Experience Of House Buying Around Cambridge

[ImANewbie]

Experience of house buying around Cambridge

I've found this forum really helpful so thought I'd post my exprience of recently buying a house near Cambridge (maybe not so sensible but I'm buying a wreck to hedge against HPC).

Please note Cambridge is a strange market - there's a real shortage of family houses as BLTS have bought them up to convert to student accomodation with the sort of living density Prison population planners would be proud of. This means that when nice family houses come up in good areas there's lots of competition. In the summer, estate agents would line up 20 couples at the same time to go and view a new house that came on the market. It drove my wife to rabid property lusting insanity. Thankfully things have slowed but the prices of family houses don't seem to have moved much.

We put an offer in on our house in May. There was another couple bidding also and we both put in the same offer. We thought we were in a strong position (us sold, renting, cash waiting) the others (not even put their house on the market). How wrong we were. The others promised to put their house on the market with the vendors estate agent, get an bridging loan and they got the deal. Lesson 1: Estate agents tend to act in their own interest.

After 3 months the deal fell through - the other couple could not secure a bridging loan and were unable to sell their house at the vastly inflated price the agents had valued it at, so our house came back on the market. Lesson 2: Estate agent valuation can be seriously wrong.

We offered 5% below asking price and before a week was out there was another offer on the table 5% over asking price - again from someone who did not even have their house on the market! By then though the vendor was wise to that game and went with a slightly improved offer from us. Lesson 3: People who have not sold will offer more so if you have cash/sold you can reasonably offer less.

We've now moved in although feel dirtied by the whole experience. My impression is with sheeple like this around, prepared to succumb to and fuel HPI insanity, how can sensible HPCers ever get a sensibly priced home. Absolute madness, but then as noted earlier, Cambridge is a strange market.

[dnjc]

Experience of house buying around Cambridge

I've found this forum really helpful so thought I'd post my exprience of recently buying a house near Cambridge (maybe not so sensible but I'm buying a wreck to hedge against HPC).

Please note Cambridge is a strange market - there's a real shortage of family houses as BLTS have bought them up to convert to student accomodation with the sort of living density Prison population planners would be proud of. This means that when nice family houses come up in good areas there's lots of competition. In the summer, estate agents would line up 20 couples at the same time to go and view a new house that came on the market. It drove my wife to rabid property lusting insanity. Thankfully things have slowed but the prices of family houses don't seem to have moved much.

We put an offer in on our house in May. There was another couple bidding also and we both put in the same offer. We thought we were in a strong position (us sold, renting, cash waiting) the others (not even put their house on the market). How wrong we were. The others promised to put their house on the market with the vendors estate agent, get an bridging loan and they got the deal. Lesson 1: Estate agents tend to act in their own interest.

After 3 months the deal fell through - the other couple could not secure a bridging loan and were unable to sell their house at the vastly inflated price the agents had valued it at, so our house came back on the market. Lesson 2: Estate agent valuation can be seriously wrong.

We offered 5% below asking price and before a week was out there was another offer on the table 5% over asking price - again from someone who did not even have their house on the market! By then though the vendor was wise to that game and went with a slightly improved offer from us. Lesson 3: People who have not sold will offer more so if you have cash/sold you can reasonably offer less.

We've now moved in although feel dirtied by the whole experience. My impression is with sheeple like this around, prepared to succumb to and fuel HPI insanity, how can sensible HPCers ever get a sensibly priced home. Absolute madness, but then as noted earlier, Cambridge is a strange market.

the situation won't last. these kind of people are dreamers. climbing the golden ladder to a million pound house without earing any actual money towards it. it was possible with past silly credit but not any more. good for you on the wreck with discount. if you stay long term you will be ok.

[ImANewbie]

the situation won't last. these kind of people are dreamers. climbing the golden ladder to a million pound house without earing any actual money towards it. it was possible with past silly credit but not any more. good for you on the wreck with discount. if you stay long term you will be ok.

Good point - if the first lot of sheeple had been able to get an insane loan they would have got the house - so anecdotally tighter credit will rein their lust in and sense may eventually prevail.....