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Original poster

Houses over a million - stagnant market

76 replies

Needadognow · 03/01/2015 09:41

I live in Surrey and have been looking at houses between 1-3 million for the past year or so. These houses just don't seem to sell quickly at all.

How long should you realistically give yourself if you had a house worth £1.5m in a rural(ish) area? (Surrey)

OP posts:
rosieposey · 04/01/2015 17:50

You forgot to add 'its over' to that last post roneik Hmm

whattodoforthebest2 · 04/01/2015 18:01

Actually I do believe it'll pick up. First time buyers will not sit in rented flats forever when they can get enough cash together to buy (yes, yes, I know, stretching their resources as they always do). Thousands of people will want to sell to move around the country, downsize, upsize etc etc and this will keep some momentum going. The banks will need to keep selling mortgages to keep themselves afloat and service industries, retailers, DIY stores etc will all be vying for their custom. People like my DC will leave home and want to rent or buy and other people will be happy to rent or sell to them. So the market isn't going to disappear into a black hole as you'd seem to like it to, Roneik.

What's more, whoever ends up running the country in a few months' time will be very keen for all this to happen.

Original poster
Needadognow · 04/01/2015 18:17

roneik you are going to be criticised as you are saying what people are scared of. Most of us (me included) want to believe we are sitting on a gold mine. My main concern for starting this post is really because I too am unsure about this great property dream.

whats why are you continuing to spend money on a house you are eventually selling?

panic I think the mansion tax will have a massive impact as well as the increased stamp duty.

I think you have to be in a really sort after area or an up and coming area to get top dollar. As I said I'm in Surrey and even though the areas I am looking at are nice the property at the high end is not moving.

OP posts:
Original poster
Needadognow · 04/01/2015 18:20

Btw I agree with you whats that it can't all come to a grinding halt but the top end level of houses are MUCH slower moving than bottom end. More and more are going into rented and lots of new builds are being slapped up everywhere. Houses like ours are simply not going to fly off the shelf. London and London Boroughs have much more chance of that.

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Apatite1 · 04/01/2015 18:53

As always I encourage people to buy houses as homes during uncertain times, not as investments. Buy the house that will house your family until your children are grown and in the best location you can afford. That you actually CAN afford. This will over the best chance of riding through the turbulent times and not having to force sell.

PandasRock · 04/01/2015 19:12

Roniek isn't saying what I'm scared of, far from it.

Apatite has it right - live in a house you can afford, and don't see property as a golden goose.

I just can't agree with what roniek is saying as it is not reflected at all in my area.

whattodoforthebest2 · 04/01/2015 19:15

I'm spending money on my house as I've been here for a while and it's taken a lot of work to get this far. There are still things I want to replace (carpets) and 2/3 rooms to decorate. I see it as an ongoing project. It's my dream home and I want to get it done to my taste before I move on. If I end up staying longer, there are other things I may do - hot tub, replace conservatory, patio and other finishing touches. I'm a LP (wasn't when I moved in !) so it hasn't quite worked out as I'd originally planned.

I see this house as a purchase for a family moving out of South-West London to a greener, less expensive area with good schools etc. That demand will always be there, altho' it may slow down for a while.

Bowlersarm · 04/01/2015 19:23

Ron has been the voice of doom for many months on the property threads,op, he is a 'housepricecrashist'. One day he may actually be right; the chances are there will be a downturn at some stage.

Why don't you put your house up for sale and test the market? If you think it'll take a while to sell and you only have a year before you have to sell, you may as well get going now. At that price you are likely to have a chain behind you and with a number of links a potential number of problems could arise, and may take longer than you would hope.

GertrudePerkins · 04/01/2015 19:28

Dsis lives in a village near to Guildford, and has sold at this price with relative ease. I assume the house was realistically priced.

whattodoforthebest2 · 04/01/2015 19:31

I have to say, the idea of a chain gives me the jitters. Last time I moved it took the best part of 3 years, with broken chains etc. I got out of the catch 22 by renting for a year. This totally took the pressure off and made it much easier to negotiate on the next purchase.

Original poster
Needadognow · 04/01/2015 19:36

Im coming up to retirement age and personally do not want to be lumbered with a lump of a house when I am approaching 60. As mentioned earlier I will have to sell in a years time anyway due to financial reasons. The thought of the upheaval of moving in general is unsettling.

OP posts:
Original poster
Needadognow · 04/01/2015 19:44

whats I'm assuming you are younger than me to want to solider on with all those improvements in the future - hot tub etc. I am way past all those sorts of things.

I want to be in a house I can afford. At the moment i admit I am on an interest only mortgage that i only have one way of paying off...by selling. This is why I am even more nervous of the time it will take.

roneik you are a man! I pictured a woman. Completely changed the voice in my head I use to read your posts now! haha.

OP posts:
Bowlersarm · 04/01/2015 19:56

What happens if your mortgage time is up and you need to repay the loan back? If you don't get an extension on it, I'd sell ASAP if I were you.

specialsubject · 04/01/2015 20:04

I had tenants who were waiting for the price crash in the south east. In 2004.

they are probably still waiting, although the rate of increase may have slowed.

no-one knows.

Original poster
Needadognow · 04/01/2015 20:13

Bowlersarm its not that my mortgage time is up, its that my income goes down considerably, i may be able to muddle by but I don't want to at my age I want to be in a house that is paid off so I can sleep at night. I also think my children would be happier to see me in a smaller more manageable house and less lonely

OP posts:
noddyholder · 04/01/2015 20:20

Agree with roneik Think Spring 2014 was the peak so still refleected in Autumn LR figures. Things have def slowed and people I work with in property selling at reasonable prices to get rid. New SD over 900k ish will affect that bracket.

Itsoverpeople · 04/01/2015 21:10

Yes Roneik you called?

Original poster
Needadognow · 04/01/2015 21:26

Hahahahahhaha

OP posts:
roneik · 04/01/2015 22:47

needadognow I posted and guessed interest only and another poster thought I was referring to her. You don't need to worry reaching sixty is still young. I am seventy and have lots of go . I was ripping out houses when 62 . Honestly I would just price it right and get rid.You may even be able to find a nice smaller place and start a new life. Don't be unhappy it's only a bit of money.On the news it said the other day that thousands of over sixties are taking government sponsored apprenticeships. Please don't let it make you unhappy.
Just make the first step and start now looking for your future home.Also get the dogSmile

roneik · 04/01/2015 23:06

Well It's over children
Goodnight to you all.

radiobedhead · 04/01/2015 23:54

Depends what news report you read doesn't it?

One bank puts out a press release saying prices are going up, someone else puts out another saying they're going down. Lazy journo copies and pastes news reports.

Is there actually a definitive data set?

I was hoping to buy soon but might wait it out a bit. Interest rates will go up. Not sure if it'll have much impact though

bluecheque4595 · 04/01/2015 23:59

"nobody listens to techno".

Original poster
Needadognow · 05/01/2015 07:15

roneik i know 60 isn't old these days but to still have a huge mortgage hanging over your head at that time just doesn't sit well with me. Plus if I carried on in this house it's almost like smoke and mirrors the outside world sees me in a big grand house little do they realise I'm no more than renting it. Id rather have a smaller house that I own than a big one crumbling around my ears that I have to keep painting over the cracks.

OP posts:
YonicSleighdriver · 05/01/2015 07:43

Op, I would put it on the market now simply because of your need to sell within a year. See what feedback you get on price/refurb. Then be ready to rent for a bit to break the chain and give you negotiating power.

Winterfable · 05/01/2015 09:23

Needadog. We are the same as you. Only 50 so bit younger but in a big house that we basically rent. Interest only mortgage with no hope of paying it off.

Watching parents' and friend's parents' all in big houses miles away from amenities wishing that they had moved into a smaller house when they were younger. That is my plan, although I love my house dearly and will sob when I have to leave.

A much more manageable house maintenance wise, not to mention mortgage capabilities too, is a much better idea.