I'm just hanging out on this forum recently reading older discussion threads to distract myself from the FTB nightmare!
We have a limited budget, less than 200k, and everything in our area that's nice (spacious enough, mostly) is selling like hot cakes. Houses are going for 10-20k more than list price. We made an asking price offer on a lovely house a few days ago, we were the first viewers, but other later bidders went higher. We were already at the top of our budget (only went this far because of the great house). But otherwise, if you make a lower starting bid, it will be ignored or rejected and someone will bid higher. Everyone seems to have more money to spend, and I guess the top end of our budget is 'bargain' price for them. :( We tried to book viewings and the houses were already sold or under offer (though still on rightmove). Booking other viewings but people view before us and nab the house first. We've tried going down in budget to avoid the rush but the choice is just dire (worse areas, very limited space, lots of work that needs doing). Even the ones going for top of budget often are shabby and need modernisation.
We're looking in a couple of villages further out where things are a bit cheaper but don't have a car as yet and train commute would be expensive. Plus much of the housing stock out there is off the beaten path anyway, adding an hour onto the commute. I'm just tearing my hair out already!
Halfway through writing this post we got a call to reject another house offer, saying that there are already offers much higher. We viewed this lunchtime and others viewed straight after. We've considered the whole 'asking price and it's taken off the market' tactic but no one seems to just want the asking price, they want to hold out for higher offers. This is even the case with properties that have been on the market a while, as well as newly added houses.
I'm already feeling like we won't get anywhere - we can't compete with everyone else despite our good situation (chain free, mortgage in principle, in rental so can move very quickly on everything) We've made all these things clear but I imagine others have the same circumstances, only with more money.
Just wanted a bit of consoling really, or for other buyers to share their own misery. Or maybe some words of encouragement from people who went through this and eventually managed to get something? I feel really down today.