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.

[quote Changingwiththetimes]@cosmi really? I went to Wimbledon today and as usual anything decent is snapped up.
I live 70 miles away and planned this move two years ago. We are moving for my daughter's school so no option to delay. I'm about to exchange and complete next month on my sale and the house I've offered on may pull out as seller can't find a house to buy. So I'm now looking at everything in my budget. But there's not much available. Looks like an expensive rental instead.[/quote]
What type of property and price bracket are you looking at?

I think bigger houses with privacy in many parts of London are being snapped up. But your average 2/3 bed terrace - which is the majority of Wimbledon stock - is not shifting as quickly as it used to.

@Itscoldouthere

Interesting thread, but my current experience in North London is awful. Things selling straight away, I’m in queues to view with only 15 mins, I’m getting very fed up, the only things that aren’t selling are either very overpriced or with no outside space. Houses go in days. I’m now having to wait for new property to come on to the market. I’m in theory a hot buyer, nothing to sell either cash or cash and small mortgage but the estate agents aren’t that interested as so may others are also looking in my price range. I’m getting very fed up with it all.

Yes, a lot of overpriced stuff is sitting around, and there are MANY overpriced properties on the market right now.

@DblEspresso

A lot of houses being sold at inflated prices next to A roads, backing into railway track, in front of a fire station etc. Have to be careful. Buying in desperation could lead to further pain down the line.

A lot of desperation and a lot of chains falling apart.

I’ve also seen a few properties where the sellers are a bit unsure or haven’t really started looking but want to get top £££ for their home, I just know that if if I offer it’s very likely they will not be able to find anything so the likelihood is being stuck waiting or them deciding not to sell, which isn’t good either.

I’m also getting fed up with estate agents still claiming that you can get a new sale through before the stamp duty deadline in June.
I really think it is now almost impossible and it’s about time for them to start saying this.

Interesting thread. Our plan is to put house on the market after Christmas, prior to relocating next June, when youngest DC finishes A levels. But a neighbour sold pre-launch, so now wondering whether to test the current market. House is liveable but does need updating and has massive potential to extend sideways and backwards.

If we did sell we'd stay with family/rent, so no chain above us.

@ShaunaTheSheep

Interesting thread. Our plan is to put house on the market after Christmas, prior to relocating next June, when youngest DC finishes A levels. But a neighbour sold pre-launch, so now wondering whether to test the current market. House is liveable but does need updating and has massive potential to extend sideways and backwards.

Where do you live @ShaunaTheSheep? You may be able to sell privately on here! I’m looking

@ Itscoldouthere - it's impossible if you are only just starting you'll not completed in time stamp duty stage 1 (stage 2 hit and miss) and people need to stop listening to EA they just tell buyers this in the hope that the buyer has invested so much in the legal process that they won't pull out (less hassle).

As a seller I'd like to get top dollar BUT. As I am going to be buying a big more expensive place it's actually in my favour to WAIT till stamp duty holiday ends. When there is a % drop in the market it effects the expensive homes alot more than the cheaper ones. So the gap between buying and selling a better place after stamp duty for me reduces meaning small mortgage for same place.

Also not sure how much the drop will be after stamp duty if any. Because we are in inflationary times (not just houses going up). Also there are shortages in building supplies coming into the country and with brexit the developers have to pay more taxes so the costs budgeted for house builders to build a new home have gone up and the asking prices of the new homes reflect this and will continue to go up unless this issue is resolved.

I'd imagine the only time we can rely on seeing a correction in the housing market is when the interest rates rise. Some people say when more people are vaccinated fully with both jabs then they will be more comfortable putting their homes on the market and selling - then the increased housing inventory will force prices to correct.

Take two: 'line one meant to read...it's impossible if you are only just starting your purchase to meet the stamp duty stage 1 deadline (stage 2 hit and miss) ....

@Sweetmelody72 that would be funny!

@Itscoldouthere oh yes EA love that line atm ' and you can get in before the ST deadline' can I now.
I don't even care about he ST I just want to buy my family home!

Yes it’s so annoying and as most of the estate agents I meet look like they are 12, I feel like a grumpy school teacher when I say ‘you’ve got to be joking’ about the stamp duty holiday.
Why is it such a male dominated business? I’m a designer so pretty opinionated but see so many male estate agents who seem to have no interest in the actual property, I suppose it’s just sales to them, I don’t mean to sound sexist but it just feels so male in an area that many females feel passionate 🤷‍♀️
I feel few positive connections are linked to the selling/buying process, it’s just feels all wrong and set up to induce stress and worry.

Just read an article regarding preparations banks are making in case interest rates go negative. I don't think buying a house is going to get much if at all easier in the near future. We have seen our house value rise by at least 10% since we bought it as FTB a year ago - I don't think we could afford it now!

Can you link the article

@StartingGrid

Just read an article regarding preparations banks are making in case interest rates go negative. I don't think buying a house is going to get much if at all easier in the near future. We have seen our house value rise by at least 10% since we bought it as FTB a year ago - I don't think we could afford it now!

Can you link the article please. I'm really interested

www.thisismoney.co.uk/money/markets/article-9532629/Barclays-clears-way-new-fees-rates-negative.html
Sorry for the late reply!

So I've just pulled my sale. I can not deal with the pressure of no where to buy and the ones I wanted to buy going up by 48k on one and 51k on one. These are mid range bog standard semi detached in what looks like ex council type estate (not talking anything high end at all).

Let the stamp duty die it's long overdue SAD death and see I reckon. Sick of house hunting rotten unmaintained homes at super inflated prices.

I offered my buyers a chance to put in a market value offer as obviously what I accepted 2 months ago and what it's worth now are not the sam figure. I'm still blaming RISHI

Gov says house prices have gone up a bit but I think £51K on a 399K house is a bit OTT.

In our area the prices have gone up by about 20%
I search rightmove sold for prices in the same roads to check compared to earlier in the year and last year for similar sales and also have seen houses that didn't sell earlier in the year whack their prices up and relist and then go onto sell very quickly.
I have been a property sloth unfortunately, dithering over how much will the work on whatever house will cost and then end up losing out. Fingers crossed it slows down and I can have time to see around the whole house instead of feeling like if I see all the rooms someone will have out bid us by the time we leave the property (this has sadly happened on these ridiculous 10 min each person open days which appears to be the only way of viewing round our way).

@mumieone yep, this is like where I'm trying to buy. There's a couple of new build estates with quite a few properties coming on the market (which immediately makes me wonder what's wrong with them). They all purchased brand new between 2014-2016 and have whacked £100k on what they paid! One was bought for 485 in June 2015 and they listed it at 685 a year ago!! 😱 They've since dropped it to 650 and unsurprisingly it's still sitting there unsold... It's astounding.

HelpMeh people used to buy a house do it up and flip it. Now they buy and flip with not a dime invested. Well if they can do it 'lucky them'. Just scared to be the one holding a 50K over valued property when interest rates quadruple and trapped in a the negative equity cycle that people are still trapped in from the last housing market crash.

@mumieone the 2000s were very much like that prior to the crash. I used to watch all the property programmes from homes under the hammer and Sarah Beney, I always remember in the latter especially she'd say things like you've increased the value by £100,000, but did you know even if you hadn't of done the renovations the house would have increased £50,000.

This will all slow down when the stamp duty holiday ends. The ironic thing is that it has pushed the house prices up so those buying have probably paid exactly the same out, just some of it doesn't go to the government.

It has to calm down - there is absolutely no way it is sustainable.

People are clearly feeling financially more comfortable after savings made over the lockdown periods and low interest rates. These are mostly people in professional jobs or financial services and such. They are not impacted by furlough, covid or Brexit.
So unless something changes in terms of job security, people will continue pushing the prices up.