what a crazy housing market

Flugelhorn

just been to see a property - house over 500K, multiple people viewing -at least one offer already in, much work needed, lots of bad DIY and covering up of problems etc - very uninspiring

just wondering how long it will be before the madness stops  and people can take time to consider whether the property is really worth it ?

MysteryMe

Someone obviously took a different view to yours.  Just carry on searching, something that suits will turn up eventually.

Flugelhorn

true - we don't have to move, so tempted to wait until things more sensible. neighbours are moving, they were on cloud 9 when they sold easily but then frantically dashing around finding a place to offer on themselves, not sure it was what they were looking for but they missed out on a few  BAF 

mubeye

Yes I've had trouble reconciling the new prices. however I can't see downward pressure, so I've had to make the decision to either bid competitively or stop bidding at all for a long period.  Maybe the market will fall, maybe not. But it's not something something persistance can fix?

We've decided to extend instead, but that comes with it's own set of problems right now.

Flugelhorn

my problem is never see anywhere I like enough to offer the asking price, let alone bid enthusiastically!  TBH probably not the right time to buy - these things go in waves

lookstraightahead

I just can't go with these prices - it's like "I saw you coming " Harry Enfield 

[Deleted User]

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london21

Stamp duty holiday and changes in needs due to Covid19, WFH.
The market is a seller's market.

fiveacre

london21 said:

Stamp duty holiday and changes in needs due to Covid19, WFH.
The market is a seller's market.

The lack of correlation between high price areas (which would benefit most from the stamp duty holiday), and the increase in sales and prices, suggests the holiday isn't the main force at play in driving prices up this year. According to the Resolution Foundation anyway.

So whilst things might cool after September, there's no guarantee of a price drop if other factors like WFH have a long lasting impact.

JJR45

I have noticed houses over £300k are now sticking for longer in our area.
The number available is also increasing (around 15% in that price range)  so it would hint that stamp duty has had some affect mentally in terms of buyers behaviour. (Also under £250k seems to be fairly hot, hinting further that it looks like it has a psychological affect on buyers mentality on buying)
Much like the people who buy 2 for £3 in the supermarket where they are already £1.50 each. 
There was a massive drop in completions in July (62%), so that would also hint it has had an affect on buyer behaviour.

jacko74

It seems to be more unfathomable than ever to my eyes, I'd say I'm reasonably familiar with my own local market but it makes no sense.. some houses which seem ludicrously overpriced are selling in a few days, whilst others which look comparatively much better value for money are hanging around for weeks/months.