploopsie · 24/04/2020 13:36

Well that depends on what she wants to buy plus a cash buyer could be interested in her property.

I could sell my London home & be a cash buyer but if I want a 1m house I will need a small mortgage.

Oliversmumsarmy · 24/04/2020 14:17

I am presuming she will need a mortgage as she is going for a more expensive place.

Handiies · 24/04/2020 14:59

I think they could increase, less people will put them up for sale reducing supply and pushing up the price

People have been talking about house prices crashing for 15 years and it's never happened

PinkDramaLlama · 25/04/2020 00:25

puppy lucky - nope - not confused about stamp - if you live in an expensive area, even small houses have a huge stamp duty cost.

Original poster
Whatarisk · 25/04/2020 10:34

Wow. Thanks for all the responses. Really interesting read.

No we’re not cash buyers by any stretch of the imagination. Top end of our budget is £820k and we’d only have about £150k to put down. Prior to lockdown we had no trouble getting a mortgage, not sure what the situation is now as we haven’t enquired since.

OP posts:
Kaelle2 · 25/04/2020 13:24

@whatarisk, good luck with your search. I hope my post gave you something to think about, and hopefully to not stress it out too much. Go in good faith doing what's right for your family Smile. It's a long term investment and interest rates are very good.

MamaFrey29 · 26/04/2020 06:36

Only £150k deposit, on £820k house?!

Have you factored in tax?

That's a big mortgage. !

MamaFrey29 · 26/04/2020 06:37

Also, lending now capped at £350,000. So you'd be around the £500k mark realistically?