Any thoughts on the property market?

[Throughhistory]

We've been looking since last autumn. The homes we are after have been going to a closing date with so much interest that agents have said there's no point even looking round.

We're now renting, so in a position to move more rapidly. Looking at Perth and Kinross (probably more Perthshire) and Stirling (county). Very little around at the moment that we like, ie rural, views, detached, peaceful.

Did everything sell in the madness of last autumn and winter, with pent up demand and stamp duty holiday? There were plenty of holiday cottages going on the market, presumably as rental income was lost due to covid. Wondering whether that stock has now been exhausted, or more will start to go up for sale. And is the fear of covid preventing people from putting they properties up for sale maybe?

Any thoughts on when property might start coming on to the market again, particularly on the areas we are looking at would be really valued.

I would have said traditionally most folk try to wait and put houses on the market March/April onwards - partly because most houses (and gardens) don't look at their best in the depths of winter... Probably even more true for the kind of property you're looking for.

I read a few different articles over the festive period about what was going to happen with house prices this coming year - very mixed views but probably overall an expectation that there would be a slowing or price drop from April onwards as furlough ended (with consequential redundancies) and stamp duty/land duty holiday ended. Who really knows though - Covid recovery bounce/Brexit impact still quite unclear.

For rural properties I'd make sure you're on the mailing lists of Retties and Savills as some of their stock might never hit rightmove before closing dates are set.

I’d say that supply has dropped dramatically in the last month. I think that most people who can wait to sell are doing so, and that there will be a flurry of properties coming to market when the current restrictions are eased a little.

What does your solicitor advise - they are usually very up to date with the local market?

Thanks everyone. We will make sure we're on Retties and Savills lists. When I rang round asking to go on mailing lists last autumn, some agents were very dismissive and just said 'look on the internet'. In fact most agents weren't really interested at all, we've only ever had a handful of houses sent through. Now we've actually sold, maybe they would be more interested?

It does appear that many people are holding off. Everything crossed that restrictions ease very soon and properties may start to follow onto the market

I’m afraid that some agents are very lazy. Last summer it was crazy and they didn’t need to drum up business, it was coming to them and TBH they were too busy doing viewings.

It’s much quieter now, so a good time to phone round.

Do you have finance in place ? Some agents won’t let you view without it, especially higher value properties. They are supposed to be pre vetting viewers right now.

If one of you is on furlough they might not let you view either.

@C0NNIE

I’m afraid that some agents are very lazy. Last summer it was crazy and they didn’t need to drum up business, it was coming to them and TBH they were too busy doing viewings.

It’s much quieter now, so a good time to phone round.

Do you have finance in place ? Some agents won’t let you view without it, especially higher value properties. They are supposed to be pre vetting viewers right now.

If one of you is on furlough they might not let you view either.

It did seem that they were too busy doing viewings, I guess they didn't need to be proactive.

Our property is sold, and we are mortgage free, so hopefully will be attractive buyers.

Yes, make sure to tell them that you are a cash buyer. Mortgage approvals are slow right now and lots of buyer have their applications delayed because they are put on furlough.

There’s not much on the market this time of year usually. And I agree that solicitors are lazy, We’ve never had much luck when we’ve asked to go on mailing lists. You might be better going on village Facebook pages saying your looking for a 3 bed detached house and see who bites?

We're doing the FB posting - very few responses surprisingly, despite doing so quite widely. Some people seem to think that viewings (even just externally) are banned at the moment, which of course isn't the case.

Should of course have said, if any MNer would like to sell us their house, feel free to pm me

@C0NNIE

I’m afraid that some agents are very lazy. Last summer it was crazy and they didn’t need to drum up business, it was coming to them and TBH they were too busy doing viewings.

It’s much quieter now, so a good time to phone round.

Do you have finance in place ? Some agents won’t let you view without it, especially higher value properties. They are supposed to be pre vetting viewers right now.

If one of you is on furlough they might not let you view either.

We drummed up plenty business. We are in one of the areas the OP mentioned and are heading towards a really busy January. Not as busy as we were in the Summer of last year though.

We are vetting viewers in so far as read and understand the HR, read the brochure in full. Check the floor plan and video and then if they want to view we say ok, what’s your position. If you’ve still to market then no we decline your viewing but if you are on, under offer etc then yes. We also ask if they have a mortgage approved principal. Even if a buyer does have this, it means jack shit until the lender matches it to a home report for the full process as lending can still be declined.

It is the clients choice, even after all of that if they want to allow a viewing. Being on furlough isn’t relevant either. If the client wants the viewing we act on their instruction.

In my experience at work right now mortgages are only taking about another week or so to process. Not a huge delay unless it’s some small, random lender who may take a bit longer.

That’s interesting to hear it from your perspective @Dontbetardy.

I mentioned furlough because some estate agents won’t let people (especially first time buyers) view if they are buying with a mortgage and they are currently on furlough. Because their experience is that they will have problems getting their mortgage approved.

Some letting agents now ask for guarantors for prospective tenants who are furloughed.

Lots of offers to buy are falling through after they have been accepted. Some sellers are waiting for a long time for missives to be concluded, then the buyers can’t raise the funds and the property has to go back on the market.

That’s bad for everyone - it’s cost the sellers and agents time and money and no doubt is very upsetting for the prospective purchasers.

So the OP is in a good position as cash buyer - she can presumably conclude missives very quickly and offer an early and flexible DoE.

So the OP is in a good position as cash buyer - she can presumably conclude missives very quickly and offer an early and flexible DoE.

I hope so. Just need a bigger choice of property to come on to the market now!