Great questions @GoingDownLikeBHS - thanks for giving the opportunity for me to answer. I hope it helps buyers and sellers alike.
About me: I am currently renting with my partner, FTB, working professional, in a good position to buy, just waiting for the right property.
Firstly, if it was the 1-2% interest era now, with today's higher house prices, I would be more inclined to go for more a few properties, but instead I am actually dismissing them because the 4-5% interest rates has more than doubled the monthly mortgage. It's not that I can't afford them, it's just that I think paying £3-4k on a small 3 bed property (one bedroom usually being a lot smaller/box) isn't really worth it to me. A lot of houses just look ordinary to me. Nothing wow or makes my heat flutter. A lot of home decor look the same too, same extensions, same lofts, same colours, same layouts. I compare this to my rent which is £1300 just outside London (split between me and my partner) - the flat is nice, good safe area, our friends are nearby, we have no responsibilities for the property apart from taking care of it while we live here. LL is fine for us too. I'm just in a better position to wait for the right property that I feel is worth it to me to pay that £3+k mortgage on, personally.
What didn'tyou see that you hoped you would?
What I'm not seeing is many properties in good condition. A lot of properties I come across are in a poor state or just need too much work that I really don't want to do. I also don't mind doing cosmetic work but I am too busy in my job to do a project. Renos are also through the roof in prices and let's be honest, builders and trades people arent from the best industry. They are known to rip you off and do a bad job, it's not all, I know, but I personally don't have the time or patience for it.
This is not just my budget. My budget is healthy for London. it is a problem across all budgets. I have even met people looking for £2million properties having the same problem (£2m is not my budget though!). This is a problem across the board - poor condition properties, and/or just houses that make you sigh.
The problem is most properties are over-priced due to unrealistic sellers who think it's 2021-22. A lot of them are Boomers too and have not taken care of their properties. I am not putting my hard-earned money into this kind of property because I am fortunate enough to wait. I am also not bothered about property crashes or equity etc etc because I am looking for my forever home and hope to live in it... forever. But I will not over pay on a house - the house price and the mortgage payments. I work too hard to give all my money to the bank in interest.
I hope that helps with the experiences and mindset of buyers today. the market has changed but so has the culture. There are many more Millenials in the market who will not pay for something they don't like or believe is not worth it.