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Original poster

Lack of houses on the market

156 replies

HalleLouja · 28/03/2022 20:59

We have put our house on the market (just outside St Albans) and have quite a few viewings in the last couple of weeks since its been on the market and even an offer (which is too low). But typically there is nothing that hits our brief on the market.

I know no-one has a crystal ball but do people think the market will pick up? Not sure why I am asking but maybe to find other people in the same boat.

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Nothappyatwork · 08/04/2022 10:39

@glowingcandle

It feels like this has been going on for ages now. We started looking at the start if last year and it was already like this back then.

We've since bought, we just remortgaged and the bank valued our house nearly 10% higher than what we paid for it. Which seems a bit mad.

Its always darkest before dawn
Nothappyatwork · 08/04/2022 10:42

@whoatealltheeggs

. Am up against what feels like hundreds of families decamped from London all renting with cash in the bank searching for a house in the catchment area of an excellent state school.

this will be me soon but as a Londoner I'm priced out of anything bigger so we have to go somewhere

But do you actually need something bigger ? We sold a three bed terraced to move up north to a5 bed detached i really really regretted it the moment we left London. Instantly priced out, living in a nice house but missed the location every day for 18 years. Have moved back closer but we live in a tiny shoebox now.
Enormous mistake.
whoatealltheeggs · 08/04/2022 10:52

Yep we do, unfortunately I've barely been an adult for 18 years so didn't have the benefit of cheaper London house prices.

Guttedbuyer · 08/04/2022 11:00

We've been under offer for months and can't find anything.

OP said about considering properties you previously wouldn't have and we definitely are so trying to make sure we don't buy something wildly unsuitable while still being open to options. Not that there are many options just now!

Original poster
HalleLouja · 09/04/2022 07:09

The house we now want to see has an issue with the EA getting the keys. Ffs.

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LedTasso · 09/04/2022 10:53

@HalleLouja how annoying! We're going to see a few today. One already cancelled as offer accepted yesterday. Not massively hopefult about any of them! Am starting to feel tempted to just wait a year or so amd see what happens, but need to apply for school place in January next year. Argh.

Original poster
HalleLouja · 09/04/2022 12:06

[quote LedTasso]@HalleLouja how annoying! We're going to see a few today. One already cancelled as offer accepted yesterday. Not massively hopefult about any of them! Am starting to feel tempted to just wait a year or so amd see what happens, but need to apply for school place in January next year. Argh.[/quote]
Great username by the way. Aaaaaggghhhhh indeed. I trying to be patient but it’s really hard for someone like me.

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Bedsheets4knickers · 10/04/2022 14:11

I do wonder if Estate agents are flapping right now . Still nothing new on the market in our area and the stubborn ones that have had to reduce are just sitting there . I've never known it this bad .

Katkincake · 11/04/2022 11:53

Didn’t see anything over the weekend, which for this time of year is incredulous as it’s usually busiest time.

Have rung up to enquire about one that came on last week for £575. Our ceiling is £550k (ideally less so we can start overpaying on mortgage and clear it sooner) so we didn’t want to waste their time if it was popular. No SSTC showing yet so hoping market is slowing a little and we can get away with a lower offer, will hopefully see it today or tomorrow.

We go away on Thursday till Tuesday, I will be mighty peed off if something comes on at the back end of the week. Only going 2hrs away so would be tempted to drive back for the right house Grin

Original poster
HalleLouja · 12/04/2022 06:46

We are also away at the weekend. Knowing our luck our dream house will come on the market on Thursday.

The house we saw on Saturday was lovely but would cost too much to make it how we would like it. Plus wasn’t in a great position for schools.

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ByeByeMissAmericanPie · 12/04/2022 06:51

I’m getting the impression that not many viewings will take place over the Easter Weekend. Too many people away.
I’m seeing 4 during this week, but none on Saturday.

Ohquietone · 12/04/2022 07:13

Market is madness here. Very little coming on the market. There’s definitely an influx of people moving out of London (we’re 50 minutes by train into London). Houses are so expensive. I want to move back up North in a few years and the areas we are looking at the market is crazy. Houses going for so much money when they need extensive work doing.

LedTasso · 12/04/2022 10:17

We saw a lovely house at the weekend but just too small to be practical for us. We are really struggling anyway because we can only view on Saturdays as we live far away.. houses seem to come on on Wednesday and go on Friday. We are away this weekend too, suspect lots of people are so maybe some of the houses that have just come on will stay around for a bit longer than usual.

mjf981 · 12/04/2022 10:35

How are people affording the massive house price increases, with the cost of living shooting up? How?? The next generation is absolutely screwed. Or maybe there will be a massive crash. Feels like there should have been due to covid...but the government propped it up instead.

LedTasso · 12/04/2022 10:43

@mjf981 I don't know. We are going to take on a big mortgage and possibly borrow some from the bank of mum and dad (I really don't want to do this and hopefully we won't need to). I think a lot of people buily up equity in places that are always expensive (e.g. Bristol/ London). Then lots of people were able to save during covid and now more people are in a position to move due to more flexible working (this is us!). Also borrowing is very cheap (hence we can get a large mortgage).

It is getting a bit ridiculous now though, and even if it doesn't crash, surely it will at least plateau?

TheMagicDeckchair · 12/04/2022 10:58

@mjf981 I suspect it’s gains in their existing property and then the banks willing to lend and current low interest rates.
Re the next generation- I see older parents with expensive houses complain that their children can’t buy in the same area, but you can’t have huge gains in your own property and also be affordable for first time buyers. So I suspect bank of mum and dad will remortgage or downsize to provide deposits.
We live in what was always been a relatively cheap area until a couple of years ago, but it’s amazing how little £500k buys up here now.

Londongent · 12/04/2022 11:47

I think people are holding back as this could well be the peak of the market. People are worried about stretching themselves, when interest rates are starting to go up and could find themselves in negative equity in a few years.
Seems only those who absolutely have to move are doing so. I'm seeing asking prices being reduced near me for properties that have been on a couple of months and not sold. I think some may have been overpriced, with people chancing their arm, nevertheless, uncertain times at the moment

WhatTheWhoTheWhatThe · 12/04/2022 14:08

Well we’ve taken the plunge and gone on the market. Have 2 viewing on our house tonight and we’re viewing a property at the weekend. It’s still slim pickings in the area we want and I’m noticing that it’s the bigger properties that are coming on.

We’re downsizing so at least we’re not looking to borrow more in this crazy market!

Katkincake · 12/04/2022 15:37

We’ve got a viewing tonight (the one that’s too much for us, but no offers so far) and another tomorrow. A new one came on today but can’t do viewings till the weekend so that’s not possible. Hoping other buyers will be busy this weekend and it’ll still be there next week.

We can only afford to buy above £500k by both of us taking advantage of 100% mortgages years ago and both my parents-in-law passing on (they were divorced so DH had two lots of inheritance). Doesn’t buy an awful lot around here to be in catchment of good schools. Appreciate how fortunate we are though.

Let’s hope people will be using this weekend to do final touches to their homes and go on next week.

Good luck with your sale @WhatTheWhoTheWhatThe

Bedsheets4knickers · 13/04/2022 10:28

Update . The final houses are on the market have now been reduced so that's all of the stale ones . 3 new houses went on yesterday all much better priced .
I can see a definite shift .

Elephantgrey · 13/04/2022 10:46

I do hope there is a shift. I am hoping to buy within the next year and what is available is very poor. Prices have gone up but this really can’t continue with cost of living increases. I want to know what to do one way or the other.

AnastasiaRomanov · 13/04/2022 11:31

I am in the same position. I am wondering whether to wait another year. Much as I want to move, buying at the absolute top end of the market doesn’t make any sense.
I saw I house I liked online yesterday. It was bought two years ago and they are selling at literally twice the price for a semi detached house! They have improved it but even so it is absolutely jaw dropping. Will be interesting to see if they reduce the price.

stuntbubbles · 13/04/2022 16:46

We did have 4 houses to look at on our RM saved list, but were delayed in pursuing them by waiting for our own house to be sold, and now we’re on holiday. Called up yesterday and one was going to best and final after a week online, and one had just gone under offer. Down to 2 and there’s NOTHING else, Sussex is like a wasteland. And the 3 left are top end of our budget leaving nothing for after the move, barely even traditional moving day fish and chips.

Am hoping hoping hoping post-Easter weekend there will be a massive Tuesday Rightmove update with loads of things, and the flurry will dampen prices a bit as lots coming on at once will prevent the current bunfight.

WhatTheWhoTheWhatThe · 13/04/2022 18:53

Eek we’ve had two viewings and an initial offer. We’re not even properly on the market yet. Can’t believe how quickly things are moving!

Original poster
HalleLouja · 13/04/2022 19:12

Some more houses have come up. Not what we are after but still seems promising…

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