House Prices #3 Property market, buying and selling

[jaymie]

Hi. What is fee that your mortgage broker charge? We have used IMH but they are not proactive enough.

 

[hydeist]

Hi. What is fee that your mortgage broker charge? We have used IMH but they are not proactive enough.

We used Trussle which is online, and free. After we filled out the forms we got a call with their recommended offers within a day, then it only took them a couple of days to confirm our application was in with the lender. They contacted us at least once a week even if it was just to confirm that there was no update yet, and to let us know when they expected to hear from the lender. Couldn't recommend them enough!

 

[Skellig]

It's nice to see a fellow Irish

Houses are half Dublin's price in the South but our wages are also half of people's wages in the North. I know so many people who emigrated because their 20-30k downpayment were considered "not enough" in Ireland but good enough for Spain, Italy or even France.

I'm on around 87k so saving for next 2 years and hoping to get a house near my hospital. It is madness. My fella is in finance working from home lucky fucker but can't live outside of Dublin I need to be beside hospital unfortunately

 

[Nnrr46]

Hi. What is fee that your mortgage broker charge? We have used IMH but they are not proactive enough.

Try and get one that doesnt charge a fee. They get thousands in commission. If you tell them you can go with someone else who doesnt charge one they will usually say ok ill do it free of charge this time.

 

[_Laura]

Hi. What is fee that your mortgage broker charge? We have used IMH but they are not proactive enough.

We ended up going with someone that was recommended to us by our solicitor but we had been in touch with Habito before and we were really happy with them, they checked on us a few times and were always available for questions.

 

[Notworthy]

Thank you yes I feel like they will go right up and then maybe settle around 5-6% mark (hopefully). My parents went through all this in the 80s/90s and keep saying to me 4%-5% is low compared to what they had! But its always hard to know if youre doing the right thing. If rates keep rising and prices rise too Ill definitely be saying goodbye to the idea of buying a house

An acquaintance that I play Squash with is qyite high up in RBS and he told us over 2 months ago that rates were predicted to go up to approx 6%, nothing to do with Truss, was always going to happen. His advice to a young guy was to keep saving for atleast another year as the banking sector expects the interest rates to start falling in a year to 18 months and house prices to fall about 15%, possibly more. I might see him today so will ask some more questions.

 

[Nnrr46]

An acquaintance that I play Squash with is qyite high up in RBS and he told us over 2 months ago that rates were predicted to go up to approx 6%, nothing to do with Truss, was always going to happen. His advice to a young guy was to keep saving for atleast another year as the banking sector expects the interest rates to start falling in a year to 18 months and house prices to fall about 15%, possibly more. I might see him today so will ask some more questions.

Thank you for this♥ please do let us know if they have any further advice. Yes everyone is blaming Truss, and honestly im definitely not a fan! But BoE base rate has been going up for a while now. I think people predicted this long before Truss was even known! I saw this morning HSBC 2 year fixed is now over 6% so god knows what it will get to next year

 

[Yel]

An acquaintance that I play Squash with is qyite high up in RBS and he told us over 2 months ago that rates were predicted to go up to approx 6%, nothing to do with Truss, was always going to happen.

Yeah, it was baked in as the UK has no choice but to follow the fed. Truss just made it bubble to the surface quicker. Mortgage rates are already near 6% for anyone new wanting a fix, and predicted to get even higher into next year.

A 15% fall seems very conservative, that's the official line of many financial services. The reality is likely to be quite a bit higher.

 

[Nnrr46]

Yeah, it was baked in as the UK has no choice but to follow the fed. Truss just made it bubble to the surface quicker. Mortgage rates are already near 6% for anyone new wanting a fix, and predicted to get even higher into next year.

A 15% fall seems very conservative, that's the official line of many financial services. The reality is likely to be quite a bit higher.

But if house prices do fall that much and rates are really high, then surely it will still be so hard to get a mortgage so will it benefit first time buyers (like me)?

 

[churro]

I actually despair at this point, this is down the road from me.

 

[Nnrr46]

I actually despair at this point, this is down the road from me.

View attachment 1617887 q
View attachment 1617888 q

What on earth

 

[Yel]

But if house prices do fall that much and rates are really high, then surely it will still be so hard to get a mortgage so will it benefit first time buyers (like me)?

In the short term it'll mainly benefit people with a high deposit and a secure job.

But long term retuning to some correlation with earnings will help the wider society.

 

[Meg78]

Do you guys think it may be worth putting my name and number through the door of the overly priced bungalow for sale in my village? The owner has passed away but it looks as if family are maintaining the house, it’s 200k overpriced compared to its neighbours and I know they’ll never agree to just lower the price that much, but is it worth leaving my details in case there’s ever a day they want to discuss it? It’s a very small village and everyone knows everyone, I don’t want to be offensive offering so low, but I think the estate agent has been leading them to believe they can command the prices of the much larger houses on the next street, and it’s half the size and in need of full renovation

 

[churro]

Do you guys think it may be worth putting my name and number through the door of the overly priced bungalow for sale in my village? The owner has passed away but it looks as if family are maintaining the house, it’s 200k overpriced compared to its neighbours and I know they’ll never agree to just lower the price that much, but is it worth leaving my details in case there’s ever a day they want to discuss it? It’s a very small village and everyone knows everyone, I don’t want to be offensive offering so low, but I think the estate agent has been leading them to believe they can command the prices of the much larger houses on the next street, and it’s half the size and in need of full renovation

I would. Nothing ventured nothing gained. Plus they may also be spooked by the news of the past couple of weeks so might be wanting to offload the property asap - especially if they are pretty clueless about pricing, which it sounds like they are if they’ve just gone along with the EA. Plus If they are wanting to divide an estate and the house is the largest asset -that may push them.
Do you know if it’s had much interest or any viewings? I’m guessing not if it’s that over priced.

 

[Meg78]

I would. Nothing ventured nothing gained. Plus they may also be spooked by the news of the past couple of weeks so might be wanting to offload the property asap - especially if they are pretty clueless about pricing, which it sounds like they are if they’ve just gone along with the EA. Plus If they are wanting to divide an estate and the house is the largest asset -that may push them.
Do you know if it’s had much interest or any viewings? I’m guessing not if it’s that over priced.

It did briefly go under offer for a week and then back onto the market, I’m not sure why? It’s been up for sale for four months now, which in the grand scheme isn’t long but for this village it’s an eternity, its very unusual to have a property available here and gazumping is rife. I’m nervous to leave a note in case it gets a bad reaction, the trouble with a small village is news travels fast and we could soon find ourselves pariahs, offering 200k lower is such a huge amount and could be really offensive, but as you say nothing ventured nothing gained!

 

[Nnrr46]

It did briefly go under offer for a week and then back onto the market, I’m not sure why? It’s been up for sale for four months now, which in the grand scheme isn’t long but for this village it’s an eternity, its very unusual to have a property available here and gazumping is rife. I’m nervous to leave a note in case it gets a bad reaction, the trouble with a small village is news travels fast and we could soon find ourselves pariahs, offering 200k lower is such a huge amount and could be really offensive, but as you say nothing ventured nothing gained!

You have nothing to lose. Id say go for it worst case scenario, they say no?

 

[churro]

It did briefly go under offer for a week and then back onto the market, I’m not sure why? It’s been up for sale for four months now, which in the grand scheme isn’t long but for this village it’s an eternity, its very unusual to have a property available here and gazumping is rife. I’m nervous to leave a note in case it gets a bad reaction, the trouble with a small village is news travels fast and we could soon find ourselves pariahs, offering 200k lower is such a huge amount and could be really offensive, but as you say nothing ventured nothing gained!

I don’t think you need to write in the note how much you are willing to offer - just state that the asking price is far more than you can afford but you’d love to take on the house and see it loved and lived in again as someone that lives in the village. Ask them if they would be at all willing to negotiate on a heavy discount on price in exchange for a quick sale in the note if you must - but you don’t need to do a formal offer. They’d also save on EA fees if you went through a private arrangement. Good luck x

 

[Notworthy]

But if house prices do fall that much and rates are really high, then surely it will still be so hard to get a mortgage so will it benefit first time buyers (like me)?

The actual mortgage amount is a one off deal and has the biggest impact on what you pay, once you borrow £300,000 or whatever, that's what you owe until you pay it back, your mortgage payment will fluctuate, throughout your mortgage there will be times when it's a struggle to pay it and times when you don't. I personally would be more focussed on borrowing as little as I can get away with than the actual rate unless I was buying my forever home. I've always been prepared to get a 2nd job in a pub if needs must, money is crap but is quite social so doesn't really feel like work. I've also overpaid my mortgage when I've been in a position to do so. I'm now mortgage free after 20 years.

 

[TwooTwooTwitTwitTwoo]

Pretty standard practice, the house we bought a few years back didn’t have the fensa certs for the windows so the seller paid about £35 for indemnity insurance.

nothing to worry about ime

This information is really helpful. I don't have the fensa certs for half of my windows and I've always been worried that it would be a problem selling the house if I ever decide to move.

 

[Glaschelle]

My colleague told us yesterday that her son had been unsuccessful in buying a flat in Glasgow. They'd offered £30k over the home report but they were 7th in the list of buyers!!!

30yrs ago, these flats sold for £25k - now they're selling for £130k!!!

They're nice enough flats but have very small kitchens and bathrooms.

Surely at some point the market will crash and people will be left in negative equity like in the 1980s and 90s???