Anyone else trying to buy a house at the moment?

[Sp3849]

I want to hear your stories because I am about to give up hope! We sold our house just over a year ago three chain collapses resold twice and then our vendors pulled out two days before our simultanious exchange and completion date. It took us 10 months to get to that point so we decided to move into a rental that we found quickly as to not loose our buyers and put ourselves in a better position to purchase. The market in Wales has shot through the roof. We are struggling to find what we need in our budget and there has hardly been anything that fits the bill in the last three months and the one that has sold within a day or two of being up for sale. We didn't even get to the viewing! I am starting to wonder of i will ever find anything. I would like to be out of my rental before next summer as we have to pay 12 months upfront (landlord is a nightmare, but that's another story). I have now had my moan let's hear your stories, moaning is welcome too! Does anyone think the market may slow down a bit? I hear so much about house prices coming down but I am still waiting.

I hear you, we are nearly a year in, a few fallen through, outbid stupidly which I'm not prepared to do and just fed up with it all to be honest.

Also wondering if it will calm down such a bad time to buy!

Housing market in Wales has risen rapidly.I am in S.Wales , sold in March and bought in April, (downsized) moved in June.
I just cannot see the market dropping or slowing in S.Wales for some time.
Not sure what type of house or budget you have but have you looked at some of the Auction sites?

I have no idea how u have done it for that length of time. I am only two months in and had enough all ready.

People not having certificates that they should. Not asking questions for weeks after they should.

I am now just ignoring it. And husband is taking over. Actually forgot we were moving the other day as nothing has happened for weeks other than a few questions.
We really don’t want to be moving to be honest but we have to.
I have read on here some stories about this affecting peoples mental health and it taking over their entire lives with stress. I refuse to let that happen so my husband who is much calmer and more laid back take over.

I have looked at houses on sale. My advice is to wait and see what happens.

It has been a nightmare. We are FTB and have been in the mix since before COVID. With one purchase falling through just before exchange as vendors changed their mind and decided not to sell (after 5 months of conveyancing...). We are in the South West which is equally hot, I think. So many viewings cancelled before we even get there. The property we had under offer recently went back on the market after a year and sold for 200K over the offer they accepted from us a year ago!!

We have only this week finally had another offer accepted. We found a lovely house that was perfect and we decided that we were just going to need to be those fools who put in a stupidly high offer. It worked and they accepted. But we wouldn't be able to do that if we weren't in the financial position we are in, which is very fortunate for us. So many other local people just being priced out. We lost out on a property last month because a cash buyer from London was willing to exchange the next day with minimal conveyancing/no survey/etc. It's crazy.

I'm not looking, but bought my first house last August and completely sympathise. The market was crazy then, and I'm astonished that it hasn't calmed down yet.

I was so stressed and upset about being constantly outbid that I ended up paying 12k over asking. I was then stressed and worried about overpaying, especially as everyone was saying that prices would crash by the end of 2020, but I don't regret it now. Prices have shot up and there are hardly any houses coming up in my price range now. Those that do have notices saying that they are no longer booking viewings as they are currently full. There seem to be lots of flats lingering though.

I remember for me that the worst thing was the uncertainty. Just not knowing what was going to happen to the market and whether there would be a massive crash after I bought. I think that's highly unlikely now though. I think that prices will level off, maybe dip slightly, but I don't think that they'll crash.

Same. House sale fell through three times. Finally sold in august. We are recovering in rental grin]. I so don’t want to be here in a year but so far, we haven’t even made it to a viewing.

We completed on 30th June this year in a bonkers area for house prices and demand significantly higher than the number of properties available.

We were the first people to see it and offered straight afterwards. It was in probate so they were in no rush. 36 viewings on it, multiple offers and it went to best and final offers. We ended up paying 10% over the asking price and someone bid even higher than that!

I think you are in a good position with no chain but you need to be realistic on price and also prepared to lose some of the rent you have already paid so you can complete quickly. It is bonkers.

I feel for you! We moved in June to Wales with a simultaneous exchange/completion so very stressful. Prior to that, 2 purchases had fallen through due to Covid reasons. I would say that if we hadn’t been in rented, we would not have got this house. We were the first to see, offered small percentage over asking-they cancelled other viewings because everyone else was in a chain. The year we were in rented was horrid. In a horrid, shabby rental with a bad landlord, feeling sick at the money we’d lost (we agreed sale before the pandemic and thought we would be better off as prices would drop. Ha!) However, we wouldn’t be here now without all that pain. The things we learnt were to view everything and ask agents to get in touch as soon as something will be coming on the market. Ensure all the agents know you are chain free-some had our details incorrect. Leaflet areas you’re interested in or join the local Facebook group and ask if anyone will be selling. Is it possible to widen the area you are looking in? In the end, we did that and ended up in a delightful village with everything we want.

Moved house 5 weeks ago and have somehow managed to block out the huge amount of stress it caused all due to mortgage company errors. Fortunately they have compensated us but definitely not wanting to move again. We are in Scotland so found the house we wanted but lost out as it went to closing date and our bid was too low, this happened with next property but third time lucky we got a place. Then we put ours on market and it sold in a week! (Unheard of usually). Our mortgage didn’t come through in time so we left our house with nowhere to go. Our mortgage company agreed to pay for storage and rent of holiday cottage but it would have been nice not to have had the delay. So pleased we have moved but never again.

Paid 20% over asking price btw

@FredaC

Paid 20% over asking price btw

Wow! No wonder people are struggling to buy if houses are going for that much over asking.

Starting to see why our offers are not being successful - 20% over asking is crazy times!

oh dear we have just started the process and I wrote a thread about it
We are in the north west and I'm already stressed and don't have either a house to buy or a buyer for mine yet.

www.mumsnet.com/Talk/property/4370439-about-to-start-the-process-and-it-feels-like-a-catch-22

@Chipsahoy

Same. House sale fell through three times. Finally sold in august. We are recovering in rental grin]. I so don’t want to be here in a year but so far, we haven’t even made it to a viewing.

urgh. Husband and I really really don't want to go into rented but I think we'd better prepare for it as a back up plan.

not sure which is worse really potentially losing out on a buyer for your house or being stuck in rented indefinitely! I hope you get sorted soon.

Yes. Supposedly we will complete this month. I was strung along for 6 months by some other sellers.

I really hope this one comes through, as I am not sure whether I can bear to go through this again!

we have just completed on our new property 2 weeks ago.
we have been looking for a house since about a month before lockdown. our budget went from £325k to £375k because of how the house market was going!!! we almost gave up, i was so stressed. everything that came on someone else offered more than us or beat us to it! i thought we would never find anything.
then our house came on and we offered but someone offered more. we were devastated. 3 weeks later the estate agent called us as the property was re available and so we had our offer accepted.
took us 6 weeks total to complete! (chain free, mortgage ready).
what is meant to be will be. don't rush it :)

Well my update this week is that we found a lovely house that needed gutting. New roof new electrics the lot but in the area we desire and has a massive garden and it close to the school but it looks like we have been outbid. We put our first offer in 8/10 after 3 days of deciding they declined then we upped it to asking price another 2 days of deciding and a cash buyer comes in and offers 10k over asking price, so we upped our offer and thought we shall now be the fools too and offered 15k over asking price. Surrendering to the idea of living in a house that needs gutting as my renovation money is swiftly depleting with every offer. Informed yesterday the cash buyers have now offered again at 20k over asking price . We have walked away with tails between our legs