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Original poster

Quick - tell me some property doom and gloom stories before I weaken and buy a house!!

81 replies

mummyjaguar · 24/06/2008 14:40

Our purchase of our dream house fell through two weeks ago. We have been teling ourselves every day that it is probably a good thing in the current climate. But then last night we got a call saying that the vendor would reduce the price by £80k if we proceed with the purchase.

I loooooooooooove this house. But I know its the wrong time to buy (and stretch ourselves).

I need lots of property price stories so that I don't weaken!!

OP posts:
wendylanguage · 25/06/2008 22:28

This is really interesting! We relocated in December and have been renting since. I like our rented house, but I just don't feel settled! We can't do anything with it or make it personal. Like other people i feel it's a balance between finance and hard figures on a page; and living your life at the same time.
We are off to see one tomorrow night that looks fab ... what do you all think as a % is a so called 'low offer'? There doesn't seem to be any consistency about how much they may fall - one news report says 10%, others say more: it's difficult to know what to do for the best!

noddyholder · 25/06/2008 22:34

15-20%.They may say no---initially but don't give up esp if they need to sell and you love it.I agree the worst thing about renting is it doesn't feel like home.We have been renting for a year and still feels temporary.BTW in that year we have viewed 30+ houses and all bar 3 are still for sale with most having dropped their prices even a small amount

wendylanguage · 25/06/2008 23:16

That's striking, isn't it, about the houses still being on the market. We have only viewed one but I spend my life viewing them on rightmove! The house we're going to view tomorrow only came on the market this week. It's great as it doesn't need anything doing to it - it's all been done and is immaculate. Perfect for catchment area (my 3yo at nursery and loves it so much I want to stay in catchment to be assured a place! Rented house is just next door to the school, only 5 mins walk into town and shops but at the same time it's a quiet spot. We'll see. OH is more pragmatic about it and thinks we should wait - but he's not so bothered about that settled feeling! You're right, though, I just feel like it's temporary all the time, and can't relax i.e. can't stop looking for houses! I wish I was one of those people who can just make a mental decision and stick to it!

Flibbertyjibbet · 25/06/2008 23:33

Hows this for a gloom story, I think it was from Tiscali news or somewhere this morning. The gist of the article was, that if something is only worth what someone will pay for it, and there are so many houses at the moment that no one even wants to buy because there are not enough buyers, then does that actually render some properties technically WORTHLESS???

Is that doom and gloom enough for you?

noddyholder · 26/06/2008 08:35

wendy you sound like me and OH!I know every house for sale in the area abd dp not so urgent to get settles.I def wouldn't buy before autumn.

Scarletibis · 26/06/2008 09:06

I think it depends on a lot of things.

Is it really a one off or are there similar properties in your area that will come on in future? (and you'll love just as much)
How secure are your jobs?

I presume you haven't had a survey done - that might throw something up and rule it out/make it more expensive

But if you think it the one then go for it!

myredcardigan · 26/06/2008 10:01

We're buying on a very desirable street, one which I thought we had no hope of affording. We can only afford this one because it looks like it's stuck in 1967! It hasn't even got a fitted kitchen just some cupboards! Houses rarely come up on this street and when they do, 95% of the time they would be out of our price range.

We've had a full structural survey and the only things that needs doing ASAP are the guttering and rewiring, both which we've budgeted for. Everything else is just cosmetic. Since we exchanged a few days ago, we've bought a cheap end of line kitchen to last a couple of years.

It came on at a good price and our offer of 12% under was accepted (after a very stressful wait). We can afford the repayments and don't plan to move for at least 10years. I know we could have got more of a bargain elsewhere and we may even have got a bit more off this one but I wasn't prepared to take the chance and gamble losing this house. Because of the street it's on, there was a lot of interest despite the market.

It may be right to wait in general but circumstances or 'the' house sometimes outweigh market forces.

myredcardigan · 26/06/2008 10:04

And I'm giddy with excitement!

Buda · 26/06/2008 12:05

So noddy - question for you! We are overseas and looking to relocate back to UK in 2 to 3 years time. Have a property in Surrey which is rented out and is almost mortgage free - we will prob sell it but not sure when - before buying again obv as capital gains otherwise. Will be cash buyers - looking at Somerset.

Our current thinking is to wait at least a year before buying. Wise?

Buda · 26/06/2008 12:15

This is what we would be selling - this is not ours but ours is the one you can see at the end of the terrace with the car in the driveway. We paid 165K for it. It's rented out and has been since 1995.

hanaflowerisnothana · 26/06/2008 12:49

This reply has been deleted

Message withdrawn at poster's request.

Buda · 26/06/2008 12:55

I know that really hanaflower - can't sell just yet as have tenants in. Mind you even if things drop by 25% we have still done well on the house.

It's more the when to buy question really. Realistically we will be overseas at least another 2 years. Don't really want to leave a house empty for that long. But it would be nice to have our own home for holidays, Xmas etc. If we thought now was a good time to buy and we would get more for our money then we would think about it.

We know roughly what we are planning to spend and will stick to that.

LyraSilvertongue · 26/06/2008 13:13

myredcardigan, I could have written that post myself. we're in the same boat except our offer hasn't been formally accepted yet so we're nowhere near exchange. I'm also giddy with excitement at the prospect of it but nervous as hell that it won't happen.

myredcardigan · 26/06/2008 13:37

Fingers crossed for you, LS!

noddyholder · 26/06/2008 13:39

I think best time to sell was last year but i sold then so i would say that Best time to buy prob 2010 at the earliest.Some say when it has bottomed and you see the first price rise which i suppose is the ideal if you can wait

Buda · 26/06/2008 13:50

Thanks noddy - that makes sense. Won't make as much on our other house but will hopefully save lots on new buy.

2010 is when we would be moving back anyway at the earliest so that fits well.

iheartdusty · 26/06/2008 13:52

Buda I am no expert on such things, but if you kept the house rented, then moved back into that house (for a short period) when you return to UK, would you avoid CGT and would it be a lot? might be worth getting an accountant to calculate that for you.

newgirl · 26/06/2008 14:15

my friend sold her house yesterday to at full asking price in under a week - offer came from family with mortgage offer done - its lovely - not in poshest road or anything, but a nice family house - so some houses are selling. They also had 12 viewings. Its not all doom and gloom.

Buda · 26/06/2008 16:17

Sorry iheartdusty - was out - would you believe I am married to an accountant??!!!

We think that if we relocate from Surrey to Somerset as we are moving back we will avoid CGT - will be checking it out though. The Surrey house is our main residence and any house we buy in Somerset will then be our main residence.

wendylanguage · 26/06/2008 20:21

Been to see the house this evening. Like all houses, not perfect but really great and I feel like I could live there and make a home there, for at least 10 years, which is one of our criteria. Unlike this renting lark which just leaves me cold! BUT I'm still thinking it's foolish to buy now ... we probably won't offer on it.
I'm a SAHM at the minute (since we relocated) and we are managing to live ok on just OH's wage - so in a way it would make financial sense to buy when I go back to work, too. Noddy, I don't think I can wait to buy til 2010 - are you going to?! It's ages off. And you have to have a life in your home, don't you - where your kids grow up? (speaking from someone here who lived in the same house from about 6 years old and my parents still live in it, that feels important to me, too!)
It's not easy, is it!!!

noddyholder · 26/06/2008 20:29

I won't wait until 2010 either but i should probably for the best £ but I am looking now and would buy at a discount if its the right house I have xmas as a deadline to find somewhere really

wendylanguage · 26/06/2008 20:55

£ aren't everything, though, are they! (just quite a lot!)
I'll keep looking for the right one and try to chill!

noddyholder · 26/06/2008 20:59

There will be big discounts when the summer flurry of sales doesn;t materialise and bargains galore this autumn winter fingers crossed

LyraSilvertongue · 26/06/2008 21:44

In our area some house are selling really well, and fast, and others aren't selling at all.
Three-bed detached Victorian villas are flying off the shelves within a week or two, while two-bed semis are hanging around for months. Flats aren't really selling either.

myredcardigan · 27/06/2008 11:59

Here too, the right houses in the right streets are still selling within the month. Smaller houses are taking much longer and flats just don't seem to be selling at all.