Anyone else finding it impossible to buy right now?

JJR45

Angela_D_3 said:

Not only that but the banks are refusing to loan to people whove been furloughed and still currently are on furloughed which must account for at least some potential purchasers in the 33 plus age group 

Also could already be owners who don't know they are unemployed yet, so are in mortgage limbo.

Scotbot

I check RM religiously every day. Asking prices are now ridiculous IMO there is always at least 1 where I think you have to be joking. I await the summer with interest.

Ramouth

Don’t forget low interest rates.  Many are keen to get on a nice long fix while rates are low.  There is talk of a roaring 20s recovery which would lead to inflation and interest rates going up to help pensioners.

Or maybe we all want to move because we have been trapped in the same space for 12 months now and we really need a change?

There are many drivers other than the stamp duty cut.

Rachylou1981

We have just pulled out of a sale due to a down valuation. Sold ours & not much available to buy that we like. Seriously in a panic.

3 viewings tomorrow on newish builds but on doing some research, one sold new 18 months ago & price today gone up 20K. The other sold in 2015 & price today is up by 30K. No other on estate sold for this much. What are the EA/ sellers thinking? My guess is they will be down valued at mortgage valuation like our recent sale - or is the market really this crazy?? 

SpiderLegs

JJR45 said:

SpiderLegs said:

If the average FTB is 33 and the average person losing their job is say 25, that’s not going to really impact on house prices unless it’s sustained unemployment for many years.

That ignores economics, those people are on furlough at the moment and receiving a wage paid by the government. Once that stops many will be laid off, so they will no longer have money to spend, which will the have an impact on other parts of the economy.
Just because parts of the economy are unaffected at the moment, that does not mean they will carry on being unaffected in the near future. Repossessions restart today (nearly 100,000 in arrears) and evictions will start back up soon (estimated 840,000 in arrears), that could se a lot of unhappy BTL landlords selling up and repossessed properties coming to the market.
There will be some unwinding, history tells us that, it is just when and by how much. Could be a brief dip, or a full blown crash.  Much depends on what happens regarding covid and the massive bill for it we have to pay off.

Cherry picking parts of a wider post is poor form.
It’s a fairly moot point that increases in unemployment impact across the economy. The point was in relation to who actually buys property, not who buys tins of beans or disney+ or second hand vw golfs.

I suppose we could also consider a similar opposing moot point - that house prices aren’t going to be heading south while the wider economy is growing.
What are the UK GDP forecasts for the next couple of years?

Mmarsenal22

Murphybear said:

What I find intriguing is that loads of MSEers can’t find a house to buy and loads who have a house to sell can’t find a buyer.  

Perhaps MSE could set up a matchmaking service 

Im seeing that Norfolk has a buoyant market but I have one offer out of 30 viewings😅

jimbog

Mmarsenal22 said:

Murphybear said:

What I find intriguing is that loads of MSEers can’t find a house to buy and loads who have a house to sell can’t find a buyer.  

Perhaps MSE could set up a matchmaking service 

Im seeing that Norfolk has a buoyant market but I have one offer out of 30 viewings😅

You’re only looking for one buyer

RoisinDove

gab3x said:

Come to London and look for a flat without a garden - you can practically name the price!

That's what I'm looking for! Do you think it's a bad idea to buy one now? I can't work out whether it's a good time to buy and I'd be getting a bargain or I'd be trapping myself in a tiny flat in London while everyone else I know heads to the countryside or cheaper cities. 

Angela_D_3

RoisinDove said:

gab3x said:

Come to London and look for a flat without a garden - you can practically name the price!

That's what I'm looking for! Do you think it's a bad idea to buy one now? I can't work out whether it's a good time to buy and I'd be getting a bargain or I'd be trapping myself in a tiny flat in London while everyone else I know heads to the countryside or cheaper cities. 

Where do you want to live ?  If we went into lockdown again where would you choose to be ? 

firsttimesellerldn

I’m currently in the process of selling a London flat with no garden. But we were already planning on selling before the pandemic - terrible timing! I won’t pretend it’s always been enjoyable during the last year (two of us working from home..) but it’s been great the last few years, so personally I think it’s best to focus on what you want in the next few years rather than on buying for pandemic life.