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Original poster

Anyone not being picky - and STILL can't find anything?

999 replies

PessimisticOptimist · 11/09/2021 12:03

We've been on the hunt for 18 months. In that time, we've expanded our search area and budget. We've offered on four houses - three times we were outbid by developers and one time they decided not to sell. But nothing has come on for us to view in the last couple of months.

I guess I'm looking for a support group on here to commiserate with me 😂

Everyone we talk to says:

  • The market is crazy right now
  • It will settle down
  • More will become available eventually
  • Just be patient

But I worry about getting priced out of the market if we wait too long. How long do we wait for the "right" house?

OP posts:
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DaisyNGO · 03/11/2021 10:06

Sorry, I'm asking questions like you're all Professors of Property Prices 😂

HarveySchlumpfenburger · 03/11/2021 10:10

Mine didn’t want to move out for a year. Apparently they really wanted to sell to me but my condition that they hurried up and got on with it was a bit unreasonable.

Everything else seems to be flying off the market as soon as it is put on.

BoPeeple · 03/11/2021 10:29

@DaisyNGO

The 4% increase is real where I live and shows absolutely no sign of slowing since the stamp duty holiday ended. In fact, I’d say it’s more than that. I bid on a house in this village that had made a 25% increase in less than two years with no improvements made.

Is it really bad to review the price my buyers paid?
I’d love some advice as I don’t want to be unreasonable.

DaisyNGO · 03/11/2021 11:20

Rafa - a year?!

Bo - I really don't know what to say. Sorry.

HarveySchlumpfenburger · 03/11/2021 13:22

Shows no sign of slowing down here. The house I saw on Monday went on the market Saturday and already had 3 asking price offers by the time I saw it Monday am. The prices just keep going up and up. Stamp duty ending didn’t seem to make much difference.

MummyJ12 · 03/11/2021 14:41

I’m losing heart with it all. I was reluctant to sign for this rental on a 12 month tenancy and it turns out that we’re going to need at least that amount of time to ride this out.
Turns out, I’m rubbish at being patient! But this time it’s got to be the right one/forever home.
The rise in house prices is scaring me though because we’re off the ladder at the moment. We’re also the wrong end of town in this rental for the school run so that’s killing me at the moment. (But the rental market is just as brutal so at least we got somewhere!)

WhereIsMyOnesie · 03/11/2021 15:47

I feel like I'm moaning about the opposite to everyone else but still no viewers here. I was planning to reduce after Xmas but a house I like has been substantially reduced to within budget and we're going to see it on Friday.

I just don't feel like a reduction will get people through the door when my own natural instinct is to see something I like and negotiate price. It's not like I can afford to reduce by 10's of 1000's.

Incidentally, nothing else has moved in the last 3 weeks here either. The market appears to have stopped!

areyouhavingagiraffe · 03/11/2021 18:38

Guys, just catching up. Seems like there are so many issues, things still selling quickly, others on sale can't get any viewings. I don't know what its going on and whether there is a pattern. I think this have calmed slightly but yes prices have gone up massively. I posted a few days ago about how my mortgage aip has gone up quite considerably but there is still bugger all I like. Just keep positive all!
BTW - I am living with my folks (as I completed by Sale). Now just pause and think about that, ha ha ha. I'm 43!

BerryTiredMama · 03/11/2021 20:10

Reading this thread has made me feel a lot better, not because you're all suffering but I'm so glad we aren’t alone in this brutal market. We’ve been searching since April and we were absolutely baffled by the way we were outbid on the first two properties we offered on. Dumps to say the least, how is it possible people are over paying for renovation properties!!! After that we realised the market is absolutely insane. We’ve been outbid 3 times now but we refuse to join the insanity.

My partner has this theory that everyone over offering is at the end of their tether after multiple failed bids so they just go all out and the cycle continues. I feel like we are getting to the point where we either stop the search or pay stupid money for a house. Im so frustrated at the moment as Im working full time in order for us to get this mortgage and feeling so guilty for leaving my son at nursery. I want this damn thing to end and don’t get me started on the estate agents. Playing us all off on the other!!

CheltenhamLady · 04/11/2021 09:45

@BerryTiredMama

Reading this thread has made me feel a lot better, not because you're all suffering but I'm so glad we aren’t alone in this brutal market. We’ve been searching since April and we were absolutely baffled by the way we were outbid on the first two properties we offered on. Dumps to say the least, how is it possible people are over paying for renovation properties!!! After that we realised the market is absolutely insane. We’ve been outbid 3 times now but we refuse to join the insanity.

My partner has this theory that everyone over offering is at the end of their tether after multiple failed bids so they just go all out and the cycle continues. I feel like we are getting to the point where we either stop the search or pay stupid money for a house. Im so frustrated at the moment as Im working full time in order for us to get this mortgage and feeling so guilty for leaving my son at nursery. I want this damn thing to end and don’t get me started on the estate agents. Playing us all off on the other!!

That was exactly how we felt. The two we offered on went for way over the asking price. Over by 100k in one instance, and it needed gutting.

A friends daughter has just lost a sale because the mortgage valuation was way under, and the buyers couldn't, or wouldn't, meet the shortfall. Despite the risk of this happening with every new buyer, she is adamant she won't/can't reduce because she has to pay the prices sellers are asking for her onward purchase. Absolute vicious circle.

Maybe if the valuers continue to do this prices will have to stabilise?

MummyJ12 · 04/11/2021 10:27

I really hope so @CheltenhamLady.
We have heard a couple of similar stories where the surveyor/valuers have been more sensible with what a property is worth and the sale has fallen through because of it.

MummyJ12 · 04/11/2021 12:40

We seem to have done exactly the same thing @BennyBean in that we bought our last house five years ago. I never loved it and knew before we even exchanged it wasn’t the one for me but I thought I’d make it work. We did made it amazing, and did well financially from it thank goodness but it just never felt like home. It makes me even more determined to buy with my heart rather than my head this time. It’ll take as long as it takes but in the meantime I’ll just have to stay impatient and stressed in our rental!!

DaisyNGO · 04/11/2021 12:56

@areyouhavingagiraffe

Guys, just catching up. Seems like there are so many issues, things still selling quickly, others on sale can't get any viewings. I don't know what its going on and whether there is a pattern. I think this have calmed slightly but yes prices have gone up massively. I posted a few days ago about how my mortgage aip has gone up quite considerably but there is still bugger all I like. Just keep positive all! BTW - I am living with my folks (as I completed by Sale). Now just pause and think about that, ha ha ha. I'm 43!
Wow, that must be really hard. Are you looking at houses or flats?

In terms of crazy prices, yesterday I was looking at our figures and feeling really uncomfortable about it. This weekend, we've got three viewings, two at the lowest price where we wouldn't get a do-er upper and one at the max price which is easily the biggest we've seen online but that does make me wonder what's wrong with it.

The prices per sq ft are just mad. Starting to feel like we should go for the cheapest feasible option.

One issue is no consistency in pricing. Does anyone else feel that? To the outside world, there is no feasible reason why two similar flats will go "sold - stc" with a fairly wide price variation, so thinking "we will wait" just feels like wait for what?

DaisyNGO · 04/11/2021 12:57

PS does anyone know what 60s blocks are like in terms of build, soundproofing etc?

MummyJ12 · 04/11/2021 13:11

Good luck with the viewings @DaisyNGO. Sometimes a leasehold looks cheap because the leasehold is less than 99 years. It’s worth asking. But it may just be a genuine motivated vendor who has priced it realistically….get your questions ready for the EA
No help on the soundproofing. Sorry! But you’ll maybe get an idea of what it’s like on the viewing.

DaisyNGO · 04/11/2021 13:23

Thanks Mummy
We always ask about the lease so it's not that
More like upcoming works...it really annoys me that you have to pay a solicitor to find out basic stuff.

This where a Home Information Pack could have helped but they didn't go that way...

BerryTiredMama · 04/11/2021 14:41

100k Shock thats madness. I just know if we pay far too much we will end up regretting it. We are really worried about the mortgage being rejected so we dont want to risk over offering by more than 3-5% of the value. That vendor will have to patiently wait for cash buyer then. The current market is really only built for cash buyers, likely Londoners, looking at properties far below their top budget. Only way to explain it.

I dont know about the stabilising I just have this horrible feeling it will only get worse. I think sellers will start to avoid buyers with no contingency fund. Everyone is desperate to buy a house post covid.

Looks like we’ll have to wait until next year, genuinely thought we’d be in the house by now. If not in it then almost completing! 2022 here we come…

DaisyNGO · 04/11/2021 14:44

Berry "We are really worried about the mortgage being rejected so we dont want to risk over offering by more than 3-5% of the value. "

Funny isn't it
I'm wondering how much we can under offer

One friend in the area we are looking in has had her flat on the market 4 months. It's way overpriced IMHO or it would have had an offer by now.

BerryTiredMama · 04/11/2021 15:30

@DaisyNGO

Berry "We are really worried about the mortgage being rejected so we dont want to risk over offering by more than 3-5% of the value. "

Funny isn't it
I'm wondering how much we can under offer

One friend in the area we are looking in has had her flat on the market 4 months. It's way overpriced IMHO or it would have had an offer by now.

Everything is overpriced atm. It seems like thats the only choice, I dont want to over offer Angry I never even imagined it. We accepted 20k under asking for our flat back when the market was sane.

Plus it seems the mob is after the same location as us apparently. We are now branching out to a cheaper area in order to have the residual budget to over offer. It’s depressing. I wish the market was like America where you have a buyers agent because I cant deal with these sellers anymore and i never want to see rightmove again after this.

DaisyNGO · 04/11/2021 16:35

we held off for a while - my bad - because I thought things were overpriced before.

if we stop viewing after this weekend, things hopefully won't be worse in January? Surely there is a point where people say "sod it, I'm investing in gold"?!

one of the places we are seeing at the weekend, the EA has basically really pushed for us to see it, because without saying it explicitly, he must think it's overpriced...it looks lovely, is in a popular development, is empty and chain free and has had no views.

he told us from the start "well, it's priced outside your budget but it's still worth you looking at it".

as we are in the area, we thought we would. It's empty and he seems very keen for somebody to see it, lol! I am also really keen to see it as I had my eye on that development, but it does seem very odd to be seeing something that's not in my price range.

guestusername · 04/11/2021 17:41

We are viewing a house!! Looks like it’s a relist but it ticks every box. Problem is that we can’t view until next weekend so there’s every chance it’ll go by then so 🤞

goinggently · 04/11/2021 17:45

Snap to all that. Now priced out, confused about where to live and with a baby on the way Sad

DaisyNGO · 04/11/2021 17:48

@goinggently

Snap to all that. Now priced out, confused about where to live and with a baby on the way Sad
well, yay because, lovely baby!!

but plops, I am sorry about the prices. DP wanted to sell and rent first but I have been saying the market must calm down for ages and it doesn't. Also I have heard that renting is really tough so it just seems like moving twice.

goinggently · 04/11/2021 17:52

Sorry, yes! That wasn't Sad to baby, it just adds a truckload more pressure and a very real deadline!! Already been looking a year, agh!

DaisyNGO · 04/11/2021 18:27

going oh I know it wasn't for baby but think of lovely bundly baby and you will feel brighter!

On another thread, people are saying how easy it to figure out prices. I don't find any rhyme or reason in them.

Are people doing LOADS of homework on prices?

Also, does it makes sense to anyone that in modern build generic flats, there can be a price difference of £80k because of things like

  1. how "desirable" the street is
  2. how the owner has done up the inside? White paint and pretty furniture and bedding should not that much to a 2 bedroom flat!