Page 2 | Hands up! Who bought a house in a panic last year

Dogonthebed · 2023-07-27T19:33:09+00:00

Just me? I am thinking not. On rightmove and a lot of the houses we were pipped at the post are back up again! a

Iwantmybed · 30/07/2023 21:58

No, it was shortly after she quit, Oct or Nov 2021 when no one had a clue what was going on, there was a week when mortgage interest rates dropped to silly rates before starting to creep up. Thankfully, we agreed our mortgage offer in that week.

HiHoHiHoltsOffToWorkWeGo · 30/07/2023 22:21

I did but my panic was less about the housing market itself (spring 2022) and more about the fact my landlord was no-fault evicting me so she could turn my home into an Airbnb. Having a dog, being self employed and WFH I knew that finding a new place to live would be extremely difficult. The consequences, had I not been able to buy, would have been enormous, and would have included my business collapsing.

Thankfully, we're planning to stay here for at least a decade so we will just wait out the current market situation.

PS fuck landlords.

Original poster

Dogonthebed · 31/07/2023 12:24

Yes houses that were sold last year back up again. Some look worked on, others don’t. We are fixed so wouldn’t consider moving for another year. Maybe people are so desperately unhappy with their choice they are willing to pay the mortgage penalty.
I just can’t seem to settle and feel like it’s a home we will be in for years. I feel like we are in waiting mode to be able to sell again. Not looking forward to the stress of it all again though

OP posts:

Newhousecrying · 31/07/2023 12:29

We’ve just seen one in our area which might have been suitable. They’ve started decorating work so some of the rooms look done and the others are in a state. Bought two years ago and listing for 85k more than they paid. Might be due to separation or cost of living and cost of renovation went up and now the remortgage is unaffordable, especially if they had a high LTV and took a two year fix banking on their renovations bringing the LTV down.

Newhousecrying · 31/07/2023 12:31

Dogonthebed · 31/07/2023 12:24

Yes houses that were sold last year back up again. Some look worked on, others don’t. We are fixed so wouldn’t consider moving for another year. Maybe people are so desperately unhappy with their choice they are willing to pay the mortgage penalty.
I just can’t seem to settle and feel like it’s a home we will be in for years. I feel like we are in waiting mode to be able to sell again. Not looking forward to the stress of it all again though

i feel like that with ours. I hated the house when we first moved and I was so unhappy, things are slightly more settled now but I still don’t like it. So I’m in ‘waiting mode’. However we’re lucky because it’s very affordable and we’re able to save and not have to ‘panic buy’ again. If the right house comes up we can have a look but until then we can also sit tight. We’re not going to sell now because we don’t want to take the financial hit.

Kyrae · 31/07/2023 13:12

Was buying and selling last year but the chain collapsed at the last minute, and we decided to pull out rather than wait around, very glad now that we did!. Ours sold within a week and there was such little choice of houses available that we ended up picking something that wasn't ideal, but we felt under pressure from our buyers. Looking back now I'm glad the sale didn't go ahead!

Dexra · 31/07/2023 13:28

Yes. We had sold our house very fast and were outbid on three houses we liked and I suppose we felt we needed to hurry for our buyers. I completely ignored my misgivings about the house we're in now, and assumed I'd adapt. I haven't. I like the house but hate the area and am now panicking that nothing around us is selling, so we will be trapped here forever... I presume/hope the market will pick up at some point?
Like other posters, the good thing is we got it in time to benefit from the stamp duty cuts but didn't have to deal with the stupid mortgage rates from the mini budget. In order not to resent the place completely, I'm having to tell myself that in two years, we won't be here anymore, so just explore the area around and treat it as a stop gap.

Dexra · 31/07/2023 13:33

I completely identify with the 'waiting mode' thing. It's like I'm counting down the days to get out of here. I have to make a really conscious effort to try and make myself enjoy things.

JL642 · 31/07/2023 16:56

@Newhousecrying and @Dogonthebed i feel the same re “waiting” and it’s not the best feeling in a place I’d love to call my long term home. Even though I am waiting I can see that we will be in this home a long term. As per my prior post I do try and look at the positives, but I just wish I was in a home I felt more settled in. I hope it’s not my personality and that I can feel more settled in a future home. The problem with the U.K. housing market is when you’re in a chain there’s certain pressures to just find somewhere

cimena · 31/07/2023 23:22

Me! We were losing out on houses all over the place, bought this in a panic, it needs too much work, we overpaid and the area sucks but at least the mortgage rate isn’t 6% and we’ll just try and get it decent and see how we go. I don’t think we’ll lose squillions on it in the end but we’d lose a chunk if we sell now so I guess we’re stuck for a minute at least

cosmosheep · 31/07/2023 23:42

I bought year before last, so still during the covid peak wave, but needed to move for work. Was so stressful, barely slept for 6 months, ended up in a huge chain.

Probably overpaid for the house, it's not the best house and I don't love it at all but it's liveable, I've made it home. But lovely area, lovely neighbours, better work life balance, so I can at least find the positives.

Plan was to move again next year, but I can wait a few years if needbe.

cosmosheep · 31/07/2023 23:44

And my mortgage rate is 1%... so glad i made the decision to fix for 3 instead of 2 years. Will probably never see that rate again in my lifetime 😂