House Prices #2 Property market, buying and selling

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theweekend said:
Thoughts on this?

www.telegraph.co.uk

‘Making my buy-to-lets safe will cost me £150,000’

The Government’s plans to fix the cladding crisis are a ‘bizarre lucky dip’ that will delay works, a report has found
www.telegraph.co.uk www.telegraph.co.uk

The below section is particularly interesting to me... Why does anyone invest if not to fund their retirement or support their children?

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I think all landlords should have to pay. Surely thats the risk of investing in property?

Maybe Im hard hearted, who knows. 😬
 
Caffeine Fiend said:
I think all landlords should have to pay. Surely thats the risk of investing in property?

Maybe Im hard hearted, who knows. 😬
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I feel the same. Property isn’t like investing in the stock market, you can’t buy it and then ignore it until you want to cash in. Investing in anything carries a risk, too many people see property as a safe and easy investment. It’s a physical asset which requires upkeep and sometimes that upkeep costs money. Shouldn’t be a surprise to anyone.

Houses shouldn’t be seen as an investment anyway, they are for people to live in first and foremost. It’s selfish to buy a home and then not bother to look after it, creates more work for the next person who buys it and it’s not nice for any tenants living there either who are limited in what they can do themselves. This is a big reason why the housing market is in the state it’s in.
 
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I agree with @Caffeine Fiend too. Once you decide to invest in real estate as an investment you are well aware of the risks associated with it. It's not as if humans lived in houses for the first time yesterday.

Yes, it is hard being a small landlord but you know what's harder? Seeing your rent increase every single year yet your house isn't getting as single upkeep.

I can't blame small landlords because a lot of them are baby boomers who are unable to live off their pension. However, wanting to treat real estate as an investment yet wanting the government to help you as if they bought the property for you is delusional.
 
We are really keen to move house. Mostly because when we bought our house we never thought we'd both be working in it.

Its an ok sized house to live in but we have no dedicated work space at all so its a bit cramped at the moment. Which I appreciate most people will be feeling the pinch of.

A house came up for sale this week locally and we really did debate about viewing it but I just dont know if I can bring myself to enter in to this crazy world of bidding way in excess of what houses are worth.

We could extend the house we're in now to make space for us but Im not convinced its what I want to do either. We dont have dedicated off road parking and that is the main downside. We could use the garden as parking but would leave us little outdoor space and then less room to extend.

I keep thinking we'l just wait it out, but realistically how long will we be waiting? Is there every going to be more stock. It feels like no there isnt.

I like where I live so I guess Im lucky and I need to suck it up 🥲
 
Our neighbours house (originally identical to ours but the previous owner of ours updated and extended and we’ve done more) went up for sale three weeks ago, it’s sold for at least £150,000 more than we paid for it 4.5 years ago. It needs about £50,000-£100,000 of work to make it like ours. I just cannot fathom those sorts of numbers for our house, and in such a short space of time.
 
JoeBloggs said:
Our neighbours house (originally identical to ours but the previous owner of ours updated and extended and we’ve done more) went up for sale three weeks ago, it’s sold for at least £150,000 more than we paid for it 4.5 years ago. It needs about £50,000-£100,000 of work to make it like ours. I just cannot fathom those sorts of numbers for our house, and in such a short space of time.
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It's madness. I've been looking as I've been in my house a long time and I'd like a driveway. I'm in a new town, 30 miles from London and our trains are fantastic. I can get to King's Cross in 17 minutes. Ex council houses that need some work with no off street parking are selling for 400k. My mortgage is 170k which I thought was excessive a few years ago. Our five year term ends in July and we have spoken to a broker. I really worry about my kids and what they will do. We are on an OK wage and we can't afford to move up the ladder, god knows what first time buyers must do.
 
justbeingnosy98 said:
I cried out of frustration with the whole thing this weekend! I’m lucky to have a decent budget but it’s still not enough for a 2 bedroom flat in Edinburgh 😭😭
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If it makes you feel better I'm having a really hard time trying to buy a 1 bedroom flat in Glasgow at the moment too. The market is absolutely crazy, the last flat I bid on at a closing date went for 30% over the home report value. The last 3 closing dates I've come 2nd out of around 16 offers and been offering more each time. I have a decent budget too, it's really disheartening and feeling drained by the whole process.

Hopefully something is coming along for us soon ✨
 
I bought my house last Summer in a good location and a cheap FTB terrace in a popular city and got it for asking price despite other properties I viewed going way over and me getting outbid. I think I probably got it because I viewed the house the Saturday afternoon, put the offer in Monday morning. And the house needed work; new boiler, new bathroom, new kitchen floor and decorating throughout. Please the house was pretty dirty even when I viewed it. I've pretty much sorted everything now though still saving for the new bathroom.
 
Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! 😂)
 
ejej123 said:
Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! 😂)
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Your parents aren't living in the real world. If you like it you should try to put an asking price offer in the same day.
 
SpindleWhorl said:
Your parents aren't living in the real world. If you like it you should try to put an asking price offer in the same day.
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Haha! I’ve tried saying this to them. I think unless you fully grasp the state of the market, it’s hard to understand just how crazy it is. Obviously whenever they’ve bought a house, there’s been waaaayyy less demand around here and people have typically had days to think about even putting an offer in.
 
ejej123 said:
Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! 😂)
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This is so similar to my situation last year! £20k under budget and so many houses I couldn't even get a call back about going to view. I only did 1 viewing of the house and still brought it, because the area was perfect and the price worked so well for me. You could potentially view, offer and then view again after/if your offer is accepted
 
ejej123 said:
Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! 😂)
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Yes make an offer as soon as possible and there isn't time for a second viewing. Obviously don't rush it if you're not sure but if you see something you really like for a good price absolutely go for it.
Parents and other people who bought pre 2020 just don't get it sadly, they bought when you could view whatever you want whenever you want and could offer below asking price. We are not in that situation anymore sadly, if we tried that, we definitely wouldn't be able to get a place!

I viewed a property on a Saturday, made the offer first thing Monday and luckily had it accepted on the Tuesday 😱 just waiting for the chain to complete now!
 
ejej123 said:
Okay so after a bit of guidance here!

Have only just *officially* started the house hunt but obviously have been snooping Rightmove etc daily for ages. We’ve booked a viewing for a property tomorrow and think it will be super popular. The market is crazier round here than I thought - I tried to book a viewing for somewhere that was listed a few hours before and couldn’t even get one.

Anyway… how quickly do you think we should be making an offer realistically? My parents are saying “if you like it, arrange second viewing to check this, that etc” but is there time, really? (We will obviously give it a proper thorough look tomorrow). The house is below budget so it’s really our best chance of securing something half decent as there’s a bit more wiggle room. It’s the first property we’re viewing but it’s ideal and as I say, perfect from a price standpoint. Any advice welcomed as I’m feeling very new to this! (And stressed already!! 😂)
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I agree if you like it then offer ASAP. You can have a second viewing later if your offer is accepted, we sold our house after only one viewing (it was over £750k ! ), they only had a second viewing just before Exchange.
We‘re now in the same boat as many on here and can’t find another house, we’ve offered straight after viewing and had to wait as it’s gone to best and final and lost out even though we are now ‘cash in bank’ buyers. We’ve put offers on 3 houses now and always over and still lost out to someone who has gone way over asking to the point the house just isn’t worth it! Thankfully we have somewhere to stay for a while but it’s not ‘home‘ and is making us unhappy, it’s incredibly tough and I do feel for first time buyers.
 
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