Broken market ftb bristol

[3asAbird]

Looked at 30 houses over 3months

1 offer accepted seller pulled out 6 weeks later

2 offers made on over priced properties that needed work and been on for a while.
2 offers rejected..

Im so fed up.

Started looking july

Right move is full same old houses and some reductions.

Not much new to market at all.

Seen some dumps.
I dont mind doer upper if factored into price.

Is the market correcting or collapsing

Should we give up until spring.

Thourght 1st time buyer as rare as unicorn poo.

We not looking for anything special just a 3 bed. Garden parking a bonus

Looked at main rds
Ex council
Terraces
Houses that need work.

Make matters worse husband oncevowned with ex past century so have to factor in stamp duty.

Agents can be bothered to do floor plans good pics price realistically and turn up late.

Sellers can't be arsed to clean or tidy and present their home or budge on price.

Each offer has factored in recent selling prices that rd or area and work that needs doing.
Ae well as our no chain fast position to move.

We have large deposit
Mortgage agreed subject valuation /survey

I am near Bristol and market is definitely slow. Mainly unrealistic pricing, I think. The only place to sell in my village in under 9 months was priced low and in good nick.

Unfortunately because you're technically in the London commuter belt, whilst Bristol also has its own pretty good job prospects, there are more buyers than sellers. Not only that but you're now also competing with the AirBnB folk and the buy to let landlords.

The market is not going to go down even after Brexit. It should have already gone down when the pound went down and uncertainty of a deal came in to the picture, but it hasn't. This is what it is and the market will only get harder for buyers after March when either confidence is restored through selection of whatever deal or people pull their houses from the market because they don't want to sell for less than it has been worth before.

Depressing, isn't it?

I'm in a similar position. FTB. Bristol. Viewed 20 properties since May. Offered on three of them (under asking, at asking, over asking). Outbid on all of them.

The market went very quiet over the summer, and the September bounce never materialised. People seem to be sitting tight. For a FTB, there's nothing to view.

I've more or less given up.

Hmm I wonder if the problem with house no. 1 is that the seller couldn't find anything they liked either.
Don't know if this helps but my DPs tend to go for houses with vacant possession as this made the chain much shorter so they were able to move faster.

Andy warhol in not even looking at trendy areas bristol londoners tend to move too.
Are you set on any specific area as kingswood fairly cheap.
We want to stay nearish to kids schools .
but looked around 8 areas within our postcode.

September has been crap expected lots.

Doubt anyone list now before xmas.
Spring seems a long way off.

The 2nd offer last week was vacant house as old person died and son selling.
Mortgage advisor said they worst type to negociate as they want as much inheritance as possible.

As 1st sale fell through we avoiding old couples who say they want to downsize.

Looking at empty ex rental tommorow that doesn't look great and been on market since june.

We trying to avoid chains ourselves.
Seen a few deceased estates that need lots of work but still priced high.

Seen 1 divorce last week and seller seemed so sad but dident like house or the area.
I can't see selling quickly as its ugly over priced and they no where to go.

Another hoise wanted to veiw couple are rowing 1 wants to sell other doesnt.

Seen some proper shit holes.
I can see potential
But by time we buy no money to spend.

Good luck to people looking
Not only are their reductions on right move but also some selling falling through and back on the market.

1 estate agent said they busy
Other said they booming but some of their listings in right move say otherwise.
With properties being on market for months and reductions.

Very little we seen has been fairly priced.

The independents seem better.

Taylor's heart and Andrews pricing on the high side.

Does it have to be Bristol? I work there but we could only afford to live in the not so nice bits so instead looked in Weston super mare and surrounding areas. We have a lovely 4 bed Victorian end of terrace for the other of a 1 bed flat in Bristol’s nicer parts. Easy commute by trai of road

I am also buying in Bristol! One sale fell through when the seller "changed his mind" after 9 weeks. Cost me nearly £1,000 in abortive cost. Asking prices are just plain stupid. Most sellers do not even bother checking the market, they just add 20% on whatever they bought for previously.

However, the market is stagnant, where I am looking, North Bristol. I can see that ok 2 beds or not so good 3 beds are selling once the price drops to around 200k; and ok 3 beds are selling once the price drops to around 250k. And i believe that is where the market will stablise because I reckon £200K is just about affordable for joint income FTB.

There is no point to be annoyed by overpricing. Also, lenders are frequently down-valuing properties these days, so I suggest avoid offer on overpriced properties, because you are likely to get downvalued and the abortive cost is substantial.

Tennapenny yes we looking at similar overlapping areas.
Bs16/bs32.

Nothing's on market for 200k even 2 beds are more.

250k is maximum budget.

We were lucky with oir fallen through sale they cancelled before surve.

3 beds even ex council are being listed at 270 to 285 where as even year ago some went for 250.

Yes to staying in bristol our freinds schools and work are here

Hoping for some kind of correction.

Tennapenny yes thats a valid point.

We only offered what we think its worth not crazy asking price.
As we not cash buyers bank would value.
Maybe thats why a few fallen through lately and come back on the market as know if least 3 that came back on since sstc over the summer.

It is frustrating. Have you tried Keynsham? I know it feels not quite Bristol but in reality bus/rail connections great, actually not that bad a drive either, and the centre is on the up because of the Cadbury development and more. I lived there and liked it. Not bad schools either, and also very easy access to Bath too. There are some in your bracket on right move, admittedly not loads though. Good luck, it's so hard!

Yes, about 1 in 3 sales are falling through. I think if I cannot complete the deal this side of the year, I will wait for next spring. The price is definitely coming down. Many sellers seems to be Buy to Let investors leaving the market because tax change. this is important because BTL no longer has the tax advantage over FTB, so house price will depend on people's income rather than how much rent landlords can get, which was the reason why house price became detached (no pun intended) from income level.

Keynsham is not bad, but too far from North Bristol. Bradley Stoke is about the same but closer.

Can't change primary school.
Eldest senior school bristol centre
Bristol traffic awful so dont want go too far.
Which rules out keynsham its bot that cheap either but has improved over the years and has good schools wellway catchment puts house prices high.

Only 3/30 we have seen think ex rentals seen quite a few deceased estate.

Few moving area / downsizing or trying to move up ladder..

I noticed btl higher stamp duty.

What other ways are they taxed..

Im not seeing immediate fall
I see inflated gouse prices and even with reductions is pricy.

Hardky anything is selling and hardly any new properties to market.
Maybe the market will collapse with lees btl and 1st time buyers priced out.

I think 2 beds tend to be BTL, because lower capital cost and higher profitability. Landlord used to be able to claim tax relief/rebate against mortgage interest, which is not available to ordinary homeowners. This means, like for like, it costs significantly less to run a house for the landlords than homeowners, which is why landlords can outbid homeowners. The tax relief has been phased out since 2016. For many landlords, and many of them on interest only mortgage, that is a 20% increase in the monthly cost.

We are in a transition period. The market is in a stand off between buyers and sellers. The BTL market has shrank significantly (a 40% fall in terms of volume in the last two years). Fewer buyers out there. The sellers can either sell to people at a price that can be afforded by wages, or not sell. And if they all not sell, then the market will freeze and all employment related to housing market will suffer, think about surveyors, estate agents, solicitors, lenders, traders, furniture retailers.

Keep going OP. It took us almost a year to find a house we liked in the Bristol area. It didn't help that with the first house we had an offer accepted on the seller pulled out on the day we were due to exchange contracts which wasn't great!

catslife that happened to me too! many nasty sellers in Bristol!

tenapenny is right - it’s a transition period. Estate agents are definitely not finding business is booming - nothings moving and chains are falling apart. There are a fair few BTL landlords selling up, but my letting agent friend tells me there are just no buyers out there who want to pay what the landlords expect.

In addition, financing a purchase is getting harder as there’s a massive debt bubble.

The market will move again once it falls to a level that people can afford on wage/salary. For the last 5 years or so, Bristol market was mainly fueled by dirty foreign money over-spilling from London and landlords who can borrow more than homeowners. That has changed since 2016, and it really starts to have an effect.

Thanks for all the responses.

The 2 houses we made fair offers on still on the market strangely pleases me.

Not really loving estate agents right now i can tell from right move they lieing as nothing between 220 and 290k in our postcode is selling.
275k seems magic random start figure no matter if houses in street sold for less or if its in poor condition.

So many sstc is falling through spotted least 5 back on the market.

We looked at the ex rental wed morning thats been on the market since june at over inflated price as thourght why bot nothing else to see and garden looks truly shit and they cant be arsed do floor plan.

Seller has purchased 2016 for 228k
Hes rented it out
Clearly not gone well as its empty
The seller decided he doesnt want to play landlord anymore and sell this and his family home to afford a lovely family home.

Estate agents like hed made significant improvements to this property.
Im like im.sorry to correct you here mate

He purchased the property for 228k
Hes given it a cheap lick paint
Put in cheap nasty carpet
Awful new takeway kitchen grand max
Bog standard white suite bathroom 500
Shingles the entire garden ripping up lawn.
I can see the old listing and pics on right move.

They seem shocked i have done this much research and suggest our 250k budget is too low and our expectations were too high.

We have a new nickname for hunters and means replacing 1 letter with a c.
Last collapsed purchase with them and mortage advisor took a dislike to them too.

Then we have taylors lets overprice everything upwards by least 20%.
Ok week after rejected offer seller will reduce and come close but higher than our offer but he wants to retain ownership of half the garden.
We politely told them to feck off.
They also keeo contacting me over inappropriate properties that dont meet our remit ie 2 beds when they know we have 4kids.

Then theres heart negotiator looks aboit 12 luke lost boy band member.
Hes shown us round really 1 awful overpriced dire property.
Sent us random enaiks any listings they had then emailed husband to say can we tell gis boss how amazing he is so he can get a promotion.

How im i still sane after seeing so many properties.

Dealing with so many cock wombles

Is there a actual name for sick people who enjoy the house selling process.
Maybe its rare condition.

It seems so many bristol sellers are delusional.

Wondering if house opposite brought by young couple from London is some sort of air b&b as poor sods wanting a holiday and ending up in this shit area of Bristol i pity them.

We're just over the bridge and having similar problems with the market. Houses bought two or three years ago renovated and have apparently doubled in price. House bout four or five years ago with non-work done at all expecting £20k increase in valuations. Crazy!!

I think the bridge tolls coming down is affecting this entire area though.

My parents live in Bristol and the house opposite them was on the market for 350k in Jan
The previous rental tenants had lived in it for 20 years . It was auctioned and sold for 180k
It then dropped to 315k around March
It had a sold sign on it about 2 months ago at 285k
It’s just been put back on the market at 275k
It’s a bog standard nicely refurbished terrace house with no absolutely no parking anywhere near it
standard living room kitchen bathroom 2 bedrooms a it looks like a dodgy roof 😂

The agents will try to get to you view any properties, mainly because they have to pretend to be busy both to the sellers and buyers. Also, the logic is that you cannot sell a house to someone unless you get them to see it.

But I would suggest that do not go to see the the properties, unless you think there is a realistic chance that this could be a deal; because it gives false hope to the sellers and it make them think that if people are willing to come to have a look, the house cannot be "that" overpriced.

You will see price drop a lot quick when they have no viewing for 8 weeks.

Time of the year. Number of new properties being put on the market won't pick up now until New Year.