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Original poster

Can't find a house to buy - anyone else?

45 replies

BenjiCat · 04/04/2021 18:15

Has anyone else sold and also struggling to find a house to buy?

We're in a South West city and the housing market seems to be going insane. Our small mid terrace house sold in less than a week to a first time buyer for over asking price (and several offers) around a month ago. We've been proactively looking ever since with very few properties coming onto the market. We have made two good offers (one at asking and another over) and been unsuccessful with both properties due to more 'proceedable' buyers!

I naively thought we'd be in a good position with first time buyers (flexible timescales/living at home) and with a solid amount of equity ourselves. We're now beginning to panic a little that we're not going to be successful with securing anything...

What's it like where you are? Any similar stories where you have been successful in the end?!

OP posts:
Original poster
BenjiCat · 04/04/2021 18:18

Also to say we're open to various areas and aren't afraid to do a bit of work. We just want a half decent 3-4 bed with a garden, parking and garage. I know they exist out there!

OP posts:
BasiliskStare · 04/04/2021 18:19

We sold and then rented for a while - could not find the house we wanted - made it easier to buy the house we eventually wanted ( as no chain ) - not comfortable - but it worked

Original poster
BenjiCat · 04/04/2021 19:03

How long did you look before accepting to go into rented @BasiliskStare?

OP posts:
FiloPasty · 04/04/2021 19:08

Yes exactly the same position and also lost out on two properties, its frustrating and very little coming onto the market.

PicsInRed · 04/04/2021 19:09

Do you have a mortgage DiP? Do you know who you'll use for the survey? Do you have movers or are you living with family and if so are you willing to break the chain? Is your buyer no chain?

niki26 · 04/04/2021 19:13

Me! We were on the market for 8 months and then ended up in bidding war and sold for £15k over asking price nearly a month ago now....we have found two houses that fitted the main criteria and offered on those but it went to best and final and we missed out both times....

Im in the South East.

Original poster
BenjiCat · 04/04/2021 19:16

Yes it's so frustrating @filopasty :( I keep hoping that more will be coming on the market soon.

Yes @PicsInRed finances/mortgage is lined up with our IFA. Unfortunately we have no family nearby so cannot move in with them. Our buyer is no chain as a first time buyer. From what our estate agent tells us the rental market is equally as mad and even if we break the chain we may struggle to find a rental.

OP posts:
OUB1974 · 04/04/2021 19:17

We struggled. We sold our house in August last year and viewed the 6 houses in the area we were interested in. Offered on the least bad, but it fell through in December. Since then there has been nothing - we didn't want to lose our buyers so moved in with family. Then a house came on the market last week which we snapped up. It had most of what we were looking for (no parking unfortunately), and we snapped it up. Houses had been coming and going very quickly with hardly anything suitable. We've only viewed 3 other houses since December and none of them were right. I realised that we weren't going to get a good deal and that we would probably have to pay close to asking as we'd always be viewing as soon as they came to market. However, being chain free put us in a good position. It's been a tough few months and I thought I'd never find anywhere!

Original poster
BenjiCat · 04/04/2021 19:34

How do chains ever make it through/proceed if you are third/fourth/fifth in the chain (or are they simply not happening)?

Again we were hoping that because we are jumping more like 'two steps' up in terms of the property price bracket we might be more attractive buyers with a short chain. Doesn't look like it though.

OP posts:
PicsInRed · 04/04/2021 19:43

I know it's easier said than done, but I would try for buying from a no chain onward seller, even if there is a compromise (only the sort which can be solved by money and/or elbow grease). Then you are as close to no chain as possible and only one of you needs to secure a moving slot for completion day.

One of the biggest delays right now is surveyor availability, but if you ring around loads of surveyors (you can get a list from the RICS website) you may be lucky with one who has availability inside 3 or 4 weeks, which will line up nicely with everyone's contracts and searches. Good luck OP, it's a nightmare out there right now I know. Flowers

Jessesgirl13 · 04/04/2021 20:40

I feel we're going to find ourselves in the same situation. There are very few houses for us to buy and the one or two we have seen come on we have been refused viewings because we hadn't sold our house yet.

We put our house on the market 2 days ago and people are going mad for it! (Agent told us they would) so now I fear we'll sell and then not be able to find anywhere!

I mean, realistically how long will our buyers wait for us to find somewhere?

BakeOffRewatch · 04/04/2021 21:00

I just came to see if anyone thought there was a lack of listings! Thank you for starting the thread. I don’t understand what’s happening, I see threads saying areas are being flooded by people leaving London but where are these London listings of the properties they’re leaving!?

earsup · 04/04/2021 21:06

@BakeOffRewatch

I just came to see if anyone thought there was a lack of listings! Thank you for starting the thread. I don’t understand what’s happening, I see threads saying areas are being flooded by people leaving London but where are these London listings of the properties they’re leaving!?
Maybe they dont get to agent advertising them...go straight to buyers on their books so no need to market them ??
TheGriffle · 04/04/2021 21:06

We sold ours and had an offer accepted on the property we wanted back in November (still waiting to finalise but that’s another story) since then though not a single suitable house has come up within my search criteria (can’t break the habit of checking just in case ours goes tits up) people just aren’t selling at the minute it seems.

FiloPasty · 04/04/2021 21:19

Do you think people aren't listing their own property because they see nothing they like online? so then it becomes a self fulfilling prophecy?

BasiliskStare · 04/04/2021 21:22

@BenjiCat Previous house stayed nearly 18 months before going into rented and then 12 months in rented before finding the house and then had to stay a bit longer for various works.

Slightly nervous but it all worked out

I hope it does for you

Changingwiththetimes · 04/04/2021 21:53

I am third in the chain: bottom buying my buyer's house, them buying mine, I'm buying and my vendor is still looking. I was assured, before I spent £1000 on the survey, that my vendor would move into rental. The next day she said not! This is super frustrating, as we had initially all agreed to try and complete before the extended June stamp duty deadline. But if she does not move into rental, I will have to. Which obviously will cost. I am very annoyed at this but feel stuck. I do not understand why my vendor will not move. She is a single woman who is self employed and works from home. She says she needs to port her mortgage, but as she has to requalify, unless she is facing major penalties, then this shouldn't be an issue. I feel like I have been misled and it will cost me twice. I have also started looking on rightmove again as I figure soon I will be a cash buyer.

Lavanderrose · 04/04/2021 22:22

Yes, it’s a absolute nightmare with houses getting multiple higher offers and subsequently being priced out.

Original poster
BenjiCat · 04/04/2021 22:24

@filopasty absolutely a self fulfilling prophecy! Surely it can't be sustainable. Even if properties such as ours sell, if sellers have nowhere to go (and many won't /can't go into rented) then much of the market will stall and/or chains will keep collapsing?

It's good to know we're not the only ones finding it hard at the moment.

OP posts:
STARmyarse · 04/04/2021 22:26

@FiloPasty that’s exactly our problem. We don’t want to end up having nowhere to go so aren’t listing till we see something because we know we will sell quickly. Bloody annoying!

FiloPasty · 04/04/2021 23:13

@STARmyarse we were trying to hit the stamp duty extension plus the area we are looking wouldn't let us view unless we were under offer.

I totally agree that the system should be rehauled. The seller should pay for a full survey then either sell as is or pay to bring it up to the level required.

I'm now worried that if we don't find somewhere our buyers will try and get 15k off the asking price.

I didn't want to leave our local area but was convinced by my husband because of the idea of better schools, bigger houses, bigger garden, parking etc. now theres nothing coming on he's broadening his search to areas I'm just not keen on :( I don't want to be rural

Knittingbaker · 04/04/2021 23:26

It is exactly the same where I am! I completed my sale earlier in the year and am living with family now so chain free but there just aren’t the houses coming on to the market for me to even look at! And the ones that are are being listed and selling at silly prices. The only house that I’ve loved in months is going to best and final offers and there are 10 people bidding! Honestly it’s just so depressing but I don’t know what’s going to change at the moment.

Does anyone know why there’s such a shortage of houses? Is it that everyone who was thinking about maybe selling did it last year? Or are people staying put because of the effects of covid?

Xdecd · 05/04/2021 00:18

@FiloPasty and@STARmyarse we're exactly the same, don't want to list our house until we've found a likely move on property. We'll be cash buyers (once we've sold ours) so renting isn't an option as it will just deplete our funds. Such a viscous circle!

thismeansnothing · 05/04/2021 04:55

This is us ATM. Were in the NW and our very average three bed Victorian terrace was on the market and sold in 4 days. Were now in a Scrabble to find something that fits the bill before we lose.our buyer but nothings really coming on that fits our needs (really need a 4th bedroom/office space) in the area we have lived the past 11 years and wish to stay. When stuff does.come on it's just out of budget which is a healthy one or is sold as quick as it comes on.

It's only been a week for us but we're thinking of compromising in location and getting a new build cos at least the chain then ends with us. But I'm.not exactly ecstatic about it.

oohmama · 05/04/2021 06:18

@BenjiCat is the house you've sold in Bristol?
What area are you looking to move to?

We are going to be in a very similar situation! We are planning on living with family or rented to be in the best position possible!

It's a nightmare x