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Original poster

House shortages and greedy sellers

145 replies

AprilMae · 03/05/2022 10:20

Just a rant about the current market really, I feel so disheartened. We’ve just offered £325k on a 3 bed terrace house in the North West and been rejected. Seller says they want £340k as there’s ‘so few homes available’.

So they’re admitting it’s overpriced but the scarcity means they think they can ask it? I’m not even sure a lender would agree to that valuation.

Sold our 2 bed as we need more space but there are very few 3 beds coming on the market, we’re looking in a 15mile radius. I’m really annoyed to have worked hard and scrimped only to be priced out of buying a quote ordinary family home in an inexpensive part of the country.

OP posts:
MiniatureHotdog · 03/05/2022 10:23

It sounds a nightmare at the moment, you have my sympathies.

But if it sells at £340k then that it what it's worth, no? Also, assuming they are buying another property they will also have to pay more than they wanted to?

Florrey · 03/05/2022 10:24

Prices rise if there’s high demand and low supply. The price of that house has obviously risen to £340k. I’m not sure why you think the owner should sell it to you for less?

TheFlis12345 · 03/05/2022 10:26

If you were selling, would you really agree to a price £15k under what you knew someone else was willing to pay? I doubt it! It’s annoying but it’s basic supply and demand.

Beamur · 03/05/2022 10:26

If it's overpriced, a valuation could mean a buyer can't get a mortgage for that amount.
Demand is driving silly prices especially for rentals where I live.

BalladOfBarryAndFreda · 03/05/2022 10:27

Why ‘greedy’? Them’s the breaks in a capitalist society. The market decides the prices and in a hot market where demand outstrips supply, the seller calls the shots.

FitAt50 · 03/05/2022 10:27

Its really difficult but you have to see it from their point of view, houses are going up in value all over the country and they are going to have to pay more for the house they want to buy. We recently sold our house in York and it was valued at £450k by 3 agents - we couldn't believe this as only paid £365k 3 years before and had done nothing. House went on the market on the friday and we have 5 full price offers after ONE day of viewing. In the end it went to best and finals and we had offers upto £475k but accepted a small offer from a lovely young couple.

TheYearOfSmallThings · 03/05/2022 10:27

They don't have to sell at the price you can afford, and if their expectations are out of line with the market then you will be able to buy another house instead. If you cannot do so, then maybe your expectations are unrealistic.

I would not have sold without having found my next home - it is easy to get priced out if you do so, and always has been. Has the sale been completed, or can you stall it?

lunar1 · 03/05/2022 10:30

Depending on where you are in the NW it really isn't a cheap part of the country now. So many people have relocated due to the expanding of Media City over the last 10 years, it's sent our house prices through the roof. People moving here have London money to spend.

Did you sell your house for 15k under what you could get for it?

Snowflakes1122 · 03/05/2022 10:31

It’s a really awful market right now. But if you sold recently, you probably got a good price too.

Hope you find something soon.

Lastqueenofscotland2 · 03/05/2022 10:43

How did 325k compare to the asking price. If the asking price is 340 and that’s what the sellers want and that’s about in line with what others in the area are going for it’s not greedy. Why should they give you a discount just because you want one?

timestheyarechanging · 03/05/2022 10:45

Annoys me that now all properties are 'offers over' and you have no clue what others are offering.
My partner has offered 30k over on a property and we are still waiting to hear whether they'll accept it as he has a property for sell so could well be a backward chain, despite when it does sell, being cash buyer.
It's stressful.

Original poster
AprilMae · 03/05/2022 10:46

Thanks for the comments all. I’m really not sure whether they will get that asking price but won’t hold out hope of a reduction. Somebody with a bit more capital might be happy to pay it. It’s the only bloody 3 bed for sale in the area!

I’m not sure what we’re going to do if we can’t afford a 3 bed as we’re desperate for more space.

The home I’ve sold is restricted as an ‘affordable home’ so I had to get a RICS valuation and sell it at a fixed price. I would have gotten more if it went to best and final but it had to go at what the surveyor valued.

OP posts:
MissusMaisel · 03/05/2022 10:47

I presume you sold yours for the highest possible price? IT's not greed, it's capitalism.
It's literally how selling houses works.

Original poster
AprilMae · 03/05/2022 10:47

@Lastqueenofscotland2 there aren’t any others going on the area though a few of a similar size sold last year at around 300k

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Original poster
AprilMae · 03/05/2022 10:48

@timestheyarechanging that’s wild!! Best of luck

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ArseInTheCoOpWindow · 03/05/2022 10:48

They’re going for 80k over the asking price for similar near me.

l don’t think that’s too much of a huge jump that you talk about. It’s shit though.

BalladOfBarryAndFreda · 03/05/2022 10:48

It’s even more understandable if theirs is the only 3 bed available. That USP adds a premium. I’m sorry you’re being priced out though, that’s hard Flowers.

Original poster
AprilMae · 03/05/2022 10:50

@Beamur yes I don’t know how people are getting mortgages approved if they’re all paying 30k extra, possibly more people around with cash.

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BalladOfBarryAndFreda · 03/05/2022 10:51

As for what you’ll do if you can’t afford a 3 bed, you’ll have to do what people did before prices went bananas. Buy the extra space in a neighbouring, cheaper area. Buy a smaller house and add the space. Stay where you are and add the space (loft conversion etc).

(not being mean, that’s just the reality)

Original poster
AprilMae · 03/05/2022 10:52

@BalladOfBarryAndFreda I just don’t know what we’re going to do. We both work full time have a good deposit, max mortgage agreed. If we had bought 2 years ago we would be fine.

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Original poster
AprilMae · 03/05/2022 11:03

@BalladOfBarryAndFreda extending isn’t an option here but definitely broadening the search area

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MountainDewer · 03/05/2022 11:06

Where exactly in the North West are you?
The Trafford grammar school area very different from say the dodgy parts of Stockport…

KittyWithoutAName · 03/05/2022 11:08

So they’re admitting it’s overpriced but the scarcity means they think they can ask it? I’m not even sure a lender would agree to that valuation.

Isn't that how it works? Like if only 50 of a particular book was ever printed, then of course they will be more expensive to get hold of, because they are rare

Original poster
AprilMae · 03/05/2022 11:09

@MountainDewer West Lancashire

OP posts:
user1497787065 · 03/05/2022 11:09

I don't think this is anything to do with greed. When selling a property we all want to achieve the highest price we can to enable the next purchase.

Funny how the house being sold is worth every penny of it's asking price and the one being purchased is 'overpriced'.