RICS Say it's close to bottoming

Lindy_Loo_3

With due respect there's very few houses that aren't being sold where we're looking to buy (Essex) and in the last few months we've been put in "bidding war situations" (which we've refused to get involved in).

In actual fact, the last 3 houses we viewed in May were sold within days of coming on the market(subject to contract) at full asking price or above. The estate agents in our town are having a ball!

As a first time buyer, this is making us rather nervous especially when you turn on the news and get told "the housing market is showing signs of recovery" and sales are increasing etc. Who or what do you believe? I expect most inexperienced FTB may go into slight panic mode and buy hastily thinking that they may miss the boat . . . .

I like ruggedtoast's comment and think we may wait for the summer to end and the "peak season" to come to an end and see what's about.

inspector_monkfish

Lindy_Loo wrote: »

With due respect there's very few houses that aren't being sold where we're looking to buy (Essex) and in the last few months we've been put in "bidding war situations" (which we've refused to get involved in).

In actual fact, the last 3 houses we viewed in May were sold (subject to contract) at full asking price or above. The estate agents in our town are having a ball!

As a first time buyer, this is making us rather nervous especially when you turn on the news and get told "the housing market is showing signs of recovery" and sales are increasing etc. Who or what do you believe? I expect most inexperienced FTB may go into slight panic mode and buy hastily thinking that they may miss the boat . . . .

I like ruggedtoast's comment and think we may wait for the summer to end and the "peak season" to come to an end and see what's about.

Hi Lindy

whereabouts in Essex are you looking?

Essex has such a wide spectrum of properties, from idylic village settings, to downtown absolute !!!!!! holes!!
Some palces will always sell no matter what market conditions are, purely because of location for getting into London (under 1hr from Southend to London)
Others won't be touched with a barge pole !!

I am also from Essex.

Lindy_Loo_3

Hi inspector Monkfish

We're looking in Colchester

inspector_monkfish

Lindy_Loo wrote: »

Hi inspector Monkfish

We're looking in Colchester

Colchester is full of nice properties.
Had a bit of new house boom over the past 10 years hasn't it, around the outskirts?
i'd imagine you should easily find something eventually just through sheer volume of supply...

pickles110564

27 properties (upto and including £125k) STC in Felixstowe on rightmove at the moment. Most are at 2004/2005 for sale prices, just need to see final LR Price when they complete.

ruggedtoast

Lindy_Loo wrote: »

. .

I like ruggedtoast's comment and think we may wait for the summer to end and the "peak season" to come to an end and see what's about.

I think you are doing the right thing LL. There is no point attempting to get into a bidding war at the moment. There has been very little new stock on the market for a long time. This spring bounce has taken the market by surprise hence more buyers than sellers suddenly.

Anyone in a bidding war at the moment is at risk of attempting to outbid someone who hasnt got any money and is not in a proceedable position.

pickles110564

Lindy_Loo wrote: »

I like ruggedtoast's comment and think we may wait for the summer to end and the "peak season" to come to an end and see what's about.

You wont have long to wait as it normally tails off when the kiddies break up for their summer hols.
Please post your findings after this time so that we can all judge if the tide has turned.

Lindy_Loo_3

Hi all

The only problem with Colchester is that most of the properties advertised as "live and available" are actually SSTC. Mind you it's a good ploy to get people to call and register but it's annoying if you're in my position and actually trying to buy!

We've decided to put our foot down and not buy into the hype of "season". We'll be back in August to update unless our dream house comes on the market at a bargain price!

StevieJ

Lindy_Loo wrote: »

Hi all

The only problem with Colchester is that most of the properties advertised as "live and available" are actually SSTC. Mind you it's a good ploy to get people to call and register but it's annoying if you're in my position and actually trying to buy!

We've decided to put our foot down and not buy into the hype of "season". We'll be back in August to update unless our dream house comes on the market at a bargain price!

You good at Poker Lindy ?

inspector_monkfish

StevieJ wrote: »

You good at Poker Lindy ?

can't read my..... can't read my.... can't read-a-my poker face......:D