Page 18 | It's a Buyer's Market: experiences in 2023/2024 ?

wheretolivehelp · 2023-09-14T18:26:55+00:00

Just wondering what other buyer's experiences have been like on this side of 2023? Any horror stories? Issues with sellers? Guzumping? Guzundering? Problems with EA? There's a few threads with Seller's experiences on MN (many saying their buyer can't afford the mortgage for their (overpriced?) property and so re marketing them). What good and bad experiences have you had as a buyer? Hope this thread will be useful to the buyers of 2023 and 2024!

Chersfrozenface · 27/10/2023 09:14

Twiglets1 · 27/10/2023 08:44

People sneer at houses taking ages to sell on these threads because it seems to confirm the bias they already have against Sellers and prove that they are greedy and foolish. Some may be, of course. But it’s also quite normal for houses to take months to sell in a difficult market.

And the Seller may not be in any hurry as you say, so why not wait to see if they can get the price they want? They may have received offers for all anyone knows, just not at the price they consider “worth it” to sell at.

Or they may have received offers at the advertised price, only for the buyer to find that they can't actually pay that much, as they can't get a big enough mortgage.

I've known this happen to acquaintances over the last 30 years. It must be even more common now

itsallnewnow · 27/10/2023 09:25

Itsjustmeee · 27/10/2023 09:01

Anyone know how long the land registry take is something is expedited to get a deed of release it’s the only thing that’s holding up the sale

My solicitor said expedited is usually really good and 10 working days

Itsjustmeee · 27/10/2023 09:41

@itsallnewnow
thank you

oh I hope so
its the sellers onward purchase that’s holding up the sale as the house they are buying have solar panels and needs a deed of release / update on the land registry

the house my son is buying was supposed to be chain free / and the sellers said they would move into the house next door that they own if any problems with their purchase

now they don’t want to do that (fuckers ) so my son gave them a month deadline or he will pull out as his mortgage runs out in Dec and he’s away the whole of January

Twiglets1 · 27/10/2023 09:56

Itsjustmeee · 27/10/2023 09:41

@itsallnewnow
thank you

oh I hope so
its the sellers onward purchase that’s holding up the sale as the house they are buying have solar panels and needs a deed of release / update on the land registry

the house my son is buying was supposed to be chain free / and the sellers said they would move into the house next door that they own if any problems with their purchase

now they don’t want to do that (fuckers ) so my son gave them a month deadline or he will pull out as his mortgage runs out in Dec and he’s away the whole of January

Good for your son that he’s being assertive.

CFs indeed!

Jinimcoroneo · 27/10/2023 10:56

KievLoverTwo · 26/10/2023 15:59

@wheretolivehelp

Hey OP, bumping this thread to let you know I had a property re-appear in my inbox with a new reduction today. I'd had half an eye on it before.

It's now been reduced to £1,000 less than they paid for it in 2016.

(NOT a new build, at least 100 years old, in fact)

That's an 81k reduction since it was listed in April (18.8%). The general area it's in rose quite a lot during Covid.

Some people are beginning to get in tune with affordability and are acting on it.

That's certainly good for buyers but I feel bad for the seller. Where is the house located if you don't mind me asking? Getting less than what they paid in 2016 is quite shocking for the UK. If I were that seller I would be waiting till the market bounced back. Granted we sold during covid, but we sold for 200k more than what we paid only 2.5 years prior.

KievLoverTwo · 27/10/2023 11:10

Jinimcoroneo · 27/10/2023 10:56

That's certainly good for buyers but I feel bad for the seller. Where is the house located if you don't mind me asking? Getting less than what they paid in 2016 is quite shocking for the UK. If I were that seller I would be waiting till the market bounced back. Granted we sold during covid, but we sold for 200k more than what we paid only 2.5 years prior.

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North Yorkshire. In the countryside, on the outskirts of a reasonably desirable (but not even nearly one of the most expensive) towns.

I agree. Feel free to thank the Government for their stupid stamp duty holiday that caused massive price spikes.

Itsjustmeee · 27/10/2023 11:16

Twiglets1 · 27/10/2023 09:56

Good for your son that he’s being assertive.

CFs indeed!

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Yes my son didn’t want to be in a chain as he has a great deal on his rent where he is atm so he had a fairly tight deadline otherwise because of the scheme he’s on he had to sign up
for another 6 months AST

so he only offered because they said they would move out / break the chain
if he pulls out it will cost him maybe 2k but I’ve said I will
pay that for him

but I really hate these sellers atm as I feel like they tricked him into making the offer and now gone back on what they said

But he’s got a big deposit and cheap rent so he can afford to be a bit stubborn 😂 plus they won’t get what he offered probably 15 -20 less if he pulls out as the house next door went from 325 to offered over 300k in the same time

Jinimcoroneo · 27/10/2023 11:59

KievLoverTwo · 26/10/2023 21:29

Blimey. I had been betting with myself that the 800k-1m market would be holding out for at least six months before heftily reducing.

This economy is biting everyone in the arse, except the banks.

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We were looking at houses in that price bracket and I haven't really seen anything massively reduced, even houses I was looking at at the beginning of 2023 haven't reduced in price, like this one https://www.zoopla.co.uk/new-homes/details/65545368/. The listing history claims first listed in september but they must have figured out a way to relist it and erase the history. I used to work for zoopla and this shouldn't be possible but we def viewed this in spring 2023.That being said, the house we have decided to purchase was listed at a guide price of 950k. We offered that in may of this year and were told that everyone else offered 975k with multiple offers on each house so we had to go up to 975. The process has taken much longer than anticipated and we have now had to get a new mortgage (old one expired) to continue with the purchase. Due to rates now being higher we told the developer we will not go higher than 940k now assuming they would immediately tell us to F off and they accepted that offer within hours. Either the house was overpriced to begin with or they realised that the market sucks atm for sellers, even at that price bracket.

KievLoverTwo · 27/10/2023 13:20

Jinimcoroneo · 27/10/2023 11:59

We were looking at houses in that price bracket and I haven't really seen anything massively reduced, even houses I was looking at at the beginning of 2023 haven't reduced in price, like this one https://www.zoopla.co.uk/new-homes/details/65545368/. The listing history claims first listed in september but they must have figured out a way to relist it and erase the history. I used to work for zoopla and this shouldn't be possible but we def viewed this in spring 2023.That being said, the house we have decided to purchase was listed at a guide price of 950k. We offered that in may of this year and were told that everyone else offered 975k with multiple offers on each house so we had to go up to 975. The process has taken much longer than anticipated and we have now had to get a new mortgage (old one expired) to continue with the purchase. Due to rates now being higher we told the developer we will not go higher than 940k now assuming they would immediately tell us to F off and they accepted that offer within hours. Either the house was overpriced to begin with or they realised that the market sucks atm for sellers, even at that price bracket.

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You have been lucky. Wherever you are must be exceptionally in demand. Making 200k in 2.5 years in this environment definitely is not normal.

Good luck with the move.

Jinimcoroneo · 27/10/2023 13:36

KievLoverTwo · 27/10/2023 13:20

You have been lucky. Wherever you are must be exceptionally in demand. Making 200k in 2.5 years in this environment definitely is not normal.

Good luck with the move.

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the house we sold was in brighton, and pretty central brighton, about 10 min walk to the city centre. We also put it on the market in 2021 (covid was still a pretty big deal) and it was one of the only houses in the area with a decent sized garden which had a full sea/city view. It was also on top of a hill at the highest point so there was no obstruction or other houses in the way and completely south facing. I think the garden really sealed the deal, tbh, I will miss that garden a lot.

It's a Buyer's Market: experiences in 2023/2024 ?

Bingbangbollox · 27/10/2023 18:03

Chersfrozenface · 27/10/2023 09:14

Or they may have received offers at the advertised price, only for the buyer to find that they can't actually pay that much, as they can't get a big enough mortgage.

I've known this happen to acquaintances over the last 30 years. It must be even more common now

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Exactly, that’s always happened. Could be that the bank valued it lower, so wouldn’t lend as much, or the person couldn’t borrow as much as predicted. But the next buyer may have a bigger deposit so the mortgage isn’t as much of an issue.

If anything, houses taking a few months to sell is normal. What wasn’t normal was when they were going in minutes or selling before they even hit the market. It always made me nervous how quickly you had to make a decision that was going to cost you more than anything else you buy.

I spend literal hours choosing a new kettle or running shoes - I don’t think I could choose a house in a few hours!

CrashyTime · 28/10/2023 15:52

Chersfrozenface · 27/10/2023 09:14

Or they may have received offers at the advertised price, only for the buyer to find that they can't actually pay that much, as they can't get a big enough mortgage.

I've known this happen to acquaintances over the last 30 years. It must be even more common now

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Very common now.

CrashyTime · 28/10/2023 15:57

Jinimcoroneo · 27/10/2023 10:56

That's certainly good for buyers but I feel bad for the seller. Where is the house located if you don't mind me asking? Getting less than what they paid in 2016 is quite shocking for the UK. If I were that seller I would be waiting till the market bounced back. Granted we sold during covid, but we sold for 200k more than what we paid only 2.5 years prior.

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It isnt shocking in the slightest, interest rates were at near zero in 2016, they are now at more historically normal levels, you cant expect to still get the price from the zero rate period when borrowing was too easy. If we stay "Higher for Longer" as most experts are predicting, yes the market will "bounce back" to more historically normal house prices which is a long way down from current levels.

Promise22 · 23/11/2023 21:12

Looking to move area and sell a well presented house, but no getting much interest at the moment. Hoping it's just the time of the year as need to sell to offer on the properties I am interested in....

kidcrazy · 23/11/2023 21:31

Promise22 · 23/11/2023 21:12

Looking to move area and sell a well presented house, but no getting much interest at the moment. Hoping it's just the time of the year as need to sell to offer on the properties I am interested in....

Or the price.

Promise22 · 23/11/2023 23:15

It's at similar price point to other properties of a similar size in the area, so I don't think it's that. I have only been in the market for over a week, so time will tell.

WhatNoUsername · 24/11/2023 01:16

Onaladder · 15/09/2023 19:16

FTB, Flat purchase fell through last year when we had good rates.
We are renting for one more year and Now rates are double at around 6%
Looked at 50+ flats (with garden or terrace) in desirable? areas of London (z1-3) in the past few months

Key observations:

A lot of agents calling us with properties that are above our budget and saying the sellers are 'motivated' and the asking price can be dropped by more than 10% (hinting) so we should view them
Lots of problem flats (lease issue, subsidence etc etc)
Made offer on 3 nicely renovated ones but got outbid by 1-3 other offers (they were very well priced at aroud 650-700k for 70sqmish size, yes this is reasonable for 'desirable' areas in London)
Getting more and more pissed off at properties over 800k (with no outside space!) when they are clearly a shithole (excuse my language)

We are so tired of the process but also tired of renting and paying 3k+ a month so need to really get on the ladder

Just venting and happy to see other buyers here like us...Mostly I feel a bit sad on Mumsnet, everyone seem to already have a nice house and talking about renovation ideas and things

Don't feel sad. Not everyone on MN owns a lovely house. I own a house that we've been in for over 10 years and needed a lot of work when we bought. Owned and did up last place without issue. I became chronically ill shortly after moving in and so we've not been able to do any and now 10 further years have passed. So living in a house that's shithole and falling down around our ears and unable to do much about it, and going by this thread (to be honest as I suspected) we probably can't even sell "as is" at the moment as no one wants a doer upper understandably. So, could be worse! 😳.

WhatNoUsername · 24/11/2023 01:48

threefiftysix · 27/09/2023 14:23

Hi everyone. Opinions please.

We offered on a house back in June and we were supposed to complete by August.

We are currently renting and at the bottom of the chain. There are 4 levels in this chain!

We weren't too worried about timings until July when our landlord served us a section 21 - we need to move out in 2 weeks.

The chain has had lots of delays. Our survey came back with a couple of issues and we negotiated on price (2% reduction so not much) but we have been ready to exchange for a while.

We have just been told that the exchange date of next week is unlikely to be met because of some missing documents but that everyone should be ready by end October.

This means that we would have to move all our things into storage and stay in a serviced apartment for a couple of weeks.

In theory, whilst this is annoying with 2 young kids, we can handle it. However what we can't handle is further delays. I'm so confused. Do we sign another rental and walk away from the purchase or take the risk and hope that we can stick to the new deadline of end Oct?

You don't need to move out at the end of the notice period. Landlord has to go to court to evict you which will take months. You'll likely have moved way before that happens.

ibelieveinmirrorballs · 24/11/2023 06:30

Promise22 · 23/11/2023 23:15

It's at similar price point to other properties of a similar size in the area, so I don't think it's that. I have only been in the market for over a week, so time will tell.

And are those ones selling?

It is a very quiet time at the moment, but I’d make sure you’re comparing to those houses that have recently sold. Best of luck.

Twiglets1 · 24/11/2023 07:00

Jinimcoroneo · 27/10/2023 13:36

the house we sold was in brighton, and pretty central brighton, about 10 min walk to the city centre. We also put it on the market in 2021 (covid was still a pretty big deal) and it was one of the only houses in the area with a decent sized garden which had a full sea/city view. It was also on top of a hill at the highest point so there was no obstruction or other houses in the way and completely south facing. I think the garden really sealed the deal, tbh, I will miss that garden a lot.

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Beautiful!

Twiglets1 · 24/11/2023 07:06

Promise22 · 23/11/2023 23:15

It's at similar price point to other properties of a similar size in the area, so I don't think it's that. I have only been in the market for over a week, so time will tell.

It is a bad time of year to put a house on the market. Not many people will be viewing now this side of Christmas. Also, it’s only been a week so it’s too early to assume as some people have suggested that the house is overpriced.

If you’re not in a big hurry I think I would take it off the market until January.

KievLoverTwo · 24/11/2023 07:29

Twiglets1 · 24/11/2023 07:06

It is a bad time of year to put a house on the market. Not many people will be viewing now this side of Christmas. Also, it’s only been a week so it’s too early to assume as some people have suggested that the house is overpriced.

If you’re not in a big hurry I think I would take it off the market until January.

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I have lost my 'add comment' box on my phone, so am just going to reply to my favourite person to argue with on here instead.

Today I came across an agency who have reduced prices on 65% of their 200-400k bracket.

The overpricing to get your business technique is alive and kicking folks.

Always click on the listed agents other properties on Rightmove with the Property Log add on in Chrome, especially if selling your house quickly is a priority.

Twiglets1 · 24/11/2023 07:38

KievLoverTwo · 24/11/2023 07:29

I have lost my 'add comment' box on my phone, so am just going to reply to my favourite person to argue with on here instead.

Today I came across an agency who have reduced prices on 65% of their 200-400k bracket.

The overpricing to get your business technique is alive and kicking folks.

Always click on the listed agents other properties on Rightmove with the Property Log add on in Chrome, especially if selling your house quickly is a priority.

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I’m flattered I’m your favourite person to argue with ❤️

But I’m not sure exactly what you are saying with this post. Are you assuming the house is definitely overpriced after one week on the market?

I don’t disagree that it’s a common EA tactic, I’ve even said the same on posts myself so we do agree about some things!

KievLoverTwo · 24/11/2023 07:40

Twiglets1 · 24/11/2023 07:38

I’m flattered I’m your favourite person to argue with ❤️

But I’m not sure exactly what you are saying with this post. Are you assuming the house is definitely overpriced after one week on the market?

I don’t disagree that it’s a common EA tactic, I’ve even said the same on posts myself so we do agree about some things!

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No, something got lost in translation. The agency are overpricing 65% of all houses going to market. Quite a few of them have more than three reductions.

It's a scummy technique that I wanted to remind buyers and sellers of.

Twiglets1 · 24/11/2023 07:46

KievLoverTwo · 24/11/2023 07:40

No, something got lost in translation. The agency are overpricing 65% of all houses going to market. Quite a few of them have more than three reductions.

It's a scummy technique that I wanted to remind buyers and sellers of.

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Oh I see, you were making a specific point about one particular agency?