Feeling totally overwhelmed by the market

[fluffycupcakes]

Will it ever cool down? It's not even financially any more although we've certainly lost money between selling our house and now renting waiting to buy.

Every buyer out there seems to snap up a property before we can breath. I'm not comfortable putting an offer on the second a property reaches the market and yet if I don't it appears we won't ever be able to move. Just so depressed about it all. Any indications the market might slow down?
Sorry for such a depressing post but have people really benefitted from the stamp duty relief? We seem to now have to mortgage up on the extreme price increases instead of making any savings.

@umbel

Surely part of the supply and demand problem is that the people who need bigger houses can’t afford them, and they remain occupied by elderly couples whose children have grown and left home. Perhaps there is a shortage of suitable homes for them to buy, or perhaps there is nowhere safer to leave their money?

I totally see this in my area. For my job I work across 3 nearby counties with disabled and older adults, who have to move into care facilities because they can no longer physically manage in their homes. Ive worked worked quite a few people who can't afford to move as a 2 bedroomed bungalow in their area costs more than their 3 or 4 bedroomed home and they wouldn't qualify for a mortgage due to their age or disability (if I didn't know them I might accuse them of hogging!)so therefore struggle on.

Why not build houses with a downstairs bathroom, maybe an extra reception that will be a future bedroom, wider hallways or space to add them? That way we wouldn't have people unable to move as there's nothing suitable for them to go to (or moving into care when a better designed home would stop them from taking a place they don't need, and leaving a home that they love). Something I've raised locally before.

Anyway... that's another thread for another day!

So many people are stuck in housing/accommodation that is unsuitable for their needs.

We need a sell or swap site/app.

Actually renting (if not so expensive with landlords chucking tenants out on a whim) might be easier.

When swapping a home you would still have to pay stamp duty.

Yes that would be fine.

I'm just thinking of ways to make the whole process smoother and easier.

It will never happen though, I know.

@Alonim

Yes that would be fine.

I'm just thinking of ways to make the whole process smoother and easier.

It will never happen though, I know.

Yeah I wondered that! Could estate agencies work a bit more like a dating agency? Where you just instantly get matched up to someone who has what you're looking for, and only a 3 way or 4 way if you're all up for it

There won't be a crash. If the banks were too big to fail in 2007-8 can you imagine what this current govt will be prepared to do to keep the housing market afloat now?

House-buying and selling is the engine of the economy, unfortunately and perpetually rising house prices are the main thing that makes the electorate feel 'wealthy'. And therefore more likely to vote Tory.

There may well be a levelling-out in the short-to-medium term but a house-price crash? Not a chance. Not with Rishi and his lovely money-printing machine around. Over his dead body.

I just don’t understand how people can afford these massive mortgages though, especially those recently on the housing ladder when average income isn’t increasing and taxes rising.

@stairway

I just don’t understand how people can afford these massive mortgages though, especially those recently on the housing ladder when average income isn’t increasing and taxes rising.

I guess before long, your kids will inherit your mortgage, rather than your property. Can you get multi-generational mortgages? Asking for a friend

@TinyGlassOwl

There won't be a crash. If the banks were too big to fail in 2007-8 can you imagine what this current govt will be prepared to do to keep the housing market afloat now?

House-buying and selling is the engine of the economy, unfortunately and perpetually rising house prices are the main thing that makes the electorate feel 'wealthy'. And therefore more likely to vote Tory.

There may well be a levelling-out in the short-to-medium term but a house-price crash? Not a chance. Not with Rishi and his lovely money-printing machine around. Over his dead body.

Yes I agree, the Tories will behave just like Labour did in 2008, and print more money rather than risk a crash.

Umbel and Alonim, you are exactly right! I’m recently widowed, have sold the house I shared with my husband but can’
t find anything suitable to buy. I’m not ready for a retirement flat, don’t need a family sized house or a fixer upper. I have looked at new builds, but they mostly seem to be larger executive houses or town houses. At my age I can’t be doing with three floors! Where are the houses for my age group and circumstances?

Sorry to hear about your husband @CocoNoir. Your situation sounds frustrating, in what must already be trying circumstances. I hope you find something suitable soon.

Viewed on Saturday and was told before we even turned up that we had 15 minutes maximum to view. Back to back viewings all morning then told as we arrived for our time slot that best and final offer to be in by 9am! I am not even sure what we offered on now as saw 5 houses on Saturday!!!

9am Monday that should be!

@Iamsodonewith2020

9am Monday that should be!

That’s a step further than we got! We saw one on Saturday and they wouldn’t even take our offer - by 9am Monday it had already gone.

Umbel you mean you didn't offer over asking in cash before you had even seen it? Beginner's error.

A friend of a friend works as an estate agent, apparently they sold one house in 10 mins of it hitting Rightmove.

So, this week. An estate agent contacted me asking if I was still looking and saying the market is slowing. But they do deal more with the posh, rural market. I've had an over asking price turned down as the vendor went with a cash buyer. This was a small house that isn't available until December (at least) as the owner is moving into a not yet constructed new build. A viewing was cancelled as they'd already sold. I saw one last night that was beautiful but needed a lot of work. That had been on Rightmove since yesterday evening and had a number of over asking price offers. I was going to make a low over asking price offer but just had a wtf moment. A few months ago I was really alert to anything wrong with a property. This one, I was walking over an entire soggy, bouncing floor downstairs and just mentally shrugging and saying well the joists may gave gone but that's ok. (Every bit of the house visibly needs repairs and updating)

Madness.

One more to see on Saturday and then I think I'm out. In desirable areas, people are adding £60-80k to houses they've done nothing to since to since buying 18 months ago. That's at least 30% price hike.

Hope everyone else ok and not too downhearted. It's a tough time to buy and sell.

I accepted offer this week so now on the hunt. Same where I'm looking, although I'm a bit more flexible about location so today going to see what my search springs up by looking further out but at least with direct train access to the city I'm moving towards.

A house I was keeping my eye on rightmove had been on for ages, location ideal but needed quite a bit of renovation (no issue for me) and went SSTC yesterday...

I don't want to go into rental but thinking maybe just look for something good enough for now. I'm pretty good at compromise... I think!

“Umbel you mean you didn't offer over asking in cash before you had even seen it? Beginner's error.”

Indeed NoToast. Clearly I am a fool (though perhaps not one so easily parted from her money).

We’re planning to write to our buyers this weekend just to offer them some reassurance that we are genuinely doing what we can. They have already indicated they will wait until August and they are very committed to this house (small village, very few similar properties, none for sale) so I’m not going to give up yet!

And that price hike thing? We looked round one this week that has gone up by 20% in under a year, with only a little cosmetic work done in that time as far as I can see. It’s a joke!

We've had an offer accepted now but I still keep an eye on rightmove out of interest.

I've noticed a couple of properties have sat on rightmove for a while now. These are properties we viewed but decided not to offer on. At the viewings, the agents were really hyping them up, promising they'd sell in no time, well over asking price at best and final etc etc. Clearly they got that wrong!

Thanks Umbel, best of luck to you too.

Well something seems to be changing with the market where we are. After weeks of barely anything being listed, suddenly there is stuff coming on right, left and centre. We have two viewings booked for the weekend!!

I think it’s definitely changing.... our first sale fell through (small 4 bed terraced house, no garden but very desirable location) and we’ve gone back to market. First weekend since we’ve gone back on we had 8 viewings and 1 offer (much less than first time round), we have 1 viewing tonight and none this weekend on our house. Feeling like giving up and selling in a year. Less than ideal for our school situation (will mean moving primary schools once started) but I don’t think we have much choice.

@PaleGreenAndBrightOrange

I think it’s definitely changing.... our first sale fell through (small 4 bed terraced house, no garden but very desirable location) and we’ve gone back to market. First weekend since we’ve gone back on we had 8 viewings and 1 offer (much less than first time round), we have 1 viewing tonight and none this weekend on our house. Feeling like giving up and selling in a year. Less than ideal for our school situation (will mean moving primary schools once started) but I don’t think we have much choice.

I think gardens are a must have on people's lists to be frank.

Ooh! Umbel good luck!

@flashbac yep I’d agree - that’s why we’re moving. Wasn’t a problem for first sale though... loads of offers. So I guess there’s fewer hunters or people are feeling less pressured to offer on places like ours where there’s a compromise.

[quote Itscoldouthere]@fluffycupcakes yes the EA are saying nothing much in that price range, there is more house at over £1.25 but we can’t even consider that type of price.
I am on the ‘special’ off market list with one agent, but I think you then end up with a seller who has to find something which could mean anything.
I don’t know what we will do if I don’t find anything soon.
Just have to keep looking![/quote]
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