stressed out, feeling stupid - FTB - priced out

[J417]

Hi

Long term renter in an area. Saved a good deposit , 50%. Offered on a house early last year but vendor couldn't find a place.

Now price is up and I think I couldn't afford. Depressed.

I felt I am so stupid not to offer on other houses back then, knowing some claim to be in a short chain/no chain(flipper house). Now those have been exchanged and completed!

Tips to get over it please

stressedout

I would try to see it as a positive. It wasn't meant to be your house. Keep looking and you'll find it. We had an offer accepted during first lockdown in 2020. After 5 months, vendors pulled out and decided not to sell. We looked for another 18 months with multiple offers and expanded our original search area to like a good 100 mile radius. The vendors decided to re-market the original property over the summer at offers over £200K more than the offer they accepted from 14 months earlier. Yep, you read that right, £200K more than our offer! It was so depressing.

We did end up going back to look at our finances and applied for a new AIP, which meant we could actually expand our search a bit to higher priced properties. We finally had an offer accepted in the autumn, have now exchanged and complete in a few weeks. We love it so much more than the first property. It's definitely 'our house' and I can see the other wouldn't have been right for us after all. So try to have faith - it's easier said than done at the moment, I know.

Is it that you can’t afford into put down a 50% deposit now or can’t afford to buy at all? Because some lenders will even accept a 5% deposit