Anyone else viewing houses and looking to buy currently?

[Eva24]

Currently looking for a house, post-divorce, but will probably sit it out until after end of October to see if there is much movement on prices.  Anyone else been viewing properties recently?  I'm looking in East Anglia and have noticed a few differences to when I last looked in 2009....most estate agents aren't aghast when you say my budget is x, this house is on for 10% more, is it worth viewing it. 

Instead, the response is, I'll ask the seller and the answer is generally ooh it's too low for them but they'd consider mid-way (between the asking price and what I want to spend).  I am generally saying ok I'll revisit in a month or so, thinking that they may have to revisit their expectations in a month or so.

Also, one house I'm going to view is a landlord looking to offload from his portfolio.  I also know of 2 people whose landlords are now looking to sell....Interesting times...

Has anyone else been looking for houses?  Putting in cheeky punts?

[Flopsy]

We viewed a house recently in Buckinghamshire. First for a while. Been renting and trying to find somewhere to buy but after being massively delayed and then gazumped prices moved too fast for us.

There are 2 similar houses on one estate I've been to see. Both houses are priced too high but I thought worth a look. The first house has been on and off the market for nearly a year now. We saw back then. Prices has been dropped once since . The current owners said they wanted to leave the area to take up a new job so no idea what happened to that.

Second house has been on the market for around 3 months and the price has been dropped once. They are hoping to move to a bigger home and have found one they want.  I can see why they want to move. We would not have viewed the house if an accurate floor plan had been provided.  

Feedback from the EA was interesting. Offers have been received but are "too low". The only people prepared to pay close to the asking price are trying to sell their own larger property and downsize. No takers for that so stalled.

It sounds as if they should just do a "swap" and that's where it gets interesting. The current owners want to use "HTB" on a new build to get them into that bigger house. 

So we may have a sort of dual market with HTB new builds still selling but older established homes not.  There are still a few developments in my target areas but less than there were 2 years ago. When these peter out it will be interesting to see what happens. 

I'm seeing a few LL's selling up but not in great numbers so far.  Most of the  'no chain' ones seem to be due to death or moving to a nursing home. The LLs aren't buying now that I can see.

 

Edited August 9, 2019 by Flopsy

[stuckmojo]

My policy is always open low. Worst they can say is no and you revise your offer. It's not a sealed bid process and I don't understand how some people are embarrassed with putting a low offer to people they don't know and will likely never meet again after the viewing. 

[Now or never]

Been keeping an eye on prices down here on the south coast. Bit of a mixed bag, some properties with multiple reductions others hanging around forever. I’d say around 40% of listings are reductions, albeit small, but very reassuring to see multiple ‘price reduced’ listings on RM. This has to feed in to sentiment soon,  combined with Brexit, looming recession and all the talk of closures/Job losses.

I’m in a fortunate position with regards to renting, nice property with very good landlord, fixed rent since 2010. Recent reductions on most properties are larger than my annual rent, so in no rush, but next move needs to be a purchase as I know I’m not going to get it this good, and I’m really uncomfortable with that right now. I know whatever turn I take will be the wrong one so hoping to hang it out renting as long as the landlord can.

[“Nasty Piece of work”]

I am looking to buy, but put this on hold as I see a chill going through the Market.  I will watch it be Boris'ed, and step back in when he has pretty much destroyed it.  In HP22 seeing plenty of reductions - little moving, GE and Budget on the horizon.  It only needs a decent push to come tumbling down, I think Bungle might be our man to do it.

[frye]

I still look every so often on RM etc for Manchester but it (in my opinion) seems still quite bubbly. Just have to see what a harsh brexit does.

However there are times at work when I feel like just jacking in the UK and move to mainland Europe, France maybe.

[Chunketh]

Looking to buy in south Manchester and waiting till after October, probably into next year. If its looking crashy I will wait a bit longer.

From the ones that I have looked at and saved on Rightmove I think about 75% have dropped the asking price 1-2 times within 3 months of being on the market (less so in Didsbury, but that's its own market).

[btd1981]

2 hours ago, stuckmojo said:

My policy is always open low. Worst they can say is no and you revise your offer. It's not a sealed bid process and I don't understand how some people are embarrassed with putting a low offer to people they don't know and will likely never meet again after the viewing. 

The biggest risk is losing the goodwill of the estate agent,  or even their cooperation if you go too mad with the initial offer.  But yeah,  we Brits are too polite

[Fromage Frais]

Still looking but the longer it goes on the more I have saved and the fussier I get. NR13, NR12 375-475

Norfolks a strange market.

When renting a dump can be near 1000 a month however circa 2k a month gets you a mega nice place worth 4/5 more

so if 30% is the viable rental guide then lots of households are on 30-40,000 but hardly any 60k+

Sadly vendors are deluded you visit their poorly decorated under invested houses and they have a straight face when asking for 500k+

There is very little for sale now most gets withdrawn, the rest either goes SSTC and then comes back on (with a few selling).

Even with the very low number of houses for sale the market is not as strong as it was and so many houses are OIEO as they cannot bring themselves to breach the last sold price on the street.  

If it stays the same prices will not move much as its so illiquid/lacking stock and vendors resolve/delusion is admirable (well tbh its more money than people actually earn working)

Any meaningful increase in homes for sale = reductions for sure.

 

 

Edited August 9, 2019 by Fromage Frais

[frye]

42 minutes ago, Chunketh said:

Looking to buy in south Manchester and waiting till after October, probably into next year. If its looking crashy I will wait a bit longer.

From the ones that I have looked at and saved on Rightmove I think about 75% have dropped the asking price 1-2 times within 3 months of being on the market (less so in Didsbury, but that's its own market).

I've been looking around South Manchester and its on another level at this moment in time. As you say, Didsbury etc is crazy.

Doing the same as you, waiting to see what October brings then take it from there.

Although Fromage Frais said a good point, the longer the wait the more I save, and the fussier I get!

[Chunketh]

1 minute ago, frye said:

I've been looking around South Manchester and its on another level at this moment in time. As you say, Didsbury etc is crazy.

Doing the same as you, waiting to see what October brings then take it from there.

Although Fromage Frais said a good point, the longer the wait the more I save, and the fussier I get!

Didsbury is mental. I have lived here for 20 years renting and have a well paid job but I would have to mortgage myself up to the eyeballs to buy an actual house here.

I've considered a flat but then I give myself a slap and remember that's probably a stupid idea.

[Simhadri]

Placed offer on a semi in Falkirk and offer accepted. Hopefully sale completes in couple of months.

[goldbug9999]

1 hour ago, Fromage Frais said:

Norfolks a strange market.

When renting a dump can be near 1000 a month however circa 2k a month gets you a mega nice place worth 4/5 more

Not unusual, its because the price floor is set by LHA allowances at the bottom end of the market.

[nightowl]

20 hours ago, stuckmojo said:

My policy is always open low. Worst they can say is no and you revise your offer.

It will work better if you can move very quickly either an FTB, investor or have one of these as your buyer - 'proceedable' as they say. Otherwsie they might say "OK" but not take theirs off the market in hope for a better offer and keep you as a backup buyer.

My anecdotal findings and research for our impending move reveals there are there are some 'hot' areas but others 'cold' nearby.

https://www.theadvisory.co.uk/propcast/

[Fromage Frais]

15 hours ago, goldbug9999 said:

Not unusual, its because the price floor is set by LHA allowances at the bottom end of the market.

Logical

it makes it even worse then as some of those families cannot even afford the 700-1000£ PCM without LHA

 

[Fromage Frais]

14 minutes ago, nightowl said:

It will work better if you can move very quickly either an FTB, investor or have one of these as your buyer - 'proceedable' as they say. Otherwsie they might say "OK" but not take theirs off the market in hope for a better offer and keep you as a backup buyer.

My anecdotal findings and research for our impending move reveals there are there are some 'hot' areas but others 'cold' nearby.

https://www.theadvisory.co.uk/propcast/

Been a mostly cash buyer for a while now.  In the time I have been looking for a nice family house I have bought a few commercial properties and even some flats for relatives but a nice 4 bed detached house....... elusive.

Vendors dont give two shits as most are older and even when a property is in probate the kids are old.  The most motivated usually are working age people under 45 as they have large mortgages and maybe have changed/lost jobs.

At present the best buyer around here is someone without the actual money and bids high to lock the chain in on their overpriced house they are selling. 

Thats why it's so dangerous  to me as a house you get outbid on has a high % chance of coming back on as the SE is falling and in that chain a lower valuation can bring it all down.  So many nice houses I have viewed did not sell and a few years later they pop back on again.

I used to make fair sometimes cash offers for overpriced houses (over 20% overpriced) but I dont now as all it does is act as a stalking horse.

Usually they are utterly deluded and because you are cash/proceed able you are a bargain hunter etc etc or the agent will use us to say hey we have a cash offer at x like that is the floor.  Having a cash offer in the bag even one xx% off gives them hope.  

So if your within 10-20% go for it if its over 20% overpriced go and view if you can show your money and say sorry its so overpriced whats the point of bidding I am serious but they are not.

Its a hot market still for houses with 4 beds around here and its not uncommon to list at 500K+ get no offers and then chop 25K off and then 3 months or so later get down to the 450k where the action starts.

 

 

[nightowl]

11 minutes ago, Fromage Frais said:

Vendors dont give two shits as most are older and even when a property is in probate the kids are old. 

I would imagine probate sales at £600K+ or nearby would be more forced due to upcoming inheritance tax bill although most houses beyond London would be unaffected.

Either way all interesting market info Fromage.

Another thing I have hear is buyers (FTBs especially) dont haggle like they used to on price, so if you market at too high a value (even if you would accept lower offers) they simply don't even view let alone offer.  The FTBs still left treat Zoopla etc like we might money supermarket and the listed price is more or less the price.

[Fromage Frais]

1 minute ago, nightowl said:

I would imagine probate sales at £600K+ or nearby would be more forced due to upcoming inheritance tax bill although most houses beyond London would be unaffected.

Either way all interesting market info Fromage.

Another thing I have hear is buyers (FTBs especially) dont haggle like they used to on price, so if you market at too high a value (even if you would accept lower offers) they simply don't even view let alone offer.  The FTBs still left treat Zoopla etc like we might money supermarket and the listed price is more or less the price.

I can only speak from the experience of my part of Norfolk.

But having bought in falling markets previously if the richer part of the SE is falling then buyers will not want to waste their time there.

I have been told and agree with the logic that 20% is the level at which people will not make an offer in the main.

As prices have been going up for so long you have to be 40+ yrs old or work with commercial property to have had any buyer power really so i would guess for younger buyers anything over 10% would see them baulk at making an offer.

 

 

 

 

 

[HovelinHove]

Put an offer on a house in June, just 3% of asking price and it was accepted. i then pulled out as my job went sideways. That’s now sorted but seen so many reductions here in Sussex and hearing that the market is completely dead with only exceptional properties selling at asking, that I am going to wait it out. It’s not just about Brexit now, but if Boris abolishes SD on houses below 500k that will gift me about 16k. I think this will play on a lot of people’s minds and they will wait until this has been implemented.

[Fromage Frais]

33 minutes ago, HovelinHove said:

Put an offer on a house in June, just 3% of asking price and it was accepted. i then pulled out as my job went sideways. That’s now sorted but seen so many reductions here in Sussex and hearing that the market is completely dead with only exceptional properties selling at asking, that I am going to wait it out. It’s not just about Brexit now, but if Boris abolishes SD on houses below 500k that will gift me about 16k. I think this will play on a lot of people’s minds and they will wait until this has been implemented.

Agree 100%

Its not even hard to want to wait as nothing nice for sale.

Nobody is in a rush either as schools mostly oversubscribed so no chance of moving them over in term promptly. 

If low prices high volume = start of boom

and high prices high sales = peak

Low volumes high prices look ominous with all the issues we have coming in the next 3 months.

A real test for Boris no brexit = tories toast, No increase in home owners = tories toast.

HAs to be Brexit > Election > Crash > boom I cannot see any other way out

 

Edited August 10, 2019 by Fromage Frais

[stuckmojo]

4 hours ago, nightowl said:

It will work better if you can move very quickly either an FTB, investor or have one of these as your buyer - 'proceedable' as they say. Otherwsie they might say "OK" but not take theirs off the market in hope for a better offer and keep you as a backup buyer.

My anecdotal findings and research for our impending move reveals there are there are some 'hot' areas but others 'cold' nearby.

https://www.theadvisory.co.uk/propcast/

Good point

[Doner Kebab]

21 hours ago, Simhadri said:

Placed offer on a semi in Falkirk and offer accepted. Hopefully sale completes in couple of months.

Do you know the area? The only good thing about Falkirk are the roads out of it...

[Simhadri]

Its in Stenhousemuir. Pretty good schools. Far better value compared to Southeast.

[hamish1985]

Certainly in my area they are, Southampton , both neighbours places up for sale, 3 bed semis for in excess of £220,000 both sold within days with quite a lot of viewing, one had people waiting outside whilst the estate agent was showing others around. They must of had about 24 people view in 3 days. I would imagine it’s due to being under the £250,000 stamp duty increase. However I work in the new build sector and smaller two beds are now harder to sell aswell as the larger 4 beds.

[Flopsy]

3 hours ago, hamish1985 said:

Certainly in my area they are, Southampton , both neighbours places up for sale, 3 bed semis for in excess of £220,000 both sold within days with quite a lot of viewing, one had people waiting outside whilst the estate agent was showing others around. They must of had about 24 people view in 3 days. I would imagine it’s due to being under the £250,000 stamp duty increase. However I work in the new build sector and smaller two beds are now harder to sell aswell as the larger 4 beds.

Is that because the new builds are the wrong price or not 3 bedders?