oatybakey Posted September 21, 2021 Share Posted September 21, 2021 Been viewing houses lately (West/South Yorkshire area). My girlfriend is desperate to buy and I am getting too old to wait much longer myself. We fully expect to lose money when we buy over the short term but are happy with this risk. Anyway, we found a house and due to it being more or less perfect for our needs, we bid slightly (2.5k) over the asking price. Anyway, we were outbid. This is now the second home we have missed out on buying this month due to crazy bids coming in. We're both would-be FTBs so are otherwise in an attractive position to vendors (no chain). Feels like things are going crazy at the moment. We've found the whole experience quite disheartening and everywhere half-decent seems to go under offer very quickly. It's too late (realistically) for people to be benefitting from the remaining stamp duty holiday, so what is going on?! Going to sit things out for a couple of months and see what the market is like in Oct/Nov... Convinced the wheels are going to start coming off in October. All feeling very 2007 out there! Quote Link to comment Share on other sites More sharing options...
micawber Posted September 22, 2021 Share Posted September 22, 2021 15 hours ago, oatybakey said: Been viewing houses lately (West/South Yorkshire area). My girlfriend is desperate to buy and I am getting too old to wait much longer myself. We fully expect to lose money when we buy over the short term but are happy with this risk. Anyway, we found a house and due to it being more or less perfect for our needs, we bid slightly (2.5k) over the asking price. Anyway, we were outbid. This is now the second home we have missed out on buying this month due to crazy bids coming in. We're both would-be FTBs so are otherwise in an attractive position to vendors (no chain). Feels like things are going crazy at the moment. We've found the whole experience quite disheartening and everywhere half-decent seems to go under offer very quickly. It's too late (realistically) for people to be benefitting from the remaining stamp duty holiday, so what is going on?! Going to sit things out for a couple of months and see what the market is like in Oct/Nov... Convinced the wheels are going to start coming off in October. All feeling very 2007 out there! Likely due to lack of supply - not enough houses coming to market - so anyone who is desperate to buy will offer stupid money. Whether or not surveyors will agree that value is another matter. You're doing the right thing by not being desperate. Wait for furlough to end and more distressed sellers coming to market. Quote Link to comment Share on other sites More sharing options...
MattW Posted September 23, 2021 Share Posted September 23, 2021 On 22/09/2021 at 11:56, micawber said: You're doing the right thing by not being desperate. Wait for furlough to end and more distressed sellers coming to market. Has furlough not ended yet? I thought it ended on freedom day in July. I`m looking to buy. Just a few properties in my tight budget trickling onto the market, some sell within a couple of days. Quote Link to comment Share on other sites More sharing options...
oatbake Posted September 23, 2021 Share Posted September 23, 2021 On 22/09/2021 at 11:56, micawber said: Likely due to lack of supply - not enough houses coming to market - so anyone who is desperate to buy will offer stupid money. Whether or not surveyors will agree that value is another matter. You're doing the right thing by not being desperate. Wait for furlough to end and more distressed sellers coming to market. There has actually been a noticeable uptick in supply over the last few days (looking at a Rightmove). Will continue to report back on this thread if anybody is interested. I'm guessing not many people on here are actively looking to buy at what is increasingly looking like the top of the market! Our strategy has been to, before putting in an offer, agree a hard limit. If we reach it we're not being drawn into bidding wars etc. We just walk away. If it's not meant to be, etc Quote Link to comment Share on other sites More sharing options...
oatbake Posted September 24, 2021 Share Posted September 24, 2021 4 hours ago, MattW said: Has furlough not ended yet? I thought it ended on freedom day in July. I`m looking to buy. Just a few properties in my tight budget trickling onto the market, some sell within a couple of days. Furlough end at the end of this month apparently. I do think that things will cool going into the autumn with NI increase and increasing energy costs playing on people's minds. Essentially it achieves the same as an interest rate rise in that it eats into budgets. I don't like the idea of families struggling financially but this will definitely "improve" things on the supply side I feel (debt/distressed sales), and help to suppress the demand side also (wariness to spend too much). Quote Link to comment Share on other sites More sharing options...
MattW Posted September 24, 2021 Share Posted September 24, 2021 5 hours ago, oatbake said: Furlough end at the end of this month apparently. Ah, thanks. I was under the impression that it already ended as virtually everyone has returned to work. Here's hoping for some more realism to the housing market as we go into autumn. Welcome to the forum. Quote Link to comment Share on other sites More sharing options...
micawber Posted September 25, 2021 Share Posted September 25, 2021 My own view is that if stuff is selling within a few days (or worse, you see those EA adverts saying "sold prior to marketing") then the market is still too hot to become interested in. Leave it to the desperate. Quote Link to comment Share on other sites More sharing options...
oatbake Posted September 28, 2021 Share Posted September 28, 2021 On 25/09/2021 at 10:42, micawber said: My own view is that if stuff is selling within a few days (or worse, you see those EA adverts saying "sold prior to marketing") then the market is still too hot to become interested in. Leave it to the desperate. That's more or less exactly our thinking. And it's just too depressing when you feel like you just can't compete with other buyers. Thinking things will be cooler in a few weeks, even if only due to pre-Christmas lull... Much better to be looking in a market where estate agents can be bothered to return calls etc! Quote Link to comment Share on other sites More sharing options...
oatbake Posted September 28, 2021 Share Posted September 28, 2021 .. And vendors are a little more... flexible... Quote Link to comment Share on other sites More sharing options...
micawber Posted October 2, 2021 Share Posted October 2, 2021 More formally than my analysis: https://www.home.co.uk/asking_price_index/HAPIndex_SEP21.pdf "The current state of the property market is a direct result of overall low supply of both rental and sales instructions. Moreover, London now shows a return to strength with rising demand and reduced availability of both rental and sales stock. Scarcity is driving up rents across the UK and supply is continuing to fall rapidly. The total stock of property for sale indicates a record low in the history of this index and the trend suggests that it may not fall much further. Meanwhile, the supply rate of new sales listings remains consistently low across all English regions, Scotland and Wales, more than compensating for any reduction in demand owing to the end of the stamp duty holiday." Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 8, 2021 Share Posted October 8, 2021 2.5k is f00k all over asking in this market. And I'm generally a bit of a bear. You have to bid more than that and hope the mortgage valuation comes short so you can negotiate it down a bit. But if there's a bidding war with 10 people offering then walk away. What @Pop321said about best value seeming to be found in houses with acceptable but a little worn/outdated decor seems valid too. Worse than that and you'll be competing with wanna be "homes under the hammer" contestants and it won't be discounted sufficiently for the cost of renovation, more than that and it will attract a 'shiny' premium. I recently had an offer accepted on this kind of thing and had no competition in my offer at all. West Yorkshire too. LS13. I know this area very well so I know the good and bad sub areas. I'll see what the mortgage valuation says. Can still walk away after I've read it. But at least I'm still in the game. And yes I did bid more than 2.5k over asking. But worked it out and underlying value compared to other houses very very carefully, using a weighted spreadsheet to prioritise and cost our requirements in a house. And I don't know that the market will do next. As I said I can walk away with very little money down currently. Quote Link to comment Share on other sites More sharing options...
Pop321 Posted October 10, 2021 Share Posted October 10, 2021 (edited) On 21/09/2021 at 19:57, oatybakey said: Been viewing houses lately (West/South Yorkshire area). My girlfriend is desperate to buy and I am getting too old to wait much longer myself. We fully expect to lose money when we buy over the short term but are happy with this risk. Anyway, we found a house and due to it being more or less perfect for our needs, we bid slightly (2.5k) over the asking price. Anyway, we were outbid. This is now the second home we have missed out on buying this month due to crazy bids coming in. We're both would-be FTBs so are otherwise in an attractive position to vendors (no chain). Feels like things are going crazy at the moment. We've found the whole experience quite disheartening and everywhere half-decent seems to go under offer very quickly. It's too late (realistically) for people to be benefitting from the remaining stamp duty holiday, so what is going on?! Going to sit things out for a couple of months and see what the market is like in Oct/Nov... Convinced the wheels are going to start coming off in October. All feeling very 2007 out there! Patience is a virtue in this market and can pay fairly big dividends but buying a house is hugely emotive. If you miss out it feels like you never will find anything as good….but if you do buy 3 better houses will come along afterwards that are cheaper. My advice is to get really close to the market, let agents know you are interested, view things so you understand your area…even now I view things and after 30 years in a medium size town still think ‘crickey how come didn’t I know these houses were so nice/awful/noisy/large/small’ etc. People will go on about supply and demand and predicting things long term is impossible at the moment. I think prices are too high and will fall but just who knows what will happen nowadays. However, what I do know is prices ebb and flow underneath. Short supply of 3 bed homes in an area can literally raise prices 20% and some impatient numpty goes and pays the price. However 3 months later 10 houses come on and they are 10% lower than the original price ie saving 30% on what numpty paid. Its never set in stone but towards the end of November through to February in our town is a good time to look. It’s dark, miserable, Christmas and whilst supply is low buyers are often lower. There will not be always be lots of people bidding and even if the market rises 15/20% it wouldn’t surprise me if some people who wait don’t pay less than some people are now. Sounds counter initiative but I guess what I mean is £1000 pedigree puppies were selling for £3500 during covid. Now they may have gone up in value but I bet they will be £1100 soon enough. But one cautionary note is if you have made your mind up…timing the market isn’t easy I probably wouldn’t wait 5 years. It’s not ideal but when you find something right, suitable for 10/15 years, affordable and good value then even if we all know prices may fall it would be completely understandable if you bought. Hate saying it….but like Si1 just go in with your eyes wide open and do the best you can. min the meantime good luck…hang on for the dark nights 😉👍🏻 Edited October 10, 2021 by Pop321 Quote Link to comment Share on other sites More sharing options...
MattW Posted October 17, 2021 Share Posted October 17, 2021 On 10/10/2021 at 11:48, Pop321 said: Its never set in stone but towards the end of November through to February in our town is a good time to look. It’s dark, miserable, Christmas and whilst supply is low buyers are often lower. This is what I have been pondering in my property search. Bit annoyed as the few that I like that come onto the market just recently seem to be 'offers in excess of £150k' which is just over budget. Quote Link to comment Share on other sites More sharing options...
househunter123 Posted October 19, 2021 Share Posted October 19, 2021 FTB here, key worker and stable job. Not much luck here as a 190k house for a 3 bed just went for 210k but I suspect EAs are starting off low and this particular home had around 15 bids , going by the purple bricks update app. Even a 2 beds in less desirable areas are creeping up with all vieiwing taken within hours and going up to the£200k mark. I'm getting frustrated and might just go for anything otherwise pre covid, 3 bed semi houses were easily at around the 180-190k mark. Quote Link to comment Share on other sites More sharing options...
tm_81 Posted October 26, 2021 Share Posted October 26, 2021 "All feeling very 2007 out there!". Yes, But even if its like 2007 what kind of drop was that? 30% ? That will take us back to 2017 levels. Prices were overpriced then too, so a 2007 style drop is not going to cut it. We seem to be moving towards a dystopian future where house ownership is a rich privilege and has no correlation to average earnings any more. Quote Link to comment Share on other sites More sharing options...
oatbake Posted November 12, 2021 Share Posted November 12, 2021 (edited) Starting to see a steady flow of "reduced todays" on Rightmove when I do my daily check and new areas which we were previously priced out of are starting to appear (albeit homes at the grottier end of the scale). Got two viewings tomorrow and both are no chain / empty so I will interrogate the estate agents for the latest gen re: market conditions. It's also suddenly a lot easier to get estate agents to call back and to make themselves available for weekend viewings... Edited November 12, 2021 by oatbake Used paragraphs for clarity... Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 23, 2021 Share Posted November 23, 2021 where I am in W Yorks I'm seeing more reduced ones too - but at higher prices in the first place Quote Link to comment Share on other sites More sharing options...
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