House buying frenzy? Except there isn't one.

lookstraightahead

I was born in the midlands, lived in London (suburbs and zone 1 and zone 3) for a few years, moved up a bit to the south east, now back in the Midlands.
I loved living in London I have to say. But midlands and the north is much cheaper with lots of countryside, so it depends what floats your boat. 
I don't know what will happen when all those relocating are told they need to go back to the office? And when interest rates go up? When stamp duty ends? I do cringe when I see wealthy people buying big properties and then think they need them even bigger. 

lookstraightahead

Flatulentoldgoat said:

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.

I like the north and the south, usually anyone criticising anyone is because they haven't experienced both.

DairyQueen

East Anglia is equally crazy. Coastal and rural properties are flying off the rails. The only village properties not selling are those with limited markets (commercial, maisonette with zero outside space). Properties that had been previously withdrawn from the market after a year with no sale, now reappear and are under offer in days.

Our large village (approx 2000 residents) usually has around 20/30 properties OTM at any one time. Currently there are 2 - the aforementioned commercial and maisonette.

Crashy_Time

lookstraightahead said:

I was born in the midlands, lived in London (suburbs and zone 1 and zone 3) for a few years, moved up a bit to the south east, now back in the Midlands.
I loved living in London I have to say. But midlands and the north is much cheaper with lots of countryside, so it depends what floats your boat. 
I don't know what will happen when all those relocating are told they need to go back to the office? And when interest rates go up? When stamp duty ends? I do cringe when I see wealthy people buying big properties and then think they need them even bigger. 

If things keep shaping up the way they are I don`t think people will be going back to the office or rates up any time soon, you never know though the system is so unstable now that there could be another outlier "event" that forces a rate spike?

DayDreamerandGeneralWaster

I have wondered how many people buying houses miles away can be so sure they won't have to go back to the office more than 1-2 days a week. But then if they have cashed in on the London market they might have a financial cushion and ability to jack it in for a local wage.

MobileSaver

DayDreamerandGeneralWaster said:

I have wondered how many people buying houses miles away can be so sure they won't have to go back to the office more than 1-2 days a week.

I think this notion that loads of people made spur of the moment decisions to relocate miles away without considering their existing employment is fanciful at best.

For a start the house buying process typically takes six months from start to finish giving people plenty of time to reconsider any rash decisions.

Secondly though I'm just finding it hard to believe that many if any people will have considered relocating without confirming with their employer that Working From Home would be feasible long term.

Crashy_Time

MobileSaver said:

DayDreamerandGeneralWaster said:

I have wondered how many people buying houses miles away can be so sure they won't have to go back to the office more than 1-2 days a week.

I think this notion that loads of people made spur of the moment decisions to relocate miles away without considering their existing employment is fanciful at best.

For a start the house buying process typically takes six months from start to finish giving people plenty of time to reconsider any rash decisions.

Secondly though I'm just finding it hard to believe that many if any people will have considered relocating without confirming with their employer that Working From Home would be feasible long term.

There was a Bloomberg poll (US based I think) recently that stated that 40% of young workers surveyed said they would quit rather than be forced back to the office, so they must think they can still make money (YouTube "Influencers" maybe? LOL.) If there is another upsurge in the virus employer`s hands will be severely weakened in the game of getting the commuter/retail rent economy moving again. This article backs up what I said about young people choosing to return home rather than suddenly, magically, being able to afford a garden in the country that they couldn`t afford before Covid though....

https://www.bbc.co.uk/news/business-57464534

Crashy_Time

DayDreamerandGeneralWaster said:

I have wondered how many people buying houses miles away can be so sure they won't have to go back to the office more than 1-2 days a week. But then if they have cashed in on the London market they might have a financial cushion and ability to jack it in for a local wage.

Yep, who will keep the London Ponzi going though?

jimbog

The northern home counties are still climbing. Local EA has said most don't even make it to Rightmove

RelievedSheff

jimbog said:

The northern home counties are still climbing. Local EA has said most don't even make it to Rightmove

Same here in the East Midlands. Properties are often "sold prior to marketing" when/if they make an appearance on Rightmove.

The market is still mad here and I'm just glad that we bought here when we did a couple of years ago because we could not afford to have done the deal had we waited until now. House prices in the area we used to live have not kept up pace with the price rises where we are now.

The price of the new build houses the same house type as ours are now £65k more than we paid for ours two years ago!