Reply With QuoteProperty market seems to be stagnant - hardly any new properties entering the market, and the only ones left during the full SDLT holiday period are the ones that were severely overpriced. Lots of flats knocking about though.
Fair enough, Merseyside 350 will definitely get you one, with a garage if you shop around. Manchester has always been a push higher. I would personally look at the areas outside (Warrington, Widnes etc) 20 minute drive each way, countryside easy access to motorways its a no brainer.Originally Posted by thegreatdogwood
Property market seems to be stagnant - hardly any new properties entering the market, and the only ones left during the full SDLT holiday period are the ones that were severely overpriced. Lots of flats knocking about though.
Yep... I noticed. We're looking for a new house and I seem to be getting lots of updates but they're all dross and, as you say, a lot of flats.
Depends where you’re looking, we’ve just had an offer accepted on a place but things are coming on to the market and within days in many cases are going under offer.
Seems to be happening broadly, simultaneously, across much of the whole Western world.
Not unusual for activity to 'stagnate' in August, then pick up again in a month or two.
Just this morning we received an email from the company building a housing development that we invested in about 2 years ago, in the USA... Despite the pandemic, the global supply chain issues, it appears we've already had a solid offer to purchase the whole lot early next year...originally the plan was to build, tenant them, then sell them piecemeal most likely over 3 to 5 years...the price, predicted to yield a 38 per cent roi.
Last edited by Passenger; 10th August 2021 at 10:02.
Starting to see a few properties appear again on RM that had previously disappeared (guess they were SSTC). Prices remain the same.
If the reports are correct i.e. the housing market boom wasnt driven by the SDLT holiday - these should disappear soon.
I think the answer lies in a combination of building more properties and also incentivising pensioners to release more family homes which is where the peak demand is.
Yep, scrap stamp duty for anyone over 60 so long as they are selling their main/only residence in order to buy. Lifetime exemption of 2 properties.
Would unclog some pipes.
Not directly related to corona but what happens if you accept an offer on your house but the house you want to purchase falls through and then you cant find anything suitable - do you take your house off the market or ask the purchasers to wait?
In general - if you have exchanged contracts, you can be liable for other party's costs.
BUT - no idea where you live.
Sellers can back out of a home sale without ramifications in the following instances:
- The contract hasn't been signed. ...
- The contract is in the five-day attorney review period. ...
- The seller planted an escape hatch in the contract. ...
- The buyer doesn't adhere to the contract terms.
Last edited by blackal; 15th September 2021 at 13:05.
Property to be sold and bought both in England - the house in question has fallen through and that the sellers are staying, no reason given why, no contracts exchanged.
Unfortunately the couple who were to buy ours are now in limbo - theyre keen to hang on but dont know if well find something that suits us in the next few months. Feel bad for them to be honest.
Such is the attraction of "no chain" buy and sell. Scotland differs only in as much as contracts are usually signed much earlier in the process, and there are clear rules on expenses liable for, although someone recently in this thread stated that this is not the current situation.
to be honest with all the headache, this is the last straw, i think were going to pull it and see what 2022 brings. Not moving boxes of tat and junk from the loft has brought a sweet sigh of relief i must add (until we start the moving game again)
If the offer on your house is good enough, then you could always accept it and move into rented.
Although it involves moving house twice, it gives you two advantages - (1) it takes all the pressure off trying to find the right new house, and (2) when you do find one, you will be chain-free and in a position to move quickly. We did it last time we moved and it worked out really well for us.
Last edited by PhilipK; 15th September 2021 at 14:37. Reason: Network glitch ate my response!
Better to plough on than drag it out IMO.
Get out viewing. See if there's anything else you're interested in. Your buyers will give you 2-3 weeks grace to find somewhere then you can start again with conveyancing. If you can find somewhere chain free even better.
Depends how much rent money you can afford/are willing to chuck down the drain while waiting. 6 months rent on a 3 bed near us = 6 x £2000 = £12,000 plus 2 months in advance plus deposit.
The same thing could happen again when you find the next new home. The system's screwed and mostly down to sheer luck.
We got gazzumped on the house we were buying last month even though we were paying £100k over asking. Someone else came along with a suitcase of cash and we were kick out of the process. Luckily all of the surveyors, lawyers and estate agents involved haven't passed any costs on to me, so I have lost nothing but time and effort.
There's nothing else we want to buy, so removing ours from the market and try again next year.
as long as your next seller isn't tied into a chain, but at least you will have halved the risk.
Spot on - the English system is prone to breakdown and sellers underestimate the value of for instance a cash buyer. There will be lots more abortive deals now the SDLT giveaway is coming to an end as a natural longstop, and everyone has to be flexible to get something done. Trying to sell a property that relies on three or four other things happening is always susceptible to problems, a good agent will try to steer an option that has a solid chance of proceeding, not just the highest price.
Our estate agent when selling my mums house hinted cash is king over an offer that was 14k more but in a chain
My house isn't worth a lot in todays terms, below 200k, but if selling and ready to move myself, I would certainly accept 10k less from a cash buyer than someone in a chain needing a mortgage. And this 10k discount could be more if my house was worth more.
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Moving into rented property during a rising market seems like a bit of a gamble.
This was my thought aswell, if anything happens once were in rented and cant proceed for any reason, we dont have our original home nor a home we want to move into, effectively in no mans land. Its either going to be we stay here for a bit longer and see what next year brings or keep looking.
With everything going on at the moment, rising energy prices, SDLT holiday coming to an end, furlough to end (which may affect someone in the chain possibly) and maybe even Christmas without turkey - we are well and truly knocking it on the head for 2021!
Well see what 2022 brings.
Seems a few properties are being reduced recently, im assuming its because of the SDLT holiday coming to an end.
One property was on sale for £600k, way overpriced for the house even though its a nice area. Dropped to £550k at some point and then yesterday dropped to OIEO £530k which is still overpriced. Thing is if they had started at OIEO £500k with the way houses were getting snapped up it would have prob reached over £500k especially as the purchaser would have saved the SDLT but now, looks unlikely.
The clever ones were the ones who overpriced but would have been a good buy considering the jump in prices. Can you imagine the convo with the estate agent ' you told me its worth £600k all day long, and now weve knocked £70k off and its still here'!
I ran into the estate agent who sold us our house last year at the end of the road in the past week - he'd just sold the house round the corner that we looked at last year for £30k more than it's lowest reduction in 2020 off the back of being on the market for one day with 12 viewings and was leafleting the road. He couldn't believe how lucky we'd been to get ours for what we did and was confident that if they brought it to market today they'd be aiming at offers over £70k more than what we paid! As if to back that up, this morning I looked at Rightmove and saw a property we viewed last year on offer at £460k has returned to the market at £550k, which is absolutely bananas money for that house, given that when they listed it in 2019 it was on at £425k.
I was also interested to note how many properties failed to sell last year - I've been keeping an eye on sold house prices and looking out for ones we viewed but missed out on, and I reckon maybe 60% of houses we viewed that were then SSTC have failed to go through or come back to market at all. I daresay that if we had our chain collapse we'd probably still be where we were even for the lack of space because we'd have been blown out the water on current prices.
UPDATE from middle earth!
I live in an area that is nowhere near central London prices but probably exceeds lots of other areas so around a middle ground price wise.
I photograph for a few agents and they both told me that almost overnight it feels like the market has switched to a downward trend, people pulling out/chains collapsing, little enquiries for nice quality properties whereas a week or so ago similar properties were getting 60+ calls, they both fear that the change that was being warned has come, also October is normally a good time for listings but its going quiet?
They might be getting a bit carried away but then they are the market I suppose, be interesting to see where it goes from here especially as we are heading into the Christmas period..
Interesting. I'm very close to buying a second property but a,m minded to wait a little to see if the end of furlough has an impact.
Anyone who really wanted to move this year has done so already so the market is a lot slower, we are looking to buy a bigger flat locally to me in SE London, lots of choice where we are looking and a few sales (I’m looking at mid century modernist blocks that often feature on The Modern House so a very particular type of property) but a lot are sat there unsold as they are just overpriced but there are buyers out there as people’s lives often dictate when you move not the market/policy.
Flat we are keen on the owner is moving back to a new builds Germany that’s ready in December, we have just put my partners place on the market, will see how much interest there is in that....
Seeing a few properties re-appear that were previously marked as SSTC, and suprisingly they werent overpriced, i guess the chain broke along the way and didnt manage to complete in time to take credit of the SDLT holiday.
Shame really. I do wonder if someone were to apply again for a mortgage whether they would still be accepted based on the now rise in inflation and thus the affordability declining.
Just seen a 1930s detached down the road from me. Sold in April for £1m needing a complete refurb, they have added a small rear single story extension and done the loft. All done to show home level with no features retained, garden has decking and no patio and the front garden has been completely block paved. Back on the market and sold stc in 2 weeks with asking price of £1.95m.
Yowzer that's a HOT market!
where are you btw
SE London! Bonkers! My wife and I honestly had a chuckle when it went on the market saying their dreaming. We assumed it would hang around and probably be reduced after Christmas. The thing is it sold so quick that I doubt they even took much of an offer on it if at all! Will be interesting to see the sold price when it filters through to Zoopla!
Last edited by dougair; 18th November 2021 at 17:41.
I just sold my mums totally original 1920s semi needing total refurb to a lady for a “forever home” my mrs seems to think it will appear back on the market in a few months time fully renovated for a massive mark up, we will have to wait and see
We bought our place much as your mums…1920’s, same family owned for almost entire life, not been touched for 30 years or more. We were lucky as we were competing with developers, luckily the children of the owners (it was probate) wanted to meet us and we talked them through our plans, sympathetic refurb, forever family home etc! We’ve been here 9 years and have bought two kids home to it. We’ve added back features and reclaimed parquet etc etc. it pains me to see period properties stripped of features and turned around for a quick profit!
Lots of bungalows round my way are being bought, refurbed and flipped. Probably one of the reasons you can't get any of the trades at the moment - they're all too busy working for themselves.
Loads in the south of England where the gardens were large in comparison to the size of the bungalows are now going for huge sums, and either rebuilt for the buyer’s use, or as you say - to sell on.
Also lots of major re-works being carried out - so if you want anything done, it needs to be substantial - but you will still be strung along.
What a shame
Same on my estate, mainly bungalows. It's a relatively cheap area, they were going for about 140k in good order, but suddenly 200k+ prices are being reached. And being semi detached bungalows with large gardens they can easily be extended upwards, sideways, and back.
Builders vans and skips everywhere, it seems a few a street on average. Some of the results are monstrosities to my eyes, but the result is a big house with driveway and gardens for not a great outlay.
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Same round here got a leaking chimney fixed sharpish only because the roofer took pity on us and did it as I priority over his other work trying to find a chippie to fit some fancy oak doors for us, no chance
Getting a skip is a mare too
Happy days, got around to having a squint a Zoopla, even modest 2 bed flats in SE London seem to be going for upwards of a 1/3 of a million. Nice.
I can imagine. The last one I had, 22 months ago, it was a mare to get them to take it away!
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Can these prices be sustained going forward over the short term? Rising utilities costs, rising fuel costs, inflation on the up, tax rate bands frozen, sdlt holiday over and maybe a rise in the BoE interest rate.
Where are these people getting the money to buy these properties?
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The high wage economy
I can remember many years ago a housing estate going up near me with massive eye wateringly expensive houses on it and saying to my mate no one round here is ever going to be able too afford these, the whole estate was sold out within 3 months, never could work out who bought them
Half a million plus round here!
Posh! Dulwich?
Mine must be a bit further out, but even so, it's a helluva play if you can get on the right side of it.
Has to be a Mum's and DaDs/ grand folk who've done well themselves thus helping the kiddies, even more so in London/ SE...From experience, when we sold our 1 and 1'2 bedder, SW, Clapham... in 2010 for 400 k, it was the Mum did all the negotiating etc...Daughter had enrolled in some Drama school nearby, needed to be super close.
Just doesn't compute, really doesn't especially not for those coming up, but that's the staus quo now and that's how they/ we like it. mental.
Last edited by Passenger; 20th November 2021 at 19:51.
I moved from London to Scotland 23 years ago and am always gobsmacked to see the gulf in prices. This comparison in a red-top is quite amusing showing what £1m will buy:
https://www.dailyrecord.co.uk/lifest...y-you-22552061
Yep, East rather than the Village but it’s still just a little bit bonkers. I remember when we bought ours my father in law saying ‘oooh it’s expensive for a semi’…he lives in Wrexham!
We had no help but we’re lucky to buy in Bermondsey before all the development and that allowed us to buy here. Been here 9 years. Rocketing prices are only really beneficial if you’re selling up and moving out of London.
Last edited by dougair; 20th November 2021 at 20:53.
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