is gazumping/higher offers back everywhere in UK?

gamston

hi folks just getting the feeling i need to move on, so started looking for new home, talking to nieghbours and my son (who are also looking at buying new homes) tell me often when they view or offer a to buy a house they are out priced by cash buyers from "London" is that happening everywhere ?
nieghbours sold their house and where offered 50K/60K more by 2 cash buyers, Son looking around East Riding area say nice first time family homes seem to be getting brought by cash buyers
is there that much money floating about ?
Nieghbours looked at house in herefordshire 800K and London buyer got if for holiday retreat

purplebutterfly

Depends where you are. In my local area, almost nothing goes to offers over and most things sell just below asking.  We've been looking for 12 months and only had one occasion where there were multiple competing bids. 
It all depends what your price range is and if you are moving somewhere "desirable" or not. 

newsgroupmonkey_

There's someone on another thread who seems to think that despite not being in a proceedable position, they can get a house valued at £450k for around £375k because "they've never paid the asking price" on their last 2 houses.

So I suppose someone must think that this isn't happening in their area.

No offence, but I don't see many Londoners moving to East Riding. More likely to move to East Anglia or the South Coast.

Newnoel

Don't know about East Riding, but where I live, Surrey/Sussex border, the market is white hot.

Two local houses that I know of that sold in the past month within a week of listing: the first was on for £1m, and sold for £1.2, the second was listed for £1.8, and sold for £2.2m.

newsgroupmonkey_

Newnoel said:

Don't know about East Riding, but where I live, Surrey/Sussex border, the market is white hot.

Two local houses that I know of that sold in the past month within a week of listing: the first was on for £1m, and sold for £1.2, the second was listed for £1.8, and sold for £2.2m.

Yes, I'd quite expect Londoners to be hitting up exactly your part of the country. Moving out of the City into the home counties too.

RelievedSheff

newsgroupmonkey_ said:

There's someone on another thread who seems to think that despite not being in a proceedable position, they can get a house valued at £450k for around £375k because "they've never paid the asking price" on their last 2 houses.

So I suppose someone must think that this isn't happening in their area.

No offence, but I don't see many Londoners moving to East Riding. More likely to move to East Anglia or the South Coast.

According to this local estate agent Londeners are buying in Sheffield, so I don't see why they wouldn't also consider East Riding!!

https://www.thestar.co.uk/lifestyle/homes-and-gardens/house-prices-bonkers-in-sheffield-says-agent-3239593

"There are people moving here from London with money. We had a situation where a property in South West Sheffield on the market at more than £500,000 had 19 final offers and eight were from London.

"The house went for more than £100,000 over the asking price.”

MobileSaver

purplebutterfly said:

and if you are moving somewhere "desirable" or not. 

^ This.

Despite ridicule and disbelief from the HPCers, many people post-lockdown are looking for homes with more space, bigger gardens and more rural locations.

A few days ago I went to visit my mum for the first time since last year; she lives on a relatively new estate of three/four bed houses with gardens in a pretty part of Wales and mentioned in passing that the house across the road recently went Sold Subject To Contract within 24 hours of going on the market.

I've just checked my local area (rural mid-Wales) and even I was surprised to discover every single house* on the market in both my and all the surrounding villages is currently SSTC! A friend in the next village is just about to put one of her houses on the market so it'll be interesting to see how that goes as I'll get first-hand info on interest and offers.

(* There is one exception - there's an odd listing from last year that inexplicably still has the wrong address showing, i.e. the listing suggests the house is 15 miles away from where it actually is...)

FTB_Help

newsgroupmonkey_ said:

No offence, but I don't see many Londoners moving to East Riding. More likely to move to East Anglia or the South Coast.

I agree, im a born/ bred Londoner i don't know any friends/ colleagues that are buying choosing East Riding.

Most are moving to Kent, Hitching, Weylyn Garden, Luton, surrey ... basically within commuter belts.

I suspect the ones buying in East Riding may be Londoners moving back to their home town with family.

I think many northern cities may find a lot more people moving back to their home town if remote working full time remains

thriftytracey

A few weeks ago I could not get viewings the day it went on RM as there had been offers.  I am finding now I can get viewings.  Some properties from a few weeks ago have been reduced but that it because there is an obvious reason why they haven't been snapped up.  We recently viewed a detached property in the most perfect location - lovely view over fields, no traffic noise, cul-de-sac and half a mile from a beach.  It was a 1980's house with tiny rooms, no utility room, tiny kitchen and garden, no hall. I could hear next door's conversation in their garden perfectly. They wanted £380k.  Last a year a house in the same road sold for £340k, same lovely views, but large kitchen, decent sized hall and utility room.  Our hearts wanted this house badly but after sleeping on it endless discussions on how we configure it we would still have to junk half our furniture and we have two dogs so we decided not to offer.  I thought it would be long gone due to its lovely location but it is still on RM.

JJR45

The first time since looking that not one property added this week falling within our criteria (16 houses), has not gone SSTC within a week.
Not surprised though, looks like Sellers and EAs have got more and more greedy, some of the asking prices are aspirational, to say the least!

GDB2222

There's this idea that Londoners are awash with money, and the streets are paved with gold. That's a bit of an exaggeration. Not many people can afford £800k for a second home in Herefordshire. 

It will be interesting to see whether WFH continues long term. If it does, why move to Yorkshire? Why not somewhere a bit sunnier and warmer? For someone who has a well-paid job in London, it's quite a brave decision to move home a long way at the moment, with the possibility that the WFH policy gets reversed suddenly.