When is best time for buyers?!

[AColdDuncanGoodhew]

Husband and I have a new agreement in principle (expires June, previous one expired in March as we couldn’t find a suitable house) which we have as some agents are asking for them prior to viewings. We have a 10% deposit, with the ability to increase is needed from family, and we aren’t in a chain as we live with family currently.

Viewed a house which went to closing, we offered 10k over the home report and it sold for 30k over the home report (40k over asking).

After speaking with colleagues it looks like we have absolutely no chance of competing with other buyers (one colleague said her aunts house sold for 65k over asking!)

When will the market stop being so crazy?!

Rhetorical question really as I know no-one will have answers, just a bit sad today about it. Was really thinking we’d be in our own house by summer, be able to sit out in the garden and let the kids play etc

Who knows? But I am buying a house and buying it for £40k under asking, in a area that is seeing properties go quickly.
I think people are still thinking they can beat the stamp duty holiday deadline, so perhaps things will slow a bit as the weeks pass.
Issue is people are struggling (like you) to find their onward purchase (like my vendor) which is making things difficult - people have to be prepared to go in to rented as thd chain thing is just such a complication. I have kids and dogs, but I'm prepared to if need be. I'll then be a cash buyer should my vendor decide not to sell (which would really piss me off as I've doe searches and survey as vendor initially said she round go in to rental).

I feel your pain. We've lost out on 2 houses so far, as people are offering stupid money over home report value. Just have to keep trying. We're in rented so have no chain, an agreement in principle and a 15-20% deposit, and still not getting a look-in. It's really frustrating 😕

It’s so so frustrating, we’re sitting ready to go, could move in tomorrow if we needed to but can’t get anything.

We’re in Scotland so our stamp duty equivalent has reverted back to how it was. I think it was 0% on properties up to 250k but is now only up to 145k so im hoping things start to ease now