When do people think this sellers market will calm down?

[Hoop148]

I know prices are rising in a lot of areas and properties are selling fast.

Any predictions on when that might calm? After June 30? Or is that not affecting things as much as it would appear?

I’d like to know this too. But I may need a crystal ball...

Ha yes I feared it was a crystal ball question!

Some of it will be fuelled by the stamp duty freeze. So you coukd assume it may slow down a bit once that's over.

No one knows this, sorry op, what is known is there is pent up demand so they could increase for quite some time.

When you find out, please let me know. I'm living in a high demand area. It feels like panic buying has taken over, my solicitor has said that estate agents are selling stuff that normally wouln't shift, people are buying anything.

My mortgage broker thinks it will go back to a more natural market and prices will drop when the self-employed and people working in hospitality etc can get mortgages again and there's more property on the market.

Surely when it's clear people won't make the stamp duty deadline..? But I fear there still won't be much on the market until next year. We sold our place within 11 days and will be renting until we find somewhere to buy (no ambitions of meeting the stamp duty deadline) so we're a little worried and certainly hope prices don't keep rising!

I don't know. Our area is crazy. 3 bed semis sold for 750 last year, 850 this year.

I was sure it’d be the end of the stamp duty holiday, but most people buying now won’t make it...

I think it’s fuelled more by people having been at home so much that they’re very aware of all the things they don’t have or want to change. So when everything is open and people are largely back to work, rather than working from home, I expect those feelings will begin to fade... I’m not counting on it being this year.

Well its a greet time to buy really, all the thousands of pounds you save from stamp duty, no wonder demand is high. Compounded by people not moving as much then houses that do go on the market are selling for more because tmof multiple offers.

When people go back into the office and things are back to normal. I think that will be after Sept, probably more towards the end of the year.

Loads of people have held off putting their house on the market. Lack of properties on the market plus not wanting viewers during lock down and being unable to leave the house when viewings take place has seen to that.

As such, as restrictions lift we will see a boom. All the stamp duty holiday did was kept it moving in the meantime.

So the odds are come June there will be a boom as the pent up demand is released. Plus the better weather is always an incentive.

I'm trying to beat the deadline, accepted an offer on mine early Feb and had offer accepted mid Feb, but my seller has yet to find somewhere.
However, at the price point I am buying at, £900k, which is lower end for the area I'm looking at (3 bed terrace in sw London), while of course £15k would be a very welcome saving, missing it won't stop me buying. I'm moving because I have to, not just want to, so either I buy or rent, and I'd be losing more money renting than the cost of extra stamp duty.
So while some chains may collapse if people find they won't make the deadline, no one in my chain will not proceed if we miss it, and I believe quite a few will do the same - complete their purchase regardless
So I think the end of the stamp duty holiday will have some impact on the lower end of the market, it won't once you get close to £1m. I do appreciate this is high for much of the country, but I can only comment on the market i have experience in.
The market does tend to soften normally after the Spring rush. But with the weather improving, vaccinations continuing, and the savings people may have from not going on holiday for a couple years, may mean the market continues to be relatively buoyant no matter what the price point.

I hope sooon, it's so frustrating seeing the prices being raised into the unaffordable category for a lot of people. A lot of people on these property boards seem to be playing with £750k + but for chumps like me who're looking for a 3 bed home in the region of £280k are FUCKED.

@LordOfTheOnionRings don’t worry, you’re in a better position than me and also many of my friends who can’t get a mortgage at all. My upper limit would be £190k, and I need 2 bedrooms. As far as I’m concerned I’m lucky I can afford this and am astonished it’s been possible to even think about buying somewhere. Thought I’d spend the rest of my life living in a motorhome, which wouldn’t necessarily be a bad thing, but I’m craving more space.

@xxxIntergalacticxxx Would you be looking for a house or a flat? Well done for being able to afford and getting the deposit together! We live in a shared ownership currently as we had saved as much as we physically could but now we have some money in the home, we are looking for somewhere with an extra bedroom but house prices just keep rising and rising. I live in the south east and it's depressing to know with mine and my partners salaries we might not be able to afford to move for a long while yet!

It seems to me the stamp duty holiday hasn't really helped anyone - they save SD but more for their house as the market is so competitive?

@LordOfTheOnionRings definitely a flat, hopefully exchanging on a sale soon but who knows as it’s taking a while for paperwork to get done! The cheapest place I can think of in the South East ish area is Portsmouth. It’s somewhere we were considering before my mum offered to do childcare so I could go back to work. Good luck for moving! I hope you’re able to find a nice home.

@xxxIntergalacticxxx congratulations (for when it goes through officially). Being a homeowner nowadays seems more of a privilege than a right so well done for getting on the proverbial ladder.

Thanks @LordOfTheOnionRings !