Nothing to buy!

[Potaytoe5]

Following from all the threads of people struggling to sell... (I've been there!).
Does anyone else find there's nothing to buy?

What comes on the market is still last years' prices. Well priced stuff goes within a week- we missed on a couple of nice houses as we haven't sold yet when they went up.

So frustrating!! Fingers crossed more will come this month.
The only new houses added recently either were last renovated 50 years ago, or have gardens so sloped only avid fans of skiing would consider them.

Just having a rant really.

Same here, we've been looking since last October and still not found anything. Only one or two houses come on a week in our area. I've viewed every single one within our budget and location but they all need far too much renovation for the price.

We've sold ours a couple of weeks ago, so we will lose our buyers if we take too long. Luckily they are not in a big rush, but I don't think we can take a year to find a new place.
It's even more frustrating how some great houses sold just before we could buy.

We only viewed one house so far, but the garden was a joke.
I don't understand how some developers thought it's ok to build houses with gardens so tiny, that they can only fit a table and a rotary dryer. I'm not even into gardening, but what is the point!

I started searching last autumn, lost a buyer just before Christmas and it took another 3 months to go under offer again. I'm in the south east.

There was a definite sea-change in the market by this spring. Demand has been outstripping supply - some probate properties that needed complete modernisation or other homes that seemed overpriced.

There are more price reductions in the last few months after the last mortgage hike.

Same. The only thing coming to market are still last year's prices or worse, or problem houses that could easily be shifted in a normal market, but now look like a liability with house price falls and the potential for negative equity on the horizon.

I am considering only looking weekly now instead of daily, because it's just giving us the hump.

Could you contact the EAs of those good houses you missed out on and say 'contact me if that sale falls through please?'

My sister is in a similar position, she’s really struggling to find anything vaguely decent. They’ve decided to rent for another year, even though rent has increased significantly.

Yes prices round her are silly, they either go in a flash or sit their overpriced forever.

People who bough for £80k 4 years ago are expecting to get £150k now when the house is only valued between £100-£115k max.

It's insane but they wonder why their houses isn't selling, I keep hearing 'oh but we NEED that much to upgrade' and I think 'no you WANT that much to upgrade' but if the house isn't worth it then it simply isn't worth it no matter what you 'want'.

I think many people must have been sold a lie about 'investing' in property and seemingly think a house will double in price for no reason in just a few years or just because they put in a new entry price kitchen.

The houses that are well priced and selling FAST where all seemingly all last bought by people in the 1990s. People who bought for £35k and are now selling for £100k but have lived their nearly 30 years. There house has more than doubled in price but it took a long time. Then because they price at value the houses get snapped up really quick.

Even if we wanted to rent, there simply aren't any houses to rent. When there are some, there are very scarce and more expensive than our higher rate mortgage will be!
Some of the doer uppers market for £330. Same houses but done are £50k more. To even do just the kitchen / bathroom and rewire it would cost more. Not to mention any new carpets, painting etc., plus the obvious inconvenience and lack of tradespeople.
Honestly no idea what the EA are thinking pricing houses like that!

Yeah, snap. Very little coming on and what is for sale is at 2022 prices.

I think one of the problems is that when the market falls, the value of property comes back down to basics, i.e. square footage and location, and it seems to me that over the last few years, driven in part by a belief that borrowing would always be cheap and also by social factors like the Covid lockdowns, people have been spending too much money on doing up their homes and imagining that that would add value to them. The cost of home improvements has also gone up a lot since Covid and Brexit and people feel entitled to see that money back and are very reluctant to price based on the unadorned value of the real estate.

The other problem is that, really and truly, everyone knows the game's up and that now is a bad time to sell, so only people who are desperate and "need" a certain amount are bothering to instruct agents at all.

It's frustrating to be well placed to crack on with buying only for there to be nothing to buy, especially for those of us who have yet to cultivate the art of patience (me).

Hi Op in the same boat and agree with everything @DepartureLounge has said. 2022 prices and some for anything in good condition. Although the old run down doer uppers are definitely coming down from the 2022 peak.

we have been under offer since the spring, with nothing coming on. Dream house has come on this week, we’ve made an offer 10% under and haven’t heard anything back and it’s been 24 hours now.

It’s only got worse since we gave up about eighteen months ago. Cash buyers were hoovering up all the decent houses and anyone who had a house to sell before the could buy we’re just laughed at by the estate agents. It was ridiculous.

I've noticed there are less houses to sell lately and I've been idly looking for a year. Its gone from 5 a week I could afford to 1 a fortnight which is quite frightening now DH has agreed to a divorce. Also a lot are going straight to auction.

Yes, I agree about the sudden popularity of auction. I started a thread last week about the scourge of the Modern Method of Auction, which just seems like a total fucking scam to me. So that's a whole other swathe of houses that are basically unavailable, to go along with the unaffordable and the uninhabitable.

Where about in the country are you? I'm Midlands but I'm looking to relocate (work from home). I'm looking at various places in the country, and one of my main considerations is being morgage free but I've not come accross any area yet where house prices are as low as yours (my budget is below average uk), I might be missing out, and I'd like to take a look where you are.

I live in the North East, specifically Durham county pit villages... cheapest place to live in the country apparently.

Its a strange place to live. Some houses on my street sell for £70-100k (old pit worker terraces like mine). Some for £200-300k (detached fancier old houses, probably where built more for the pit owners) and just of the end of our street is a new build £2 mil house for sale (but it does come with land and a stable for 19 horses, think it was set up to be an equestrian business).

We are a whole pick & mix up here.

I would be careful though, if they are 'too cheap' they are likely in a bad area. Do your research as some villages and areas are much nicer than others.

Thanks for the replies, appreciated. And yes, I'll be very careful, its my nature :)

I just booked a viewing on a 4 bed house marketed at £425k.
EA said they won't go below £400k, they've been on for 2 months with no offers.
Bathroom looks like it needs doing too.
I wonder if I'm wasting my time viewing it at all!

I'm surprised they've told you what offers they'd consider before you've even viewed. Is that normal?

We've JUST gone to market so it could take some time before we are in a position to buy but there is nothing ticking the boxes for us at the moment. There seems to be a lack of properties in the £350-450 bracket which is where we are looking (north east).

I think you have to see it as getting over one hurdle at a time. Sellers seem to complain about getting no viewings and want to find an explanation for that that is anything other than the price, but if you view it and like it and still aren't willing to pay what they think you ought to want to, then eventually they'll have to blame something other than the photography/description/Rightmove algorithm. Plus, when they finally see the light and reduce the price, you'll be in a position to offer straight away, having already formed an impression of whether you actually want to live there.

You might also be able to offer specific feedback (eg about the bathroom) that they can use to justify to themselves why perhaps the price does have to come down after all. People are so emotional about houses. They tell themselves a story about what they think the house is like, and in this kind of market you sometimes have to find a way to pierce that bubble. You'll be better placed to do that once you've seen it imo.

Potaytoe5
Do let us know how you get on. Very frustrating for you.

Ok, we've viewed the house. The house itself was very nice. It was a bit dated in places, but we could live like that. The garden, however, was an absolute multi level jungle. Bonus overgrown pond. I think it would cost an absolute fortune to get it to an acceptable level, but it would still be much worse and half the size than our current garden, attached to an ordinary semi!
Our search continues :(

EAs love to stretch garden pics. I have taken to using Google satellite view and getting a ruler up on the screen against their metre guide.

I find it incredible how disgusting some Of these houses are. People have actually been living in those conditions and state perhaps to not spend any more money on their house to rake in more after a sale. My neighbour (late 50s) told us she hasnt changed her carpets even from when they moved in. I never saw the inside of their house properly, so searched for their house on rightmove and found their old ad and the way the house looked when they bought it. They have the same carpets!!! It’s so disgusting! i asked her why she didnt do some cosmetic changes even for hygiene, and seems like she doesnt want to pay for anything on the house but is planning in selling it as high as she can. Ive never seen her check the gutters or take care of her garden etc and i think this is what this generation do.

none of these houses im seeing are worth their price esp with dirty boomers having lived in them and neglected them. Dirty carpets (even in bathrooms), seriously old wallpaper from the 80s. It’s disgusting and they want £500k+ and think people want that as a renovation project when the reno will cost a bomb. All I’ve learnt is how dirty people are and probably why covid spread so easily in the uk

Thanks @KievLoverTwo , I have done it already after DH found this function! The garden size itself wouldn't be too bad if it wasn't an absolutely ridiculous shape, with 1.5m height difference and only a tiny bit of grass for the kids slide.
But even if we put the kids slide there, they would be close to the 1.5m ditch down 😮
I think I will be very careful for the future. There is just NOTHING to even view now.

To add the house was nice inside, well taken care of so that was not an issue.
However only a slightly smaller house (smaller kitchen, no ensuite) sold in December on that road, for £50k less!
I think it's WAY overpriced. And yes, it is 'boomers' selling, for lack of better description!