thoroughly fed up - tell me it'll be ok

Gavin83

Crashy_Time 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.

Ely Cambridgeshire?

Yep. Is there another Ely?

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.

Thanks for the confirmation. It seems lovely but like everywhere at the moment the market is crazy. I’d still consider it affordable (one of the houses we offered on was a 4 bed detached) but it’s pushing it. Certainly far more affordable than Cambridge.

We did look at Littleport. There’s a reason it’s more affordable, I wouldn’t choose to live there! There’s plenty of cheaper surrounding villages as well which are cheaper. While I’m sure they’re lovely it’s too quiet for us.

Crashy_Time

Gavin83 said:

Crashy_Time 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.

Ely Cambridgeshire?

Yep. Is there another Ely?

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.

Thanks for the confirmation. It seems lovely but like everywhere at the moment the market is crazy. I’d still consider it affordable (one of the houses we offered on was a 4 bed detached) but it’s pushing it. Certainly far more affordable than Cambridge.

We did look at Littleport. There’s a reason it’s more affordable, I wouldn’t choose to live there! There’s plenty of cheaper surrounding villages as well which are cheaper. While I’m sure they’re lovely it’s too quiet for us.

https://en.wikipedia.org/wiki/Ely,_Cardiff

Gavin83

Well consider me educated!

stressedout45

Everything is going to be okay! I feel your pain. We have to tell ourselves that it is going to be okay - what other choice do we have? 

Weathergirl_76

I feel you pain, and although my circumstances are different (i have been trying to sell my house since December) the enthusiasm and motivation is hard to keep up after week after week of disappointments. 

They say ‘it will turn out okay in the end. If it’s not okay, it’s not the end’ take comfort in that. A few months down the line we will both remember this and know why it took the time it did. Best of luck. 

Crashy_Time

Weathergirl_76 said:

I feel you pain, and although my circumstances are different (i have been trying to sell my house since December) the enthusiasm and motivation is hard to keep up after week after week of disappointments. 

They say ‘it will turn out okay in the end. If it’s not okay, it’s not the end’ take comfort in that. A few months down the line we will both remember this and know why it took the time it did. Best of luck. 

Have you tried dropping the price?

[Deleted User]

Crashy_Time said:

Weathergirl_76 said:

I feel you pain, and although my circumstances are different (i have been trying to sell my house since December) the enthusiasm and motivation is hard to keep up after week after week of disappointments. 

They say ‘it will turn out okay in the end. If it’s not okay, it’s not the end’ take comfort in that. A few months down the line we will both remember this and know why it took the time it did. Best of luck. 

Have you tried dropping the price?

Does anyone remember talkie toaster?

Crashy_Time

Gavin83 said:

Well consider me educated!

Not difficult to check really.

deFoix

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.

This state of affairs has got nothing to do with capitalism. The house price boom is entirely precipitated by Government and Central Bank manipulation of the monetary system.

Crashy_Time

Exactly, the place you live was the ideal thing to get people hooked into decades of debt on, and if they still felt they could swallow more debt why not try a BTL or three! Shocking really that people fell for it?