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Hpc Cancelled, Been Outbid 10 Times On A Plot


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A house, (under probate), on a nice plot came up for sale on Saturday for £625k. (Plan was to knock down and build a new home)

I went to go and see it yesterday and found out I was the 11th person to view and another five bookings were arranged following my appointment. I put an offer in of 90% of asking price,(this already being 110% of what I think the place is worth but wife is desperate), and was told that they had ten other offers in excess of mine and they expect the final offer to exceed the initial asking price. I stressed that I am a cash buyer and the STR fund is ready to go within a couple of weeks - it counts for nothing apparently.

The market has definitely picked up pace. If this is a bull trap, its a big one. Hold onto your hats, I think we are going to see things going crazy in the next few months.

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HPC was cancelled back in Feb of this year.

Prices are going up and this should cause more supply to come to market, buts its not happening and prices are heading back to peak 2007 prices.

Sometime in 2010 we will be back at peak prices in the national averages.

Doesnt look anything like a bull trap..

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Rakno, if you are looking to build your own home then you have two routes really. Sign up to all the plotfinder and plotsearch companies and all the local EA's or select and area, get a good quality map - one that shows garden boundaries - then walk around that area looking for either a house with a large garden, odd shapes of land, bungalows and odd or dilapidated houses. As you are doing the leg work you shouldn't be in competition with dozens of other people. I did this and found my plot, a large garage court (although the garages were never built) and not long after we bought that plot some of the other leads we had came up. Don't be afraid to knock on doors.

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Where are you guys talking about?

In Norfolk, I'm seeing the same amount coming to market, but sales are slowing, I am quite hopeful that the winter will see stagnation/capitulation and the market will fall again, especially if there's an economic shock like a fall in the stock market or a start on tightening of rates to stave off inflation or bond market problems.

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....

Doesnt look anything like a bull trap..

I beg to differ. It looks like the biggest and most stupid one I have ever seen in my life. When house prices crash next year the UK will hit the buffers. I am very glad I live in France TBH. No jobs, no money, currency crash and massive inflation. What a dump.....

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Rakno, if you are looking to build your own home then you have two routes really. Sign up to all the plotfinder and plotsearch companies and all the local EA's or select and area, get a good quality map - one that shows garden boundaries - then walk around that area looking for either a house with a large garden, odd shapes of land, bungalows and odd or dilapidated houses. As you are doing the leg work you shouldn't be in competition with dozens of other people. I did this and found my plot, a large garage court (although the garages were never built) and not long after we bought that plot some of the other leads we had came up. Don't be afraid to knock on doors.

Thanks for the advice, will do.

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Guest KingCharles1st

If you are looking at a plot going for 625K, I don't see how the crash (or lack of it) is in any way relevant to you whatsoever.

Seems like you are just a typical rich bloke trying to get richer.

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Rakno,

Your name rings a bell as I disctinctly remember warning you the perils of STR around early 2007. I haven't checked the back-posts but seem to remember you were selling in Slough. I remember some comment like you'd seen it all before and knew it was time to pull out.

Well, you played the property market, gambled and lost. Having been burned by this before, I comment to everyone condsidering STR, do not gamble with your primary residence. You wouldn't take £10k into a casino, but somehow think it's OK to gamble with £500k of house equity. You need to be very lucky to call the top of the market, and nobody has done so yet in London & the South East in the last 15 years as prices are at a record high, and going up.

Now your Missus is p1ssed off and your going to overbid on some overpriced crap house you really don't want, just to get back on the ladder. Sorry to be harsh, but if you live by the sword.............

Bobbins

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Rakno,

Your name rings a bell as I disctinctly remember warning you the perils of STR around early 2007. I haven't checked the back-posts but seem to remember you were selling in Slough. I remember some comment like you'd seen it all before and knew it was time to pull out.

Well, you played the property market, gambled and lost. Having been burned by this before, I comment to everyone condsidering STR, do not gamble with your primary residence. You wouldn't take £10k into a casino, but somehow think it's OK to gamble with £500k of house equity. You need to be very lucky to call the top of the market, and nobody has done so yet in London & the South East in the last 15 years as prices are at a record high, and going up.

Now your Missus is p1ssed off and your going to overbid on some overpriced crap house you really don't want, just to get back on the ladder. Sorry to be harsh, but if you live by the sword.............

Bobbins

I bet you would like to be able to "lose" the same way he supposedly did :-)

STR works perfectly well even if you don't do it at the exact top of the market. It is impossible for asset prices to outperform the GDP forever, and it is falling now. The only way he will lose is if it is different this time ....

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A house, (under probate), on a nice plot came up for sale on Saturday for £625k. (Plan was to knock down and build a new home)

I went to go and see it yesterday and found out I was the 11th person to view and another five bookings were arranged following my appointment. I put an offer in of 90% of asking price,(this already being 110% of what I think the place is worth but wife is desperate), and was told that they had ten other offers in excess of mine and they expect the final offer to exceed the initial asking price. I stressed that I am a cash buyer and the STR fund is ready to go within a couple of weeks - it counts for nothing apparently.

The market has definitely picked up pace. If this is a bull trap, its a big one. Hold onto your hats, I think we are going to see things going crazy in the next few months.

Have you got a post code for the area you are interested in (three/four digits will do).

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