Feels impossible to buy a house (London)

MissConductUS · 09/02/2022 20:42

I think the market will cool off this year. As interest rates rise fewer people will qualify for big mortgages. It's already started in the US.

YellowMonday · 09/02/2022 21:23

I feel the same - and I'm in Australia.

Some areas are seeing up to 20% monthly growth - yet our wages are not increasing and inflation is going crazy. I'm in the market - purchases a few years ago a 2 bedroom apartment - but I have no idea how I'm going to move up to a house.

I grew up in a smaller city, where property has traditionally been cheap, and there is even crazy growth down there. My family home has double in price (valuation) in 5 years.

chipsarnie · 10/02/2022 11:51

If it's any consolation, it's not just London. We're selling in NE London to move to Cumbria. Constantly outbid by 8-10%, and have been for months. It's very, very frustrating.

kirinm · 10/02/2022 13:34

We are hoping to put our flat on the market very soon - hopefully valuations next week. I haven't viewed anything yet but I keep an eye on rightmove and see houses that are definitely overpriced - based on sales prices - and they're being snapped up in a week.

I have been so keen to sell our flat but with house prices so high already, I can't see that we are going to have the money to keep going over asking.

Whereabouts in London are you OP?

sannygrmith · 10/02/2022 13:43

It's really tricky as there is definitely a lot of competition in that 3 bed house market in established South London areas in the price bracket of 750k to 950k. A lot of people are trying to skip the flat stage and stretch that bit further to get a house, and you also have those who already have flats and this is now their second rung on the ladder so to speak. It's a really difficult market.

kirinm · 10/02/2022 13:46

@sannygrmith

It's really tricky as there is definitely a lot of competition in that 3 bed house market in established South London areas in the price bracket of 750k to 950k. A lot of people are trying to skip the flat stage and stretch that bit further to get a house, and you also have those who already have flats and this is now their second rung on the ladder so to speak. It's a really difficult market.

We are slap bang in the middle of this price range and area 🤦🏻‍♀️

Remytherat · 10/02/2022 15:09

@sannygrmith

It's really tricky as there is definitely a lot of competition in that 3 bed house market in established South London areas in the price bracket of 750k to 950k. A lot of people are trying to skip the flat stage and stretch that bit further to get a house, and you also have those who already have flats and this is now their second rung on the ladder so to speak. It's a really difficult market.

That's the real problem with the "property ladder" at the minute, people have been renting in flats for so long that by the time they have a deposit they've already outgrown flats and need a house. There's so many first time buyers in their 30s trying to buy a family home.

SD25 · 10/02/2022 15:38

agree on skipping flat stage. but I don't think that many FT buyers, even in London are looking around 850k. more likely a house for 500/600 instead of a flat.

sunshinesupermum · 10/02/2022 16:24

£850K definitely sounds like a second home buyer, not a first-time one, unless you are earning megabucks.

J417 · 10/02/2022 19:28

@Housebuyingfamily

Need a vent really, sorry. Had two places fall through over a year and now, as well as prices having risen by 10% in that time, we are still being outbid on places.

And we aren’t cutting back... we are offering up to 5% over and we are still being outbid by people going up to 10% over!

Then even if we do eventually have an offer accepted we will have to go all the way back through the same process with no guarantees.

It feels not just difficult right now, but literally like it’s physically impossible.

In the same boat