Selling in current climate

kueitka

Food for thought. Cheers folks, didn't realise this was a (sort of) common practice. Understand the point that mortgage sellers are assessing risk, and if you are paying 10% on an "artificially" high house price (by which i mean it is valued at a price but market conditions mean no one is there to pay that price) then the buyer could be a big risk. I did think, however, that spreading the cost of the FTB "deposit" (eve if it was half of, say, even a 20% deposit) throughout a chain would add fluidity to the market, allowing several sellers to move on, without the potential for negative equity/losing much of your own deposit.

Anyone got any other thoughts on this? Would any FTBs out there be interested in such a scheme if it existed? I guess that would be a real test. I am sure there were, and they were not a huge risk, then mortgage companies would be keen to make money out of them.

And as i said, i am no expert, just floating an idea so play nice!:cool:

paddyrg

If you are looking to sell, be aware base rate, so interest rates will only go up from here, so there will be more distressed sales which will service FTB's, and create a lot more correction in the market. Not the ideal setup for those holding on hoping they can sell at a higher price by keeping still.

mimimt

Property market is crazy in London. Around where I live, the decent 1 beds asking £250k or slightly lower generally sell before they are on the market or a within a few days of listing. I've so far lost two bids. Offered the asking price and some £ for F&F, but was beaten by higher £ for F&F offered by other buyers. It's definitely a seller's market. Insane!