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Sellers market - help!

Thoughts on the current housing market would be greatly appreciated. We are looking to buy in the south eastern commuter towns to London, but we are struggling:

- Offered £5k over the asking price for one property (lost out to another bidder £20k above the asking price);
- Lost out to a cash buyer on a second property;
- Decided not to put in an offer on a third property as the house wasn't quite right, but it sold for above the asking price a few months previous (the chain fell through).

Our position:
- Flat sold, chain free and living with family
- Budget of £600k with a 25% deposit
- Agreement in Principle and a reference from an independent broker in place
- Excellent credit histories
- Brief personal statement prepared to submit with offers

We have registered with local estate agents but we're not having much luck - we don't seem to be in a good enough position to get a foot in the door as they seem to be over whelmed with buyers and not enough houses.

We have been looking for around 2-3 months now and viewed around 30 houses, does anyone have any tips to improve our chances in the buying process? Or will it literally come down to buying cakes for the local estate agents and popping in for a chat every weekend?

Thank you so much in advance!

C

Comments

  • SG27
    SG27 Posts: 2,773 Forumite
    What town are you looking? Try a different area? I live in a London commuter town and it generally takes about 2 to 3 months for things to sell.
  • We're looking in Orpington, West Wickham, Hayes, Chelsfield and Knockholt. We are quite particular with what we are looking for, but they are out there and they do come up - but it's what everyone else wants unfortunately.
  • saajan_12
    saajan_12 Posts: 3,594
    First Anniversary Name Dropper First Post Combo Breaker
    Forumite
    Sounds like you're in a good position re
    - chain free, no timeline issues
    - decent deposit so no immediate mortgage rejection alarm bells

    However I wouldn't be bothering with personal statements etc unless requested.. seems a bit overly keen and if I received one I'd just think it was embellished anyway.

    Keep viewing and build relationships with the EAs incase that encourages them to contact you first or sing your praises to a vendor. Lots of viewings, several offers and a good number of rejections are par for course unfortunately.
  • MEM62
    MEM62 Posts: 4,732
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    Cloj wrote: »
    We are quite particular with what we are looking for
    Cloj wrote: »
    but it's what everyone else wants

    There's your problem then. Unless you are in a position to out-bid others competing for the same type of property you'll have to adjust your expectations in terms of what you are looking to buy.
  • Crashy_Time
    Crashy_Time Posts: 13,386
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    SG27 wrote: »
    What town are you looking? Try a different area? I live in a London commuter town and it generally takes about 2 to 3 months for things to sell.


    https://www.pressreader.com/uk/london-evening-standard-west-end-final-a/20171017/281500751483828
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