How many people pulling out?

Doozergirl

franklee wrote: »

Maybe so but it's becoming extreme now. I saw a thread the other day where the house was presented perfectly well. The advice given out was to change the bed linen as it was too dark, make sure it wasn't wrinkled. Move a bit of furniture about, put out flowers etc. This all for an already immaculate house!

On price posters were making comparisons with other similar properties on rightmove that WERE NOT SOLD so who is to say they are not overpriced too? Very few mentioned that the asking price was over 50K above the ACTUAL SOLD prices for that road on www.houseprices.co.uk.

I kept out of the thread so as to be polite or I would have posted something about rearranging deckchairs on the Titanic

And I'd be someone who has had a go, on a couple of occassions, at the people who are looking at nothing but to simply looking to criticise someone's already good interior design. stolt's house springs to mind, but there was an even more heated discussion.

It still doesn't mean that the OP was asking about paint or vases making the difference to sell.

You can very rarely decide on a house price from what sells on the street - many streets simply don't have houses that are similar. nethouseprices has not helped me in the slightest on many occassions. Fair enough if it was recent and you live in a victorian terrace or a 30's semi - it's brilliant information, but then asking prices for these houses are very tightly packed also.


I don't disagree that places have been overpriced in many instances, but we've had that for a long time on the board. It is no indication of the market on the whole, except that sometimes/often people price their house wrong. So many times people simply say that they went with what the EA said. Not wrong, they just don't appreciate that many EAs haven't got a clue or will simply dupe a vendor to get them on the books.

If you ever look at rightmove for your local area I'm sure you could bring me a few vendors, off the top of your head, that are delussional. It happens.

p1an0player

TTMCMschine wrote: »

If you have anything other than a szieable deposit & an excellent credit rating, with probably no other debts, then you have zero chance of getting a mortgage until the markets free up more cash - & that may take 18 months to considerably longer.

Lenders are being more careful but not to that extent!

franklee

Doozergirl wrote: »

It still doesn't mean that the OP was asking about paint or vases making the difference to sell.

I agree they don't literally ask about paint or vases but they do ask about presentation generally, or about the photos or EA. Rarely is it the price.

Doozergirl wrote: »

You can very rarely decide on a house price from what sells on the street - many streets simply don't have houses that are similar. nethouseprices has not helped me in the slightest on many occassions. Fair enough if it was recent and you live in a victorian terrace or a 30's semi - it's brilliant information, but then asking prices for these houses are very tightly packed also.

I could tell from the photo that next door was identical and there were several identical houses on rightmove for the example I was thinking of so clearly the street has at least some properties the same. https://www.houseprices.co.uk had completions with nearby house numbers for 07 and 06 so I doubt there was justification for the 50K hike.

Doozergirl wrote: »

I don't disagree that places have been overpriced in many instances, but we've had that for a long time on the board. It is no indication of the market on the whole, except that sometimes/often people price their house wrong. So many times people simply say that they went with what the EA said. Not wrong, they just don't appreciate that many EAs haven't got a clue or will simply dupe a vendor to get them on the books.

Asking prices have routinely been set higher than recent comparables for years, as you say EA's often do it deliberately to get the property on their books, BUT the difference between then and now is that the market is no longer rising to meet these prices. Therefore the properties remain unsold.

I have noticed a spate of "Why isn't it selling" posts recently for properties that are immaculately presented along with a spate of "Should I buy", "Should I STR" and "Help the valuation is lower than I offered". The "Should I BTL" seem to have diminished. Not statistically significant, the numbers are too small, but some indication of sentiment I would think.

Doozergirl wrote: »

If you ever look at rightmove for your local area I'm sure you could bring me a few vendors, off the top of your head, that are delussional. It happens.

Certainly I can point to some who've been on the market two years with no offers, I wonder what they expect to happen after that long

Redbedhead

We are expecting to exchange and complete next month and do not intend to pull out. I think the one advantage of the process having been rather long for us and unfortunately our buyer is that we both had our mortgages arranged in about May so managed to get good deals then and everything agreed in principle before the recent problems.

House prices where we live don't appear to be falling, but they are sticking where they are at the moment and it seems harder to sell certain houses (big 4 beds etc) but they are still selling, possibly slower than they may have done 6 months ago but none the less.

I am happy that we are within our comfort zone with the new mortgage that we are getting, in fact we are only getting about 50% of what we were offered and we can still afford it even if interest rates hit the 15% level they did in the early 90s.

IveSeenTheLight

TTMCMschine wrote: »

If you have anything other than a szieable deposit & an excellent credit rating, with probably no other debts, then you have zero chance of getting a mortgage until the markets free up more cash - & that may take 18 months to considerably longer.

No money to loan as mortgages = no mortgages = nobody buying = collapsing housing prices - it is absolutely guaranteed to happen, 50% falls will be a reality.

Sorry, I had to quote you as I personally do not see what you are describing as happening.

In the area I have property, I have seen my home go up in price by 88% in the last three years. (Ratio is the sale price of a neighbours house of similar standard against our property purchase price) I am extremely thankful I got in when I did.
Last year our area had the highest price rise ever.
We bought a second property in the beginning of this year and a recent valuation (9 months later) has shown that the valuation has risen 23%.

I am not nieve, I can foresee a house price increase slowing down, but I think it is highly unlikely to drop more than the increase it has already achieved.

The reasons for this is simple:- Supply outweighs demand.
As long as there are more people buying property than there are on the market, the prices will increase.
It is no longer a generation where properties are bought by families with the main bread winner being the male father.
People are divorcing, meaning both husbands and wifes are requiring property, younger people (while struggling to get on the property ladder) are buying, both male and females. People are investing in buy to lets / parents buying their student sons/daughters flats instead of renting, let alone the influx of foreigners into our country. this all adds to the demand for property.

I think a key indicator for property price index, will be if the developers stop building properties. Then there is a clear indication that there is no demand for properties and maybe, just maybe you might see a small drop in prices.

If this happens though, be prepared to ride through the blip.
To do this I overpay into my mortgage, meaning my mortgage is now covered for 18 months. Will a price drop / interest hike / crash last this long, I doubt it as the government would have a major headache on their hands.
Even a major increase in interest rates will mean I have sufficient funds to see me through.

I actually enjoy hearing that more people are deciding to not buy and stay renting. This to me makes my buy to rent property more secure

Property always has been and always will be a secure form of investment

P.S.

TTMCMschine wrote: »

If you have anything other than a szieable deposit & an excellent credit rating, with probably no other debts, then you have zero chance of getting a mortgage

This has always been the case, it's only recently that mortgages have been available at 100% and even then lendors only give it cause they can charge you a higher interest rate.

This means unfortunately for first time buyers that you need to get a 100% mortgage (or higher from some banks) and use any deposit you have saved to go above the valuation to secure the property. This is how it is in my area

roosterbean

We are exchanging tomorrow and completing on tuesday but this is a relocation and a house we will extend and stay in for many years (hopefully our last move!).

We are managing on OH's wages but once our youngest starts school, I will be able to go back to work so if IRs go up, we should be covered.

I must admit though, if we didn't need to move, we would have played the waiting game.

Taadaa

TTMCMschine wrote: »

but banks & bs's are pulling in the reigns now on their lending. There is a rumour that a second instsution also has had borrow, & that the NR had to borrow £3 billion from the BoE to keep themselves afloat.

And of course someone is benefitting from the est. £2billion that has been withdrawn from NR - in some cases where people have withdrawn their life savings, the nearest bank along from their branch of NR!!

IveSeenTheLight

TTMCMschine wrote: »

You might have a mortgage now, it was probably already arranged a few weeks ago? but banks & bs's are pulling in the reigns now on their lending. There is a rumour that a second instsution also has had borrow, & that the NR had to borrow £3 billion from the BoE to keep themselves afloat.

Thats an awful lot of money & a very big problem thats only just surfacing.

I understand there was a statement from NR regarding the recent issue.
They had apparently requested an overdraft facility from the BoE in case they needed it.
The rumour got out and then everyone was running to remove their money from NR making the situation much worse than it was.
I also understand the the government has made assurances regarding the safety of banking with NR to the tune of 35,000 pounds per person. This make NR one of the securist banks to currently have your money with.

P.S. for those with mortgages with NR, you have no problem anyway, you owe them money so you have no money to lose

Rover

IveSeenTheLight wrote: »

I understand there was a statement from NR regarding the recent issue.
They had apparently requested an overdraft facility from the BoE in case they needed it.
The rumour got out and then everyone was running to remove their money from NR making the situation much worse than it was.
I also understand the the government has made assurances regarding the safety of banking with NR to the tune of 35,000 pounds per person. This make NR one of the securist banks to currently have your money with.
P.S. for those with mortgages with NR, you have no problem anyway, you owe them money so you have no money to lose

Naive Cobblers.
The Government has underwritten 100% of the savings with NR - the 35k is the reference to the 'old' scheme. People with mortgages with NR are unaffected - their arrangements will remain as agreed whether they are with NR or the establishment that absorbs them.

NR is a dead man walking. Walking aids provided by the government. No funds coming in whether from savings or new mortgages, money haemorrhaging out via withdrawals, penalty fees, dividends !!!!!!!

Dubb_2

Doozergirl,
Housing buying is a stressful expensive business but there is no need for one to lose ones integrity. I have had many properties over the years and despite being gazumped on 2 occasions I will not allow personal gain to erode my principles.

When selling my last property several months ago I had an offer within a few days at the asking price. Now my house looked like a chocolate box picture and I had several offers above the asking price but! I refused the increased offers as I had accepted a previous offer.
Additionally I put in an offer on a property some time ago and since then I have seen 2 other properties that are cheaper and better value, but will not pull out of my current offer.

I have this year lost a lot of money for people pulling out and it’s not nice.
Integrity is an important factor of life. What would you think will you think if your vendor pulls out at the last minute!

Have a nice day.