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D'artagnan

Houses Start To Shift

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I have been watching the local market here for a while now and it really seems like, after some very promising initial falls, houses are starting to shift again now (or at least going 'Under Offer'). Weirdly, despite this, there still seem to be quite a few properties being further discounted.

I do not live too far from Bradford, which has been hit quite a bit recently by redundancies and has the potential for many more.

Will be interesting to see how many of these actually convert to sales....

I am assuming that you do not need to have a mortgage arranged in order to have an offer agreed?

(Sorry if that is a dumbass question, but have never been through the housebuying process!!)

Keep the faith :-)

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Will be interesting to see how many of these actually convert to sales....

I am assuming that you do not need to have a mortgage arranged in order to have an offer agreed?

(Sorry if that is a dumbass question, but have never been through the housebuying process!!)

Keep the faith :-)

I've bought a flat (1990) and a house (2000) via an Estate Agent and both times I arranged for a mortgage offer in principle before I made an offer. Normally an EA will try to get you to make an appointment to speak to their mortgage advisor after you view a property.

Whilst I don't think it is compulsory to have finance in place before making an offer, I think the EA and vendor would want to know the potential buyer was in a position to complete before accepting an offer. This wasn't so important in a rising market, but is a definite consideration in a falling market. Here's hoping for a Spring bounce!

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I've bought a flat (1990) and a house (2000) via an Estate Agent and both times I arranged for a mortgage offer in principle before I made an offer. Normally an EA will try to get you to make an appointment to speak to their mortgage advisor after you view a property.

Whilst I don't think it is compulsory to have finance in place before making an offer, I think the EA and vendor would want to know the potential buyer was in a position to complete before accepting an offer. This wasn't so important in a rising market, but is a definite consideration in a falling market. Here's hoping for a Spring bounce!

Should have said, it seems to be almost exclusively the first time buyer (i.e. low end) properties that are going under offer. Should cause some interesting statistics when looking at the average sale price! It may very well speed up the falls on the indices.

Will be interesting to see ecactly what happens

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I am assuming that you do not need to have a mortgage arranged in order to have an offer agreed?

(Sorry if that is a dumbass question, but have never been through the housebuying process!!)

Keep the faith :-)

You don't have to have a mortgage in place to fulfill any mandatory or legal requirements, however in this climate most EAs would not advise clients to accept an offer unless it was financed.

I think there has been a marked increase in activity. I've had four clients who have bought in the space of a week, more than in the whole of November and December combined. Put into context though, even a year ago 4 deals was a slow week.

I'm not saying this is the green shoots of recovery but I spoke to several other brokers who all said things had got a hell of a lot busier.

What may be of interest is that 3 of the 4 buyers had seen substantial price drops.

£290k asking (6 months ago) now £230k asking, bought at asking price

£425k asking (1 year ago) now £345k asking, offer accepted for £325k

£160k asking (up until last week!) now £125k asking and hand bitten off.

2 in London and one in North West.

There will be those of you that think they are fools for buying now and maybe you're right. I'm not offering the above as any sort of argument over what will happen to house prices.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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