Keep losing out - current market experiences (Scotland)

scottiescott

caprikid1 said:

To be honest I would hate to sound like Crashy but I would just wait a year, there is a lot of pent up demand chasing too few properties, once furlough and bounce back cash washes out the system there is a world of pain surely coming that cannot continue to support the market in this way. Lots of people wanting to move, more space out of London etc but this really is short term demand.

I'm with you on this one. I'm in north east Scotland and have just bought at 10% below asking. Property had been on market for a year and I moved just as I saw estate agents and solicitors opening up again. Just as well I did because since then properties are flying and going to closing dates in short time. All due to pent-up demand I guess. Surely the landscape will change dramatically when the recession kicks in big style. If I hadn't moved when I did I would have waited a year or so.

JenST84

Thanks for all your comments and advice, it's been really helpful.  Getting sucked into the hype is really quite stressful and it's so disheartening when you hear what a property has actually sold for versus asking price and value.  However, we're not in a desperate rush to buy so it would be silly to throw our hard saved money away (which it is bidding over value) to get a house when there is always another house coming on and we're now in a recession.  The particular areas we're looking seem to be especially hardest hit as the number of new houses coming on the market is far outstripped by the number of buyers.  I'm so relieved to hear we're not the only ones involved in this who are thinking !!!!!! is going on!  A lesson learned from this week is really to get to grips with what the seller is hoping to achieve before even viewing a house - a rookie error it would seem.

Thanks again everyone, it's great to hear different views and experiences.  I think we'll hang off until things calm down and the mad rush to buy and throw money at houses has subsided.  

getmore4less

I live south those wanting/needing to move that completed before March had to do a deal.

Since lockdown I am seeing stuff  that was pending go sold and new properties seem to have interest.

One the sign went up last week SSTC it was priced as  ex rental, very close to done up prices. 

Will be interesting what the actual prices are when they come through I think we will see 5%-10% up from those 6 months ago.

getmore4less

JenST84 said:

getmore4less said:

JenST84 said:

Fortunately we're not trying to buy in Edinburgh, we're west of Glasgow.  

From my brief look for that other post it's not looking good on the numbers depending on how tight you geographical is you could be looking at low numbers.

What's you budget and target property type.

Looking for a 3 bed house.  Highest we want to go to is £240k to avoid having a huge mortgage when we're not the youngest first time buyers.  We've even looked at 2 bed houses that have scope to extend, but constant closing dates and sellers being swayed by high offers (don't blame them at all) means our ability to move quickly doesn't have the leverage it once did.  We are restricting our areas of search based on where we want to live so we're expecting to wait a while and know the disappointments with higher offers being made will keep coming.  We're just hoping the frenzy calms down.  

Starting with rightmove and what they class as west end.

Not that good a start with for sale 372/618 SSTC any price any beds
if we price range  the 2beds and 3 beds
0-100 005/021 04/04
0-200 090/192 13/27
0-250 128/250 25/65
0-300 157/291 35/69
0-max 189/311 84/113
then look at on the map view for your price range
200-250  32/45 11/15

now if we take off the flats
price....2b...3b..4b+
0-240 3/13 6/8 1/1

For houses there is nothing out there,also  taking of the flats pushes you out west of the area(expected) 
how much further out or north would you go? (given I suspect south of the river into Goven is not an option.
there is one 4 bed  £215+  fairly new build looks like they sold for £230 found a new build brochure
https://www.clydeproperty.co.uk/property/GB03594/
3 bed semi also there https://www.rightmove.co.uk/property-for-sale/property-95718128.html

what about a 4bed flat trade house for space in a flat, location very handy for access to places but not a lot of character. 

or look at the cheapest 3 beds I quite like this first one(no idea of area)
£118+   bit of a project end of the row, with a garage room to extend, any development plans for that area along the river
£170+ town house 2 story 

part of the problem will be the steady spring upturn did not happen in March so we have a 1/4 year worth to filter through at the busiest time of the year, now the schools are back that might slow things down a bit..

Why did you delay and  not looking to buy in the Nov-Feb window there would have been choice with very little competition, always a slow time with the odd deal about?  

JenST84

getmore4less said:

JenST84 said:

getmore4less said:

JenST84 said:

Fortunately we're not trying to buy in Edinburgh, we're west of Glasgow.  

From my brief look for that other post it's not looking good on the numbers depending on how tight you geographical is you could be looking at low numbers.

What's you budget and target property type.

Looking for a 3 bed house.  Highest we want to go to is £240k to avoid having a huge mortgage when we're not the youngest first time buyers.  We've even looked at 2 bed houses that have scope to extend, but constant closing dates and sellers being swayed by high offers (don't blame them at all) means our ability to move quickly doesn't have the leverage it once did.  We are restricting our areas of search based on where we want to live so we're expecting to wait a while and know the disappointments with higher offers being made will keep coming.  We're just hoping the frenzy calms down.  

Starting with rightmove and what they class as west end.

Not that good a start with for sale 372/618 SSTC any price any beds
if we price range  the 2beds and 3 beds
0-100 005/021 04/04
0-200 090/192 13/27
0-250 128/250 25/65
0-300 157/291 35/69
0-max 189/311 84/113
then look at on the map view for your price range
200-250  32/45 11/15

now if we take off the flats
price....2b...3b..4b+
0-240 3/13 6/8 1/1

For houses there is nothing out there,also  taking of the flats pushes you out west of the area(expected) 
how much further out or north would you go? (given I suspect south of the river into Goven is not an option.
there is one 4 bed  £215+  fairly new build looks like they sold for £230 found a new build brochure
https://www.clydeproperty.co.uk/property/GB03594/
3 bed semi also there https://www.rightmove.co.uk/property-for-sale/property-95718128.html

what about a 4bed flat trade house for space in a flat, location very handy for access to places but not a lot of character. 

or look at the cheapest 3 beds I quite like this first one(no idea of area)
£118+   bit of a project end of the row, with a garage room to extend, any development plans for that area along the river
£170+ town house 2 story 

part of the problem will be the steady spring upturn did not happen in March so we have a 1/4 year worth to filter through at the busiest time of the year, now the schools are back that might slow things down a bit..

Why did you delay and  not looking to buy in the Nov-Feb window there would have been choice with very little competition, always a slow time with the odd deal about?  

Hi there
Thanks for putting in all that effort to share the links of these properties.  When I say west of Glasgow, I don't mean the West End, my goodness - my budget is totally unrealistic for that area!  I mean west of the city out towards Loch Lomond.  So our search areas are Dumbarton, Alexandria and Helensburgh.  It's a house we are after and in normal times, we have a really healthy budget.  We're in a 4 bed, ground floor flat just now with a back and front door and also have a toddler so we're after a garden.  We're stopping our search just now until the market settles.  Whilst these times are unprecedented we know the hype has got to die down and we have no pressure to move (other than the frustration of lining a private landlord's pockets for longer than we'd have liked).  
I know advice is always to expand your search area, but for childcare and travel we are fixed in our search and prepared and able to wait.  The supply of houses isn't great so buyers are adding their own money to get what they want.  We don't want to do that so waiting is our only option just now unless there's a less popular house we can make a move on.
Thanks again.

getmore4less

draw a search area
even less out that way
3 bed upto £240k   for sale 18/56 SSTC.
if we drop to £200 to give some room to go over 8/21 even the 2 beds are getting snapped up.
There is noting and that is quite a big area.
£210k fixed price new build  

RelievedSheff

getmore4less said:

draw a search are
even less out that way
3 bed upto £240k   for sale 18/56 SSTC.
if we drop to £200 to give some room to go over 8/21 even the 2 beds are getting snapped up.
There is noting and that is quite a big area.
£210k fixed price new build  

Searching for a unicorn springs to mind with those figures!!

Its the age old problem of the budget doesn't stretch to the property in the desired location. Either some compromise has to be met with regards the property or the budget or stay put and stay in rented.

And it is anybodies guess what is going to happen to house prices next. They are certainly not following the predictions right now......... 

getmore4less

south of the river budget gets a lot more? 
95 for sale 3 beds upto £240k, 35 of those are under £150k

eidand

Surely if you keep losing out that means you're not offering enough. Every area is different, but in this case, if things sell for above what you offer every single time then you need to re-evaluate your offers.

Either offer more or look at other areas which are maybe a bit cheaper.
Or maybe take a break, just improve your deposit so you are in a position to offer whatever will secure a property there.

JenST84

eidand said:

Surely if you keep losing out that means you're not offering enough. Every area is different, but in this case, if things sell for above what you offer every single time then you need to re-evaluate your offers.

Either offer more or look at other areas which are maybe a bit cheaper.
Or maybe take a break, just improve your deposit so you are in a position to offer whatever will secure a property there.

Yes, not offering enough, we know that.  All the advice we had prior to the mini boom was an offer at HR value is often better in our areas of interest than sellers can hope to achieve.  The landscape has massively changed so we're holding off until things calm down and the pent up demand subsides.  Like I said, we're not in a rush, so as frustrating as it is, we're stepping back.  
The pent up demand has caused the crazy offers and closing dates.  I'll point out again that an offer over HR value has to be funded by your own cash reserves, so if you offer £10k over HR value that's £10k you need to have over and above your deposit.  Waiting for the right house in the areas we like is the right thing for us to do just now.
Thanks