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The Masked Tulip

Two Months Sstc

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Looking through houses in my area on RM it appears that 2 months is the average time that houses take to go from SSTC to coming back as available.

There are some who go on for longer - 3 or 4 months and the odd 4 month plus ones - but generally it appears to be about 8 to 10 weeks.

I wonder why this is - is it, I assume, how long it takes for the bank to organise a surveyor and then to come back with a much lower valuation or perhaps how long it takes to be told that no mortgage is available.

Btw, speaking to an EA yesterday I was told "You have your choice as as a buyer" to which I replied "About time you stopped the ridiculous valuations and started talking down the ludicrous asking prices of sellers!".

I was looked at as if I had just stepped out of a large silver spaceship.

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Looking through houses in my area on RM it appears that 2 months is the average time that houses take to go from SSTC to coming back as available.

There are some who go on for longer - 3 or 4 months and the odd 4 month plus ones - but generally it appears to be about 8 to 10 weeks.

I wonder why this is - is it, I assume, how long it takes for the bank to organise a surveyor and then to come back with a much lower valuation or perhaps how long it takes to be told that no mortgage is available.

Btw, speaking to an EA yesterday I was told "You have your choice as as a buyer" to which I replied "About time you stopped the ridiculous valuations and started talking down the ludicrous asking prices of sellers!".

I was looked at as if I had just stepped out of a large silver spaceship.

Let me see, across the road, when I came back from Hols (mid July) the agents signs were changed from one agent to another ( both SSTC)....and we awaited the new arrivals ( the place is empty)....still waiting....

500K place up the Road...Sold..For Sale, Sold...onetime changed twice in a day....then rented, now back for sale...two weeks ago, now SSTC....thats 18 months of trying to get shot of it...and its still not gone.

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There are some who go on for longer - 3 or 4 months and the odd 4 month plus ones - but generally it appears to be about 8 to 10 weeks.

I wonder why this is - is it, I assume, how long it takes for the bank to organise a surveyor and then to come back with a much lower valuation or perhaps how long it takes to be told that no mortgage is available.

In my case of a chain-free purchase:

- one week to apply and get the paperwork delivered

- one week to get all the necessary info together and send it off

- three weeks for the lender to screw things up

- one week for the lender to get the survey done

- solicitors are now talking

At this point, you find out the title defects (no permission, building regs, public rights of way through bathroom etc).

Add another couple of weeks to investigate/accept/reject the defects and you are up to 8 weeks.

If there is a chain involved then multiply up the delays. So I guess you are seeing failing chains.

I would have thought a lack of mortgage would be apparent within 2-3 weeks.

My survey wasn't downvalued this time whereas my purchased in 1997 was downvalued by ~5%. HSBC told me that not many properties are being downvalued at the moment.

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  • 259 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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