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House Price Crash Forum


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About DB85

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  1. I had this recently. A probate house we looked at had countless viewings over several days and many offers apparently. We offered £30k over the asking price but didn’t get it, and we’re told that it went for £60k over the asking price. It went on land registry at just £5k over the asking price. I rang up with agent and asked what had happened and they sold me some story about issues with the survey but I said surely for a house with that many offers they would have reached back out. He said the vendor had chosen not to. It makes you wonder what the agents actual communicate to the vendors, m
  2. What location is this? We are in north Herts and were in a similar position to you for 9 months, outbid on several properties without any explanation or feedback on where our offers sat. As painful as it may be you do need to strike a bit of rapport with the agents and tell them your situation and what you are looking for. We were eventually able to buy as an agent contacted us for a pre market viewing as he knew what we were after. After our offer was accepted they still put it on Rightmove for a few hours, not sure why, maybe to brag to other agents about their quick sale. Anyone phoning
  3. An update for what it’s worth, we’ve had an offer accepted at £585k. Part of me thinks this is crazy and the market will all come crashing down, but as stated this house is on our favourite street and has the potential to do exactly what we want to, so we plan on being there for many years as our family house. I agree with a lot of what Simon2 says. Most properties coming on the market are the lower end stuff, flats and small houses, and some of it appears to be ex BTL. If there is to be a crash I think this will be first and there are already discounts to be had in this bracket.
  4. I was starting to think some sensibility was about to return to the market however... A house on my favourite street was on the market in Sept 2020 for £470k, probate. It went to sealed bids, and I offered £500k thinking that would be guaranteed to secure it. The EA received multiple offers and it’s gone on land registry at £530k, madness I thought. An identical house on the same street, also probate, with a different EA has just come on the market at £575k. Four doors down, same size plot, same amount of work. I viewed it on Friday armed with the evidence of the previous sale to us
  5. I agree that falls will be in play by Q3 but I am not convinced that prices will rise further from current levels in the short term. Based on what I am seeing falls have already started, with a few reductions in my area over the past few weeks in stark contrast to a very hot market last summer on larger properties. Fewer houses appear to be selling currently and inventory has crept up a bit following very little coming onto the market since November. Agents I’ve spoken to are busy with new instructions due to the forthcoming lockdown easing so this will hopefully increase the supply.
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