In despair!

[MandalaYogaTapestry]

OK I know we are in South East but is it really unreasonable to expect that 700K would get you a 3-bed detached with a decent garden and dining area? Apparently not. Have been looking for a month, houses within the budget are either the same-ish floor area than ours (96 sq m) so not much point in moving. Or require more work and more money.

Only two months ago, if I look at SSTC prices, it was very possible. Have the prices exploded?

We have just missed out on a good house because even our upper limit was not enough and someone offered more. I am looking at a 400K+ mortgage at 41 as it is...

Bump.

New to the house selling market, are things usually better after the New Year?

Sorry nope; Boxing Day is the busiest day of the year for house looking so New Year usually quite buoyant.
Where in SE are you looking?

Loofah Do you mean that more houses might come up in the run up to Christmas?

Surrey

i know how you feel. we decided to relocate to norfolk/lincolnshire area from south east as we wanted land and our budget is £350k so we couldn't get anything near us. just as we start looking corona happens and now it seems everyone seems to be relocating and wanting the same as us! its so frustrating. fingers crossed that things don't rise much further.
im thinking that after christmas when the stamp duty holiday ends and with the effects to peoples employment that house prices have to dip a little.

Generally the market begins to get busier from mid-late January.

Rightmove always claim that boxing day is their busiest day of the year for page views, but I never see any evidence for this by way of increased number of enquiries.

I would not expect any significant change in the number of property for sale for at least another 6 - 8 weeks.

Surrey is a fairly big place, perhaps without narrowing down as far as a specific town, which part of the county are you looking?

I'm further north but according to estate agents things are slowing down and some of the deals going through at the peak are being renegotiated.

Prices have gone up this year.

Are you looking in a very restricted (and pricey) area? 700k sounds like a healthy budget for what you’re after.

Lovely one near to me sold yesterday for £550k

I have a few friends that work in EA they are anticipating a crash post stamp duty returning and the reality of unemployment kicking in.

Perhaps if you can't move now it may easier next year?

That house that we missed out on - I start thinking that we maybe we could have offered more. But then I remind myself that even at our offer price it's up to £1700 mortgage payment a month for us, at the current low fixed interest rates. So the amount can only go up in the future. So could be even more. Both DH and I are in 40s. So when I think that it would be say 1800 a month... oh my God. Am I crazy?

And we've got circa 300K as a deposit! I thought house buying would be nice and pleasant because gosh we can afford so much (not)!

Where abouts in Surrey, what areas are you looking at?

The market is usually quiet this near Christmas, but out of interest, I typed in 3 bed detached within 5 miles of me in outer south London and there are 80 properties under £700k. It would be cheaper further away from London so not sure why you can't find anything.

To the PPs, we want to stay in our current area while the kids go to school here.

If we wanted to branch out then yes, there will be much more choice and cheaper. We do live in an expensive area because schools are good, and there are other perks too.

Maybe it's not smart to keep paying "catchment area" prices if I don't need to get the children into those schools anymore.

We bought in Surrey last year and there is a massive difference even just half a mile down the road if it’s outside catchment areas. If you’re within half a mile of a decent school you pay a premium. The other difference is access to London, ie being near a station.

We had to leave Surrey because we couldn't afford anything better, any jump upwards was at least £50k anything actually bigger was another £100k.

My old 1/2 bed conversion flat just sold for £300K and that is in one of the poorest towns in Surrey

@MandalaYogaTapestry

Maybe it's not smart to keep paying "catchment area" prices if I don't need to get the children into those schools anymore.

Well, you could as well look slightly outside of catchment as long as there’s a bus/train your children can easily catch.

@woodlandwalker I’m in outer London too but it’s definitely cheaper than some expensive towns in the commuter belt.

It is what it is. I expected prices to be down by now. But they don't seem to be.

A mortgage than size would scare the shit out of me !!!!!! You could get a decent 4 bed up here ( Derbyshire ) for your deposit,
We had paid our mortgage off by the time I was your age ( through working long hours ☹️) but it was the best thing I have done as life seems less complicated without it hanging over you .
Move somewhere cheaper and worry less about money 👍

As for your AIBU - depends on area you live. In Commuter belt area even a 2 bed flat can go for that much for example

chumley I hear you! I have been working crazy hours and raising the kids at the same time, and the bank is happy to lend us £££ so the salaries are quite good. But we do find ourselves in this position so probably were doing something wrong.

I think its like anywhere, though, its not just a Surrey phenonenom. You want the perks of an area (good schools predominantly, but transport, amenities etc), you pay the premium. I agree though, for that kind of budget, you'd get a 3 bed. Are you being unrealistic in terms of a "decent garden" maybe, or that you want detached?

Unfortunately lots of Surrey is hideously expensive, good school catchment is still far cheaper than putting 2/3 children through private secondary school.

Those commuting into London a short walk to a station that has regular fast trains again with ££££££

Perhaps shelve the idea, pay more mortgage down for a few more years and reassess?

How old are the DC now?

The children are 14 and 17.