Why is nobody selling?

missyrichards

I can see three of my neighbours from my window having extensions done as I assume they can't afford to move up the ladder but they want more space.

We are considering moving house but it is so expensive and we would need to add about £100k or more to our mortgage debt to get what we want.

michaels

Having an extension may not just be financially advantageous, it also means you can choose the layout and finish to suit you rather than paying for someone else's taste/design.

I alsways wonder if the increase in size of existing homes may be skewing the figures with regards to whether the UK is building enough to meet housing demand?

movilogo

We are now in a cyclic chain of events. People want to buy but not getting houses in budget. As a result, they can't release (=sell) their existing houses in the market. This is causing too many buyers chasing for few properties. As soon as something coming, it is snapped up in a high price. This sets a trend and next house is also coming at same high price.

Stagnant market is often a pre-amble before the impending crash.

Running_Horse

There have certainly been a number of extensions round here. Not just velux windows, but cubes jutting out of one side of the roof.

A couple who had sold their starter home dropped heavy hints asking if we were selling. They had sold theirs but just cannot find anything local on the next rung.

We last moved in 2007 when a national agent arranged a day of viewings and got a full asking price. Exactly the same thing happened where we are looking now, with 14 viewings and four offers. Either that or the market is being hyped.

cells

michaels wrote: »

Having an extension may not just be financially advantageous, it also means you can choose the layout and finish to suit you rather than paying for someone else's taste/design.

I alsways wonder if the increase in size of existing homes may be skewing the figures with regards to whether the UK is building enough to meet housing demand?

Aparantly the UK is Europe's extension/refurb king doing more of it than any other European nation

There could be many reasons but I think the primary one is...

in france or Germany the New-builds are overwhelmingly large family homes which means there is a good supply of large homes. People move into them rather than do a crap-unsuitable-extension.

in the UK the new builds are !!!! very very !!!!. They cater to the lowest end of tje market by tryig to cram as many into a sote as possible. Therefore there is no supply of large homes only existing ones so people have to extend

this is also seen in our pricing per sqm
in most nations as a house gets bigger the price you pay per sqm falls in the UK its pretty linear indicating a shortage if larger homes

cells

miciaels wrote: »

I alsways wonder if the increase in size of existing homes may be skewing the figures with regards to whether the UK is building enough to meet housing demand?

There are two types of housing supply, units and floor area.
The first is far more important but the second is also important

When you look into it we are failing on both

France builds 400,000 units a year the UK closer to 130,000 units a year

But when you consider the size of these units you find france is adding close to 50 million square meters of residential space per year while the UK is adding closer to 10 million square meters per year

A massive difference for two similar demographic nations.


The UK does close the gap a LITTLE in that we build more (often !!!!!!) extensions and loft conversions. My guess is we add no more than 2 million sqm of extensions per year

Pete9501

All the nice houses have been bought and we are not selling. The likes of Crashy have a choice, rent from us or buy a modern little box.

pathtofreedom

Where I live there are 4 empty houses in my street and the next one over up for sale and have been for a year, next door had theirs up for 9 months before deciding to rent it out instead of sell. We're still 20% or more down on 2007 prices in this area and dropping, as well as test fracking started and talk of 500+ new home developments so I guess you're all living in the south and london as there isn't a shortage of houses for sale here.

Wi88le

pathtofreedom wrote: »

Where I live there are 4 empty houses in my street and the next one over up for sale and have been for a year, next door had theirs up for 9 months before deciding to rent it out instead of sell. We're still 20% or more down on 2007 prices in this area and dropping, as well as test fracking started and talk of 500+ new home developments so I guess you're all living in the south and london as there isn't a shortage of houses for sale here.

Blackpool/Preston area?

pathtofreedom

Nope near sheffield.