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Original poster

Feeling totally overwhelmed by the market

456 replies

fluffycupcakes · 01/05/2021 08:28

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.

OP posts:
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7
Outonmyear · 29/05/2021 09:00

What are people doing if they can’t find anywhere after accepting an offer several months ago? I mean in terms of coping with the new prices.

The reason we can’t find anywhere is because prices have risen so much that houses don’t exist in our original budget. We need to ask our buyers for more so we can afford the new prices but that makes me feel awful. However in trying to be honourable we are stuck.

LeafyBamboo · 29/05/2021 10:04

I'm worried about this too. We have very specific requirements for moving and I don't expect to find a house quickly. I've already missed out on one because we weren't proceedable. So advice from the agent is to get mine on the market asap (brochure already done). But I don't want to waste other people's time (and money?) if we get an offer for ours but then it takes months for us to find somewhere. I'd rather find somewhere I want and then put mine on the market, but it seems that won't work in this competitive market.

Newhousehope · 29/05/2021 10:15

@LeafyBamboo

I'm worried about this too. We have very specific requirements for moving and I don't expect to find a house quickly. I've already missed out on one because we weren't proceedable. So advice from the agent is to get mine on the market asap (brochure already done). But I don't want to waste other people's time (and money?) if we get an offer for ours but then it takes months for us to find somewhere. I'd rather find somewhere I want and then put mine on the market, but it seems that won't work in this competitive market.
That’s what we wanted to do, find ours and then sell ours - but apparently that’s not the way it works.

It just so happens the one we couldn’t view because we weren’t proceed-able fell through, so we viewed and offered and touch wood, it’s going well.

If it hadn’t have come back on the market, we’d still be looking (offered 11/5) as nothing suitable has come up since.

Fingers crossed for patient buyers

izzzzzzzzzzzzzz · 29/05/2021 10:35

Been lurking on this thread....

We got outbid on two properties and finally had an offer accepted yesterday! Very happy but also very nervous as sellers haven't found anywhere yet so really hope they won't drop out/ change minds when they experience this awful market

totallyfedup77 · 29/05/2021 11:24

I hate how people jump on the bandwagon, fueled by articles in the media whipping up a frenzy. Like, why does EVERYONE suddenly need a garden? The pandemic will be over soon and many people were perfectly happy to live in flats before. I just don’t get it.

totallyfedup77 · 29/05/2021 11:25

I also find estate agents really annoying. The way some of them treat you when you’re making the biggest financial decision of your life (e.g. only 15 minutes to look round) is dismissive and dehumanizing.

almostautumn · 29/05/2021 11:41

I’d concur with not doing the cosmetic work unless it’s major.

Oh no, why? I’ve just spent a small fortune doing minor cosmetic work before putting my house on the market!

Diamondnights · 29/05/2021 12:13

We sold before the house was officially marketed. 4 viewers, three offers. We accepted one at the asking price , that day as they were v proceedable, and didn't allow more viewings. I haven't bought for a few years and was quite shocked brat people are having to offer after 1 viewing.

Diamondnights · 29/05/2021 12:13

that people!

readytosell · 29/05/2021 12:45

@totallyfedup77

I also find estate agents really annoying. The way some of them treat you when you’re making the biggest financial decision of your life (e.g. only 15 minutes to look round) is dismissive and dehumanizing.
Some are good, some less so I agree. As a seller, I don't want to do any viewings and just want the best sale I can get. Works for me.

However, as a buyer I actually found it more preferable to have the people who did their own viewings as moving into a new area quite a long way away. They tend to be less clock watching and can answer the questions without saying I'll have to check, I don't know etc.

izzzzzzzzzzzzzz · 29/05/2021 13:00

@totallyfedup77

Many have permanent flexible working now so good space at home more important, and more flexibility where to live

elephantasia · 29/05/2021 14:42

Been lurking but jumping on this thread now. Sold last week to a very eager buyer. Now on the lookout for somewhere. Several dream house properties have come and gone in the last few months which is what has prompted me to sell up. Sod's law nothing at all has come on since we sold. Still early days - but feel a bit like madness is already descending - refreshing zoopla and rightmove app on the hour every hour Blush

totallyfedup77 · 29/05/2021 17:07

Many have permanent flexible working now

This is another media story I don’t quite buy. How many people really have been given enough flexibility to move out of comfortable commuting distance from their office? How do they know their place of work won’t change their flexible policy once the pandemic is over? If they need to change jobs and they’re now living in the middle of nowhere, then what?

LeafyBamboo · 29/05/2021 18:25

Newhousehope - congratulations on getting the house you couldn't view at first. I feel awful for hoping that the sale of the one I offered on a few weeks ago falls through, as I know I'm next in line if it does...

almostautumn - me too! But 8 years of grubby dog and boy marks on paint work made it pretty essential.

mumieone · 30/05/2021 17:30

Lloyds Bank is planning to move into the residential property market as a large private landlord, according to The Financial Times.

Look this up - now you will be competing with the large corporates. It's going to start generation RENT.

Original poster
fluffycupcakes · 30/05/2021 17:45

@mumieone oh that's no good. I hate renting. This will never be my home, for a start I have wonderful rent inspections etc how will it ever be my home under this rubbish?!
Plus I cba to do anything new to the house that I don't need to even though I'm itching to sort some issues out. Green curtains anyone?!

OP posts:
mumieone · 30/05/2021 17:46

Good News (for some). UPDATED: EVICTION BAN TO END ON 31 MAY 2021 AND NOTICE PERIODS TO BE REDUCED TO FOUR MONTHS. That means landlords who lost bugger loads of money can now put up their homes for sale now and will be vacant for sale in 4 months. More inventory on the market and choice for buyers.

Paulina23 · 30/05/2021 19:01

@mumieone

Lloyds Bank is planning to move into the residential property market as a large private landlord, according to The Financial Times.

Look this up - now you will be competing with the large corporates. It's going to start generation RENT.

It’s already generation rent (in London) where salary isn’t of little relevance to one can buy. Lloyds holds a very large portfolio of mortgages so it makes sense for them to manage the defaulted one rather than try to recoup some of the value in auction and distress selling. Overall, the market will benefit from having more corporate landlords who offer a professional service and more importantly are incentivised from a reputation stand point than accidental/amateur landlord who may or may not care much.
flashbac · 31/05/2021 11:42

@mumieone

Good News (for some). UPDATED: EVICTION BAN TO END ON 31 MAY 2021 AND NOTICE PERIODS TO BE REDUCED TO FOUR MONTHS. That means landlords who lost bugger loads of money can now put up their homes for sale now and will be vacant for sale in 4 months. More inventory on the market and choice for buyers.
I question the headline of 'good news' as evictions aren't something to cheer about. I also question that timescale. I hear courts are backed up.
Original poster
fluffycupcakes · 08/06/2021 08:18

Checking rightmove yesterday and I noticed a number of proper use that snapped right off the market last month have magically reappeared literally in the last few days. 🤞 for me! I think things are stalling at least.
Now just for more stock to arrive...

OP posts:
ManyMaybes · 08/06/2021 08:58

@fluffycupcakes

Checking rightmove yesterday and I noticed a number of proper use that snapped right off the market last month have magically reappeared literally in the last few days. 🤞 for me! I think things are stalling at least. Now just for more stock to arrive...
I suspect we will be seeing more of this over the coming weeks as the stamp duty deadline means some people will start to realise they can no longer go ahead with their purchase (at agreed prices)…
umbel · 08/06/2021 13:31

Can’t change quick enough where I am! Still fairly bonkers here - just been turned down for a viewing on a property that was listed yesterday. They did 12 viewings the same afternoon and a further 7 booked in tomorrow apparently. Already had no chain cash offers at and above asking price. Confused

Whereverilaymycat · 08/06/2021 13:57

Blimey @umbel that is bonkers!

hackn3ygirl · 10/06/2021 23:54

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umbel · 11/06/2021 18:58

I have another insane but true story for you. This one has really left me agape.

In early March we viewed a 5 bed end terrace (north facing, no garden or parking). It was on for £200k and needed a full renovation - roof, gutters, electrics, plastering, the works. Seemed reasonably priced, as an almost identical property had sold 3 months before for £190k.

It’s just appeared back on the market. Identical photos, no work been done so looks like the sale fell through. Asking price is now £325k!!!!

Who is paying these stupid prices?