No viewings on flat

RelievedSheff

ProDave said:

Crashy_Time said:

ProDave said:

I had a chat with our local estate agent this morning.  She tells me that since the re opening of the property market they have had plenty of viewings and several offers for houses with gardens,  But not a single viewing of any flats.

Is that hundreds of people we are talking about, or dozens?

She did not quantify, but more viewings and more sales than in a normal market pre Covid.

ProDave said:

Crashy_Time said:

ProDave said:

I had a chat with our local estate agent this morning.  She tells me that since the re opening of the property market they have had plenty of viewings and several offers for houses with gardens,  But not a single viewing of any flats.

Is that hundreds of people we are talking about, or dozens?

She did not quantify, but more viewings and more sales than in a normal market pre Covid.

Rightmove have indicated that buyer enquiries are up 75% on the same time last year.

https://www.homesandproperty.co.uk/property-news/house-prices-surge-stamp-duty-holiday-a139406.html

44% of homes that have been advertised since 9 May are now SSTC when compared to 34% for the same time last year.

"Miles Shipside, Rightmove director and housing market analyst, admits the lively market was unexpected but says it could reveal the shape of things to come.

“The spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown,” he says. “These figures are the earliest indicator of house price trends. They show prices gently rising not falling, and this will be reflected in the coming months.”

Lucian Cook, director of residential research at Savills, believes the pandemic itself has driven demand, saying: “The experience of lockdown has made people reassess what they want from a home. Despite the economic backdrop, this has unlocked demand from financially secure families looking for more space in particular.”

Not exactly what Crashy wants to hear of course.

RelievedSheff

x_malibubabe said:

I’m going to bypass those of you discussing house prices and green areas. We’ve managed fine without a garden as new forest and lakes on the doorstep. 

Our flat is the cheapest by far of only about 5 listed in the area, those non-retirement 2 beds for £140k are in rough areas, they also come under a different council. 

View from bedroom window is a main road overlooking a bus stop and other flats so nothing interesting to look at from any window - but who sits staring out of their windows?? 

Re what we paid: We paid £117500 for an empty dump that had never seen a cloth or sweeping brush with a 74 year lease, previously accepted £120k after doing it up, cash buyers and anticipated a quick sale but they had more money than sense and clearly knew nothing about renting property out. 

Reason for price increase is there’s an extension to the lease on completion which is costing £10k plus legal fees. 

I mentioned this thread to my husband who pointed out that when we originally listed it with a low lease, crap photos and priced at £134,950 (different agent, not our choice to go on so high) we had plenty of viewings, so the price obviously wasn’t putting people off. It’s obviously covid that’s affecting it. Agent had no backbone when it came to negotiation hence ditching them. 

I thank you all for your feedback but as it happens we have a local landlord interested so fingers crossed. Failing that, we’ll just wait it out ☺️ We’re in no rush to move, marketing after 2 years was always our plan, but nobody could predict a pandemic. 

Is it an option to rent it out yourselves and buy somewhere else?

I don't think the lack of interest in flats post Covid will last forever.

blue_max_3

RelievedSheff said:

Rightmove have indicated that buyer enquiries are up 75% on the same time last year.

https://www.homesandproperty.co.uk/property-news/house-prices-surge-stamp-duty-holiday-a139406.html

44% of homes that have been advertised since 9 May are now SSTC when compared to 34% for the same time last year.

"Miles Shipside, Rightmove director and housing market analyst, admits the lively market was unexpected but says it could reveal the shape of things to come.

“The spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown,” he says. “These figures are the earliest indicator of house price trends. They show prices gently rising not falling, and this will be reflected in the coming months.”

Lucian Cook, director of residential research at Savills, believes the pandemic itself has driven demand, saying: “The experience of lockdown has made people reassess what they want from a home. Despite the economic backdrop, this has unlocked demand from financially secure families looking for more space in particular.”

Not exactly what Crashy wants to hear of course.

Who is best positioned to benefit from a rush to buy before property gets even more expensive? I'd suggest those with a dog in the fight!
They are influential though and it definitely impacts people's views. 
As ever, there are more desirable properties and more desirable areas. More interest means stronger pricing. There tends to be fewer sales in those areas too.
In a rising market, people look to buy even a studio flat. But those are the first to be passed by in a sinking one. 
Perversely, people may be looking to buy now because they are not sure they could get a mortgage if one of them lost their jobs. It's a multi-faceted business.
OP, hope the optimistic views of the industry push a few more to view. I know how frustrating it must be.

Crashy_Time

RelievedSheff said:

Crashy_Time said:

lisyloo said:

Crashy_Time said:

AdrianC said:

RelievedSheff said:

Crashy_Time said:
As pointed out though people just go to the park, this was my back garden during lock down....

Access to countryside is not the same as having your own outside space. Especially during the lock down we have just had where access to public outside space was severely limited.

Indeed. We're very close to similar "park"land...

But the park authorities closed it off completely. Not that we could have driven there legally anyway until a week or two ago.

Sure, but it is open now? People have very short memories, they will just crowd onto beaches and drink lager in the park now, that is easier than raising the deposit for a house with garden, there won`t be another "Stay at Home" moment IMO, not unless it gets really bad, and by then most people wouldn`t need to be told to stay in anyway, but I can see shutdowns of flights/retail/hospitality being an easy/necessary move for governments who need to be seen to be taking some kind of action if it spikes. The idea that against the backdrop of economic damage caused by all the shutdowns people will be running around trying to outbid each other for gardens is more than a bit laughable TBH, IMO the "Must have garden and space!" thing will be as short lived as "Must buy 300 toilet rolls every time I go into a shop in case they run out" thing. If it gets really bad gardens will be the least of our worries anyway.

Economic damage is generalised. Some people are doing great and some getting early inheritances.

Of course they will bid over the nicer properties and right now that means gardens.

It might pass it might not who knows. We could easily be in a similar situation next spring/summer.

Although there are pockets at the beaches/protests on the front pages, Lots of people are voluntarily staying at home because of either rational fear or irrational. Most middle aged people have elderly parents to consider.

Maybe it will be short libed, maybe it will be the least of our worries, but right now those with stable jobs (civil service, healthcare, teachers etc.) or inheritances will continue to bid on the nicest properties.

To pretend no-one has any money is ridiculous. Some people are far better off and in some cases that's through an early inheritance and those people will continue to buy if they want to.

All of us can access countryside but even those in central london but a garden is private so there's a massive difference.

Early inheritance, then boom your job is gone, where does that leave someone? People were getting inheritances before, what difference does that make? I never said NO ONE has money, I said that the drivers of over-bidding for country/garden property i.e city/London equity and loose cheap credit (High LTV) are negatively affected by recession/depression therefore I think the notion some posters have that there will be some kind of boom, somewhere, Come Hell or High Water, is misplaced. I think most people would be better off just accepting that the property boom is over.

Oddly, or perhaps not, the news seems to be reporting completely differently to you.

It will take a few months for the sold prices to filter through onto the Land Registry but agents are reporting a "property boom" is in process and prices are rising not falling.

It will really pain you in a few months when these figures are available wont it?

I have a pain in my side at the moment, but sadly the ramblings of property VI`s are lost in a much more serious backdrop.

Crashy_Time

blue_max_3 said:

RelievedSheff said:

Rightmove have indicated that buyer enquiries are up 75% on the same time last year.

https://www.homesandproperty.co.uk/property-news/house-prices-surge-stamp-duty-holiday-a139406.html

44% of homes that have been advertised since 9 May are now SSTC when compared to 34% for the same time last year.

"Miles Shipside, Rightmove director and housing market analyst, admits the lively market was unexpected but says it could reveal the shape of things to come.

“The spring market has now picked up where it left off and has been accelerated by both time-limited stamp duty holidays and by homeowners reappraising their homes and lifestyles because of the lockdown,” he says. “These figures are the earliest indicator of house price trends. They show prices gently rising not falling, and this will be reflected in the coming months.”

Lucian Cook, director of residential research at Savills, believes the pandemic itself has driven demand, saying: “The experience of lockdown has made people reassess what they want from a home. Despite the economic backdrop, this has unlocked demand from financially secure families looking for more space in particular.”

Not exactly what Crashy wants to hear of course.

Who is best positioned to benefit from a rush to buy before property gets even more expensive? I'd suggest those with a dog in the fight!
They are influential though and it definitely impacts people's views. 
As ever, there are more desirable properties and more desirable areas. More interest means stronger pricing. There tends to be fewer sales in those areas too.
In a rising market, people look to buy even a studio flat. But those are the first to be passed by in a sinking one. 
Perversely, people may be looking to buy now because they are not sure they could get a mortgage if one of them lost their jobs. It's a multi-faceted business.
OP, hope the optimistic views of the industry push a few more to view. I know how frustrating it must be.

Anybody with even a slight risk of losing their job will either be getting no mortgage now, or asked to stump up a much more juicy deposit, the banks want to lend but they are not stupid.

gwynlas

If you are hoping to sell to a local landlord/investor please be aware that they might try to reduce their offer further down the libe as they are not emotionally invested in the property only in doing what is best for their business.

Crashy_Time

gwynlas said:

If you are hoping to sell to a local landlord/investor please be aware that they might try to reduce their offer further down the libe as they are not emotionally invested in the property only in doing what is best for their business.

As they should be, who gets emotionally invested in basic functional accommodation?