'Buying in a competitive market' support group

[Lucylanz]

Support group for those trying to buy in competitive sellers market. Just us? We are FTB looking in a popular city (not London). Since starting the search in January we have been shocked to find you only get one shot to view a property at open days (we have even been on waiting lists to go to the open days two hours after they appear on Rightmove), and it typically goes to best and final offers by Monday morning.
So far we have both really liked two properties. Put in one best and final offer at asking price and one best and final offer £8k over asking and didn't get either. We saw one we really liked this weekend - great house not ideal location. And put an offer in this morning. Just had a phone call to say there are 12 other offers, two at £10k over asking. It then becomes a game of chicken over who will back out first. It's just so demoralising and frustrating. We thought after years of saving and finally being in a position to buy this would be the fun part! (It doesn't help that RM shows these people bought their now overpriced houses at a snip 30 years ago. Anyone else?

We had an open day and it went to best and final and it went higher than asking but we didn't take the highest offer, we took the offer of the people in the best position who could work with our time frame.
I can't see an end to the current state of the market but surely it can't continue like this?
Where we are now, living with family until we find somewhere to live - 12mths down the line, the market is awful. Lots at the top end >£600k
Lots at the bottom end

I agree that London is different. The rest of the country, in the main, is less reliant on foreign investment and less likely to be in a state of uncertainty due to Brexit. That, together with the house prices in London, means that only those who feel very secure are looking to move at the moment.

Here, its the same as Honey&Fizz says - properties getting snapped up in a matter of days after going to final bids, and going for well in excess of the asking price. Property on our road has gone for 10% above asking price. Its a "nice" family area with exceptional schools and good family houses are in short supply. The market for say £1million+ properties might be sluggish but anything between say £400-750k isn't on the market for more than a couple of weeks.

I think that's the thing with around here, it's purely supply and demand. My top 4 offers were from either renters or first time buyers. I am now sold to ftb but that's still a chsin that'll put me at a disadvantage. I could move out and rent but am very reluctant to as I fear I may get out priced.

We thought we were in a good position as we have a good deposit (15% of our price range), a mortgage in principle, a Morgage broker and a solicitor in place. We are on a rolling rental contract so can be flexible to move at the vendors pace. You'd think that would work in our favour but not so far. It's been money, which I understand if they are also trying to buy within the same market. Back to best and final offers tomorrow - been told any offer has to be significantly above asking price. Argh.

Good luck with your offer Lucylanz. I do wonder if I met have better luck with a house coming back on second time around where being chain free and ready to go might be more important than being the highest bidder.

lucy what do you see as significantly over? I offered at 285k but they want to 'honour the other booked viewings' aka get more money. Im going to offer my max at 298k as it needs gutting. Not sure if I stand a chance!

Where in London are you Nowlknow? Interested because DD is trying to buy there.

We are central London lazy, not quite prime prime but next-to-prime. Lots of offers, have gone under offer a few times but buyers finance falling through. There seems to be a tightening of finance. Investors and cash buyers are gone. I think we'll have to stay put.

Rejected from best and final offers again. We put in 10% over asking and were still 'considerably' outbid. Back to the drawing board.

Where are you Lucy?

Sorry to hear that Lucy. So frustrating for you

Areas seem so polarised at the moment!

I've just put my property on the market (North West) and I'm worried about getting somewhere to buy once ours sells. One house we loved had 25 viewings the first Saturday after going on rightmove. Properties are selling within days.