Holiday is over (well mostly)

NameUnavailable

I wonder how things will pan out now - solicitors will hopefully be able to offer some level of service again instead of saying they're too busy trying to meet the deadline for buyers, and the market will possibly settle down a bit.

Obviously we have the lower level of holiday now so that will still have some impact (I am buying at present and want to complete before the next deadline).

It would be interesting to hear from some conveyancer/solicitors.

RoseGold2021

I am hopeful for prices to settle, and decent properties come onto the market. And the price frenzy/war, stops! 

Sunsaru

I would like to think that we'll see a drastic reduction of "I offered £Xk over and still got out bid" scenarios which will hopefully  result in prices stopping their mad rush to infinity.
I think there will be a slightly smaller rush as people try and get their tuppence worth out of the 'lower level' holiday along with more complaints of how they should extend the deadline so that Person X can save themselves £20 and a bag of chips.
Lastly, I foresee a handful of people who see this as the bubble popping and that the rapture is upon us.

Gentoo365

Hopefully a housing price crash of the like never been seen before. 

...for as long as it takes me to buy a house and get on a long fixed rate mortgage.


..then a megaboom and inflation to erode all the debt.

lookstraightahead

Can't wait for the mayhem to end. I would ideally like prices to settle/reduce (even mine) and owners to realise they're not sitting on a money tree. False wealth is a very dangerous thing.

The whole housing market has a sense of "toilet roll desperation and greed" about it. I think there will be a lot of people licking their wounds, having overspent, mortgaged to the hilt, and not thought about any long term adjustment.

urghhhhh shudder

Rosa_Damascena

NameUnavailable said:

I wonder how things will pan out now - solicitors will hopefully be able to offer some level of service again instead of saying they're too busy trying to meet the deadline for buyers, and the market will possibly settle down a bit.

Obviously we have the lower level of holiday now so that will still have some impact (I am buying at present and want to complete before the next deadline).

It would be interesting to hear from some conveyancer/solicitors.

I missed the bit when that was purported to have happened!!

Thrugelmir

Cliff edge deadlines help no one. Not least when the process is full of variables and personal agendas at the best of time. Summer is generally quieter in the property market.  Hopefully those complaining and harassing when WFH will now actually be working themselves and contributing productively to the broader economy. 

getmore4less

Things like the SDLT deadlines will have skewed a bit the main factor in the current  increase in demand was changing house was effectively suspended for 3-6 months in 2020 when everything shut down in March.

A lot of catchup to do on top of the regular levels has seen the increase in transaction to ~double the norm in April 2021, things are backing off as most of the catch up has completed,  looking like there will be an overshoot as May levels were still a bit higher than the long term norm,

 

RelievedSheff

NameUnavailable said:

I wonder how things will pan out now - solicitors will hopefully be able to offer some level of service again instead of saying they're too busy trying to meet the deadline for buyers, and the market will possibly settle down a bit.

Obviously we have the lower level of holiday now so that will still have some impact (I am buying at present and want to complete before the next deadline).

It would be interesting to hear from some conveyancer/solicitors.

There are a hell of a lot of property transactions still to complete. I doubt solicitors will be any less busy any time soon!!

Ramouth

I’m expecting things to continue to be busy down here in the south west for quite some time.  Judging by the competition for rental houses 4 months ago when we were looking there will be plenty of people sitting in rented with a big pile of cash waiting for the right house to come onto the market.  Everything I have seen come up in our search area (admittedly very small) has sold within a couple of weeks - even those we thought were massively overpriced!  (We are waiting to exchange but still get RM alerts)

TBagpuss

Yes, it's still going to be very busy for a while. Plus you have huge numbers of conveyancers and their support staff who have been working absolutely flat out and haven't been able to take any time off for month, and have been working evenings and weekends to try to keep on top of things, who may want to try to take a break at some stage.