heretoreaditall2019
VIP Member
Agreed - I’ve seen a lot of absolute insanity in London at the mo. The only ones that are selling are going for under list price tho which doesn’t reflect well on the agents listing them really.
House Prices #2 Property market, buying and selling
- Thread starter Yel
- Start date
-
- Tags
- house prices
- Status
1
Agreed - I’ve seen a lot of absolute insanity in London at the mo. The only ones that are selling are going for under list price tho which doesn’t reflect well on the agents listing them really.
Have you guys also found the getting a viewing is extremely challenging? I am on early bird mailing list for 5 different estate agents now and constantly tracking Rightmove but still find houses that are sold before they even come up on market or on the same day as listing. Sometimes I ring and they say don't bother because we have an offer in already..
lurkingaround123
Chatty Member
Its so strange, I noticed a lot of this too! I got the keys to my house in November last year, its a 2 up 2 down terrace. a 10 min walk away there's 2 up 2 down new builds going for almost double what I paid for mine, albeit they are slightly bigger. About a 20 minute walk away the flats are well over double the cost of my house, with hundreds of pounds worth of service charge to pay per month. Absolutely bizarre.
Former_Antelopee
VIP Member
My solictor replied saying they still haven’t got the documents but they’ve chased the solictor and the estate agent to try and get them
The last three months of 2021 mortgage rates were rising, only tiny increments but if it carries on that'll really reduce what people can spent. Especially as the cost of living has skyrocketed.
---
Moneyfacts said that for the third month in a row, the average two and five-year fixed mortgage rates on the market have generally increased.
The average two-year fixed deal increased from 2.34% in December 2021 to 2.38% in January 2022.
And the average five-year fixed rate increased from 2.64% in December 2021 to 2.66% in January 2022.
---
Moneyfacts said that for the third month in a row, the average two and five-year fixed mortgage rates on the market have generally increased.
The average two-year fixed deal increased from 2.34% in December 2021 to 2.38% in January 2022.
And the average five-year fixed rate increased from 2.64% in December 2021 to 2.66% in January 2022.
Megansnarkle
VIP Member
100% chase the agent yourself and get them to get onto the sellers and their solicitors. The thing with conveyancing is it's low cost high volume work for solicitors and unfortunately the clients that shout the loudest and are the biggest pain in the arse tend to get their files worked on so they go away. The nice clients end up getting pushed further down the priority list.
Clover123
VIP Member
Yeah same, usually the estate agent will say oh we have had an offer significantly over asking price, but you can still view! I never bother as unfortunately all the houses in the area are right at the limit of my budget, so I can't go a penny over!
Kim Mild
VIP Member
Maybe they haven't been filled in yet. I kept waiting for paperwork to come in the post and I had to download them.
Same I can't afford to go over the budget or asking price as the prices are extortionate as it is
heretoreaditall2019
VIP Member
Re house viewings - we’ve found it fine thankfully for all but one where the bloke acted so prestige and told us we were 41 on the waiting list…… bearing in mind this property is up for 10-20% more than truly beautiful homes (albeit a tiny bit smaller) in really lovely areas and is dilapidated with paint peeling off the ceilings & kitchen units peeling?! This was about 3 weeks ago now and it’s still up whilst a lot of other properties have sold, so I’m sure that’s worked out well for him.
Re agents saying you need to go in way above the asking price, they’re listing them too low then? I know it can be difficult if a property is bordering the next price bracket up but this can’t be the case across often enough for several ppl in this thread to experience it?!
I do suspect a lot of those new builds are just spun up for foreign investors, whenever we drive past one the entrance to the road is covered in to let signs?
It’s like when they made “luxury flats” in the Old Boleyn stadium - they were going for more than some beautiful Victorian houses in the area? I know the area isn’t for everyone so those properties aren’t at the top end of London’s prices, but you can get a 1/2 bed flat versus a 4 bed family home with potential to extend…? Madness.
Re agents saying you need to go in way above the asking price, they’re listing them too low then? I know it can be difficult if a property is bordering the next price bracket up but this can’t be the case across often enough for several ppl in this thread to experience it?!
I do suspect a lot of those new builds are just spun up for foreign investors, whenever we drive past one the entrance to the road is covered in to let signs?
It’s like when they made “luxury flats” in the Old Boleyn stadium - they were going for more than some beautiful Victorian houses in the area? I know the area isn’t for everyone so those properties aren’t at the top end of London’s prices, but you can get a 1/2 bed flat versus a 4 bed family home with potential to extend…? Madness.
Last edited:
The service fees in apartments buildings is insane.
I was checking a second hand apartment which was in my price range but the service fees were almost 10k per year. Absolutely mental!
If it was in Dublin, I would get it. But this was a random apartments building in a town of less than 150 people in the middle of nowhere.
They are really trying to squeeze people on everything.
I was checking a second hand apartment which was in my price range but the service fees were almost 10k per year. Absolutely mental!
If it was in Dublin, I would get it. But this was a random apartments building in a town of less than 150 people in the middle of nowhere.
They are really trying to squeeze people on everything.
Clover123
VIP Member
Same! Especially when it's a building with no fancy things, or just a house split into flats. There's no excuse for a 9k service charge! London apartments with pools and security guards... I still think it's mad but at least you get where the money is going. I do not understand how anyone can justify it on just a plain building though, you're just renting in that case. I would settle for a flat over house but right now I can't find one with a decent lease or fair service charges!
I'm so down about this at the mo, I can't believe it's so hard to buy and I just feel like if I do I go for a crappy house, it surely won't increase in value. If i can even get a viewing
heretoreaditall2019
VIP Member
Is anyone else selling at the moment and how are you finding it?
We’ve just had a really upsetting 24 hours and I’ve only just overcome anxiety from it all but am still down and might pull a sickie at work tomorrow.
We’re selling our house in London to move up north to the very rural country, so the type of houses we’re looking at really are once in a lifetime / you’ll never find like:like if your buyer fucks you about so my heart is really in this and I’m finding any potential disruptions actually devastating. I know I need to get a grip.
I honestly think people are putting offers in to reserve properties then looking at all their options once the results are in. We had 3 offers from 12 viewings & we have a waiting list of people wanting to view so it’s not the property, it’s lovely (we renoed the whole thing to a high standard as this move has been a last minute plan). But I think the system is broken in that there’s no initial financial outlay for them so they can duck us around? My EA says he doesn’t consider it sold til the mortgage survey is booked, but even that isn’t a cost to them as it’s often baked into the product. Anyway our first accepted offer (over asking) messed us about, I said ask the second and she’s not bothered sending an email with her solicitors details or ID so I’m happy to discount her because I don’t have another time waster in me.
We have 5 viewings for Saturday already and this bad news only happened last night (8pm - who the duck does that to someone?) so I’m not too worried but please tell me this is happening to you too? I don’t have complete faith the EA is qualifying viewers well enough I’m not gonna lie, but what can they do? :/
We’ve just had a really upsetting 24 hours and I’ve only just overcome anxiety from it all but am still down and might pull a sickie at work tomorrow.
We’re selling our house in London to move up north to the very rural country, so the type of houses we’re looking at really are once in a lifetime / you’ll never find like:like if your buyer fucks you about so my heart is really in this and I’m finding any potential disruptions actually devastating. I know I need to get a grip.
I honestly think people are putting offers in to reserve properties then looking at all their options once the results are in. We had 3 offers from 12 viewings & we have a waiting list of people wanting to view so it’s not the property, it’s lovely (we renoed the whole thing to a high standard as this move has been a last minute plan). But I think the system is broken in that there’s no initial financial outlay for them so they can duck us around? My EA says he doesn’t consider it sold til the mortgage survey is booked, but even that isn’t a cost to them as it’s often baked into the product. Anyway our first accepted offer (over asking) messed us about, I said ask the second and she’s not bothered sending an email with her solicitors details or ID so I’m happy to discount her because I don’t have another time waster in me.
We have 5 viewings for Saturday already and this bad news only happened last night (8pm - who the duck does that to someone?) so I’m not too worried but please tell me this is happening to you too? I don’t have complete faith the EA is qualifying viewers well enough I’m not gonna lie, but what can they do? :/
Holidaybobs
VIP Member
We’ve just sold ours (finally) and had a very similar experience. It felt as though the estate agent didn’t even brief the viewers on the house. We had so many time wasters because the estate agent didn’t do their job properly. We also had a few cheeky/insulting offers. It got to the point I didn’t want to sell and rent it out instead. Anyways, the EA only started to pull their weight when we threatened to leave and move to a competitor as it would have been costly for them.
I’d say, do the same and just hold on!
heretoreaditall2019
VIP Member
Thank you, this means a lot and has been a weight off my shoulders to hear tbh.
I felt exactly the same - also them allowing people to view it who didn’t have the budget but “might be able to borrow it off mum/dad”. We could all hypothetically borrow any sum off any person couldn’t we, whether we would is another matter?!
I felt bad because early on in the process I went spare at the EA when I found out he’d booked a viewing for someone who didn’t even have the budget cos she wanted to see it as her mum lived down the road! So was just being a nosy cow - and I’m meant to be happy with ppl like that breathing in my daughter’s bedroom! My husband had to calm me down but looking back I don’t think the words exchanged were harsh enough as we’re clearly still getting idiots through!
We had the same too, tacky people offering 5% under. As if I’d ever let our lovely home go to that?! Honestly writing this out has annoyed me again, I’m at the stage where I’m considering selling then moving in with my MIL then finding a house but nursery becomes an issue there. I wonder how many people end up renting in between because idiot time wasters ruin it for them?
Homebird44
VIP Member
In fairness nobody offers the asking price. I live on the outskirts of a town, we have spent a lot of money renovating and we are the front garden and one bedroom away from finishing. We had it valued a few months ago and the suggested price was a lot lower than other 3 beds a mile away. The EA said potential buyers aren't that bothered about new kitchens and bathrooms as they would replace them anyway. What they want is room to extend, off street parking and a quick walk to the station. We can't tick any of those boxes and we have a much lower price tag compared to the probate sale that needs 50k plus work but it's near the station. Its such a stress.
littlepup
VIP Member
People are definitely making offers in multiple properties to ‘secure’ them then deciding from their shortlist.
Here’s where you’re going wrong. Once you make the decision to sell it’s no longer your lovely home. You have to emotionally let it go now or the whole process will emotionally kill you.
Also, it’s actually borderline offensive to call people tacky for offering 5% under. 5% under wouldn’t be unusual at all in a normal market and if that’s what they are willing to pay, that’s what it’s worth to them.
On top of that vendors still seem to think that stamp duty has ended and are money grabbing left, right and centre. Homes are being marketed 10%+ over. You’re home is only valued by the agent, it’s worth what someone is prepared to pay.
Here’s where you’re going wrong. Once you make the decision to sell it’s no longer your lovely home. You have to emotionally let it go now or the whole process will emotionally kill you.
Also, it’s actually borderline offensive to call people tacky for offering 5% under. 5% under wouldn’t be unusual at all in a normal market and if that’s what they are willing to pay, that’s what it’s worth to them.
On top of that vendors still seem to think that stamp duty has ended and are money grabbing left, right and centre. Homes are being marketed 10%+ over. You’re home is only valued by the agent, it’s worth what someone is prepared to pay.
heretoreaditall2019
VIP Member
I mean the offers are useless but we’ve had 2 in excess of asking but will defs not be accepting below as even 5% is a significant chunk of money.
Our area is a nice area so a lot of the price is tied to that & schools, we are near a tube station too and do have potential to extend 2/3 ways but haven’t ourselves (something that came up on viewings despite the floor plan?!
). Most houses round here (not flats) become available through death or divorce so need a LOT of work doing, it’s rare to have something well presented available in this area which is why they’ve had so many requests to view but the quality of them just feels tit.Holidaybobs
VIP Member
It is actually infuriating, my partner wouldn’t let me talk to the EA after a certain point because, I wanted to tell them how incompetent I thought they were. We had a lot of viewers who had the appointments booked for them and didn’t even bother to look at it online. So they turned up and said, oh we wanted a drive in/drive out drive and I was like… if you looked at the pictures you’d know we don’t have that. Also, had someone who asked could we wait a few months until their 19 year old son arrived home from travelling to approve it
Someone else offered £250k less than the asking price. Just thinking about it all is winding me up, I feel for you still going through it!
heretoreaditall2019
VIP Member
I couldn’t let this home go to someone like that, we’ve had 2 offers over and one on (admittedly 1 has been a time waster, the other I’ve written off). I’ve told the EA I don’t want any investors or landlords viewing as I wouldn’t sell to them either. We were sold the house for a discounted rate by the daughter of the lady that lived here for 40+ years before she died so I feel obliged to pass that kindness on and only want it going to an owner occupier !
- Status