House buying frenzy? Except there isn't one.

Pok3mon

I am in Wales and it is crazy here we had to do a open day on our house and got 20k over asking, offered on 3 houses and out bid on all we could afford to go higher but houses not worth the money. Mostly people moving from SE to Wales. We secured a property buying be first in the door and offering full asking there and then. Vender was happy and man of his word started all the process the next day.

hb2

My son's trying to buy a flat in NE London. Vendors are asking for best and final offers within a few days of listing and the flats going for around £30000 more than asking price - certainly no sign of things slowing down there, even for flats with no/shared garden space!

trakky14

Its crazy in Herefordshire and Shropshire!! Best and final offers on every house, we can't get anything and we offer a lot over asking...sold ours in 4 days with multiple offers. Same as the others, people moving from London and the South East....demand massively outstripping supply sadly. We can't even get to view places for the frenzy over new listings....its a real pain! 

Crashy_Time

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.)

If they actually sell they will be back on the market at knock down prices when people are told to get back to the office.

hazyjo

Am guessing the front gardens are communal as it mentions "a back garden" too (which I presume is private).

blah1234

Trying to buy up north at the moment is insane. Properties are gone within days after having 5 viewings a day with multiple offers. We are checking hourly almost at the moment so as soon as something comes up we like  we try and get a viewing asap.

Lavendyr

We bought a couple of months back in the Midlands (north end). There is now literally nothing to be had. Properties locally are being sold before marketing. Prices have shot up in the last six months. I suspect they will come down again once the SDLT holiday ends, but all the same, demand is far outstripping supply. There might not be a frenzy in some areas but the market here has been insane. 

mattyprice4004

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 (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.

Not really a secret why - half of what you said makes it sound awful. 

Imagine spending all that cash to not be able to walk to the Tube station, have to share a garden and be sandwiched between two neighbours! 

People are moving ‘oop Norf’ because there’s better value for money to be had. 

danjackson2021

London still has some way to fall

Flatulentoldgoat

The rear garden IS private, in addition to a communal garden on the other side of the road as opposed to facing another terrace, which is usually the case. It's a shame I had to spell it out, or do some people just hate/detest London? For those who think London is a rip off why don't you stop voting tory so we can have some laws to stop multi-billionaire foreigners buying up half the place and using it as a bank account.