House Prices #2 Property market, buying and selling

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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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In this market you cannot afford to wait until a second viewing. If your in England the offer doesn’t commit you. We have our at the first viewing, there and then.
 
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 think in today's market where everything is moving so fast, if you generally like the feel of the place - put an offer in immediately. You can always withdraw at a later stage if something comes up which is a deal breaker for how you feel about the property. And you can always arrange 2nd, 3rd viewings etc once your offer is accepted.
Nothing is binding until exchange of contracts***, so you've got nothing to lose if you do put an offer in! (***In England)
 
Put in an offer on a 3 bed flat, was accepted for asking price, but further down the line all the leasehold clauses started to come out which were conveniently held back and seemed a pain in the arse to get a straight answer for. (Doubling ground rent, 46k to go to peppercorn rent or 23k for deed of variation, mental!)

Going to stay currently renting as we are in a good area, good landlord and we know our outgoings and with everything going up we are still very comfortable, so we are going to hold fire and see if it plateaus out (wishful thinking!!)
 
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 don't really understand the purpose of a second viewing assuming all potential purchasers can view the first time. Check anything you need to at the first viewing.

We viewed our house once (back end of 2020) before making an offer after it had been reduced once. We then only viewed again right before exchange to make sure that it was still in the same condition, to check items in the property had been removed (we were doing a simultaneous exchange and completion) and to check a gas meter cupboard we hadn't been shown the first time.
 
I totally agree with @JoeBloggs you can't afford to not put an offer and book a second viewing in this market.

You should put down your offer then wait for them to accept it. If they decide to go with your offer, get a surveyor for your second visit to check the structural condition of the house. You may not be able to see defaults that only an engineer can see.

If your surveyor informs you that the property is bad, you can withdraw your offer.
 
First time posting here.

It makes me so sad how housing costs in the UK have risen so dramatically. I am a single mum but I work full time, on my current wage I'd be able to borrow around 140k towards a mortgage, which is great, but the cheapest 2 bedroom houses near me are upwards of 180k+, let alone the deposit on top. My current house is part own part rent through a HA, it was an easy way on to the ladder for me but now I wish I'd of just hung on and built my deposit up. An amazing 2 bed house near my daughters school and near my work place has just gone on the market, it's a terrace property, no special parking spaces, but the price.... 210k!!! I just don't get what's is happening in this country. I honestly fear for my daughter, even if she grows up and decides to rent forever, the prices are just unreal!!!
 
Emzykins said:
First time posting here.

It makes me so sad how housing costs in the UK have risen so dramatically. I am a single mum but I work full time, on my current wage I'd be able to borrow around 140k towards a mortgage, which is great, but the cheapest 2 bedroom houses near me are upwards of 180k+, let alone the deposit on top. My current house is part own part rent through a HA, it was an easy way on to the ladder for me but now I wish I'd of just hung on and built my deposit up. An amazing 2 bed house near my daughters school and near my work place has just gone on the market, it's a terrace property, no special parking spaces, but the price.... 210k!!! I just don't get what's is happening in this country. I honestly fear for my daughter, even if she grows up and decides to rent forever, the prices are just unreal!!!
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I'm a bit confused by this. Assuming you're in England then your deposit goes towards the purchase price, rather than being on top of it. So if a property is on for 180k and a 10% deposit is needed (18k) then you need a mortgage for 162k.

Also, if you part-own your own property then are you not building up equity on the part you own? If so, then that might be your deposit on a property and that might be more than a 10% deposit.
 
A semi-detached was put on the market for 700k on my street and it was on the market for months. Next thing you know someone bought it for 800k.

I completely abandoned the idea of buying into my preferred area. If I can find an an affordable property within an hour of the city I'll buy it.

My current boyfriend dropped an additional 150k on his property and he is also a first time buyer.

It is crazy out there!
 
We’re still unsure what to do we had two valuations one was 25k lower than the other but the agent was confident the lower price would get people through the door and start a bidding war. 😩 it’s so strange back when we bought our property nobody paid asking price it was seen as a given that you’d negotiate a better deal.
 
Choco88 said:
We’re still unsure what to do we had two valuations one was 25k lower than the other but the agent was confident the lower price would get people through the door and start a bidding war. 😩 it’s so strange back when we bought our property nobody paid asking price it was seen as a given that you’d negotiate a better deal.
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We had a valuation for £15k less went with the higher one and got full asking price, you can always come down if you need to
 
Choco88 said:
We’re still unsure what to do we had two valuations one was 25k lower than the other but the agent was confident the lower price would get people through the door and start a bidding war. 😩 it’s so strange back when we bought our property nobody paid asking price it was seen as a given that you’d negotiate a better deal.
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How do the prices compare to what's on the market that's similar to yours? Remember you can always reduce, you can't really put the price up!
 
Choco88 said:
We’re still unsure what to do we had two valuations one was 25k lower than the other but the agent was confident the lower price would get people through the door and start a bidding war. 😩 it’s so strange back when we bought our property nobody paid asking price it was seen as a given that you’d negotiate a better deal.
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Is a bidding war likely to get to over £25k over asking? If not then go with the higher offer and drop it you don't get any offers, hopefully with people competing at the lower offer anyway. Best case scenario at the higher price is you end up with people competing against each other anyway.
 
A friend of a friend is buying their council house. They are getting a massive discount and it’s costing them less than £50k. I mean I don’t blame them at all, I would snap it up for that price. But it’s mad that we have a housing crisis and the government and councils are still selling off housing stock on the cheap and not replacing it, the problem will never be solved whilst this is still allowed to happen. A lot of people nowadays need to have deposits bigger than what they are paying to get their house, it’s absolutely mad.
 
Ibrokethegoddamnwheel said:
A friend of a friend is buying their council house. They are getting a massive discount and it’s costing them less than £50k. I mean I don’t blame them at all, I would snap it up for that price. But it’s mad that we have a housing crisis and the government and councils are still selling off housing stock on the cheap and not replacing it, the problem will never be solved whilst this is still allowed to happen. A lot of people nowadays need to have deposits bigger than what they are paying to get their house, it’s absolutely mad.
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I think its disgusting they ever allowed this, and it should have been stopped years ago. It takes property off the council list and it doesn't allow the funds for them to be rebuilt. My friend was looking at buying her mother-in-laws, but due to a technicality they were not allowed but it was a figure of about £125 when average house go for £400-500K. I know people who have made a lot of money from buying and then selling the house they effectively bought for pennies.
 
JoeBloggs said:
I think its disgusting they ever allowed this, and it should have been stopped years ago. It takes property off the council list and it doesn't allow the funds for them to be rebuilt. My friend was looking at buying her mother-in-laws, but due to a technicality they were not allowed but it was a figure of about £125 when average house go for £400-500K. I know people who have made a lot of money from buying and then selling the house they effectively bought for pennies.
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I’ve never agreed with it either, it was a completely stupid idea. There’s a lot of money to be made buying your council home on the cheap and then selling after 5 years or what ever the minimum term you have to live there for is. It’s a bit galling for the rest of us in all honesty who are having to save massive deposits for years and then have to compete in a crazy market. I’m not saying I wouldn’t do it in their situation, but it’s one of those things where it’s nice for the minority people who get to buy cheap housing way below market value, and then complete tit for literally everyone else including renters, buyers and people on council waiting lists. So many rentals are ex-council it’s ridiculous. I can’t get my head round how it’s still allowed to happen whilst council waiting lists in most parts of the country are miles long.
 
Absolutely agree with the above. The selling off of council properties should never have been allowed. I can understand it probably got people onto the property ladder that may never have managed it and the discount is given due to the rent thats been paid for x years.

I feel like the long term implications of it werent realised. It would be different if they had built new for every one sold but they havent and the stock is desperately low.

I was reading an article about affordable housing in NYC where there isnt a basic rent but rent is based on your earnings which I think is a great idea. Affordable housing shouldnt be a luxury.
 
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