House we had offered on now changed EA. How to proceed?

rosie383

Just rang about one in Bushmead that came online last night and it has already gone.
What are my options now? Anything decent is going or else is too expensive for us. I think it wouldn't be as bad if we were just starting to look now, but because we can see the prices going up so quickly we are going to have to end up buying something we don't really really want or within a couple of months we will have zero chance.

Mallotum_X

What is your top budget and main choices on area?

Any areas you want to avoid completely? Maybe we can offer suggestions elsewhere in town, near your ideal but hopefully with some better value.

What is fixed? which area are schools/work etc

Are you flexible on type of house, I know you wanted a 3 bed semi, but would large 3 bed terrace (end or mid) also work.

There are still good value properties but you may need to consider houses in need of renovation or an extension to get what your budget will now allow.

ClaireD85

We are in a similar position in Luton and have lost out on 2 houses we made offers on, both were sold above the initial asking price.

At first I thought it was the agent trying to get us to up the price with fake bidders but both were then changed to sold and when we spoke to the agent subsequently they said the houses were sold. These were both 3 bed houses in LU3/LU4 area near Leagrave station.

The nicer properties are hard to even get to see, some are sold before you even speak to the agent. We may have to start looking at ex-council or places that need doing up.

We had a budget of £185k but this is no longer enough, my Mum and Dad have now offered to give us £25k but even at £210k there is limited choice for a nice 3 bed place.

Glover1862

I think articles like these is what's is doing it, it's just been historically cheap and close to London. It's not had much of a reputation but I think people are looking past this when it's half the price of London, St Albans, and even most parts of Watford.


http://www.theguardian.com/money/2014/dec/29/relocation-london-house-prices-brighton-luton-bath


http://www.thisismoney.co.uk/money/mortgageshome/article-2799834/house-prices-rising-faster-south-east-london-says-rightmove-national-average-property-cost-hits-271-669.html

rosie383

We are looking at houses up to 230 only because there have been some on the market around 225 who would take an offer around 215. DD1 goes to sixth form college in September so ideally we want somewhere that she would be able to walk from.
I feel your pain Claire. There are some lovely houses up in Sundon Park that you could get for your budget.
We aren't very keen on Leagrave only because schools, gym, everything for us is over the Round Green area.

ClaireD85

we are finding that often places that are on zoopla/rightmove are sold when you ring up. when you exclude the sold ones, then mostly what is left is on a very busy road or needs a lot of work doing. i know we need to be realistic but its disheartening when you see something new only to find out it has sold or realise it needs a lot spending on it or the location isn't very good.

i dont really want to take the money from my parents but we may be forced into it. my boyfriend needs the train for work so we want to be near enough to the station for him to be able to walk then we can at least sell one car.

do you think prices will stop increasing as we could wait and save up some more to increase our deposit

rosie383

Honestly I don't see prices settling any time soon. If we weren't a commuter town for London, then perhaps. We have been saving as much as possible while looking, but prices are rising faster than we can save. There was talk last year that the prices would start to drop, but that may not happen in Luton according to the experts.
Having a decent interest free loan from your parents would be better than borrowing more from the bank.
Unfortunately we don't have anyone who can loan to us otherwise we would buy exactly what we want. We know we are going to have to compromise, but there are things we will not compromise on, such as location, needs at least a half-decent garden, and either needs to be something we can live in as we do it up if it is below budget, or something which we don't need to worry about having to spend on for the first couple of years if it is at the top of our budget.

Mallotum_X

With London as high as it is, then pressure on prices in all the commuter towns will continue for some time.

Glover1862

People seems to knock Luton quite a bit, clearly people want to live there, bit like Slough and Croydon I suppose.

ethank

Everytime there is a peak in prices in London or the Home Counties - more people consider Luton, it has excellent transport links for commuters.