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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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Whereverilaymycat · 11/06/2021 19:39

I’ve noticed a house near us has switched agents and whacked on another 25k to the asking price. No idea @umbel it’s baffling really!

Musntgrumble2021 · 11/06/2021 20:04

We are still looking. So depressing to have to pay 30-50% more than when we were looking two years ago.

stuckinaditch · 11/06/2021 20:06

@umbel

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?

That's a ridiculous increase. I think some sellers have just got too greedy.
umbel · 11/06/2021 20:15

@Whereverilaymycat

I’ve noticed a house near us has switched agents and whacked on another 25k to the asking price. No idea *@umbel* it’s baffling really!
£25k I could believe, @Whereverilaymycat, though it’s still cheeky, but £125?! It’s not even at the expensive end of the market!
surreygirl1987 · 11/06/2021 20:16

I'm getting really fed up about all this. We are under offer on our own house and are relocating for work. Moving into rental this summer as haven't found anywhere to buy (6 month lease). But there is literally NOTHING. Saw two at the weekend which both had tiny gardens and were still out of budget so would have to negotiate an offer. 6 months ago there were loads of amazing properties well within our budget. Now there are precisely 0. And as previous posts point out, anyone who is selling is just upping the prices to see what happens, pushing everything up well past our budget. I'm really gutted. There was a tiny flurry a few weeks ago when a couple of properties came on, and I thought the tide was turning, but it now seems worse than ever!

Whereverilaymycat · 11/06/2021 20:17

Yes that’s a pretty significant change! Keep your eye on it and see whether it gets snapped up.

umbel · 11/06/2021 20:18

@stuckinaditch I agree. I believe current owners inherited the house when an elderly relative died. They live in London. The house is in the north. I’ve emailed the estate agent to ask whether they’ve done anything to justify the hike, or whether they’re just chancing their arm.

stuckinaditch · 11/06/2021 22:57

It will be interesting to see if it sells. Seems even more greedy if they don't need to sell it at a certain figure in order to move. Seller's market at present!

Housetheweather · 11/06/2021 23:50

This reply has been deleted

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redavocado · 12/06/2021 07:14

I'm really glad this thread is still active - well, I am but I'm sorry you're all suffering too!

Our flat is finally going on the market next week and we think we've found a house we want to offer on. It's been on for a few weeks with no offers so far and that's worrying me a little!

We're in a similar position to
Housetheweather... hopefully minus the renting! We're looking at a tiny area of London and this is one of the only things on the market there at the moment. Recently everything else has sold instantly and gone for way over asking. The few things that are left need some serious work and are hugely overpriced.

MaltedMilk88 · 13/06/2021 10:08

Ok we've found our dream house!! It's way way over budget but we can just about scratch together the asking price and we have done some number crunching and think we can afford it ok!
How on earth can I get the vendors to accept our offer? We can't go a penny more and end up in a bidding war!

Overdon · 13/06/2021 10:42

@surreygirl1987
Yes I though the tide was turning a couple of weeks ago but no, the madness is continuing in our area ( Yorkshire) too.

I have noticed that a lot of the property I have viewed is ex - rental, I expect it’s a good time for LL to offload property, one of them had a great big cracks above the lintel and the bricks were in poor condition, which screamed subsidence to me. It sold the after the first day of viewing!

umbel · 13/06/2021 17:29

Yes @Overdon, it definitely seems to be an opportunity for people to shift those hard-to-sell properties! In my area, it’s houses that have previously flooded that are scrambling to get sold. They seem to be shifting, too! It’s a no from me though, thanks very much.

Keke94LND · 14/06/2021 11:34

I totally agree with you, we are first time buyers so totally inexperienced with the whole buying property thing, we have saved £100k and are ready to buy now..but we are also super aware that this is the biggest financial decision of our lives.. its really daunting. A lot of places we have tried to view have had offers in before we were able to even view the property, and I refuse to be rushed into such a massive decision..meh

surreygirl1987 · 14/06/2021 16:58

Ooh! A flurry of activity on Rightmove in my area today! Well, three houses in my price range that don't look terrible got listed anyway, which is the most that's happened for weeks 😁 We have set up viewings.

PoseyRosey · 16/10/2021 16:30

I know this thread is months old but has anyone seen any changes in market conditions? Where we are, it's truly horrible. Houses, even,>800k range are so few and get snapped up and ea are pushing for bidding... So tired of this. Weren't the prices going to come down? People wouldnt be able to afford it given no real wage increase?

SD25 · 16/10/2021 16:50

Lots of people wanting to move due to changes in work/life triggered by Covid and lots of people have built up loads of equity due to increases over last 10/20 years.

user1487194234 · 16/10/2021 17:36

It is very unlikely prices would come down

PoseyRosey · 16/10/2021 18:07

I guess I thought there was truth in people saying they can't afford anymore... It seems many can, and will happily go into a bidding war. Or are there two classes of households now? The bidders with loads of cash and the losers...

Aberdeen2 · 16/10/2021 20:09

Yes we are still stuck. Our buyers are holding on and we are so lucky to have them, but there is so little coming on and we have effectively been priced out of our area. Feel so sad we have to move away from our support network and friends, particularly as I’m currently pregnant, but it looks like this is the only viable option. I cannot stand buyers who offer over asking to our price everyone else, although I know it’s the nature of this horrible market.

Paranoidandroidmarvin · 17/10/2021 09:09

I am having to move at this time due to a medical problem. And the house we had to buy ( no stairs ) was over priced. But we didn’t have any choice. I’m not expecting to move ever again due to these medical
Problems and the house being perfect for these. But I doubt we will ever make money on this house. Now is not the time to be buying I don’t think.
If we could have waited till next year I would have and seen if things calmed down.

If I could I would pull out now. But I can’t. Do onward we go. The houses in the village where I live are going in hours. Ours went on the market on Friday evening about five. We had two booking the next day at 11. They went into a bidding war and we were sold. Less than 24 hrs.

Paranoidandroidmarvin · 17/10/2021 09:10

Ours went nearly 20k over the asking. So we picked a cash buyer/ first time buyer because of this.

Paranoidandroidmarvin · 17/10/2021 09:12

I do think it is different in every place though. Round here the house that are going for 200k to 350k are going in a day. The more expensive ones are hanging around for ages. We are near a lot of second home villages. So not sure what has happened as they normally go really quickly. Maybe everyone is not buying second homes anymore

missbunnyrabbit · 17/10/2021 09:23

Still really bad in the north west. My boyfriend has been searching for a year and it has got worse and worse.

PicsInRed · 17/10/2021 09:36

@PoseyRosey

I guess I thought there was truth in people saying they can't afford anymore... It seems many can, and will happily go into a bidding war. Or are there two classes of households now? The bidders with loads of cash and the losers...
People will buy down to the level they can afford, so those who would have bought detached will buy semi, or terrace, those who would have bought 5 or 10 mins tube or drive from town will then buy 15 or 20 mins out etc - or move out to the North, Midlands, or West.

From this, gentrification happens, and ultimately it isn't those who can buy something, somewhere who lose, it's those who cannot, and who are priced out of even renting in their own old neighbourhoods.

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