thoroughly fed up - tell me it'll be ok

Sunsaru

ProDave said:

Just a question for the OP:

WHY did you not buy a house in say 2019 when the market was calm, prices were not rising at silly rates and people were not out bidding each other? 

Is is just the "I have got to buy now before prices rise and I can't afford to" that is pushing you to buy a house now?

History shows we are likely to have perhaps 3 or 4 years like this, then some event will tip the market over to the next slump, where nothing sells, prices fall, but you could have the pick of all the houses on the market with almost no competition.

Or maybe the OP just wasn't in a position to buy.

TXC

ProDave said:

Just a question for the OP:

WHY did you not buy a house in say 2019 when the market was calm, prices were not rising at silly rates and people were not out bidding each other? 

Is is just the "I have got to buy now before prices rise and I can't afford to" that is pushing you to buy a house now?

History shows we are likely to have perhaps 3 or 4 years like this, then some event will tip the market over to the next slump, where nothing sells, prices fall, but you could have the pick of all the houses on the market with almost no competition.

Hi
What I should have mentioned is I didn't have enough for a deposit at that time, i started saving early 2019 and it was always my intention to buy when I reached my savings goal which just so happened to co-incide with this madness! Surely I'm not the only one guilty of starting to check rightmove compulsively from the moment you start saving for a deposit 

All - thanks so much for the pep talks! Great to know I'm not the only one in self pity city atm

RJM90

TXC said:

Hi all
Just on here for a moan more than anything - if youve kept up with my threads on here you'll know I'm fully in the throes of FTB in one of the busiest markets in the country (+16% price rise YoY at last count) and I'm thoroughly fed up. Ive had pull outs, cash buyer gazumps and lost about three BAFOs - I'm seriously starting to think I will never, ever find somewhere and that the rate pricing is going I'll be priced out of the market as the sad singleton I am very, very soon
tell me its going to be ok?

I'm so sorry you're going through this - I was just about to make a similar topic as we're experiencing the exact same thing. Rightmove say our area is one of the biggest price rises over the last year (the Wirral). We can hardly get a viewing at the moment, however we got to view the most perfect house yesterday after it went live earlier that day. They had eight viewings in the day and it went down to highest and final offers. The house was marked at £170,000 - we put an offer in of £179,500 and still missed out. We genuinely thought we were going to wake up this morning to a call saying we had the house. The search continues...

Hope you manage to finally find something!

TXC

RJM90 said:

TXC said:

Hi all
Just on here for a moan more than anything - if youve kept up with my threads on here you'll know I'm fully in the throes of FTB in one of the busiest markets in the country (+16% price rise YoY at last count) and I'm thoroughly fed up. Ive had pull outs, cash buyer gazumps and lost about three BAFOs - I'm seriously starting to think I will never, ever find somewhere and that the rate pricing is going I'll be priced out of the market as the sad singleton I am very, very soon
tell me its going to be ok?

I'm so sorry you're going through this - I was just about to make a similar topic as we're experiencing the exact same thing. Rightmove say our area is one of the biggest price rises over the last year (the Wirral). We can hardly get a viewing at the moment, however we got to view the most perfect house yesterday after it went live earlier that day. They had eight viewings in the day and it went down to highest and final offers. The house was marked at £170,000 - we put an offer in of £179,500 and still missed out. We genuinely thought we were going to wake up this morning to a call saying we had the house. The search continues...

Hope you manage to finally find something!

I'll wave at you from over the water as I'm lpool! crazy isnt it! I was exactly the same with the latest BAFO I did everything right, first viewing in, first offer in, over asking, upped for BAF and genuinely thought I would get it. Called the EA today and asked if i could be top of mind if the sale falls through (was back on the market from a fall through in the first place so you never know!)
I'm hoping that supply will start to balance out as we come into summer and covid scared people get more comfortable with  strangers coming into their houses- I think thats the key problem here now, no houses!
Best of luck with your search!

Gavin83

ProDave said:

Just a question for the OP:

WHY did you not buy a house in say 2019 when the market was calm, prices were not rising at silly rates and people were not out bidding each other? 

Is is just the "I have got to buy now before prices rise and I can't afford to" that is pushing you to buy a house now?

History shows we are likely to have perhaps 3 or 4 years like this, then some event will tip the market over to the next slump, where nothing sells, prices fall, but you could have the pick of all the houses on the market with almost no competition.

I'm not the OP but in our case we weren't ready to buy back in 2019. Our long term plans were always to buy this year and now we've got enough of a deposit together to buy we're in the middle of this crazy situation!

We've delayed buying until later in the year. While I'm happy to wait 3 to 4 years is far too long so at some point we'll just have to suck it up and accept a much lower quality house than we should be able to afford with our budget.

We've so far put 2 offers in. One at asking price with the winning bid being £45k over asking and another at £10k above asking, the winning bid was £30k over asking. Ultimately we can't really compete with this and being first time buyers can't afford a large mortgage down valuation so we'll need to just sit tight and hope it changes. Otherwise we'll have to drop our budget by £100k and hope that gives us enough to overpay if need be.

Crashy_Time

Mickey666 said:

theartfullodger said:

Capitalism means, sadly, some people win, some lose.  Please don't believe buying property is necessarily a good idea. Property prices do not and have not always gone up.

Good luck.

1. - LIFE means, sadly, some people win, some lose.  Nothing to do with capitalism.  There are plenty of alternative regimes around the world with winners and losers.  Let us know which one you'd prefer and why you're not living there instead of here.

2 - Buying 'property' may not necessarily be a good idea but buying a home seems an eminently good one to me, if only to have zero housing costs after 25 years or so, save money over a lifetime, make pension planning so much easier and not be at the mercy of a landlord telling you what you can and can't do in your home, or worse, forcing you to move out because it suits their more important purpose.  Notice that I didn't mention house prices once . . . because it's not the most important reason to buy a home.

3 - show me a 20 year period where house prices have not risen.

LOL. Most landlords, successful ones anyway, don`t get involved in their tenants day to day living arrangements unless they are breaking the law. To drag this out as a reason to buy a house, especially in this economic climate, is pretty desperate IMO.

Sunsaru

Crashy_Time said:

Mickey666 said:

theartfullodger said:

Capitalism means, sadly, some people win, some lose.  Please don't believe buying property is necessarily a good idea. Property prices do not and have not always gone up.

Good luck.

1. - LIFE means, sadly, some people win, some lose.  Nothing to do with capitalism.  There are plenty of alternative regimes around the world with winners and losers.  Let us know which one you'd prefer and why you're not living there instead of here.

2 - Buying 'property' may not necessarily be a good idea but buying a home seems an eminently good one to me, if only to have zero housing costs after 25 years or so, save money over a lifetime, make pension planning so much easier and not be at the mercy of a landlord telling you what you can and can't do in your home, or worse, forcing you to move out because it suits their more important purpose.  Notice that I didn't mention house prices once . . . because it's not the most important reason to buy a home.

3 - show me a 20 year period where house prices have not risen.

LOL. Most landlords, successful ones anyway, don`t get involved in their tenants day to day living arrangements unless they are breaking the law. To drag this out as a reason to buy a house, especially in this economic climate, is pretty desperate IMO.

Crashy, can I correct you on one thing??

'Good' landlords don't get involved in their tenants day to day living arrangements. Successful ones are on a much broader spectrum.

But getting back onto the reason why we're here. The OP, and others, came here looking for reassurances and I say to them this.
If this is what you really want, and are aware that there may/will be pros and cons, then keep the faith and stay calm. Maybe even take a little step back till the housing equivalent of whack-a-mole dies down over the next 6 months. 

Crashy_Time

Gavin83 said:

ProDave said:

Just a question for the OP:

WHY did you not buy a house in say 2019 when the market was calm, prices were not rising at silly rates and people were not out bidding each other? 

Is is just the "I have got to buy now before prices rise and I can't afford to" that is pushing you to buy a house now?

History shows we are likely to have perhaps 3 or 4 years like this, then some event will tip the market over to the next slump, where nothing sells, prices fall, but you could have the pick of all the houses on the market with almost no competition.

I'm not the OP but in our case we weren't ready to buy back in 2019. Our long term plans were always to buy this year and now we've got enough of a deposit together to buy we're in the middle of this crazy situation!

We've delayed buying until later in the year. While I'm happy to wait 3 to 4 years is far too long so at some point we'll just have to suck it up and accept a much lower quality house than we should be able to afford with our budget.

We've so far put 2 offers in. One at asking price with the winning bid being £45k over asking and another at £10k above asking, the winning bid was £30k over asking. Ultimately we can't really compete with this and being first time buyers can't afford a large mortgage down valuation so we'll need to just sit tight and hope it changes. Otherwise we'll have to drop our budget by £100k and hope that gives us enough to overpay if need be.

Can you link to the general area where this is happening so we can follow with PropertyLog?

Crashy_Time

I guess it varies by area, if you were looking for 6 beds, 3 bathrooms and a massive garden in this area then the 175k price drop so far would be something to be thoroughly chuffed about?

https://www.rightmove.co.uk/properties/77494609#/

Mickey666

Crashy_Time said:

Mickey666 said:

theartfullodger said:

Capitalism means, sadly, some people win, some lose.  Please don't believe buying property is necessarily a good idea. Property prices do not and have not always gone up.

Good luck.

1. - LIFE means, sadly, some people win, some lose.  Nothing to do with capitalism.  There are plenty of alternative regimes around the world with winners and losers.  Let us know which one you'd prefer and why you're not living there instead of here.

2 - Buying 'property' may not necessarily be a good idea but buying a home seems an eminently good one to me, if only to have zero housing costs after 25 years or so, save money over a lifetime, make pension planning so much easier and not be at the mercy of a landlord telling you what you can and can't do in your home, or worse, forcing you to move out because it suits their more important purpose.  Notice that I didn't mention house prices once . . . because it's not the most important reason to buy a home.

3 - show me a 20 year period where house prices have not risen.

LOL. Most landlords, successful ones anyway, don`t get involved in their tenants day to day living arrangements unless they are breaking the law. To drag this out as a reason to buy a house, especially in this economic climate, is pretty desperate IMO.

Firstly, I gave plenty of other reasons to buy instead of rent, but you conveniently ignored those (as you always do).

Secondly, "Most landlords, successful ones anyway" leaves renters at the mercy of SOME, unsuccessful landlords.  The point being that if you rent then you take that risk but if you buy there is NO risk.