The desperate search for a forever house

[Turnipinatutu]

Is the housing market grinding to a complete halt? Or is it just our area?

Been looking now since the beginning of the year and although we saw the odd vague possibility early on, before we had a buyer, nothing we were desperate to offer on.
We now have a buyer and nothing even worth a viewing has come on for weeks and weeks!
We want to stay in the area, as we're settled here, but we're looking in a rough 5-10 mile radius, so not too specific.
Looking to spend 450k to 500k so a fairly decent budget....but nothing....
Where are all the sellers?

We are in the same position. Desperate to move but no family homes on the market in the area wears looking at. It's so frustrating.

Yes have heard there is a shortage of houses - I guess it's just expensive to move

Years ago we put flyers with our phone number on them through houses that looked to be ones we'd like in our favourite roads. We saw a couple that weren't officially for sale.

It will only cost you the price of the paper and the effort. Might be worth a try. No need to put a price on but make sure that it doesn't look like it's an estate agent trying to drum up business.

Flyers through the letter boxes is what I meant. Maybe do it on a Sunday when it won't get mixed up with other post.

The problem is lots of people are within the same price bracket (just under the stamp duty threshold) so anything decent seems to go very quickly.

Young people can't afford to move and cant afford to take an offer as they have debt. The kind of house you are looking for though is probably occupied by an older baby boomer with no mortgage and unless you offer them the sun, the moon and the stars they have no incentive to move.

Baby boomers are blocking family sized houses and have no incentive to downsize. Coomon problem in our area. Took us 5 years of constant looking to buy our forever house. What we bought it two weeks ago needs gutting as it hasnt been repaired properly for 30 years. Its worth it as we have no intention of moving again and is only just big enough for our needs (our teenage children live with us) so we won't be rattling around in it when they are gone.

Pippop - The flyers through letter boxes is a good idea. I think I'll try that. Can't do any harm can it.

Morebeta - 5 years! I presume you didn't have a buyer waiting all that time!
Problem is, we don't want to go into rented and just wait for a house to come up, in case we still can't anything, or house prices start creeping up.
You're right about suitable houses going quickly though!

Morebeta you are spot on. The family size houses are blocked by baby boomers. All the houses needs total modernisation, new windows doors kitchens etc but try asking for a penny off! They're mortgage clear so have no incentive to move. The last house we put an offer in (rejected) is still on the market 3 years later with one price reduction of £2k. On a £400k house!

We're facing a similar problem, not really looking for our forever house but something for the next 10-15 years while little ones go through school, all the suitable houses are overpriced with baby boomers in residence refusing to drop prices. One house has been on the market since autumn 2010 and the price hasn't dropped by a single penny. It's very frustrating.

I'm not even sure why they are on the market actually. Either you want to move or you don't.

I suppose in that position, they can afford to hang on for the asking price.
If they're mortgage free and have plenty of room, the only thing that will give them the incentive to move is lower running/maintenance costs and the freeing up of the extra cash. Perhaps not something they will all be desperate for.

There's a house I love not far from me, which is literally falling down.
An old couple live there. They can't afford to heat the place, only open fires and paraffin heaters. The roof is leaking, the garage is coming away from the house, windows are broken and patched up with plastic bags. The massive garden is totally overgrown...
People can't believe it's still occupied. But they won't move.
I'd love that house

Whereabouts are you looking for a house?

I totally agree, people shouldn't feel under pressure to move if they don't want to.
We've stayed in our current house too long because we like it here, but now it's far too small and unsuitable for us.
We are in the fortunate position of being able to afford to move, have a buyer waiting and it's very frustrating when there's nothing available.
Nobody's fault really.

Wonderingagain - The South East, but not London.

Build relationships with local agents. The place we are buying never made it to the open market as we got to know the agents and they learnt what we liked over about a 6 month period.

Can you move into rented while you look so that you don't lose your buyers?

Also, keep an eye on the ones you've already viewed, l

Argh, hit post button...

... Keep an eye on the ones you've viewed in case the price drops into a range where you can afford to change it into forever home if it's not quite perfect.

Also l

There was one house I saw a while ago, didn't book a viewing as it was way over budget, but saved it on my favourites anyway.
It came down in price in February....still over budget.....came down in price a few weeks ago to just slightly over budget. I phoned to book a viewing and it was already under offer!!

Oh for feck's sake, this phone!

Also, look above your price range for things that have been there a long time so more likely to take a cheeky offer. We saw some that were originally on at close to 600k which dropped to 500k. Some are still sitting there with owners that are desperate to sell. E.g. One which was on at 625k 2 years ago, owners rejected 600k and had no other offers so they took it off the market. Tried again recently, also at 625k but owners now divorcing so have to sell, so dropped to 595k then 575k within about 6 weeks. It is now under offer for less than that.

It isn't the baby boomers 'fault' - of course not - but there is a big structural problem when houses in areas where young people with kids need to live in order to get work are fully occupied by a retired generation who don't need the space or access to the office. The lack of housebuilding in the UK worsens things massively.

I'm not so sure that all the rights should all be on the side of the poor baby boomer who 'shouldn't have to move'. There is nothing automatically fair on the side of status quo wealth distribution

I'm not saying that to be chippy btw - I do a good house and I'm in the lucky bracket in nearly all respects.

Round here all the really fab houses are on for well over 500k probably to do with the stamp duty threshold.
The good ones for under 500k are snapped up and the ones that linger or price drop, have a major compromise going, such as on a busy road, liable to flood or about to have a massive housing estate built at the bottom of the garden.

I regularly call in to the local agents. I think they're getting as desperate as we are now. Loads of new builds everywhere, which aren't selling (apart from the starter homes) and the older family homes are like hens teeth.