tell me I haven't "missed the boat"

Sweetcaz_2

I have been trying to move for over 2 years now and put my house back on the market this year and thankfully a cash buyer snapped it up to let out.

I have found though that there is very little out there on the market to move on to which is what is indeed keeping prices slowly creeping up.

Also worth bearing in mind though is although prices are rising most vendors do not seem to get the actual asking price as alot seem to be so desperate to sell. I took a knock of 5k on my asking price to get it sold once and for all and managed to knock my seller down in price by the same!!

If you have to move and plan to stay where you move to for a good 5+ plus years now is possibly a good time to do it. If you do not you perhaps can afford to sit it out for longer.

Goodluck everyone!

housebuyer_abc

mlz1413 wrote: »

I second this I earn a reasonable wage but I can only get a flat for my money alone at 3.5 multiple. My fella is on a similar wage so 3 x highest + 1 of lower salary means we could get a large flat in nice area or a house in a area miles from where we want we live.

I believe this post adequately sums up the reason behind the huge inflation that happened in house prices and the subsequent negative equity spiral we've seen recently.

Too mnay people believe they have a right to live somewhere they 'really like' and the price there should be reasonable. These are usually the same people who when they come to sell think the house should be valued higher because of the location...

In the days of old, people lived where they could afford, got on with it and moved as circumstances allowed, nowadays people seem to FTB huge 4 bed houses on 90% mortgages and wonder why houses are so expensive

Cannon_Fodder

ess0two wrote: »

Any proof or a link to this 3 months behind business ???????

"At the end of June, the number of three months-plus cases stood at 270,400 (2.43% of mortgages), compared with 264,700 (2.38%) in the first quarter and 152,700 in the second quarter of 2008."

= 77% increase, YoY.

http://www.cml.org.uk/cml/media/press/2357

lyndasharp

Cannon Fodder - I like your signature :rotfl:

not_loaded

lyndasharp wrote: »

There's a lot more houses in my area (SW) with sold signs up too. It seems to be the bigger houses that are most popular, 3 or 4 bed semis and detached, but the smaller 1/2 bed terraces aren't selling as well...

Out of the six EAs we had to evaluate our property, five have been back on the phone fairly regularly trying to get the business, saying they can sell ‘at the drop of a hat’ as 3 and 4 beds are just not available, they’re being ‘snapped up’.

When I suggest a significant reduction in their fee, it all goes very quiet. Obviously dropping a hat costs them a lot of money.

sarah_elton

mlz1413 wrote: »

I second this I earn a reasonable wage but I can only get a flat for my money alone at 3.5 multiple. My fella is on a similar wage so 3 x highest + 1 of lower salary means we could get a large flat in nice area or a house in a area miles from where we want we live.

I don't mean to sound rude, but what's wrong with that?

My parents' first house just after they got married (early 1970s) was a 2 up, 2 down terrace that needed complete renovation. Not in the best area either, but that's what they could afford. They had reasonable jobs at the time. They had to live in it and do the work gradually, as they could save up for each job that needed doing.

I'm not sure what type of property some first time buyers (not necessarily you) picture themselves living in. If it's one like they've grown up in with their parents it ain't going to happen. They got there after years of moving, trading up and salary increases....

izzybusy23

danielanthony wrote: »

Who would want to rent when they could buy? I've rented several properties over the last few years and its crap having property inspections every few months, not being able to decorate, wondering if your tenancy is going to be renewed and the joy of having people view 'your' flat when the LL wants to sell.

Renting in this country is for those who WILL NOT BUY OVERINFLATED SHOE BOXES, in Europe you can have 10+ years tennancy agreements so it is easier to put down roots. How can you get your kids settled in an area where you might be kicked out after 12 months?

I have corrected your statement for you.

brit1234

sarah_elton wrote: »

I'm not sure what type of property some first time buyers (not necessarily you) picture themselves living in. If it's one like they've grown up in with their parents it ain't going to happen. They got there after years of moving, trading up and salary increases....

On a good wage with a good deposit you should at least be able to afford the cheapest property, that isn't the case for us first time buyers. We don't want a mansion we just want a flat or a small terrace. Now prices are extremely overvalued, fueld by fraud and loose lending.

Prices are going to continue crashing, the economics simply don't support these overvalued prices

tek-monkey

brit1234 wrote: »

On a good wage with a good deposit you should at least be able to afford the cheapest property, that isn't the case for us first time buyers. We don't want a mansion we just want a flat or a small terrace. Now prices are extremely overvalued, fueld by fraud and loose lending.

Prices are going to continue crashing, the economics simply don't support these overvalued prices

This depends a LOT on where you live, as posted in another thread within 15 miles of here I can get a 2 bed semi for 50k. I don't want to live there, but I can still afford to. I think the crucial difference is peoples expectations have been raised due to the easy credit availability.

If you live in London though I appreciate you have to spend a lot more.

mlz1413

[QUOTE=brit1234;24371381]Really, I'd like to see all these people. I have a good wage and a big deposit and I still can't afford the cheapest properties.QUOTE]

Originally Posted by mlz1413
I second this I earn a reasonable wage but I can only get a flat for my money alone at 3.5 multiple. My fella is on a similar wage so 3 x highest + 1 of lower salary means we could get a large flat in nice area or a house in a area miles from where we want we live.
I feel for FTB and sellers of houses bought in the last 5 years at this moment in time.


I wasn't getting at living in flats or miles from where you want to be as a bad thing - I'm getting at the point IMO house prices are too high to be substainable.
ETA - as I didn't make it clear I am NOT a FTB and I'm late 30's - i.e. if I can't afford anything but the first step on the ladder then what chance to FTB have?!