OK, is anyone about to or in the process of buying a house 'in the current market'

[wendylanguage]

Just interested really ... on one of my 'FED UP WITH RENTING!' obsessions and am desperate to buy and feel settled. Last night we moved all our furniture into DD's bedroom and moved her in with DS because I am so sick of the mould on the walls in our bedroom - covering the walls, keeps coming back despite cleaning it off and it smells horrible.

I want to buy a house! but am sick of all the sensible people telling me to wait til it's cheaper. what if we can get one which is 30% cheaper than September 2007 price? Will that be sensible?!

Unfortunately Fruitstick it's not the buyers trying to squeeze the maximum out of the market, it's the sellers.

I do think you are genuinely mad, if it falls by 10% just think what you could do with £20k or more ?
How long does it take you to earn £20k in your pocket ?
Your children could have that money instead of some greedy vendor who wants you to give them cash for the pleasure of living in the house they have worn out the fixture and fittings in.

I'd say that its a completely impossible market at the moment. Vendors think that they are giving away their houses at a bargain price just because they are offering 3 or 5% off peak 2007 prices. Many still haven't got their heads around the idea that its no longer 2007 or that we are in a recession. And the agents are just as bad (I've only found 1 or 2 reasonable ones who are prepared to accept that we are currently in recession and house prices are going down down down).

Most of the agents I've come across are pricing houses up at 2007 prices and some , to try and get the vendors peak 2007 offers. But its a ridiculous strategy, because once a surveyor does his/her work, it will be apparent how much the house is actually worth.

I'm completely and utterly fed up with it all TBH.

Sorry if this sounds like a rant, but every time I read that its a buyers market etc. I just want to scream.

I over heard a woman in Thorntons saying that the surveyor had down valued a house she wanted to buy by £20k and she was trying to think of ways of raising the £20k to go ahead with the purchase, with a bit of luck she'll be saved from herself.
I do not know what more can be done to get the message through.

Why did she think that she needed to raise the 20k?! Surely, anyone in their right mind would go back to the EA with the survey valuation and ask them to get the vendors to rethink the price?

Its all mad! (You can tell I've had a bad time with property recently, and its only Monday!)

I know, being a nosey bugger I went out of my way to make sure she understood what negative equity is and she just went all quiet.
Now not meaning to be a bitch unless she was married to a footballer, she works in a shop, £20k is a massive amount of money. Just shows how utterly thick the 20 something generation is when it comes to finance.

I think some vendors must think that we're all like your lady in Thorntons KatieDD!

Well, I've heard it all today. I wanted to go and view a house, and asked the agents to arrange it a couple of days ago for first thing this morning (you'd think anyone really keen to sell their house would give their agents a key, wouldn't you?).

Agents didn't ring me back until tonight and said that the owner wouldn't have been able to show me around today in any case (thanks for letting me know yesterday, not) because she needed to get some food shopping! But apparently she does want to sell, because she's seen something she wants and needs to get into it soon! (but food shopping must come first!)

Do these people really want to sell? Do they realise that buyers who can move at the drop of a hat are like gold dust now? I well and truly give up. Renting it is. I'll pick it up at as a repossession in a year (and the house will hopefully be well stocked with food!)

Honestly renting is not so bad, we did for three years it didn't kill us or damage our children in anyway at all.
A highlight was when the boiler broke down on Boxing day and we called out a plumber who charged the landlord £300. I said a little prayer to the fairies that day that it wasn't me getting that bill.

KatieDD
Just so fed up with not having a place to call our own- a home rather than someone else's house for a period of time. And staring at Magnolia walls! I want to feel like I'm moving on in life, and just don't at the moment!

Keep thinking that there must be a reason for all of this - perhaps house prices will crash by 50% and so on (wishful thinking!) Annoying thing is that virtually every house I've offered on, or been interested in are still on the market (some after more than a year!).

The way I used to look at is that much as you want to get in somewhere and decorate it to your taste, that tiny tiny part of your life v's renting and going on 2 holidays a year was no competition.
I do understand but houses are a money pit, you waste weekend after weekend doing the garden, going around DIY stores, for what so you can have the living room magnolia anyway in most of my friends cases.
They say we're going to see another 15% off next year and then no rises for the next 5 years at least, so every pound you can save towards a deposit is £3 less you pay back to the bank.
At the end of the day everybody with a mortgage is still renting only from the bank.

Yes, you're right KatieDD. Just about to move into rented from staying with someone. Really wanted to buy rather than go back to rented, but the penny really hasn't dropped for so many vendors, and I'm not going to pay for their holidays and new cars!

Kept rationalising today that even if I'm going to be paying £850 a month to rent, houses only need to come down by over £5k in the next 6 months for me not to have lost out financially by renting. Lets hope they do!

KatieDD I would agree, except our rent is way higher than our mortgage would be, so we can't afford to even live, let alone go on holiday! Our rent is also £850 but we have a large deposit from the sale of our last house. I would rather lose money and have my life back personally - I feel just like Critter about it. Life is precious, I feel and I need to make the most of it!

But I also agree, the penny hasn't dropped with these vendors. I agree, I keep hearing how it's a buyer's market, it so isn't at the minute!
I was speaking to a couple of estate agents last week, both said that they have lots of vendors willing to drop prices but not until Xmas is over with as they don't want viewers with their Xmas decs up! Guess like food shopping, that's more important than selling your house!

Well some people are, 4 out of the 6 houses that were for sale on my work route have sold in the last couple of weeks.

Hmmm lets see if they complete, my friend is an estate agent and they are putting the sold boards up the moment an offer is accepted however 1 in 2 come back down again when funds don't appear.

I'm trying to SEll mine just now.

and hollow laugh...

Anyone want a 4 bed mid terrace in South West Scotland? Offers over £120k?
[pleading]

I will keep my eye on them Katie

Poor you nickytinsel, I sold mine in the nick of time and am very thankful.

Yes, I've seen a distinct pattern of houses being 'sold' ie under offer, and then coming back on the market a few weeks/months later (probably when the buyers couldn't get a mortgage). Very rarely do the sales ever seem to go through.

Well, Magnolia walls it is for another 6 months! Anyone want to put any bets on how much house prices will drop before June? Sustain me please!

I'm trying to buy a house at the moment, and I spoke to my solicitor yesterday who said that he has loads of clients like me who are in the process of buying but many have not been able to get a mortgage, or the chain has collapsed or have been unable to complete so far for whatever reason. He's not too happy as he only gets paid on completion. I do think the houses are still hugely overpriced, in my area anyway (SW London outskirts).