This House market is exhausting and frustrating

graeme16

badger09 said:

graeme16 said:

The housing market here (specifically Wetherby) is unbelievable. New build house bought in 2018 for £360k has just sold for in excess of £475k (30%+ in 3 years). Many houses not even making it onto Rightmove before being sold. Viewings cancelled because the house has sold before we can even see it. 2 bed bungalow for offers over £525k had 30 people lined up to see it when we enquired. Estate agents told us this morning a house has just gone for £90k over the asking price on a home advertised at £750k. Estate agents seemed just as fed up as us . . . 

Why on earth would Estate agents be as fed up as you?

Assuming those offering way over asking price can actually afford to proceed (& I accept that is a big assumption), EAs will be generating higher commission with no additional work to do. Multiple viewings in short timeframe and a pool of back up buyers if needed.

Because, believe it or not, there are people out there that don't only have profit on the brain. What is happening is really quite ridiculous. Stamp duty holiday to prevent the market crashing has had the exact opposite effect and has created a market that makes it harder than ever for young families to buy housing to bring their children up. We are on a combined family income of approximately £100K with substantial savings and we are struggling. I cant comprehend how people earning the national average are managing. We are completely failing generations of kids here . . . . but as long as we allow interest rates to remain at historic lows and make 40 year mortgages the norm nothing is going to change . . . . 

badger09

graeme16 said:

badger09 said:

graeme16 said:

The housing market here (specifically Wetherby) is unbelievable. New build house bought in 2018 for £360k has just sold for in excess of £475k (30%+ in 3 years). Many houses not even making it onto Rightmove before being sold. Viewings cancelled because the house has sold before we can even see it. 2 bed bungalow for offers over £525k had 30 people lined up to see it when we enquired. Estate agents told us this morning a house has just gone for £90k over the asking price on a home advertised at £750k. Estate agents seemed just as fed up as us . . . 

Why on earth would Estate agents be as fed up as you?

Assuming those offering way over asking price can actually afford to proceed (& I accept that is a big assumption), EAs will be generating higher commission with no additional work to do. Multiple viewings in short timeframe and a pool of back up buyers if needed.

Because, believe it or not, there are people out there that don't only have profit on the brain. What is happening is really quite ridiculous. Stamp duty holiday to prevent the market crashing has had the exact opposite effect and has created a market that makes it harder than ever for young families to buy housing to bring their children up. We are on a combined family income of approximately £100K with substantial savings and we are struggling. I cant comprehend how people earning the national average are managing. We are completely failing generations of kids here . . . . but as long as we allow interest rates to remain at historic lows and make 40 year mortgages the norm nothing is going to change . . . . 

Believe me, I totally understand what you are saying, but it has absolutely no relevance to EAs being 'as fed up as you'

EAs are employed to sell homes. Whether they sell to FTBs, single people, young families, BTL landlords, those moving up or down the housing ladder, is immaterial to them. Hence my question.

Irishpearce26

Many lenders would have approved a mortgage to furlough workers if they had a return date.

Also DIP/AIP has been around for years, i had to show mine when i first bought a house 6 years ago.

Irishpearce26

Sebo027 said:

[Deleted User] said:

I think some people have lost the plot, a flat close to be just sold for 450k in a council estate. Down the road you can get a private flat for 380k. It must crash soon. Surely. 

Crash or stabilize?

I wonder how many people are splashing "COVID cash" on properties that they won't be able to keep up payments with. 

What is covid cash?

badger09

Irishpearce26 said:

Sebo027 said:

Deleted_User said:

I think some people have lost the plot, a flat close to be just sold for 450k in a council estate. Down the road you can get a private flat for 380k. It must crash soon. Surely. 

Crash or stabilize?

I wonder how many people are splashing "COVID cash" on properties that they won't be able to keep up payments with. 

What is covid cash?

I assumed it was the money which those of us fortunate enough not to have been financially affected by COVID furlough, job loss etc, have not spent on things like holidays, meals out, theatre, cinema, etc etc during multiple lockdowns

impatient2020

Irishpearce26 said:

Many lenders would have approved a mortgage to furlough workers if they had a return date.

Also DIP/AIP has been around for years, i had to show mine when i first bought a house 6 years ago.

Unfortunately I was due back to work at the Nov Furlough change but then new Lockdown stopped that. As I work in Travel I then was put back on Furlough with no fixed return date. So my situation was just a no go with mortgage brokers. 
Luckily and thankfully I have been back full time since April. Just frustrating that (to me) I see it as a wasted year of being banned from mortgages when the market was moving so much but also understand banks have to be responsible lenders. No point looking back now. Onwards and towards new house (whenever we find one)! 

I had a DIP prior to my potential house purchase last year but don't recall having to show it to the EA, just my word that I had one was enough. 

Thrugelmir

badger09 said:

Irishpearce26 said:

Sebo027 said:

Deleted_User said:

I think some people have lost the plot, a flat close to be just sold for 450k in a council estate. Down the road you can get a private flat for 380k. It must crash soon. Surely. 

Crash or stabilize?

I wonder how many people are splashing "COVID cash" on properties that they won't be able to keep up payments with. 

What is covid cash?

I assumed it was the money which those of us fortunate enough not to have been financially affected by COVID furlough, job loss etc, have not spent on things like holidays, meals out, theatre, cinema, etc etc during multiple lockdowns

Which includes the huge number of people employed in the public sector. 

MobileSaver

graeme16 said:

We are on a combined family income of approximately £100K with substantial savings and we are struggling. I cant comprehend how people earning the national average are managing. We are completely failing generations of kids here

The simple fact is that last year (during the biggest crisis in a generation) over a million people did somehow manage it and the majority of those will not have had a combined income of £100k. The same happened the year before that and the year before that etc... most ordinary working people are managing to buy a home and happily live their lives.

It's a mystery how you can be struggling on earnings of £100k with substantial savings...

Sunsaru

MobileSaver said:

graeme16 said:

We are on a combined family income of approximately £100K with substantial savings and we are struggling. I cant comprehend how people earning the national average are managing. We are completely failing generations of kids here

The simple fact is that last year (during the biggest crisis in a generation) over a million people did somehow manage it and the majority of those will not have had a combined income of £100k. The same happened the year before that and the year before that etc... most ordinary working people are managing to buy a home and happily live their lives.

Perhaps you need to spend some time on the Debt Free Wannabe forum as you are clearly getting something very wrong if you are struggling on earnings of £100k with substantial savings.

@MobileSaver I respect most of your views but thats crossing the line considering you know nothing about circumstances or location.

MobileSaver

Sunsaru said:

MobileSaver said:

graeme16 said:

We are on a combined family income of approximately £100K with substantial savings and we are struggling. I cant comprehend how people earning the national average are managing. We are completely failing generations of kids here

The simple fact is that last year (during the biggest crisis in a generation) over a million people did somehow manage it and the majority of those will not have had a combined income of £100k. The same happened the year before that and the year before that etc... most ordinary working people are managing to buy a home and happily live their lives.

@MobileSaver I respect most of your views but thats crossing the line considering you know nothing about circumstances or location.

Fair enough, it wasn't meant to cause offence but re-reading it now I can see it could be taken that way, so now edited.

I'm sure most people will be mystified that someone in that position can be struggling when people on much less are managing fine. For example, is there anywhere in the UK that earnings of £100k won't buy you a house? Obviously you may not be able to buy a mansion on millionaire's row but it's a choice not a struggle if you instead have to live on Acacia Avenue a few miles away.