Nothing suitable available!

[Burnthurst187]

We put our house for sale on Sept 12th, had two offers last Thursday. First £10k below, second full asking price which we've accepted

The problem we have is that now we're in a position to buy there's not one single house in our budget available that's suitable

Every house we've viewed bar one, which is now sold, has been disappointing for various reasons. We're going into a new lockdown this week, we then have Christmas and stamp duty is only postponed until the end of March

We can't see many houses coming on the market now with the three above reasons as they won't be able to buy in time to beat the stamp duty

At this point we're coming to the realisation that we may need to take our house off the market and just wait until DD is eligible for free childcare (in 18 mths) and then we'll be in a financially better position

Just after opinions really. We want to let the buyer know within the next five days, we certainly don't want him to spend money on a survey etc and then tell him

We just feel quite depressed right now. The last thing we want to do is buy the wrong house and end up in a house which we like less than our current one. We feel it may well just be best to sit tight and face up to reality, now is not our time to move

I’ve been in exactly same position, I widened my target area (3-4 miles, which is loads for London) and it’s turned up much better properties

Is a short term move to rented possible for you? With likely recession I’d be loathe to lose my buyer...

In general, spring and summer are believed to be the better times to be going on market. So you’re right about there being less suitable properties.

Hmm unless people need to sell, they won’t. It’s a buyer’s market so sellers who don’t need to sell are more likely to stay put.

It sounds like you got viewings and 2 serous buyers quite quickly so your existing home is sounds attractive enough to buyers for you to feel confident you will sell the house fine next time round. It’s just that you may not have the perk of the stamp duty holiday (that’s the balance between buying now or saving for later, I guess).

I have you considered opening your search criteria?

Sorry about typos. Tired!

*Have you considered opening your search criteria?

Hmm... it’s not everyone’s cup of tea but would you consider a new build?

Sometimes builders have properties ready to move into. There are pros and cons with new builds, so if needs weighing up. You may also qualify for Help to Buy that may help too.

Talk to your estate agent, they may have property that has been valued speculatively or is due to launch that you can view before it hits the market, they should be keen to help you find to avoid losing your sale if you pull out.

It’s a buyer’s market so sellers who don’t need to sell are more likely to stay put.
Not where I'm looking! Every house I liked, I could afford comfortably last year going by sold prices, but now they get mad offers way over asking prices - or for the worse ones, competition at asking price.

I'd take the money and rent for the time being.

I'ld go through with the deal and rent if needed then you'll also be a more attractive buyer.

It also maybe worth looking at houses more above your budget and offering a lower price, it may take a few but some people will be very keen to reach a deal and move. Or put a note through door of houses interested in - would imagine some people aren't going on market due to covid. New things do come on though.

I'd stay where you are, who knows what house prices are going to do. If you are renting you have no asset to sell at a higher price if houses increase and will be less likely to find one in your budget

I did as Previous posters suggested and widened search criteria. Even then we rented for pretty much 2 years because the perfect house ( I knew what I wanted which was one end of one side of one street ) wasn't available, but we got a decent price for last house. The house I have now is nothing like I thought I wanted but it is lovely . Memo to self - get your ideal house out of your mind and see what is actually on the market.

We can't really widen our search area as I don't drive. I was learning but I haven't been able to have a lesson since March. My instructor hasn't started back up yet.

We're having to base location of houses with bus routes in mind. I'm WFH part time but I'll have to go back in at some point

We also want to be able to walk into the town centre of the three towns we're looking at. Renting would be twice our current mortgage and we also have a cat

Our house is in a quite desirable area of our current city. Ofsted rated 2 school two streets away, hospital three min drive and v close to main mway and dual carriage ways etc. only negative is that it's a corner house so small garden but we have lots of off road parking on the other hand

We may look at houses that have been on a while and make a cheeky offer. From the second we accepted the offer I've felt stressed out. We've never sold a house before

Definitely look at those houses that have been hanging around as are a bit overpriced. They might just take an offer.

With lower childcare costs, will you have significantly more houses to choose from? Could really be worth waiting. I’ve gone into rented to break the chain before but would be reluctant to with a toddler and a cat unless really desperate.

Don’t worry about the stamp duty “saving”

It has been reflected in house prices and there will be a slump following its end

@Burnthurst187: sounds like you are looking in a reasonably broad area

You can offer 8-10 pc below if a house has been on for a few months ... also ring round agents and see what they have coming one

Good luck :)

@Jroseforever

Don’t worry about the stamp duty “saving”

It has been reflected in house prices and there will be a slump following its end

Not really, this is 15k of deposit saved which allow the buyer to raise 85k of debt from the bank at 85% LTV as long as they haven’t maxed out they borrowing capacity based on income multiple. Most people here seems to struggle with putting a deposit back together rather than service the debt (unsurprisingly given the near 0% interest rate). Yes, true that we would see a wave of household bankruptcy if/when interest rates get back to 5-6% forced by a weakening pound post Brexit etc. Now I agree on the second idea that price will take a dive in March on the back lack of buyers left on the market.

But if house prices much lower
Then 15% deposit will be lower!

How important is you move OP? What do you hope to gain from the move?

@Burnthurst187

We can't really widen our search area as I don't drive. I was learning but I haven't been able to have a lesson since March. My instructor hasn't started back up yet.

We're having to base location of houses with bus routes in mind. I'm WFH part time but I'll have to go back in at some point

We also want to be able to walk into the town centre of the three towns we're looking at. Renting would be twice our current mortgage and we also have a cat

Our house is in a quite desirable area of our current city. Ofsted rated 2 school two streets away, hospital three min drive and v close to main mway and dual carriage ways etc. only negative is that it's a corner house so small garden but we have lots of off road parking on the other hand

We may look at houses that have been on a while and make a cheeky offer. From the second we accepted the offer I've felt stressed out. We've never sold a house before

@Burnthurst187

In that case it maybe wiser for you to stay put.

@CatAndHisKit it depends on an area-to-area basis but in general it seems like it’s a buyer’s market nationally. Some areas, like rural parts, appear to have become sellers market. But there a lot more places that are buyers markers than there are sellers market. Part of the reason for the buyers market is that it’s harder for some people to secure their finances; it’s a recession...

Have you considered joining an area Facebook community group and asking if anyone is thinking of selling but not yet listed? I have friends who have done this and got lovely houses.

We're wanting to move as the city we live in doesn't have nice areas to go for walks and we also want to be nearer DP family

We're penciled in to view a property on Friday and one the Wednesday after. EA's are so busy with viewings they can't get us in any earlier

The Facebook group and asking is a good idea, thanks

I rang today about a house that's been on rm since August but is £35k over our budget. EA said the seller is in no rush to sell and hasn't reduced since it went on three months ago. I think it's inherited

And are there houses not on a bus route? Because if that is limiting the house search it seems crazy to me. If you can wfh in current conditions buy a house and make sure you pass your test soon, even if it means finding another instructor.

Definitely look at those houses that have been hanging around as are a bit overpriced. They might just take an offer.

I always wonder if it's worth doing, but then why wouldn't the seller reduce the price on RM if they were keen to sell and were open to offers? I did actualy try one like that lat week but agent was evasive and somehow I got the impression they never spoke to the seller as I had to chase them for a couple of days for an answer, and I also suspect maybe it's someone they know / a relative who's selling. I@m in a very god position and the house is 'quirky' but I didn't get anywhere. I think they will lower on rm once htey decide to accecpt offers - but I do'nt get it why would they waste time!

'god position' haha - not quite, just 'good'!