House Prices #3 Property market, buying and selling

[Anne1448]

Guys, have you seen houses that were "for sale" now "for rent"?

It looks like the owners can't afford to lower the prices and would rather rent it. 6 of the houses that I viewed put the rent for 1200-1600€ which is double the mortgage price.

 

[judgejohndeed]

Guys, have you seen houses that were "for sale" now "for rent"?

It looks like the owners can't afford to lower the prices and would rather rent it. 6 of the houses that I viewed put the rent for 1200-1600€ which is double the mortgage price.

Yes I’ve seen loads of properties we looked at to buy now on for rent. Rents have skyrocketed as well even in the last month in our area average seems to be £300 more than when we looked in September

 

[murphmc]

Looking back in the 80’s we had a 32k mortgage we were paying £900 a month back on a 25 year mortgage. Although my husband worked On the tools and earnt a lot more then than he does now

 

[Anne1448]

The locals in my neighbourhoods accepted to add more "affordable" rentals in the neighborhood after years of NIMBY attitude.

The rentals were made available today and the 1 bed is at 1600€ per month and the 2 bed is at 1900€ per month.

I hate them so much

 

[a.pain]

So for anyone who can recall my house buying dramas, we are due to complete on our new build on Monday next week, 31st October. The sales lady tells me they will do anything to complete as many people in October as possible because it’s their financial year end. The developers solicitors have really been piling the pressure on mine to get us to complete then, despite the fact the house isn’t ready now and the NHBC inspection is booked for Friday- the solicitor can’t request the mortgage funds until the inspection is done and the mortgage company require 5 working days notice- do the maths on that one! Solicitor told them we can complete on the 4th nov due to the date of the inspection- nope they said, 31st October it has to be- make it happen! They’re cut throat, pretend they’re all lovely and in your side, you sit with your mortgage offer ready for months waiting, we had to extend ours because the house wasn’t ready when it expired a week ago- they were pressuring us then as well to get it extended, well we wouldn’t have needed an extension if you had it ready on time! So it’s Tuesday today and I have no idea whether I’ll be getting the keys on Monday or not. I’ve made arrangements for moving, time off work etc that will all need to be moved if we don’t complete on Monday- I’m just flabbergasted how they expect you to arrange a move on such short notice and work miracles with a mortgage lender! Maybe I’ve been naive they won’t even let my floor fitter in to measure up as it’s ‘still a building site’ and they want it inspected on Friday?!

 

[OnlyHereForTheLolz]

So for anyone who can recall my house buying dramas, we are due to complete on our new build on Monday next week, 31st October. The sales lady tells me they will do anything to complete as many people in October as possible because it’s their financial year end. The developers solicitors have really been piling the pressure on mine to get us to complete then, despite the fact the house isn’t ready now and the NHBC inspection is booked for Friday- the solicitor can’t request the mortgage funds until the inspection is done and the mortgage company require 5 working days notice- do the maths on that one! Solicitor told them we can complete on the 4th nov due to the date of the inspection- nope they said, 31st October it has to be- make it happen! They’re cut throat, pretend they’re all lovely and in your side, you sit with your mortgage offer ready for months waiting, we had to extend ours because the house wasn’t ready when it expired a week ago- they were pressuring us then as well to get it extended, well we wouldn’t have needed an extension if you had it ready on time! So it’s Tuesday today and I have no idea whether I’ll be getting the keys on Monday or not. I’ve made arrangements for moving, time off work etc that will all need to be moved if we don’t complete on Monday- I’m just flabbergasted how they expect you to arrange a move on such short notice and work miracles with a mortgage lender! Maybe I’ve been naive they won’t even let my floor fitter in to measure up as it’s ‘still a building site’ and they want it inspected on Friday?!

Tell them to piss off. They are desperate to sell the homes that’s why they are pressuring you.
Under no circumstances make them pile so much pressure on that you do somethinf you regret.
This sort of stuff really annoys me. I would inform them you will complete when things are in order and if they keep pressuring you, you will put in a complaint.
Have you checked what’s going on with house prices in your area? Do you have a snagging survey in place?

 

[Megansnarkle]

So for anyone who can recall my house buying dramas, we are due to complete on our new build on Monday next week, 31st October. The sales lady tells me they will do anything to complete as many people in October as possible because it’s their financial year end. The developers solicitors have really been piling the pressure on mine to get us to complete then, despite the fact the house isn’t ready now and the NHBC inspection is booked for Friday- the solicitor can’t request the mortgage funds until the inspection is done and the mortgage company require 5 working days notice- do the maths on that one! Solicitor told them we can complete on the 4th nov due to the date of the inspection- nope they said, 31st October it has to be- make it happen! They’re cut throat, pretend they’re all lovely and in your side, you sit with your mortgage offer ready for months waiting, we had to extend ours because the house wasn’t ready when it expired a week ago- they were pressuring us then as well to get it extended, well we wouldn’t have needed an extension if you had it ready on time! So it’s Tuesday today and I have no idea whether I’ll be getting the keys on Monday or not. I’ve made arrangements for moving, time off work etc that will all need to be moved if we don’t complete on Monday- I’m just flabbergasted how they expect you to arrange a move on such short notice and work miracles with a mortgage lender! Maybe I’ve been naive they won’t even let my floor fitter in to measure up as it’s ‘still a building site’ and they want it inspected on Friday?!

What will they do if you can't complete Monday? Unless they have a cash buyer lined up to buy it instead who is willing to forego all due diligence then they aren't going to get a buyer faster.

Are you also selling? If so, are you ready on that front?

 

[a.pain]

Tell them to piss off. They are desperate to sell the homes that’s why they are pressuring you.
Under no circumstances make them pile so much pressure on that you do somethinf you regret.
This sort of stuff really annoys me. I would inform them you will complete when things are in order and if they keep pressuring you, you will put in a complaint.
Have you checked what’s going on with house prices in your area? Do you have a snagging survey in place?

What will they do if you can't complete Monday? Unless they have a cash buyer lined up to buy it instead who is willing to forego all due diligence then they aren't going to get a buyer faster.

Are you also selling? If so, are you ready on that front?

Whether we complete on Monday or Friday will make no difference to the build, they are rushing to complete it this week so won’t be working further on it next week if we say we can’t do Monday. I’m fairly sure that our contract says we have seven days to complete from when they serve notice that it’s ready for habitation (which would be Friday) so legally they can’t force us to do Monday. However I’ve made all my arrangements for next week (flooring, furniture etc) as this all had to be booked in advance and they confirmed this date with me last week. I didn’t know then that everything was so tight though. We aren’t selling, we sold our house last year and have been living with family while we wait for this house. If my mortgage provider can’t release the funds by Monday id imagine they’d be very unhappy but not a lot they can do about it. I am considering a professional snagger, I know other people on the estate have had no issues but I am concerned because they didn’t really start building this house until two months ago, even though the foundations were sitting ready for months. I guess we will see when i get inside. I’m aware there may be snags that might not be visible to a layman

 

[Meg78]

Whether we complete on Monday or Friday will make no difference to the build, they are rushing to complete it this week so won’t be working further on it next week if we say we can’t do Monday. I’m fairly sure that our contract says we have seven days to complete from when they serve notice that it’s ready for habitation (which would be Friday) so legally they can’t force us to do Monday. However I’ve made all my arrangements for next week (flooring, furniture etc) as this all had to be booked in advance and they confirmed this date with me last week. I didn’t know then that everything was so tight though. We aren’t selling, we sold our house last year and have been living with family while we wait for this house. If my mortgage provider can’t release the funds by Monday id imagine they’d be very unhappy but not a lot they can do about it. I am considering a professional snagger, I know other people on the estate have had no issues but I am concerned because they didn’t really start building this house until two months ago, even though the foundations were sitting ready for months. I guess we will see when i get inside. I’m aware there may be snags that might not be visible to a layman

As someone who bought a new build, thought everything was fine, and two YEARS in had the downstairs flooded as an installer in the build had used a nail gun on a shower pipe and the slow drip I missed turned into a deluge…… use the professional

 

[OnlyHereForTheLolz]

As someone who bought a new build, thought everything was fine, and two YEARS in had the downstairs flooded as an installer in the build had used a nail gun on a shower pipe and the slow drip I missed turned into a deluge…… use the professional

It always concerns me with new builds these days. They rush the houses through.

Also make sure the property is ready to be moved into. It seems really strange that the pressure is on to complete when final inpsections haven’t even been done yet.

 

[Folkevermore]

It always concerns me with new builds these days. They rush the houses through.

Also make sure the property is ready to be moved into. It seems really strange that the pressure is on to complete when final inpsections haven’t even been done yet.

Older houses can be just as bad, my parents got their bathroom redone recently (lived in the house about 40 years) and they found out the builder had wrapped the electrical wires for the lighting etc around a water pipe for the shower!

 

[Youre a wizard Harry]

So for anyone who can recall my house buying dramas, we are due to complete on our new build on Monday next week, 31st October. The sales lady tells me they will do anything to complete as many people in October as possible because it’s their financial year end. The developers solicitors have really been piling the pressure on mine to get us to complete then, despite the fact the house isn’t ready now and the NHBC inspection is booked for Friday- the solicitor can’t request the mortgage funds until the inspection is done and the mortgage company require 5 working days notice- do the maths on that one! Solicitor told them we can complete on the 4th nov due to the date of the inspection- nope they said, 31st October it has to be- make it happen! They’re cut throat, pretend they’re all lovely and in your side, you sit with your mortgage offer ready for months waiting, we had to extend ours because the house wasn’t ready when it expired a week ago- they were pressuring us then as well to get it extended, well we wouldn’t have needed an extension if you had it ready on time! So it’s Tuesday today and I have no idea whether I’ll be getting the keys on Monday or not. I’ve made arrangements for moving, time off work etc that will all need to be moved if we don’t complete on Monday- I’m just flabbergasted how they expect you to arrange a move on such short notice and work miracles with a mortgage lender! Maybe I’ve been naive they won’t even let my floor fitter in to measure up as it’s ‘still a building site’ and they want it inspected on Friday?!

I don’t have any advice for you but feel your pain- am also completing on a new build, our developer has been pretty good in general but they don’t seem to understand (actually they just don’t care) that changing the completion date causes a logistical nightmare.
On an aside, I didn’t think the developers solicitors would serve you notice to complete unless the NHBC inspection has been completed? Maybe that’s just ours.
I hope it all works out for you!

 

[a.pain]

I don’t have any advice for you but feel your pain- am also completing on a new build, our developer has been pretty good in general but they don’t seem to understand (actually they just don’t care) that changing the completion date causes a logistical nightmare.
On an aside, I didn’t think the developers solicitors would serve you notice to complete unless the NHBC inspection has been completed? Maybe that’s just ours.
I hope it all works out for you!

They can’t serve the ‘official’ notice but they are telling us to basically move at lightning speed once they do serve it and that they intend to do it tomorrow as soon as the inspection is completed. Like the rest of the world just stands still to attention waiting for them

it’s Thursday and I still don’t know if I am getting the keys on Monday or not- all depends on whether the mortgage funds can be released in time which the solicitor is trying to find out. Really hoping she updates me today as I’m a nervous wreck worrying about trying to reschedule everything if we don’t

 

[epl000]

Before you reschedule everything it might be worth asking whether you are able to get access prior to completion for things like flooring. Obviously its at your own risk (financially) but I know a friend that did this otherwise they would have been waiting for weeks for a new date. They were unable to get the Inspection done and complete because of a specific supply issue for internal doors, but otherwise theirs was pretty much done and she just agreed it with the site manager because it was the housebuilders fault that everything had been delayed. (She also didn't want to move into a new build with a small toddler with no floors).

Fingers crossed for you though, I really hope that they can get the mortgage funds released in time.

 

[a.pain]

Before you reschedule everything it might be worth asking whether you are able to get access prior to completion for things like flooring. Obviously its at your own risk (financially) but I know a friend that did this otherwise they would have been waiting for weeks for a new date. They were unable to get the Inspection done and complete because of a specific supply issue for internal doors, but otherwise theirs was pretty much done and she just agreed it with the site manager because it was the housebuilders fault that everything had been delayed. (She also didn't want to move into a new build with a small toddler with no floors).

Fingers crossed for you though, I really hope that they can get the mortgage funds released in time.

That’s a good point thanks, if we don’t complete on Monday I’ll ask if the floor fitters can still get access to fit my flooring

 

[Yel]

Nationwide report 0.9% fall last month. Seems like it's being pinned on Liz and the mini budget, but even as that's been totally reversed the higher mortgage rates remain. Affordability will continue to be squeezed so I can't see this trend going backward as it was inevitable.

House prices fall after mini-budget, says Nationwide

The turmoil sparked by Liz Truss's mini-budget hit housing sales, according to Nationwide.

www.bbc.co.uk

 

[Folkevermore]

Nationwide report 0.9% fall last month. Seems like it's being pinned on Liz and the mini budget, but even as that's been totally reversed the higher mortgage rates remain. Affordability will continue to be squeezed so I can't see this trend going backward as it was inevitable.

House prices fall after mini-budget, says Nationwide

The turmoil sparked by Liz Truss's mini-budget hit housing sales, according to Nationwide.

www.bbc.co.uk

I’ve seen so many reductions and perfectly nice houses not selling. A market drop is inevitable

 

[Yel]

Yep, it was baked in before the mini budget with the interest rates rising all year.

I'm noticing that houses around here in a nice area that need a total referb aren't selling where as previously they lasted a few days. I guess all the building costs have gone up also making them less appealing.

 

[Notworthy]

Nationwide report 0.9% fall last month. Seems like it's being pinned on Liz and the mini budget, but even as that's been totally reversed the higher mortgage rates remain. Affordability will continue to be squeezed so I can't see this trend going backward as it was inevitable.

House prices fall after mini-budget, says Nationwide

The turmoil sparked by Liz Truss's mini-budget hit housing sales, according to Nationwide.

www.bbc.co.uk

Funny how the mortgage rate in the US is higher. I feel sorry for Liz Truss, she didn't help herself with her rush to change things but this was always going to happen.

 

[Koalabear]

A lot of houses here are being reduced, 4 out of 5 recent Rightmove listings. But there's also so much less being put on the market so not much to choose from. We're in the process of buying and I wonder if it's the right time but who knows what the future holds!