Waiting for a family sized house to buy..... anyone want to join me.

inner_grace

Hi Guys

I've decided to start this new thread due to the chronic lack of houses and reasonably priced homes available in the area of Nottingham where I live. This is my story so far since I sold my house 11 weeks ago solely to upsize.

Quite a few overpriced 4 bedroomed properties just not selling but not many new ones coming to the market in my area of Nottingham. Roughly 1 every few weeks. A few sell but not many. The one we offered on when we first sold our house has been on Rightmove for over 4 months for overs over 300k and knocked back our offer of £290k and has knocked back many other offers from other interested people. Then when anything reasonably priced becomes available it turns into a bidding war - not many people are willing to pay for these overpriced homes, yet willing to go above asking on something that is priced more sensibly. This has happened to me twice. One of the houses was a full remoderninsation job with a value of around £290k once refurbished with a minimum of £30k worth of work needed as nothing has been done on it since it was built 50 years ago, lol. I offered the asking price of £270k which was a little generious for the work and yes this one to went above asking. This is my experience so far of how hard it it to buy a house in an area with little worth buying. I figured since I'm one of at least two people let down on the most recent bidding war I've been involved in, (I feel like I've been used to just ramp up house prices) there must be lots of people in my situation. I thought I'd start this thread to enable us to vent our frustrations and share success stories in the flight for a family sized home.

There is a thread for homeowners waiting to sell but we need one for all us poor guys needing a decent family sized home to buy to . It's so stressful and it would be lovely to hear your success stories.

Dee

cashbackproblems

Cheap credit, over population from immigration, lack of new builds to keep up with demand has all results in this.

glasgowdan

Low supply and high demand and too many people with good incomes has all resulted in this.

Who has "used" you to inflate the prices? Isn't that a bit like a driver blaming other drivers for heavy traffic? You have inflated the prices by wanting and being able to afford the houses. It's a hard game getting a desirable home. But it will happen.

Are you in rented just now?

We bid 362 on a house valued at 350 and still didn't get it. Eventually got a house at 8k over value. We'd sold our previous, worth half the amount of the new one, for 4k over value.

AFF8879

These "anyone want to join me" threads are starting to get a bit old...think of some more imaginative titles please people!

As for wanting a family sized home...have you maybe considered buying a house that needs refurbishment (but is liveable)? Then you can do the work as and when you can afford it. It's not as though Nottingham is particularly expensive.

dktreesea

In our neck of the glen, "offers over" usually means around 20% over the asking price. It's possible to verify this by just looking at recent sales of similar sized properties in the area. Usually well over the asking price.

Whoknowskt89

I've been looking at properties in Nottingham as I eventually want to sell up and buy a house that way.
To me, the prices aren't bad at all (lucky to find a 2 bed terraced house here for £230k in rougher part)
I've been finding 3 bedrooms, garden and garage for under £200k in Stapleford area? (which I've been told isn't bad?)

inner_grace

AFF8879 wrote: »

These "anyone want to join me" threads are starting to get a bit old...think of some more imaginative titles please people!

As for wanting a family sized home...have you maybe considered buying a house that needs refurbishment (but is liveable)? Then you can do the work as and when you can afford it. It's not as though Nottingham is particularly expensive.

Yes that's exactly why I offered full asking price of £270 on a 4 bed house in need of full refurbishment including all new double glazing ect as nothing has been done on the house since built 50 years ago. I was told it was very popular but not many of us was interested in buying it because it was so run down. It was only just livable lol. I liked the idea of putting my own kitchen and bathroom of my own style ect. Couldn't justify offers over because it was a hell of a lot of work and expense work wise. Didn't expect two others fighting over it with me and it to go offers over. The agent sounded surprised and said that because 3 parties wanted it one of them went over the odds on it as it made them want it more. Good luck to them. I hope nothing serious pops up on the survey, hence why I couldn't offer over as you never know on something that's been let go for 50 years.

inner_grace

Whoknowskt89 wrote: »

I've been looking at properties in Nottingham as I eventually want to sell up and buy a house that way.
To me, the prices aren't bad at all (lucky to find a 2 bed terraced house here for £230k in rougher part)
I've been finding 3 bedrooms, garden and garage for under £200k in Stapleford area? (which I've been told isn't bad?)

Yes Stapleford is nice, the Sandiacre/Toton side is the better side to be on. The Bramcote side has to rough streets so I'd be a little wary of that side. There are a lot of small houses in Stapleford. Stapleford Lane had a few lovely roads that have bigger houses if your budget can stretch but they very rarely become available. A problem if you want to move into a bigger home. If your happy to stick with a 3 bed semi or even a smallish 3 he'd detached than that's fine. Houses built in Stapleford are generally 100 years and over and I think that and because it's a little further away from the centre of Nottingham makes them a little cheaper.

Whoknowskt89

Thanks inner_grace!
It's just me and 4 cats so unless there's any big changes (which I doubt as I don't want kids) a 3 bed semi does me fine.
I had been looking Sandiacre end! If you have any ideas of other good areas that are commutable to town I'd really appreciate it!
Good luck with finding a new home!

comeandgo

The street where I live, all 4 and 5 bedroom houses, only 10% have families in them, the rest are retired single pensioners or couples. If this situation is same where you live then you could be waiting a long time for a property. Is there any opportunity to build your own property?

inner_grace

comeandgo wrote: »

The street where I live, all 4 and 5 bedroom houses, only 10% have families in them, the rest are retired single pensioners or couples. If this situation is same where you live then you could be waiting a long time for a property. Is there any opportunity to build your own property?

Yes the situation is much the same where I live. There is one particular street full of old people and my partner has said I reckon there will be quite a few of these coming to the market over the next few years. Unfortunately we don't live forever and becomes a point when these big houses will perhaps be sold on for inheritance.

My current home doesn't have the space to extend unfortunately, hence the reason for selling. We are on the lookout for properties with the potential to extend but these are not available at the minute. Hardly anything new being added to Rightmove. Hopefully April picks up a little.