Reply With QuoteJust sold ours for £15k over asking and £40k over what I thought we’d get for it. Took four days and had 12 viewings. Now got to find somewhere to buy!!
I’m house hunting too, property seems to be selling a couple of days. Wonder how that long that will last for towards the end of the year
Just sold ours for £15k over asking and £40k over what I thought we’d get for it. Took four days and had 12 viewings. Now got to find somewhere to buy!!
We’ve got 60 viewings booked on our studio flat in west London and these are the ones vetted by the agent as cash buyers! We’ve already had one offer £6k over asking and no one has viewed it yet!! Crazy.Originally Posted by craig1912
I sold one in 7 days, minor bidding war & accepted just over asking and that's in the bleak north.
Before all this kicked off, I was on a mission to consolidate a few into a single home in a nicer area sometime next year.
Have currently evolved that plan to consolidate to my current place & be mortgage free and think this is the sensible call, but the temptation to try & rush it all through during the stamp duty window is strong.
Spot on commentary, the scheme was launched too soon and is actually achieving a negative outcome (unless you are a housebuilder / estate agent / are exiting the market permanently) at taxpayer expense.
'Bad dream'
Market commentators said the short-term boom in the market had been surprising, but many do not expect it to last.
Lucy Pendleton, director of estate agents James Pendleton, said: "Buyers emboldened by the stamp duty holiday have been engaged in a pitched battle for property, delivering a barnstorming recovery for the market.
"A stunning proportion of properties are now going for asking price or more, and offers are flooding in. It's like lockdown was a bad dream."
But Andrew Montlake, managing director of mortgage broker Coreco, said: "Two words: reality check. As strong as the property market is right now, it will not last.
"Demand is understandably strong after lockdown and the added bonus of the stamp duty holiday, but unemployment is rising by the day and the economic outlook is highly uncertain as the furlough scheme ends.
"In the final months of the year we will start to see a reversal in the current rate of house price growth.
There’s a bit of me thinking of renting for six months and look again. Won’t get the stamp duty saving but prices may well make up for that.
More news like this might calm it down.
https://www.theguardian.com/business...osit-mortgages
At the start of March if you had a 10% deposit you could choose from 779 deals. Today it's down to 60.
Most lenders look to be taking action to avoid the inevitable negative equity.
"Mortgage deals plummet as lenders play safe - BBC News" https://www.bbc.co.uk/news/amp/business-54000714
Having ended up owning two houses I'm keen to sell one ASAP even though it means living amongst the renovation work on the new one, can`t risk the market dropping next year. The stamp duty doesn`t make much difference in the north where prices lower, hardly a deal-breaker on a house like mine for sale at £265K.
I think I may have a buyer, I`ve agreed to sell to a lady but she's not filling me with confidence. Getting out in around 10-12 weeks would suit me. If I was confident in the market I`d stay here till my newly-acquired property was sorted out and sell next April/May but I won`t take that risk unless the house doesn`t sell, then I`ll have no choice!
Could you negotiate a quick exchange but longer completion to help you out ?
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We’ve decided to stay put for at least a year. I feel decidedly uncomfortable with the economy currently, so don’t want to play in this particular sandpit right now.
Prices holding up currently, but oh so many properties (quite obviously holiday/second homes - no chain, photos show clutter free rooms etc) being newly marketed by the day, that it is only a matter of time. For the timebeing, I am just happy to have an abundance of choice.
Where we have just bought (Suffolk coast) there were around 10 properties for sale in the village three months ago. Now they are all sold or STC - most of this happened in the last month.
It's best to get the deal done and dusted quickly, less chance for anything to go wrong! If someone wants my house fairly quickly they can have it, can`t risk losing a sale.
The bungalow I`ve bought has stood empty for a year but it's cleaned up well enough to move into quickly if we need to. Kitchen and bathroom are scruffy but they're getting replaced, everything now works properly after a bit of plumbing and a lot of cleaning, not pretty but it doesn`t need to be. The heating works OK, can`t find any problems. The room that won`t be affected is earmarked as my study/watchroom, just needs decorating and some better lighting installing. I`ll set up my work bench, music player and computer and that'll be my 'happy place' .......a seamless transition!
You probably have done this already but it would be worth having the description of your house updated as "chain free".
I would also speak to your agent about a featured or premium listing on the portals and make sure they are on Rightmove *and* Zoopla. If they are on OnTheMarket they probably won't be on both Rightmove and Zoopla which would he a concern for me.
That's fair enough but I've lived through refurbishments before and I found it draining towards the end so thought it might be an idea. I've found the best way to test a potential buyer is to ask when the survey will be done. Not foolproof but at that stage they will have started incurring costs
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Interesting. I suspect that may be the difference between “long haul” Cornwall and the part-time commutable SE.
Quite possibly - several had been on the market for over 12 months, so there certainly seems that current interest has outstripped demand (for now, at least)
Barclays lowers maximum income multiple.
https://www.mortgagestrategy.co.uk/n...come-multiple/
They were lending 5.5x salary in some cases! Wow. Didn't think it was that much!
Haven't applied for a mortgage for several years now but that is crazy imo.
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It was pretty nuts, though probably capped to a maximum lending amount (I haven't read the article, I admit). If it wasn't capped, then even more nuts given the percentage take home decreases as salaries increase.
I have noticed (and its probably not Corona related) that some of the houses coming on the market which seem quite high seem to be listed by online agents (and some that i haven't even heard of).
Most other reasonably priced houses seem to be listed by local high street agents - which seems sensible imo.
Question: if you want to list your house at a very high price (more than what is achievable) - do the likes of Purple Bricks turn you away or do they list it regardless?
Last edited by Estoril-5; 8th September 2020 at 12:23. Reason: add info
List it regardless I believe.
Which would explain why some houses in hot spots are still unsold.
I guess high street agents wouldn't do this as they risk doing all the leg work, not getting a sale and that means no commision.
I believe so also as they get paid regardless of whether it sells or not
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Some agents will list regardless too, especially the larger ones who have listing targets which impact pay and which company car you're given etc. It also sets them up for price reductions which the larger agents are usually almost targeted on too.
Bairstow Eves have listed my aunt's house for silly money at my aunt's request. A house in significantly better condition and on a better set of streets (other side of a high road) was listed for 675k and sold for 720k. So what did my aunt and Bairstow Eves go for? 725k, then reduced to 720k and now 710k. She will have won the lottery if someone offers her 650k.
2 x full asking price offers placed on two different houses and lost twice (once through estate agent skullduggery (longish story) and once because someone weighed in way over the asking)
Starting to feel gloomy…. The housing marker seem to have gone nuts
Another offer in today on a different really nice one…. This time a whack under asking as I think the price is a bit punchy
Fingers crossed
Feel stressed as everyone seems to have gone house buying nuts…
Someone at work has just accepted an offer on their house 22 hours after going on the market. They said it was nuts, everyone wanted to view.
Having sold my 2 bed, we're looking for 4 bed detached properties in the A3M/A27 corridor. I was booked in to view a property Friday before last, was first on the phone to book a viewing but we were off to the zoo that morning so asked for late afternoon and got a call at quarter to 12 to say it had gone for asking price inside of the second viewing. Saw a property yesterday that we were first through the door to view that had 24 viewings lined up over yesterday and today, although I suspect that is largely because the plot was large enough to demolish and stick a small infill development on. We're currently on week 3 of our search and I reckon there are half the properties on the market that there were a month ago that meet our criteria as everyone rushes to upsize, lots of demand but no supply and fools parting with money.
Last edited by Gromdal; 8th September 2020 at 20:31.
It is crazy, I would like to buy a house that needs work to flip for profit, we’ve offered on a few but people are bidding high on rough houses that are riddled with damp..
I still think there is a winter of discontent on the way, job loses, 20% deposit needed on most mortgages, billions to pay back and markets and economies all over the place, sooner or later property has to feel all this..
interesting, I am looking at a place that's with an online vendor (strike). Seems like there are more than just purple bricks too.
I hope your offer goes well. But if not, unless you need to move urgently, I wouldn't get too stressed about it. Firstly because I strongly suspect that prices will ease towards the end of the year as the inevitable redundancies in some sectors start to rise and secondly because of the banks tightening their lending criteria.
As for finding 'The House', we completed on our purchase in August fully expecting prices to ease later in the year, but after a long search (around 20 months) we didn't want to lose the sale as the house is just what we were looking for. On the way we had seen two other properties that we really liked but weren't on the market - an idle browse on Rightmove yesterday showed that, completely out of the blue, one is now for sale and the neighbouring property of the other is now on the market - something always comes along!
ATB
Jon
So bit of an update from previously, next door neighbour rented his house for over 8 years, and then was planning to sell at start of 2020, in the end by the time tenants moved out he listed after lockdown ended. He listed for £280k thinking it would go for over £270k. Was chatting to him today as the removal men were emptying his place and he mentioned he had viewings lined up the day the agent advertised and sold within 4 days. He told me a BTL'er kept bidding but in the end he sold to a nice couple for £289k.
I was surprised but i think it all went through so quickly was that he priced it reasonably and people kept edging a little more.
mines in better shape than his as his was a rental but they are identical floorplans, im interested to know what we can achieve.
Last edited by Estoril-5; 9th September 2020 at 11:56. Reason: typo
Stick it on for 300k and see how you go, would be sensible imho. Best of luck
Ask an estate agent - if yours is in much better shape that can easily add 10-15% - all depends on how much better it is of course!
Well - two asking price offers knocked back and then this one at £25k under goes through...! it was the nicest out of the three too when i really think about it...! It needs a fair amount of work, but, we'll end up with a beautiful 4 bed detached Victorian place with a garage and lovely west facing garden on a really nice street! Genuinely couldn't be happier!
Nice! Where abouts in Leics? I lived in Thorpe Astley for a while (near the Odeon iirc).
Agree with this. Put it on at 299,950 so it's under the magic number for Rightmove and Zoopla. If your place is polished and of a much higher standard compared to what may be a tired old BTL with cheap everything everywhere then you can push higher, it's just awkward as most people search up to 300k and don't see the places sitting for 305, 310, 315k etc.
You'll very rarely get the full amount of work back compared to a neighbour who neglected theirs. We sold for about 30k more than a neighbour who was on at the same time with the same house when theirs was terrible and ours was polished. Ours was completely gutted with new doors, double glazing, driveway with dropped kerb, patio, heating, wiring etc and obviously a lot more than £30k to bring theirs up to the standard of ours.
Yep - the big multiplex - was not an Odeon - it was a view cinema i think
It is South Knighton/ Stoneygate - if you know where the race course is, turn left towards town at the roundabout and head towards town on the London Road - its a really lovely street with a few small shops and some lovely Victorian properties- a complete higgeldy piggeldy mix of small and large terrace/ semi / detached and a couple of very impressive mansion houses too! Nice community feel too...
Great stuff!
Its got me and the wife thinking again, as we genuinely thought he would struggle to sell and that whatever he achieved would be linked to what we could achieve, but this has surprised us both, however if houses are over-achieving that means whatever we like may potentially go for more than asking. Also our requirements are quite specific which means a smaller selection of houses.
Ah ok, near to Oadby? I lived in Oadby for a while and that was really nice :-)
Yeah - really not far - about a mile and half up the road - we are about 10 mins stroll from Allandale Road and 15 mins from Queens Rd/ Clarendon Park...
good luck with your potential move! and you are right... if you are trading up, the current rampant house stuff wont serve you... if you avoid a decent chunk of stamp duty, that will be a bonus of course!
Price for the same house has been reduced today, not by much but reduced nonetheless, now OEIO £380k.
I know the head of office for one of the more prestigious estate agent chains. He is starting to see a slowdown and anecdotally is selling his own property and renting for the next 12 to 18 months as he sees that as the cheapest way to make the leap up the ladder, with prices expected to fall.
What the Government chooses to do over extending financial support schemes and SDLT holidays will be critical to what happens and when.
Its going to happen, people locked down at home talking about moving to a nicer area, quieter life, down sizing plus the rush of homes that were held up due to LD will soon dry up, the reality of all that money lost will filter down to property at some point.
People moving to a nicer area, and people downsizing - wouldn’t appear to me at first sight, to cause a stagnation?
Or, is it just a case of the current rush (due to the SDLT holiday) easing off?
I think the biggest shock to the market will be the previously-upwardly mobile people being without work for the first time in many years, and reduced prospects?
The Estate Agent manager who is selling to rent? A bold move, and no guarantee that he will be able to return to his area of employment. Then what?
Thing is that the supply of properties will have dried up also which means less to chose from and potentially sold prices increasing if there is a bidding war.
So for context;
- Un-employment is likely to rise significantly
- Income is falling as bonuses and other discretionary pay is reduced
- Mortgage lenders are reducing offers, both in terms of multiples and allowable elements of "earnings" as a barrier to owners trading up
- The SDLT relief will end
- The UK will have a colossal pile of debt to re-pay notwithstanding it was borrowed at cheap rates
- Brexit
Doesn't sound like a strong platform to be worried that prices are going to spiral upwards out of control from. In fact it is a far bolder move to upsize at the moment if you don't have to and finances are a consideration (as is the case for most)
Nothing in life is certain, but by any measure it is far more likely typical house prices will be below todays levels in the next 3 years or so than higher.
What I meant by people moving to a nicer area and downsizing is that it has kept the buoyancy in the market and helped push prices up, as I said this can only last so long before reality of debt hits..
With mortgages being cut and deposits hitting 20% down this kills a lot of first time buyers, without first time buyers the markets will simply dry up, BTL purchasers would act like a first time buyer in a chain but they are in an even worse position now regarding borrowing.
Gotcha.
So wait it out before buying a holiday home?
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