Buying a house

[JoJoandGreg]

We are going to start looking to buy a house in a couple of months. Sold one last year and the forward purchase fell through. So we are renting currently and are therefore no chain buyers.

I'm wondering about prices. The stamp duty holiday comes to an end shortly, I realise house prices have gone up in line with the lack of stamp duty to be paid (amongst other things).

Do we think there will be as much of a buying frenzy now? Or not? Will it be worth haggling a bit?

I've literally just had an estate agent around today to give me a valuation for my home. I was told the market has been busy due to the 'free' stamp duty but there are people still looking to move. Have you scouted your area to see what's moving?

There's hardly anything for sale. I thought it may be because everyone is trying to get things through by the end of June and that more properties might come back on soon. Collapsed chains and new properties in the next few months, maybe.

It's a bit of a different situation where I am, apparently people are actively moving into the area. There are a lot of 'for sale' & 'sold' signs in my village.

I'm in a suburb of a major city. There has been a frenzy over the last year. Those that have completed will continue to move in of course. I'm wondering what will happen next though? Stamp duty holiday ends soon, I doubt there will be as much of a frenzy from now on. I'm also expecting to see properties from collapsed chains back on the market, as well as new properties that don't move as fast.

@Duchess379

I've literally just had an estate agent around today to give me a valuation for my home. I was told the market has been busy due to the 'free' stamp duty but there are people still looking to move. Have you scouted your area to see what's moving?

The issue is, if you sell yours, will you be able to find something to buy, if the frenzy continues?

I think the problem now is the depleted housing stock. Prices will remain higher than before due to the fact that there is nothing to replace the houses that have been bought and sold. If you are renting, it’s best not to look at the market and swoop in when the right house comes along. Renting is always worse in the long term.

Yes, that's why we don't want to rent for too long. We have been renting since November.

My thoughts are to keep an eye on the market now but start actively looking from September. May give the housing stock a bit more tome to be replenished. Although prices have gone up a bit over the last year, I've also had a promotion so can borrow more. That said, we still have a 60% deposit. As one EA said today, there are always at least some people selling - death, divorce and debt force some sales!

@sst1234

I think the problem now is the depleted housing stock. Prices will remain higher than before due to the fact that there is nothing to replace the houses that have been bought and sold. If you are renting, it’s best not to look at the market and swoop in when the right house comes along. Renting is always worse in the long term.

It's also that renting doesn't really feel like home. We can't decorate or extend. It's ok and the landlord is a nice guy but our plan is to buy somewhere and stay until retirement, at least 20 years, possibly a bit longer. 20 years is also enough time to ride out any ups and downs in prices, as I'm aware that we are probably buying at peak prices. Then he plan is to move to the countryside.

Properties are still flying off the shelf where I'm buying. Silly prices too. I don't see an immediate slow down, but hopefully things will soften, as they always do, come start of new school year. But low housing stock may be an issue until next year.

@Livingintheclouds

Properties are still flying off the shelf where I'm buying. Silly prices too. I don't see an immediate slow down, but hopefully things will soften, as they always do, come start of new school year. But low housing stock may be an issue until next year.

Are you selling as well as buying? It sounds like a double edged sword at the moment.

We are currently selling (under offer, fingers crossed goes smoothly) and will be moving into rental in a fortnight. Hoping to put an offer on a property and be moved in by the new year. We are worried about prices continuing to rise, and don't think they will drop, so we are just keeping our eyes peeled and if we see a house in a budget that ticks all the boxes (especially location) it will be go go go! We are actually viewing a property for the second time this weekend that just hasn't shifted so we are thinking of making a lowball offer. We know there may be more on the market in a month or two but we are looking now as we don't want to miss the right house coming up. We're just not rushing into anything or buying desperately. If nothing has come up in the next two months or so, then we shall have to rethink our priorities and maybe compromise on what we want.