thoroughly fed up - tell me it'll be ok

Beartricks

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.

While I'm certain you're just trying to cause trouble with a question like that, I'll give you one example.

We decided in early 2019 that we wanted to buy in early 2021 to give us enough time to save a decent amount. We had a good idea of what we'd be able to afford based on some pretty thorough research and factored in a generous % for price increase just in case.

Unfortunately we couldn't predict that the market would be in this state. At the moment the houses that we're interested in are asking for 20k over the top end of what we wanted to pay for a similar house. Some of them have sold for 20k over the asking price. I wish we could have bought a house in 2019 but unfortunately not everyone can click their fingers and magic up a deposit or funds for renovations.

Crashy_Time

Many of the houses asking 20k over won`t sell, the "euphoria" will be short lived IMO, don`t worry about it.

Crashy_Time

It will be all right (eventually)
https://www.rightmove.co.uk/properties/98370203#/
50k so far off some basic shelter, only another 50-60k to go to fair value! We are definitely getting there in some places it seems.

Getting_greyer

Crashy_Time said:

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#/

Yeah but it's hardly the Cairngorms is it.  The only greenery is the weeds on the path.  There are no doubt plenty of people who would dismiss this place immediately after clicking streetview.  

Getting_greyer

For the OP. I don't know what will happen with prices but I think the concensus on here is that once SD holiday ends you will find it easier. 
Problem is if there are more buyers who missed ouy than people who were unable to sell.  Dunno what it means but "surely" the craze of 10k's over offers will halt soon and you will at least stand a chance of getting an offer accepted.

consciousobservation

Getting_greyer said:

For the OP. I don't know what will happen with prices but I think the concensus on here is that once SD holiday ends you will find it easier. 
Problem is if there are more buyers who missed ouy than people who were unable to sell.  Dunno what it means but "surely" the craze of 10k's over offers will halt soon and you will at least stand a chance of getting an offer accepted.

None of the offers being accepted now have a cats chance in hell of completing before the holiday ends though.

The market is insane and it's going to take a long time to calm back down due to the backlog of people wanting to move.

Anything decent in the 300 -400k bracket down here is 20k overpriced and is going for 20k over asking in a day. And it's been like that since march. No I'm not exaggerating.