quilan

Waiting until October / Q4 to buy. Hope the panic and FOMO will have faded enough by then.

This is the key point. Inflation is coming and will emerge even in the (fiddled) official figures. What we need is a nice, old fashioned IR increase. I’ll believe it when we see it.

1988 felt like this, a crazed end of days panic. My parents sold our house during the ramp up and couldn't find anywhere to move to (long story), resulting in us having to move into a flat for a year and needed lump sum from grandparents to cover cost of our next house as it had gone up so much in the interim. Lucky we had that option.

Agree. I had to read the details on the different brackets and different dates to understand what's happening when. It is a confusing situation around SDLT. Perhaps government intended that?

I guess it's very localised. There are some crazy hot spots in the wider region but perhaps have to be careful of such generalisation.

https://www.manchestereveningnews.co.uk/news/property/anger-bidding-wars-spiralling-prices-20520474 This is an accurate picture of the current situation in the NW. Madness.

My presumption is that they perhaps had a cut off last year and if they didn’t get their price they would relist in spring. Or perhaps didn’t want to have viewings due to the lockdown and COVID prevalence at that time. I viewed a few of these delisted and relished houses (in NW). They were deluged with interest and allegedly offers over asking on day 1. The one marked 14pc on October (identical neighboring property sold price) had offers over the asking and went STC within a few days. Another one the vendor rejected an offer 20k over October’s price in early March. This is what’s happenin

It was more the point about the general direction of rates going steeply down this summer, especially on low deposit mortgages. Risk on!

https://www.telegraph.co.uk/property/buy/wait-summer-get-mortgage-experts-warn/ More madness, couple of selective quotes. “It is the small-deposit loans we expect to see larger interest rate cuts,” he said. "This week Nationwide, Britain’s biggest building society, increased the amount it would lend to first-time buyers, offering borrowers with at least a 10pc deposit up to 5.5 times their income on certain deals. The change means a first-time buyer couple with a joint income of £50,000 and a 10pc deposit could now borrow up to £275,000, rather than the previous limit of £2

Interesting new piece on Acadata blog today. I tend to agree with their prognosis. http://www.acadata.co.uk/the-housing-market-what-are-the-vital-signs-telling-us/

http://digitaleditions.telegraph.co.uk/data/585/reader/reader.html?social#!preferred/0/package/585/pub/585/page/90/article/168501 Cannot post full article but gist is there will be no fall after around end May when it will be nigh impossible to avoid paying 80pc of the stamp duty on a 500k property. Best can be hoped for is a lull in activity. Market in NW is still frantic. Asked to view a very ordinary 3 bed detached and told 16 people viewing it this Saturday. “House prices will remain robust when the Chancellor’s tax cut is wound down from June after Covid altered

I have seen this several times recently. Houses that were withdrawn in around October coming back on the market in March for 5-10pc more. Up to 14pc in a few cases.

It feels like that to me too. Just reading this week's economist https://www.economist.com/graphic-detail/2021/04/10/our-house-price-forecast-expects-the-global-rally-to-lose-steam Key excerpt: "Giving equal weight to each of the 16 countries for which the model has data, its central estimate is that the rally is likely to stall but not reverse. It expects apprecia tion to slow to 3.4% this year, and to 0.7% by 2023. Much of this deceleration comes from America and Britain. However, because prices are currently soaring in those markets, the model projects them to

100pc you're right. Most of houses I've looked at are occupied by smug boomers. It's a beauty parade and they can pick and choose to whom they sell. The market has been busy since lockdown 1 ended but this March has gone off the chart crazy. The real trigger was the extension of stamp duty. I just don't understand where these buyers have come from. It was busy last summer but nothing like this. Seem to be more equity rich and cash buyers now. Perhaps people moving up from the south or Chinese/HK cash buyers? The problem is there are so many buyers that the agents don't give a

Also looking in Manchester at the moment. I'm looking for detached 4 beds. Can confirm it's as bad or if not worse than you've described. The hottest market I've seen. Only comparison is to 2007 or perhaps 1988 in the months before the withdrawal of MIRAS. Some of the things I've personally seen recently in this market: - Agents telling me that only those without property to sell will be allowed to view - many properties selling within 1-3 days on the market - people making pre emptive offers for properties prior to viewing when there is only a photo of the house exterior