House buying frenzy? Except there isn't one.

Flatulentoldgoat

Family have a 3 bed home in SW London to be sold. Accepted a low offer (10k below it's professional valuation) back in Jan. Buyer does a runner. House back on market.

The house isn't a dump at all, good overall state of repair, invested 8k on a new roof, nice suburban location, mid terrace, cul-de-sac, communal gardens, drive way, back garden (ideal for a garden office) conservatory, schools nearby, parks nearby, tube a short bus hop away.

Just seems like all this supposed house buying frenzy is 'up norf somewhere' not seeing any of it in greater London.

RelievedSheff

If you believe the news reports the house buying frenzy is being caused by people moving out of London and buying elsewhere.

If that is true then there is no surprise that a property in London is more difficult to sell.

verytired11

Flatulentoldgoat said:

Family have a 3 bed home in SW London to be sold. Accepted a low offer (10k below it's professional valuation) back in Jan. Buyer does a runner. House back on market.

The house isn't a dump at all, good overall state of repair, invested 8k on a new roof, nice suburban location, mid terrace, cul-de-sac, communal gardens, drive way, back garden, schools nearby, parks nearby, tube a short bus hop away.

Just seems like all this supposed house buying frenzy is 'up norf somewhere' not seeing any of it in greater London.

I have read that in London it varies by location.  Where I am in London it's a frenzy, but apparently in other areas (more central) and if you are selling a flat, the market is quiet and a bargain can be had.

dimbo61

Sorry there is No such thing as a cheap property in London.
You can buy a 3/4 bed house in Cheshire for the price of a poor one bed ex council flat in London.
House prices have been mad in London for years.
There are certain areas in the UK that have gone MAD and many northern towns and cities are only just catching up.

moneysavinghero

Mid terrace in London with only communal gardens is only one step away from a flat in London. The kind of properties that people are flocking from currently. 

lookstraightahead

I don't think there is a frenzy either. The more we are fed that there is, the more people feel they are part of one.
18 people all clambering around trying to buy the same house, 17 of whom can't actually get the mortgage because its 'over valued / don't earn enough / haven't got the deposit after all. Buyers panicking, sellers lording it up on their perceived fortune but unwilling to be flexible so buyers move on. Estate agents telling everyone there is so much interest (happened to us on 3 properties we were thinking about - all still on the market).
The hysteria will settle shortly and hopefully we can establish some kind of norm in the property sector.

MobileSaver

RelievedSheff said:

If you believe the news reports the house buying frenzy is being caused by people moving out of London and buying elsewhere. If that is true then there is no surprise that a property in London is more difficult to sell.

^ This.

Despite ridicule from the HPC crowd last year, it's nice houses in nice areas with gardens and/or rural locations that are selling like hot cakes.

I've just checked again now and every single property in my and the surrounding villages is Sold Subject To Contract. This includes a Grade II listed building which even the locals thought was on at a kite-flying price (mind you it is a genuine picture-postcard looking home in an idyllic setting.)

lookstraightahead

MobileSaver said:

RelievedSheff said:

If you believe the news reports the house buying frenzy is being caused by people moving out of London and buying elsewhere. If that is true then there is no surprise that a property in London is more difficult to sell.

^ This.

Despite ridicule from the HPC crowd last year, it's nice houses in nice areas with gardens and/or rural locations that are selling like hot cakes.

I've just checked again now and every single property in my and the surrounding villages is Sold Subject To Contract. This includes a Grade II listed building which even the locals thought was on at a kite-flying price (mind you it is a genuine picture-postcard looking home in an idyllic setting.)

Grade ll listed. They're gonna have a shock 😂

Martian2035

The demand in my rural Yorkshire village is crazy - we had 13 viewings and some offers after a day, and almost every house is sold STC within a few days.

We're buying in Manchester and it seems ridiculous there. So many properties have offers on the same day they go online, I reckon we've actually been able to view about 25% of properties we've enquired about.

Adsta

MobileSaver said:

Despite ridicule from the HPC crowd last year, it's nice houses in nice areas with gardens and/or rural locations that are selling like hot cakes. 

What's the HPC crowd?  

RelievedSheff

Adsta said:

MobileSaver said:

Despite ridicule from the HPC crowd last year, it's nice houses in nice areas with gardens and/or rural locations that are selling like hot cakes. 

What's the HPC crowd?  

House Price Crash.