Covid housing market impossible to buy....

2budgeteers

Feeling very very "crushed" and wondering if others are caught in this too. 

Before covid after 5 years solid saving, working excessively to sell and buy a house with land for extra growing, poultry and modest holiday let business we have been completely impacted by covid. 

Gone from 5 houses to view in April 2020 (all got cancelled due to movement restrictions) we can barely get a viewing. Prices have increased from £500k to £600k for a property we looked at. We are south east and ours went up £40k. 

We changed our destination area from Devon to Norfolk and keep ending up in sealed bids as there is so much interest. Everytime houses are going for extortionate amounts. 


Just hit the last straw as put a healthy bid in a property that needed everything (I mean everything) doing to it. Apparently they had 20 submissions and we were not quite high enough and the vendor also wanted the money quickly clearly as they were interested in cash buyer no chain nothing to sell. We cannot rent as we have animals and also like one property a month is coming up for sale with land. Before it was 3-6. 

To put it into perspective agricultural occupancy condition properties that took years to sell  and sold for £300k now sell in months for £500k..

We think have we wasted 5 years of hard graft. There is no end in sight. We cannot compete. I feel incredibly sorry for those local.  who are now faced with £300k (used to be £210k) for a three bed semi as they are near the coast as it seems to be impacting them big time too.

I have deleted all links to property as I fundamentally see no point. Has anyone else been impacting like this and felt stuck in a rut with no end in sight? 

MrsBrush

I think they key to this is patience, and maybe compromise (further) on location or type of property?
Lincolnshire seems to be hugely cheaper than Norfolk, as is arguably as lovely - just maybe less popular. There will be other places too that are more affordable and may fit more of your criteria.

The other key factor is that the enforced working at home directive has sped up a sizeable and growing trend for more flexible working practices, so lots of urban dwellers are selling up for a profit and moving to the sticks. The thing is, give this another 18 months where a 'new' normal has been established and lockdowns less of a threat, so this trend will inevitably slow down, people will start to go back to workplaces again and as more new homes come on stream there will be more supply in the system. There will come a time where the people used to the conveniences of urban life will find the countryside to not be the idyllic dream they thought and will start drifting back towards towns and cities. Also, as people start to relax a bit because the worst of the Covid threat has subsided, and the stamp duty holiday is over, it is possible that the people who were looking to sell but put those plans on hold because of the pandemic will suddenly decide to market their property, increasing the supply of places for sale. 

Overall, my reading of this (and I am no expert) is that the current market madness is a perfect storm at the moment. It is pure economic principles at play here - limited supply + lots of demand = quickly rising prices. As supply increases and demand stabilises, price rises will level off.

Flugelhorn

it is very frustrating - we spent ages looking for somewhere in the south -west, didn't see anywhere that was THE house , in retrospect we were being v fussy and looked at lots, you could then - many on the market for weeks / months and there were no competing bids etc.

We ended up buying a compromise house (that actually is OK) with the plan to find THE house later - ho ho, that is proving very difficult, possibly because we are looking at the 4-5 bed family house which seems very popular. Reckon we will just sit and wait and see what happens 

Must be v hard if looking for very specific place for animals etc - hope it works out 

caprikid1

To be honest, you are obviously competing for properties, maybe you focus on getting sold and renting, I suspect your realistic timescales are not just quick enough.

I am guessing your property is not on the market / does not have a buyer ? I appreciate it may sell quickly when you advertise but it also might not. 

When the market is competitive you need to work hard as a buyer. You are not offering the most or in the best position.

Alternatively gamble and wait.

[Deleted User]

You basically summed it up, a lot of people (myself included) saved hard but are now priced out of the market and prices are rising faster than we can hope to increase out deposit.

All we can do is hope that the market has a severe crash, or just give up and do something else with the cash. Would have moved overseas but brexit put a stop to that. The last couple of years have been an absolute disaster and it's taking a toll on our mental health.

2budgeteers

Regarding renting. There is little on and as we are mortgage free it is three times what our mortgage was when we had one. 

Also our animals including the need to build predator proof pens means landlords are not interested.

We have no criteria to move anymore in terms of wish list other than land, so severe compromise. Looked into buying land and building but it's actually pennies difference than buying a doer upper. Land prices gone even crazier.

And yes rigolith, we are in mental health disarray. Worked together to a point and now nearly two years on still waiting and waiting. 

Our house has had multiple offers, it's one of four in our village and is in peak condition with new everything. The village tends to retain residents so we have people literally waiting for us to go.  Our neighbours sold before being listed formally in one hour and is in a terrible state. We are 37min from London by train

nicknameless

Really feel for you OP.   We've been trying to find somewhere for a 3-4 months now and for desirable properties it is madness atm.  We are in a relatively fortunate position to the one you describe but it is still a bit of an emotional roller coaster.

There is a perfect storm atm and we are trying not to get caught up in the hysteria as this move will not be our forever home - we plan on another move in 5-7 years time when we can step down from working life.

We are currently waiting on an EA's call re a property we just offered on (below asking).  There was a sense of incredulity from the agent that we were offering below asking - but that's what we think it is worth and we are in a strong position as buyers.   We'll no doubt get the call to say no shortly lol!

2budgeteers

I meant to say one of four of a particular type of house in our village, of architectural importance. Not that our village has four house haha.

We offered £80k over guide on a property and had two cash buyers on ours ready and still didn't get the dream place. This is what caused me to tip over the edge yesterday hence my post.

I thank everyone for making us feel not alone in this. Maybe we wait and enjoy life as it is taking the foot off the gas. And if I want just change jobs (not amazingly enjoying it) as could be years yet.

Did some perspective too, we are safe, mortgage free. Healthy ish. Lot to be said for that. The £80k just sent me spiralling I think. 

Greymug

So, OP, you are:

- mortgage free
- live in a nice property of architectural importance
- the property is in peak condition and with new everything
- the property is 37 minutes away from London

What exactly are you complaining about?

nicknameless

2budgeteers said:

I meant to say one of four of a particular type of house in our village, of architectural importance. Not that our village has four house haha.

We offered £80k over guide on a property and had two cash buyers on ours ready and still didn't get the dream place. This is what caused me to tip over the edge yesterday hence my post.

I thank everyone for making us feel not alone in this. Maybe we wait and enjoy life as it is taking the foot off the gas. And if I want just change jobs (not amazingly enjoying it) as could be years yet.

Did some perspective too, we are safe, mortgage free. Healthy ish. Lot to be said for that. The £80k just sent me spiralling I think. 

Totally understand that.  At the end of the day it is 'only' a house - we have been trying to remind ourselves of that.

House buying process needs serious reform in this country, but that's another story.

Best of luck with it and do stay sane - it's not worth your health.

2budgeteers

Greymug said:

So, OP, you are:

- mortgage free
- live in a nice property of architectural importance
- the property is in peak condition and with new everything
- the property is 37 minutes away from London

What exactly are you complaining about?

As I wrote later. Being turned down after offering £80k sent me in a spiral. But I did post this:

 Did some perspective too, we are safe, mortgage free. Healthy ish. Lot to be said for that. The £80k just sent me spiralling I think. 

I appreciate it is a lucrative position, but when you work three jobs, 80 hour weeks at times and buy nothing new new, second hand or out of skips it does make you wonder what else you can do. I volunteer once a week for those very less fortunate, I am just saying I feel stuck beyond control.