House Prices

[JoeBloggs]

We had an very honest estate agent who we bought our house through, there are some! We’ve been there 3 years and did a full renovation and had it valued at £400k, a house down the road that is smaller than ours, isn’t as nice has been renovated by a builder and he’s had it on the market most of the year at £525k. No chance he’s going to get that in our road!

I also agree not to buy new, a friend sold her last month at a £5k loss than they bought it for in 2017.

I find conveyancers are the slowest part of buying a house.

 

[orange club biscuit]

I’d just like to fly the flag here for genuine estate agents, like myself. I have lost many instructions due to “honest & factual” valuations only to see the advertising drop down to what was initially my suggested valuation after ages on the market. I agree there are many sharks and overvaluers out there, but we do get a super bad rep and for some of us, it’s simply not justified. Anyhoo... just shouting out to the good guys

I apologise, I am sure there are some out there! To be fair there have been a few who have seemed decent but have overpromised, such as one guy who seemed so genuine and lovely and basically told us that a house would very likely be ours if we put in an asking price offer. We did and then the vendors changed their minds and went to best and finals and we lost out. You can only act as best you can on behalf of your clients (ie the vendors)

We also deal with one estate agent who tells us exactly what the highest offers are which I know is extremely against the rules but has worked on our favour

 

[ClockworkDolly]

Not all sellers hold out for the price they think their house is worth. I didn’t. I accepted a lower offer in order to have a quicker sale and it worked. The house I bought, no chain. The house I was selling, first time buyers bought it.

All done and dusted in 3 months.

 

[Sickofinstacrap]

My mortgage advisor told me today more and more 90% mortgages are becoming available in the past week and by January the tougher restrictions on them should be loosened, he said that banks were waiting on a brexit deal, which obviously hasn’t happened yet, and a covid vaccine to see how the market goes before they start offering 10% deposit mortgages again. In saying this I checked Barclays mortgage calculator earlier and before it would only calculate with 20% deposit now it is allowing 15% deposit. So I’m holding out hope that in the new year first time buyers will be coming back on the market so that we can try to sell again! With or without stamp duty at this point I’m just ready to move

 

[Lanavalentine]

Not all sellers hold out for the price they think their house is worth. I didn’t. I accepted a lower offer in order to have a quicker sale and it worked. The house I bought, no chain. The house I was selling, first time buyers bought it.

All done and dusted in 3 months.

You are quite lucky though - my own house sale has taken longer than yours, for example. Bigger chain with some complicated issues (divorcing couples) and in a VERY in-demand area post-lockdown, so things like conveyancing had a massive backlog.

Our house sold for asking price because the asking price was fair. Neighbours up the road with a worse house (ours is fully renovated) went with the Estate Agent who massively inflate prices. They still haven’t sold, despite finally dropping the price.

 

[ClockworkDolly]

You are quite lucky though - my own house sale has taken longer than yours, for example. Bigger chain with some complicated issues (divorcing couples) and in a VERY in-demand area post-lockdown, so things like conveyancing had a massive backlog.

Our house sold for asking price because the asking price was fair. Neighbours up the road with a worse house (ours is fully renovated) went with the Estate Agent who massively inflate prices. They still haven’t sold, despite finally dropping the price.

There is a massive backlog with Land Registry at the moment too.

There are always those sellers who demand the asking price, irrespective of whether there are people out there who will pay it. They are the ones whose houses sit on rightmove for sometimes, years. They cannot see it, they’re far too stupid for that, or they really have no intention of upping sticks at all.

 

[ClockworkDolly]

You are quite lucky though - my own house sale has taken longer than yours, for example. Bigger chain with some complicated issues (divorcing couples) and in a VERY in-demand area post-lockdown, so things like conveyancing had a massive backlog.

Our house sold for asking price because the asking price was fair. Neighbours up the road with a worse house (ours is fully renovated) went with the Estate Agent who massively inflate prices. They still haven’t sold, despite finally dropping the price.

I should also add that I don’t have a mortgage which also speeded up the process.

 

[Sickofinstacrap]

Lloyds are now offering 10% deposit to all first time buyers

 

[Yel]

Suprise suprise, the Halifax have gone from saying prices will increase next year by 5% to saying they will reduce by 2-5%, but of course not more than they've risen this year I wonder what the real figure will be.

• House prices will fall by two per cent to five per cent across 2021, warns Halifax
• This follows the 'mini housing boom' of 2020 as many moved to larger homes
• Fall may not entirely reverse £18k average increase in UK house prices this year

 

[Italy2]

Most 90% mortgages are back now and it seems business as normal

 

[idk2]

We're back on the property hunt but my goodness, the demand is just jarring. We saw a property that only came on the market Friday night. It's extremely close to me now which suits me well as I can visit my parents often, however, we have noticed at least 15 cars stopping outside the house to have a look! Not even a board outside this morning but so many curious eyes.

I have the MIP ready to go and really just want to offer without a viewing because we've been done over before several times. The viewings are all the way into next week earliest when I rang this morning, bear in mind, they were closed over the weekend! Feeling very disillusioned.

 

[Kim Mild]

We're back on the property hunt but my goodness, the demand is just jarring. We saw a property that only came on the market Friday night. It's extremely close to me now which suits me well as I can visit my parents often, however, we have noticed at least 15 cars stopping outside the house to have a look! Not even a board outside this morning but so many curious eyes.

I have the MIP ready to go and really just want to offer without a viewing because we've been done over before several times. The viewings are all the way into next week earliest when I rang this morning, bear in mind, they were closed over the weekend! Feeling very disillusioned.

They may allow people who have booked viewings to consider making an offer , and give a deadline to get everyone to make their best and final offer before accepting one. That happened when we looked at a house with a lot of interest

 

[idk2]

They may allow people who have booked viewings to consider making an offer , and give a deadline to get everyone to make their best and final offer before accepting one. That happened when we looked at a house with a lot of interest

I'm hoping so!

 

[Holidaybobs]

I'm hoping so!

My neighbour put their house up on Saturday evening - around 4pm. At 6pm they had people driving past and looking directly in. Sunday was ridiculous with people driving past. On Monday a woman phoned and requested to put in an offer but, the agent refused and said they have to view it in order to buy. Not sure if this is a new thing now with the pandemic. But, just thought I’d let you know.

 

[idk2]

My neighbour put their house up on Saturday evening - around 4pm. At 6pm they had people driving past and looking directly in. Sunday was ridiculous with people driving past. On Monday a woman phoned and requested to put in an offer but, the agent refused and said they have to view it in order to buy. Not sure if this is a new thing now with the pandemic. But, just thought I’d let you know.

Do we live nearby?! Seems like exactly the same situation over here. It's been mental.

I think it must be at the owner discretion re offers without viewing as if I was to put an offer in and then view it, decided I don't like something or spot some extra exterior work that needs completion, I would back out. I can see why it would be seen as a faff.

I've thankfully booked a viewing for Weds now. Hoping to just whack in an asking price offer but really don't know how high I'm willing to go as I think some people are being so silly with offers that will end up falling through.

 

[Lanavalentine]

Do we live nearby?! Seems like exactly the same situation over here. It's been mental.

I think it must be at the owner discretion re offers without viewing as if I was to put an offer in and then view it, decided I don't like something or spot some extra exterior work that needs completion, I would back out. I can see why it would be seen as a faff.

I've thankfully booked a viewing for Weds now. Hoping to just whack in an asking price offer but really don't know how high I'm willing to go as I think some people are being so silly with offers that will end up falling through.

If I can give you some unsolicited advice, don’t get drawn into a silly bidding war. As you say, silly offers are likely to fall through, and although I understand the market is really busy in places right now, I don’t think it will stay that way for long... so best to hold out and stick to being sensible.

Also, not saying you’re doing this but anyone offering over asking price based on stamp duty savings is the biggest fool going! No way will people offering now make it in time to get the discount (maybe if you’re a cash buyer and no chain, but otherwise, no!).

For reference: we sold our house in July, offered on one the same month but that fell through (not on our end), offer accepted on another in the first week of September and we’ve only just exchanged! Veerrry difficult chain admittedly (a couple of divorcing couples, some multi-millionaires at the top of the chain who just took the piss) but also a LOT of delays in conveyancing, registry etc. It hasn’t been fun.

A lot of the houses we viewed but didn’t offer on seem to have gone on and off the market a couple of times (does anyone else still look at Rightmove everyday even when they’ve offered and bought a new place??!! It’s an addiction!). A lot of the overpriced properties which we didn’t even bother with have sat stagnant and reduced their asking price every couple of months, too.

I wonder what will happen now that mortgage LTV is more or less back to normal?

Anyway, good luck to anyone about to embark on their house selling/buying journey, I think you’ll need bags of patience at the very least!

 

[Holidaybobs]

Do we live nearby?! Seems like exactly the same situation over here. It's been mental.

I think it must be at the owner discretion re offers without viewing as if I was to put an offer in and then view it, decided I don't like something or spot some extra exterior work that needs completion, I would back out. I can see why it would be seen as a faff.

I've thankfully booked a viewing for Weds now. Hoping to just whack in an asking price offer but really don't know how high I'm willing to go as I think some people are being so silly with offers that will end up falling through.

I live in Cheshire! They’ve accept an offer now that is over the asking price. The couple who put it in went straight over the asking price. But, people are still trying to book viewings. The sellers don’t want a bidding war though so are happy with the sale. It’s manic atm. I’ve seen houses priced ridiculously too high and yet they are selling.

Best of luck with your viewing!

 

[idk2]

If I can give you some unsolicited advice, don’t get drawn into a silly bidding war. As you say, silly offers are likely to fall through, and although I understand the market is really busy in places right now, I don’t think it will stay that way for long... so best to hold out and stick to being sensible.

Also, not saying you’re doing this but anyone offering over asking price based on stamp duty savings is the biggest fool going! No way will people offering now make it in time to get the discount (maybe if you’re a cash buyer and no chain, but otherwise, no!).

For reference: we sold our house in July, offered on one the same month but that fell through (not on our end), offer accepted on another in the first week of September and we’ve only just exchanged! Veerrry difficult chain admittedly (a couple of divorcing couples, some multi-millionaires at the top of the chain who just took the piss) but also a LOT of delays in conveyancing, registry etc. It hasn’t been fun.

A lot of the houses we viewed but didn’t offer on seem to have gone on and off the market a couple of times (does anyone else still look at Rightmove everyday even when they’ve offered and bought a new place??!! It’s an addiction!). A lot of the overpriced properties which we didn’t even bother with have sat stagnant and reduced their asking price every couple of months, too.

I wonder what will happen now that mortgage LTV is more or less back to normal?

Anyway, good luck to anyone about to embark on their house selling/buying journey, I think you’ll need bags of patience at the very least!

Thank you for the advice! No, definitely no bidding wars here. For all the properties (three) we've offered on so far in the last 2 years, we've made it clear this is our first and last offer so don't want to hear about making another one. Thankfully my dad has been doing the talking on behalf, otherwise, I would be living in a 500k shed by now

I'm a first-time buyer so I'm hoping to sway the seller by saying there's no chain and I'm not in any rush to move so no deadline for him either. A lot of the properties we have been beaten out on are well over asking price - we checked one the other day, it was sold in Oct 2020 for 425k but was on at the time for 305k!

We were planning on waiting until the latter part of the year to look properly but the perfect house has come up so I'm rolling with it and if it doesn't pan out, no harm. I think the most annoying thing is the scrutiny on my finances. Feel like even though I've got well over the 10% deposit, I cant buy things spontaneously like I love to do. And yes, Right Move is definitely an addiction now! I'm on it constantly.

 

[Lanavalentine]

Thank you for the advice! No, definitely no bidding wars here. For all the properties (three) we've offered on so far in the last 2 years, we've made it clear this is our first and last offer so don't want to hear about making another one. Thankfully my dad has been doing the talking on behalf, otherwise, I would be living in a 500k shed by now

I'm a first-time buyer so I'm hoping to sway the seller by saying there's no chain and I'm not in any rush to move so no deadline for him either. A lot of the properties we have been beaten out on are well over asking price - we checked one the other day, it was sold in Oct 2020 for 425k but was on at the time for 305k!

We were planning on waiting until the latter part of the year to look properly but the perfect house has come up so I'm rolling with it and if it doesn't pan out, no harm. I think the most annoying thing is the scrutiny on my finances. Feel like even though I've got well over the 10% deposit, I cant buy things spontaneously like I love to do. And yes, Right Move is definitely an addiction now! I'm on it constantly.

It sounds like you’re in a really strong position, then. Also sounds like the market is crazy where you are, wow! Best of luck with it all, fingers crossed you get the perfect house!

 

[Yel]

Most 90% mortgages are back now and it seems business as normal

Not really back to normal, they're being a lot more stringent about who they lend to, rates are much higher and there's way less 90% products.