thoroughly fed up - tell me it'll be ok

Crashy_Time

Crashy_Time said:

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#/

Nice 15k price drop on this one, another reason to be cheerful about the market! What I don`t understand is why the properties with large gardens seem to be leading the price drops? Posters on here were telling us recently that gardens/rural would be highly sought after.....?
https://www.rightmove.co.uk/properties/85852310#/

Gavin83

Crashy_Time said:

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?

I'm looking in Ely.

Crashy_Time

Gavin83 said:

Crashy_Time said:

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?

I'm looking in Ely.

Ely Cambridgeshire?

moneysavinghero

cookyy2k said:

I'm in the same situation. FTB, been gazumped 3 times in the last 2 weeks. Trying new builds now, see if I can jump on a plot before they're all snapped up.

3 times in 2 weeks is probably not being gazumped, just being outbid.

cookyy2k

moneysavinghero said:

cookyy2k said:

I'm in the same situation. FTB, been gazumped 3 times in the last 2 weeks. Trying new builds now, see if I can jump on a plot before they're all snapped up.

3 times in 2 weeks is probably not being gazumped, just being outbid.

Probably. I suppose it depends on the definition. Haven't looked into it on great detail honestly. All I know is I've had the "offer accepted" followed by "they accepted another offer" email a few days later each time.

Crashy_Time

https://www.rightmove.co.uk/properties/85605895#/
50k price drop, no one interested in that flat needs to be fed up as it is supposedly "priced to sell"?

RJM90

Crashy_Time said:

https://www.rightmove.co.uk/properties/85605895#/
50k price drop, no one interested in that flat needs to be fed up as it is supposedly "priced to sell"?

I have to say, I don’t envy the FTB’s down south. £200,000 for that one bedroom flat... we were hoping to clinch our maybe forever home up north for £180,000!

Crashy_Time

RJM90 said:

Crashy_Time said:

https://www.rightmove.co.uk/properties/85605895#/
50k price drop, no one interested in that flat needs to be fed up as it is supposedly "priced to sell"?

I have to say, I don’t envy the FTB’s down south. £200,000 for that one bedroom flat... we were hoping to clinch our maybe forever home up north for £180,000!

That flat needs more knocked off before it sells IMO.

Keep_pedalling

Gavin83 said:

Crashy_Time said:

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?

I'm looking in Ely.

If that’s Cambs, then it is a very nice place to live and the house prices are very much driven by people like my son why could not afford Cambridge. Just up the road in Littleport is more affordable.

Sunsaru

Keep_pedalling said:

Gavin83 said:

Crashy_Time said:

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?

I'm looking in Ely.

If that’s Cambs, then it is a very nice place to live and the house prices are very much driven by people like my son why could not afford Cambridge. Just up the road in Littleport is more affordable.

Yea it's up in the Fenlands. Beautiful place.