House Prices #2 Property market, buying and selling

Status
Thread locked. We start a new thread when they have over 1000 posts, click the blue button to see all threads for this topic and find the latest open thread.
1
littlepup said:
You’ve got a really strange attitude. No wonder your EA isn’t doing much to help you because by the sounds of it you’re simply rude and a horrible person to deal with. Not everyone is a ftb but even those that are seem to have a far more realistic grasp and better knowledge of how house buying works than you - naive doesn’t even cut it. Please do update us on your perfect home asking prices sale for your dream home in the countryside over asking. Maybe in 4-6 years too on how that over asking price worked out for you. Frankly I’ve never heard something so absurd as to not go with a buyer because of their working hours. I actually think you might be trolling with that one.
Click to expand...

Mental isn’t it. I particularly like the insinuation that all FTB are naive!
 
heretoreaditall2019 said:
We have had one offer fall through, the second one I withdrew from the table as they can’t respond in office hours due to their job and I don’t want the inconvenience of that.
Click to expand...

Been lurking on this thread for a while but feel compelled to just say WTF when reading this 😳

ETA I’m a nurse who works unsociable hours. I bought a 2 bed flat by myself last year after slogging my guts out during the height of the pandemic in 2020. I’m looking to buy a house in a few years and I’m horrified to think that I would be disadvantaged because someone doesn’t want the inconvenience of dealing with a shift worker. What a terrible attitude. Good luck selling your house.
 
Offering over the asking price is a bit dodgy because the bank could simply say no and come with a lower valuation. Which puts the buyer and seller in a bit of a tense situation. Especially if as a seller you rejected other offers and this one buyer is walking away.

Honestly, I do not have the purchasing power to bid over the asking price and I know that a lot of 20 something are in the same position.

Reading both points of view is giving me so much anxiety and makes me very fearful of my future. And this is coming from someone with a lot of privileges.
 
This was a nice thread to discuss all things housing market and prices but there is no need to be nasty to people because they have not bought a house yet or work a job that doesn't suit your timings. So rude! Imagine working hard and saving up to buy yourself a home to come home to from your shift work everyday to be called tacky and cheap. Wonderful!
 
Italy2 said:
This was a nice thread to discuss all things housing market and prices but there is no need to be nasty to people because they have not bought a house yet or work a job that doesn't suit your timings. So rude! Imagine working hard and saving up to buy yourself a home to come home to from your shift work everyday to be called tacky and cheap. Wonderful!
Click to expand...

The sense of entitlement and snobbery is strong with that one. I don't get some people, I really don't.
 
the sense of entitlement is baffling 🤣 just because you think your house is wonderful it doesn’t mean everyone else does, each to their own. And to be so emotive about who you pick is ridiculous… are you gonna care if they sell up in a years time when you’re settled into your nice new home? No, so why worry! With the attitude we’ve seen on this thread it’s no wonder it’s not sold yet 😂
 
Hi guys just asking for some advice how important is your credit score when getting a mortgage just been to see a broker and everything looks good apart from our credit reports , our scores are 400 each which is in the very poor section !
I have two ccj’s from 2017 & 19 both under £500
We have only just taken out credit cards to build our credit.

he says we will be very limited in lenders willing but is it impossible???
 
Thetruth123 said:
Hi guys just asking for some advice how important is your credit score when getting a mortgage just been to see a broker and everything looks good apart from our credit reports , our scores are 400 each which is in the very poor section !
I have two ccj’s from 2017 & 19 both under £500
We have only just taken out credit cards to build our credit.

he says we will be very limited in lenders willing but is it impossible???
Click to expand...

If you had a CCJ in 2019 lenders will be very few imo. If you do manage to get a lender I imagine youl need a hefty deposit at least 20%

Concentrate on building your credit, using credit card and pay off in full every month, make sure youre on the electoral roll.
 
Thetruth123 said:
Hi guys just asking for some advice how important is your credit score when getting a mortgage just been to see a broker and everything looks good apart from our credit reports , our scores are 400 each which is in the very poor section !
I have two ccj’s from 2017 & 19 both under £500
We have only just taken out credit cards to build our credit.

he says we will be very limited in lenders willing but is it impossible???
Click to expand...

My credit score wasnt amazing when I bought my flat simply because I hadn’t really had any - I never had a credit card and the only thing I really had to go on was my phone bill. I think mine was about 350 with clearscore and I managed to get a mortgage, though I did get rejected a few times, got there in the end
 
Thetruth123 said:
Hi guys just asking for some advice how important is your credit score when getting a mortgage just been to see a broker and everything looks good apart from our credit reports , our scores are 400 each which is in the very poor section !
I have two ccj’s from 2017 & 19 both under £500
We have only just taken out credit cards to build our credit.

he says we will be very limited in lenders willing but is it impossible???
Click to expand...

In my experience, you might not get a mortgage with a high street lender. Regardless of your deposit and affordability they still have to look like they're being ethical when it comes to lending. We used a broker years ago and we had a bad credit score and the mortgage we got offered was expensive.
 
Thetruth123 said:
We have only just taken out credit cards to build our credit.
Click to expand...
Make sure your credit limit isn’t too high, just as much as you need to show you’re paying every month. Too much available credit has a negative effect on a credit score as theoretically, let’s say you have £3000 available credit, tomorrow you could be £3k in debt so it becomes a risk.
 
littlepup said:
Make sure your credit limit isn’t too high, just as much as you need to show you’re paying every month. Too much available credit has a negative effect on a credit score as theoretically, let’s say you have £3000 available credit, tomorrow you could be £3k in debt so it becomes a risk.
Click to expand...

People always says this but I think it depends on a lot of other factors. I think I had about £60k of available credit open to me when I applied for my mortgage (my Amex alone has about a £30k limit) but nobody batted an eye. My salary was well into six figures and we were putting down 25% though so I don't think it's necessarily an issue.
 
It turns out I know the people were up against trying to buy a house we’ve seen. Retirees who are selling their current house for £100k more than this one and will basically be buying it to die in. They don’t care what they pay. It’s all cash and if the market drops, they don’t care because they’re never selling.
It’s so disheartening - I just want a home for my family but not financially cripple us if the market falls. How can you compete against that?!

Megansnarkle said:
People always says this but I think it depends on a lot of other factors. I think I had about £60k of available credit open to me when I applied for my mortgage (my Amex alone has about a £30k limit) but nobody batted an eye. My salary was well into six figures and we were putting down 25% though so I don't think it's necessarily an issue.
Click to expand...
Yes, I was referring to the OPs situation really. Rather different from your own where I should imagine the positives outweigh the negative
 
Last edited:
I have been wanting to upsize for a while more for bit more space and a guest bedroom.. I've had a bad feeling for a while that the whole economy was going to go to tit . All the free money the government were giving out had to have some kind of drawback I think this will be worse than the 2008 recession. Glad I stayed in my smaller house with small mortgage and bills.. Inflation is out of control and I'm starting to worry about the future.
 
Buying a place down South is near impossible, but up North it's definitely achievable. I have friends in their 20s who have bought their first houses. One bought on his own, others were in couples, but the couples went for 'second step on the ladder' houses - 3 bed semis.

I started out in a crappy, dead-end job on what wouldn't even be minimum wage (if you index linked it) today. I lived with my parents, was sensible with my cash, and saved - hard. I bought my first house after almost 5 years. It was a small 2 bed mid-terrace, cost 5 times my income, and I had to put down a deposit of over 30% because the maximum mortgage I could get would have been nowhere near enough otherwise. My household goods were seconds or second hand, but it's what I needed to do.

Too many people now go to university. It often involves leaving home and paying rent (not to mention the debt), a cycle that some remain in after uni. Less academic people simply shouldn't go - they don't benefit enough. They miss out on the late teens/early 20s working (and income) and end up at 21 in a job they could (should) have got years earlier. Only the top 5-10% of students should go to uni.

I know the coffee remark has riled people on here, but it's not just coffee. The point was clumsily made, but shop bought coffee (and sandwiches) are WAY more expensive than they actually cost to make. Then there's designer gear, queueing round the block for a £1,000 phone, lease cars instead of an old banger, £20 cocktails, meals in fancy restaurants, drugs (???) - it all adds up. There's much more of an 'easy come, easy go' attitude to money these days, maybe due to the availability of credit, maybe because a £50,000 university debt makes a £5,000 credit card balance seem insignificant.

I know one couple who were WFH on full salary during the first lockdown. Nowhere was open (bars/clubs/restaurants/clothes shops) to spend their money. They said it helped them to save a deposit to buy a place (which they did) instead of renting.

House prices are driven by supply and demand. I don't agree with the narrative that buy to let or Right to Buy have affeceted things massively. If these houses were empty, then I'd be more inclined to agree. I do think that the RTB houses should have been replaced with new council homes though - that was a mistake.

Over that last 20 years, the UK population has grown by 1 million every 2-and-a-bit years. It's applying a massive pressure, and not just to the housing market - I mean the pace of growth, not the growth. We're going to end up with massive price rises for the foreseeable future (with the odd wobble, but nothing that causes a notable difference long term). Lovely family homes are going to be carved up into flats or HMOs (as seen in London) and people will buy/rent them because it's all they can afford. I think in a generation or two, housing prospects will be thoroughly miserable.

Large housebuilding projects of a size that would be needed to reverse the trend would have the locals in a lot of places up in arms though.
 
Status
Thread locked. We start a new thread when they have over 1000 posts, click the blue button to see all threads for this topic and find the latest open thread.
Back
Top