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Original poster

Advice with this house buying malarkey

29 replies

Sunwillcomeout · 15/02/2022 10:54

I’ve been looking for a house since June last year.
I’ve viewed just 10 in this time, not because I’m not serious about it, but because there hasn’t been much coming onto the market in my area and in my price range. I live in a rural county that’s not very densely populated.

According to the land registry, properties sold back in Sept/Oct (so presumably SSTC in early summer) were going for around asking price, and a property like I’m after was probably going for around 180 - 200k ish.

Anyway, this evening I’m going to see a property I really like the look of. It isn’t perfect, but ticks enough of my boxes for me to be happy there. I have only seen one other property I like as much in the past 3 months.
Today is the first day of viewings and it’s on the market for £220k

Looking at what similar properties sold for last year, it is overpriced. But, likewise properties like this have tended to go for around asking price, and I have barely seen anything lately.

So, if I like it, do you think it would be wise to offer asking price on the first day of viewings and try to bag it? Or is that overkill and maybe I should offer 200 and see if I can get it for what it would have cost last summer in the first instance?

I’m worried that if I don’t offer asking price somebody else will and they will just accept that and won’t bother going for best and final.

OP posts:
Fedupbuyer · 15/02/2022 10:58

House prices have risen from last year,I would offer asking an see what the valuation comes back at.

Original poster
Sunwillcomeout · 15/02/2022 12:36

Thanks. That sounds like a good idea.

I find house buying so stressful and I’m only at the start! When I first started browsing rightmove pre-pandemic I was seeing what I wanted for as little as £160k! I can’t believe how much prices have jumped in the past 2 years, am terrified of prices dropping massively and getting hit with big interest rates when I’m at the top of my budget as it is. But I’m also fed up of living in a flat and want to move on with my life. argh!

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Summersdreaming · 15/02/2022 12:51

I don't think a low offer will be accepted on the first day of viewings.

Are you a FTB? Do you have a mortgage broker lined up and an AIP?

Dillydollydingdong · 15/02/2022 13:07

Just offer what the sellers are asking. Hopefully you'll get it. Prices have gone up a lot since last year.

Fedupbuyer · 15/02/2022 13:24

I feel the same as you,the house we are in the process of buying would of been 30k cheaper 18 months ago!we had to compromise a lot because every house sold within days!

Original poster
Sunwillcomeout · 15/02/2022 15:13

Yes I’m a first time buyer, with a mortgage in principle. I do have a mortgage broker too.

Oh I feel your pain @Fedupbuyer! All the advice is to look what other similar properties nearly have sold for, but the data is always at least three months out of date, and if the type of house you’re looking at doesn’t come up for sale very often it could be much longer! So as an inexperienced buyer you never really know till the deed is done whether you’re getting a good deal or being ripped off😬

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Original poster
Sunwillcomeout · 15/02/2022 15:14

*nearby

OP posts:
Summersdreaming · 15/02/2022 15:22

That's good, I would offer asking price, stress that you have no chain and are ready to proceed and fingers crossed for you!

Original poster
Sunwillcomeout · 15/02/2022 19:35

Thanks all! I went to see it, but it needs more doing to it than I had anticipated from the photos, so I’m not sure I’m willing to pay full price after all. So now to decide if/what I’m willing to offer.

Also, it’s a 100+ year old cottage and some of the floors are warped. There are dips and bumps in the stairs, and in various other places both downstairs and up, not big enough to cause a trip, but noticeable. Is this likely to mean the wood is rotten? Carpet / laminate is down so I can’t look to see the actual bords. Unsure what to make of it.

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Paddingtonthebear · 15/02/2022 19:49

I think you’d need to offer asking price as a starter, if where you are is anything like where I am (been looking since last April and have been to 23 viewings).

House prices have gone up a lot even since we started looking, it’s a nightmare. A friend bought a year ago and has just had their house valued again before they decide to spend a lot of money extending it, the bank have valued it at £80k more than they paid a year ago and they’ve done no to work it yet. It’s crazy out there.

Paddingtonthebear · 15/02/2022 19:50

Ah just seen your update!

Fedupbuyer · 16/02/2022 06:34

Sounds like a money pit but if you like it and have the funds to fix it then go for it.

Limegreentangerine · 16/02/2022 07:21

Hi OP
Exact same situation as you to a T
We viewed it and whilst still in the house offered full asking IF the vendor sorted out a damp issue ( seems to be a lot of it round. Where I'm based!)

He had no less than 10 offers on the table but went with us bcos we have all ducks in a row .. proof of deposit , proof of where it came from , solicitor lined up etc

The house we went for shot up 25k in 2 years and it's a Reno job so completely understand where you're coming from! If you love it go for it !!!!

XVGN · 16/02/2022 09:30

House prices are so high largely because of lack of supply. The only folk buying are either downsizing (having scooped large gains), needy, desperate or to whom money is no object.

The wise path for most is to wait for supply to increase to normal levels and likely see reduced prices.

Original poster
Sunwillcomeout · 16/02/2022 10:25

Thanks, I get the point about waiting, but also, I had a look at sales figures in my area over time and there has been a steady decrease in number of homes selling ever since 2011. So looks like more of a trend than a blip and I don’t want to put my life on hold, I need a home Sad

OP posts:
XVGN · 16/02/2022 10:59

@Sunwillcomeout

Thanks, I get the point about waiting, but also, I had a look at sales figures in my area over time and there has been a steady decrease in number of homes selling ever since 2011. So looks like more of a trend than a blip and I don’t want to put my life on hold, I need a home Sad
I don't want to appear like a doom-sayer but looking at inflation (7.8% RPI) together with baked-in interest rate increases and energy prices about to rocket, I think that many people will be reassessing their home choices in the next 6 months. You want to be near the exit door (sellers) before the oncoming crush.

It feels like the worm is now turning. All of these house price props like HTB were not there to help buyers. They were helping very different constituents.

hoochyhag · 16/02/2022 11:01

Sometimes you just have to go for it. Just get a good survey done. All the best.

Original poster
Sunwillcomeout · 16/02/2022 19:14

Thanks for the advice all, I’m going back to view again at the weekend with a friend who knows about buildings, so will see what comes of that visit.
I actually really want to just wait it out, but time is ticking on and I don’t want to risk getting priced out more than I already am. Gosh this is stressful, it’s too much money and debt to be dealing with all at once! I’m the sort of person who overthinks buying expensive coats and shoes, so the scale, time pressure, responsibility, commitment and uncertainty of house buying is just - horrible!

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BlueMongoose · 16/02/2022 21:10

@Sunwillcomeout

Thanks for the advice all, I’m going back to view again at the weekend with a friend who knows about buildings, so will see what comes of that visit. I actually really want to just wait it out, but time is ticking on and I don’t want to risk getting priced out more than I already am. Gosh this is stressful, it’s too much money and debt to be dealing with all at once! I’m the sort of person who overthinks buying expensive coats and shoes, so the scale, time pressure, responsibility, commitment and uncertainty of house buying is just - horrible!
Taking a friend like that is a very good idea. Bear in mind that any older property will have some issues. We're in the throes of replacing a few floor joists in our 1920s place. Just goes with the territory. And if there isn't a deep seated problem causing it, not all that complicated or expensive. We're doing it ourselves. It's basically because the joist ends got crud on them from an adjoining concrete-on-rubble kitchen floor. We've unblocked the underfloor vents, which had got full of old morater etc. and we're cleaning the crud out of the gaps and plan to concrete the other floor edge properly to make a nice dry ledge, and put slate/dpc under the new joists and leave their ends open. The new joists should last longer- and the previous ones lasted 100 years even with the crud against them and blocked underfloor vents!
User65412 · 16/02/2022 21:17

I wouldn't worry too much about the interest rates increasing to the point that you can no longer afford your home. Hundreds of thousands of people would be in the same boat! Noone I know could afford their mortgage if interest went up to 7%.

Original poster
Sunwillcomeout · 19/02/2022 13:38

Hi lovely people, hoping for a bit more advice -

I want to go for this house, but there are already two offers on the table for asking price. So, looks like I’ll have to go in higher to be in with a chance.

What’s a reasonable increment? The asking price is 220k - would 221k be silly? This isn’t best and finals yet but if I know there are two people who’ve offered asking it makes sense to go a bit over with my first offer as I may just get accepted?

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Okeydoky · 19/02/2022 13:50

Do you know anything about the other buyers? I'd make a big deal of how strong your position is with no chain etc as that could put you in a stronger position. When we last sold we went for the offer that was £10k lower to avoid a chain. Of course that doesn't help if all the offers are in a similar. Yes, I'd probably go in £1k higher, reminding them what a good position you're in.

Original poster
Sunwillcomeout · 19/02/2022 13:57

No I don’t know anything about the other buyers.
The estate agent just said they’ve got two for asking price, and if I’m serious to make an offer today and then they'll hope to wrap things up on Monday.

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Original poster
Sunwillcomeout · 19/02/2022 14:04

I suppose I’m wondering, say I went five over and offered 225k now, would that lessen the chance of it going to best and finals (which I don’t want, because I’m feeling a bit desperate and might be tempted to overpay)

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Okeydoky · 19/02/2022 15:02

I wouldn't go that far over yet personalty. You might be the only one not in a chain. £2.5 max over I'd say.