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TheResponsibleHouseBuyer

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  1. I don't think there is a "bargain" right now. I have a feeling if i ring up, the vendors aren't going to want to sell before Christmas as they are just gonna sit on the house until the right offer comes through. There is a lack of properties on the market, plus the asking prices still seem to be where they were during the stamp duty holiday, if not slightly higher. What i have seen though is the stuff that has gone on for the prices in 2020 get snapped up quickly and that is worrying. For the first time i've seen houses go for more than the asking price in places where the asking prices were always negotiated down. Estate agents must be feeling the pain with them fighting over so little housing stock.
  2. Yep totally agree. I left some houses go last year and didnt push the offer up. Now nearly all those i left, the new owner is putting the house for an average £60,000 more than it sold last year. Crazy!
  3. Don't know why BoE encourages irresponsible borrowing. Here's me thinking i should be saving but infact since the recession i should have been spending, especially on interest free credit cards! I would be better off today...
  4. That is odd, but not abnormal in these times. I did a quick postcode check on RM. Why hasnt anyone bought this one which is in the same town and is fully done up nicely inside? I am stupid for not buying 6 years ago, and even more stupid for waiting out the pandemic... Too many vested interests to prevent a HPC i can see... https://www.rightmove.co.uk/properties/98314184#/?channel=RES_BUY
  5. No interest rate rise today. Lack of supply and a lot of borrowing will continue. We're all F**ed.
  6. That's the problem, there are people most likely FTB or selling their home in London that is pushing prices up in other regions (want garden, garage, green space etc) that have never seen this level of growth. I dont think it will stop as long as people reduce their spending on train season tickets, going out and holidays. Not to mention that hardly anyone these days is buying new stuff every year, cars, phones, furniture etc.
  7. well, expect a few EA's to go out of business then. On a bad note, it seems the madness continues. Expect to see houses marketed for silly prices, seller's hoping some idiot buys their trash at this going rate.
  8. so they have bought at crazy prices ? I still think price paid LR data is seriously behind then.
  9. I will wait in desperate anticipation . Though I keep waiting each month to see the Land Registry prices paid data..... they look disappointing. Either there is a big logjam in the housing chains/land registry, or things are just not selling. Cant see that translating to what is going on in the media and asking prices on RM.
  10. Its like that everywhere around the country. Asking prices are through the roof...... doesn't matter where you are or what estate its on. They all go to SSTC after a few weeks and i haven't seen many come back on. In 2019 stuff was seriously struggling, i had calls from agents all the time for them trying to shift stuff to me, should have bought then
  11. Given the low supply of homes on the market, if the rates go up, i can still see prices continuing to go up. The seller will just put their prices up relatively in line with everyone else in the country and this will just have a domino effect of what we are seeing. The demand will always be there. Given the lack of supply, buyers will just take whatever they can. All the "free" money floating around the past year, combined with low interest rates means people have saved considerably. If patterns remain the same e.g. working from home, not going out as much then i can see a lot of people with £ to put towards housing. In some areas I am seeing more new builds listed than older homes, and sometimes going for even cheaper! Which i am sure has never happened before. I am pretty sure that a lot of mortgages have been taken out on the low interest rates and fixed for as long as possible. Any changes to inflation or interest rate rises will be limited. Cant see supply going up anytime soon, something always gets in the way of it. I think for now its, seller has a home to sell, has a buyer but cant find anywhere to buy. Interest rate rise has to be significant enough that has a significant impact on first time buyers' affordability, thus affecting the bottom of the chain to bring prices down.
  12. Yeah same for me I've noticed this whole year a lack of middle market properties that you would normally see a lot of. I can see the bottom of the market, flats, rundown terraces that need work doing or are in terrible locations. On the other end top of the market stuff which is being advertised for crazy money and lingers around so long than no one wants it. The really nice stuff appears on RM where the agent lists it as "sold before marketing"...… Cant win
  13. That's an interesting chart. So in basic terms, from the chart, are we talking an average 3-5% mortgage rate to bring prices back to pre 2008 levels?
  14. Hi All, Been looking actively at this forum for past 6 years now, finally decide to make an account because of the craziness in the housing market. I keep hearing that rates will go up, but i am just at a loss as to what actual impact this will make on demand and supply of housing. Thought i would view and offer on a few properties over the weekend in the South East. Realised that however much i put down i am getting out bid by £50,000 - £100,000, on top of what the actual prices should be right now. On top of this, noticed a lot of speculative properties being put on for insane prices only a few weeks later to be withdrawn with the agent saying they couldn't find anywhere to move. Pandemic feels like people have saved up a big chunk of money and those fortunate to work from home have saved a lot on travel (rail, petrol, car) and put this towards inflating the prices. Seems also like people are selling in richer areas moving to more cheaper areas, where in the past no one with a brain would dare touch. In relative terms, the stamp duty holiday feels like insignificant, like getting a free car service with your brand new Lamborghini. Therefore any increase in the base rate is likely to not make a major impact i think........ so if like me you arent a homeowner we're all doomed! What's anyone here thinking?
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