the housing market (1 Viewer)

clint van damme · Jul 23, 2020

started to tentatively look at moving but it sounds like the housing market has gone mad.
Trying to sort out valuations and appointments and estate agents got full diaries and one wouldn't let me book a viewing unless my house was up for sale, is that usual?

Seems the stamp duty reduction is having an affect.

fernandopartridge · Jul 23, 2020

clint van damme said:
started to tentatively look at moving but it sounds like the housing market has gone mad.
Trying to sort out valuations and appointments and estate agents got full diaries and one wouldn't let me book a viewing unless my house was up for sale, is that usual?

Seems the stamp duty reduction is having an affect.

Yeah, it's quite common to at least not even consider an offer for somebody whose house is not on the market. I'd just lie and tell them that it is up tbh.

clint van damme · Jul 23, 2020

fernandopartridge said:
Yeah, it's quite common to at least not even consider an offer for somebody whose house is not on the market. I'd just lie and tell them that it is up tbh.

i would do but i'm a man of impeccable integrity.

Evo1883 · Jul 23, 2020

clint van damme said:
started to tentatively look at moving but it sounds like the housing market has gone mad.
Trying to sort out valuations and appointments and estate agents got full diaries and one wouldn't let me book a viewing unless my house was up for sale, is that usual?

Seems the stamp duty reduction is having an affect.

Mate has a house in Solihull for sale if you're interested... 340,000

clint van damme · Jul 23, 2020

Evo1883 said:
Mate has a house in Solihull for sale if you're interested... 340,000

if I tried to move my son to Solihull I'd be meeting a mysterious end before I even started packing.

Grendel · Jul 23, 2020

fernandopartridge said:
Yeah, it's quite common to at least not even consider an offer for somebody whose house is not on the market. I'd just lie and tell them that it is up tbh.

I went to see one recently in another area and had to provide proof of funds before I could see it

clint van damme · Jul 23, 2020

Grendel said:
I went to see one recently in another area and had to provide proof of funds before I could see it

surely you pulling up in your Bentley should suffice?!
Just spoken to one agency to arrange a viewing and they seem a bit more relaxed, said they leave it the sellers discretion.
Been a long time since I've been involved in anything like this so it's a bit of an eye opener.

SBAndy · Jul 23, 2020

clint van damme said:
started to tentatively look at moving but it sounds like the housing market has gone mad.
Trying to sort out valuations and appointments and estate agents got full diaries and one wouldn't let me book a viewing unless my house was up for sale, is that usual?

Seems the stamp duty reduction is having an affect.

Have a friend who is an estate agent, says things have been absolutely mad since they re-opened a month back. First hour of Monday morning they had 150 viewings booked - it’s usually that in a week.

clint van damme · Jul 23, 2020

SBAndy said:
Have a friend who is an estate agent, says things have been absolutely mad since they re-opened a month back. First hour of Monday morning they had 150 viewings booked - it’s usually that in a week.

think with the stamp duty reduction and the rock bottom interest rates it's the ideal time to be looking though I would have thought that would be tempered slightly by the uncertainty around the economy and job security. .

fernandopartridge · Jul 23, 2020

clint van damme said:
think with the stamp duty reduction and the rock bottom interest rates it's the ideal time to be looking though I would have thought that would be tempered slightly by the uncertainty around the economy and job security. .

If you're looking for a long time home the economic uncertainty doesn't matter too much, provided you feel relatively stable in your employment.

I find the whole thing a bit ridiculous, consumer confidence bizarrely can be driven by high house values. It is ridiculous.

shmmeee · Jul 23, 2020

I’m in the middle of the buying process right now. Lots of agents require proof of funds, AIP and either no chain or SSTC on your old place before you can even view. It’s ridiculous. Had an offer accepted at asking price after two others got outbid above asking. Everyone tells me they’re very busy, one house had been on the market for a day and I was the fifth viewing with another after me!

Fucking Tories and their house price obsession. I though I might actually be able to pick up a bargain for a second then the stamp duty announcement has just put rocket boosters under the market.

clint van damme · Jul 23, 2020

fernandopartridge said:
If you're looking for a long time home the economic uncertainty doesn't matter too much, provided you feel relatively stable in your employment.

I find the whole thing a bit ridiculous, consumer confidence bizarrely can be driven by high house values. It is ridiculous.

It's a crazy model and I keep saying it's not sustainable but it keeps on rolling.

Ian1779 · Jul 23, 2020

shmmeee said:
I’m in the middle of the buying process right now. Lots of agents require proof of funds, AIP and either no chain or SSTC on your old place before you can even view. It’s ridiculous. Had an offer accepted at asking price after two others got outbid above asking. Everyone tells me they’re very busy, one house had been on the market for a day and I was the fifth viewing with another after me!

Fucking Tories and their house price obsession. I though I might actually be able to pick up a bargain for a second then the stamp duty announcement has just put rocket boosters under the market.

Do you think the stamp duty announcement will inflate mid price houses?
We are looking at selling to scale up but there is a real lack of houses at the 400-450 range where we live. We’ve had 2 agents around valuing and there is a 20K difference (250 to 270K) - both claiming they are a) really busy and b) the best in the area. They seem to be flexible on things like proof of funds, but individual sellers won’t let you view unless you have sold or in process yourself. Not sure what to make of it all.

wingy · Jul 23, 2020

How many months will it take for the stamp duty cut to be absorbed as inflation into the asking price?

clint van damme · Jul 23, 2020

Ian1779 said:
Do you think the stamp duty announcement will inflate mid price houses?
We are looking at selling to scale up but there is a real lack of houses at the 400-450 range where we live. We’ve had 2 agents around valuing and there is a 20K difference (250 to 270K) - both claiming they are a) really busy and b) the best in the area. They seem to be flexible on things like proof of funds, but individual sellers won’t let you view unless you have sold or in process yourself. Not sure what to make of it all.

If they start acting the twat too much I just don't bother. I'm not desperate to move.

shmmeee · Jul 23, 2020

Ian1779 said:
Do you think the stamp duty announcement will inflate mid price houses?
We are looking at selling to scale up but there is a real lack of houses at the 400-450 range where we live. We’ve had 2 agents around valuing and there is a 20K difference (250 to 270K) - both claiming they are a) really busy and b) the best in the area. They seem to be flexible on things like proof of funds, but individual sellers won’t let you view unless you have sold or in process yourself. Not sure what to make of it all.

Agent valuation is such bollocks. They literally look for the three most similar houses sold recently and pick an average.

Agents generally are pretty worthless in my experience, more a necessary evil. If I were selling I’d value it myself and PurpleBricks it if I had the time.

I’m looking sub 200k so hard to know really, but I’ve found crazy fluctuation in what people are asking, with 20-30k difference between almost identical houses so i guess some of it is whether the seller has cottoned on to the changes market conditions. It’s definitely a sellers market where I’m looking I think. But as I’ve said before, if you’re buying and selling in the same market it shouldn’t matter too much as your price will be inflated too.

I’ve always understood that once you get out of the normal wage bracket affordability (300k+?) prices get more sensible as there’s fewer buyers.

SBAndy · Jul 23, 2020

shmmeee said:
Agent valuation is such bollocks. They literally look for the three most similar houses sold recently and pick an average.

Agents generally are pretty worthless in my experience, more a necessary evil. If I were selling I’d value it myself and PurpleBricks it if I had the time.

I’m looking sub 200k so hard to know really, but I’ve found crazy fluctuation in what people are asking, with 20-30k difference between almost identical houses so i guess some of it is whether the seller has cottoned on to the changes market conditions. It’s definitely a sellers market where I’m looking I think. But as I’ve said before, if you’re buying and selling in the same market it shouldn’t matter too much as your price will be inflated too.

I’ve always understood that once you get out of the normal wage bracket affordability (300k+?) prices get more sensible as there’s fewer buyers.

You’ll be in the same market as investors who are also benefiting from the stamp duty cut. That will be part of the problem - every investor worth his salt (with a stable income source) will be trying to gear up as much as possible with no chain to take into consideration.

shmmeee · Jul 23, 2020

SBAndy said:
You’ll be in the same market as investors who are also benefiting from the stamp duty cut. That will be part of the problem - every investor worth his salt (with a stable income source) will be trying to gear up as much as possible with no chain to take into consideration.

Yep. The place I’ve had an offer accepted on had a drive by bid in from an investor first.

I work for a platform for small property investors and we are doing gang busters right now. I literally had to quit out of a Zoom call today because they couldn’t stop fellating “Boris” about how he’s pumped up the investor market.

Ian1779 · Jul 23, 2020

shmmeee said:
I literally had to quit out of a Zoom call today because they couldn’t stop fellating “Boris” about how he’s pumped up the investor market.

Did Dom look how you expected?

chiefdave · Jul 23, 2020

shmmeee said:
Yep. The place I’ve had an offer accepted on had a drive by bid in from an investor first.

This was the problem I had trying to buy. You could sign up to every site going to get immediate notification when a property went on the market, get straight on the phone to the agent for the earliest possible viewing and then before you can even look at the place a buy to let investor comes in and buys it without even viewing, as they don't really care what state its in.

Happened to me several times. With a big deposit, mortgage approval and no chain as I was renting still took me nearly 2 years to find somewhere.

Yet we've got locals campaigning against more housing as they claim its not needed.

Marty · Jul 23, 2020

Dreadful time to buy, Over inflated market, this time next year, 6 months of where everyone is out of work and nobody can afford their payments. That's the time to strike, will be bargains all over the place.

Deleted member 5849 · Jul 23, 2020

chiefdave said:
You could sign up to every site going to get immediate notification when a property went on the market, get straight on the phone to the agent for the earliest possible viewing and then before you can even look at the place a buy to let investor comes in and buys it without even viewing, as they don't really care what state its in.

Hmmm. Does that mean I could get away with selling a little two bed without having hundreds of people traipse through with their Covid spreading breath and hands...?

fernandopartridge · Jul 23, 2020

shmmeee said:
Yep. The place I’ve had an offer accepted on had a drive by bid in from an investor first.

I work for a platform for small property investors and we are doing gang busters right now. I literally had to quit out of a Zoom call today because they couldn’t stop fellating “Boris” about how he’s pumped up the investor market.

I don't know how you could stand that, property speculation is ruinous for everybody but those wealthy enough to do it

shmmeee · Jul 23, 2020

fernandopartridge said:
I don't know how you could stand that, property speculation is ruinous for everybody but those wealthy enough to do it

I’ll be honest, I try not to think about it too much. It’s an interesting problem space and good people, but the industry overall is full of Essex Tory Boy types.

Mild-Mannered Janitor · Jul 23, 2020

Marty said:
Dreadful time to buy, Over inflated market, this time next year, 6 months of where everyone is out of work and nobody can afford their payments. That's the time to strike, will be bargains all over the place.

That is potentially true but with current bank support, long term low interest rates forecast and an ability to have 30-35 year terms now at 4-7 time multiples with some lenders coupled to a greater level of equity held then I don’t think you will see crashes and reductions like previous recessions due to the above where the circumstances were not the same.

If you can afford to buy now and your employment is good then it’s not an asset or liability and not worth waiting for increases/decreases, it’s a place to live that’s your own (technically the lenders) and that’s what matters

pipkin73 · Jul 24, 2020

Marty said:
Dreadful time to buy, Over inflated market, this time next year, 6 months of where everyone is out of work and nobody can afford their payments. That's the time to strike, will be bargains all over the place.

I hope you are wrong, but you could be wright. That's how i brought my house at 21. Market collapsed and i brought a house that was on the market for 130k 12 months before for 44k.

Alan Dugdales Moustache · Jul 24, 2020

Marty said:
Dreadful time to buy, Over inflated market, this time next year, 6 months of where everyone is out of work and nobody can afford their payments. That's the time to strike, will be bargains all over the place.

I agree. This is all a reaction to being shut in for the last 4 months. Once the job situation kicks in in a year's time that's when the housing market will stall.

mrtrench · Jul 24, 2020

Had our house up for sale for about 8 weeks now. We've had about 15 viewings but no offers and the viewings are slowing down. A common complaint is that they want a open plan downstairs and we have rooms. Starting to give up... it's no biggie we like our house.

I think our situation is special - the council let a builder onto greenbelt and there is a new estate going up with 2,000 new houses + lots of smaller developments elsewhere. To put that into context it's more than a 5% increase in the size of households in the city. The developer is having trouble selling too and has stopped work whilst they sell the ones they have built. They've flooded the market.

mrtrench · Jul 24, 2020

fernandopartridge said:
I find the whole thing a bit ridiculous, consumer confidence bizarrely can be driven by high house values. It is ridiculous.

I agree. It's not like you can spend the increase unless you remortgage - and that's a fools' game. It's driven to a large extent by under-supply. However there are loads of new builds going up now - last year the highest number for 30 years. Give it a few years of that and the housing market price increases will slow right down - and a good thing too. It's wrong that prices are out of reach for millennials.

chiefdave · Jul 24, 2020

mrtrench said:
I think our situation is special - the council let a builder onto greenbelt and there is a new estate going up with 2,000 new houses + lots of smaller developments elsewhere. To put that into context it's more than a 5% increase in the size of households in the city. The developer is having trouble selling too and has stopped work whilst they sell the ones they have built. They've flooded the market.

At least you're happy where you are so not too much of an issue. Don't think there's too many places where they're building enough houses to have an issue with more supply than demand.

Its the opposite problem round here. Nobody is building and if anyone tries the locals do everything they can to hold it up. The only way houses become available is if someone dies or has so many kids they need a bigger house.

So many decent sized houses with one OAP in them. Having that problem with my parents. Point blank refusal to move to somewhere smaller and more manageable.

Deleted member 5849 · Jul 24, 2020

mrtrench said:
We've had about 15 viewings

How have you found the viewings? tbh, this is what's holding me back. I may be over-cautious, but the thought of a series of strangers traipsing through atm is not what I'd feel comfortable with, added to the fact the house is now crammed full of liquid soap etc, so tidying would be a nightmare!

Might have to sell off some of my possessions...!

mrtrench · Jul 24, 2020

Deleted member 5849 said:
How have you found the viewings? tbh, this is what's holding me back. I may be over-cautious, but the thought of a series of strangers traipsing through atm is not what I'd feel comfortable with, added to the fact the house is now crammed full of liquid soap etc, so tidying would be a nightmare!

Might have to sell off some of my possessions...!

I'm fine with it - in and out in 30 minutes and we have the added benefit that the house gets cleaned and tidied beforehand. However my wife gets stressed about it and then angry when they send the feedback.

mrtrench · Jul 24, 2020

chiefdave said:
So many decent sized houses with one OAP in them. Having that problem with my parents. Point blank refusal to move to somewhere smaller and more manageable.

Yeah, my Mum refused to move too. We built an annexe with her partially in mind but she wouldn't budge. I can understand it though; a house has so many memories and when you're old, moving is probably the last thing you want to do.

I'm not complaining - just irked that councils make stupid decisions and it sounds as if yours is just as bad but in the opposite direction.

chiefdave · Jul 24, 2020

Deleted member 5849 said:
How have you found the viewings? tbh, this is what's holding me back. I may be over-cautious, but the thought of a series of strangers traipsing through atm is not what I'd feel comfortable with, added to the fact the house is now crammed full of liquid soap etc, so tidying would be a nightmare!

Might have to sell off some of my possessions...!

I was amazed how many people don't give a shit about tidying their houses for photos or viewings. Although its nothing compared to the state of some places you go to view when you're looking to rent.

Deleted member 5849 · Jul 24, 2020

chiefdave said:
I was amazed how many people don't give a shit about tidying their houses for photos or viewings. Although its nothing compared to the state of some places you go to view when you're looking to rent.

Renting there's no incentive though is there. If the landlord's kicking you out, not like you'll care about helping him get a good deal from the next tenant!

I dunno, it just all seems an almighty hassle atm. I'd love to think there'd be a crash in six months' time, but there are a couple of houses I'd love that are starting to hove into our price range... as long as I can sell the one we're in relatively easily, anyway!

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