Covid housing market impossible to buy....

MaryNB

2budgeteers said:

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. 

Is getting a small mortgage completely out of the question if you really want to buy a bigger property? I had presumed you were retired or had some other reason for not qualifying for a mortgage.

2budgeteers

MaryNB said:

2budgeteers said:

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. 

Is getting a small mortgage completely out of the question if you really want to buy a bigger property? I had presumed you were retired or had some other reason for not qualifying for a mortgage.

Yes, we are able to get a small mortgage but it is not enough to plug the gap, and the properties are still often a mess needing savings for this. A large mortgage again goes completely against the purpose of the move and without the salary their to support lending is so  so strict.  

An estate agent summed it up for me, quite funnily. He said, 1.5 years ago the last Christmas turkey in the freezer type house no one wanted would hang around the market for ages even with price reduction. Now you go to informal tender on it with people paying full price and some for this scrappy thing where there's barely meat on the bones

Newnoel

I know it may be of limited solace, but this is not a UK only phenomenon

While the BOE, BOJ, US Fed and the ECB keep interest rates near zero and have QE pumping out free money at a mulitple of the velocity after the Great Crash of 2008, asset prices (such as equities and houses) will keep rising. 

It is actually in the interests of governments to allow this inflation, to help them manage the debt they have incurred since Covid began.

Lesson: the UK housing market is going to get a lot hotter of the next 3 - 4 years before a correction

sammyjammy

[Deleted User] said:

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.

Be careful what you wish for, most people in a crash will sit tight and ride it out if they can.

lookstraightahead

Can I just ask op, is the only issue here that you can't afford to move house? 

AdrianC

2budgeteers said:

An estate agent summed it up for me, quite funnily. He said, 1.5 years ago the last Christmas turkey in the freezer type house no one wanted would hang around the market for ages even with price reduction. Now you go to informal tender on it with people paying full price and some for this scrappy thing where there's barely meat on the bones

This is true, but it's also a short-term phenomenon.

You do not HAVE to participate in this silliness. You can wait.

You can look further, too - you're now looking at the Norfolk coast...?

MalMonroe

Seems to me that things change quickly and so the best thing to do would be to first of all, be kind to yourselves. You have worked very hard indeed and things may seem a bit bleak but as others have said, you are not in a bad position. Not so long ago people were saying that properties were plentiful and prices were manageable. I realise that your case is different with your animals, etc. but I do think that things will change again and the ideal place for you will pop up.

Maybe you will just have to wait a little longer. Don't forget that the property you own will also rise in price when things do finally get better. It's those who have nothing to bargain with who will be struggling even more.

Take care of yourselves, your day will come! As airy fairy as it sounds, sometimes the universe is just trying to tell you something. . . here it seems to be saying hang on a bit.  

2budgeteers

lookstraightahead said:

Can I just ask op, is the only issue here that you can't afford to move house? 

No we can, but are facing informal tenders for houses with land. Bidding wars and a lack of stock. And a £100k rise in the area we were looking at

AFF8879

You mention needing land for a small holiday let, could you think about buying a main house without the huge land and a separate little flat nearby to let out?

2budgeteers

AFF8879 said:

You mention needing land for a small holiday let, could you think about buying a main house without the huge land and a separate little flat nearby to let out?

Do you know what if we get to another year funny you should say this as this is plan b, much less land and this option. I spoke to our estate agent who was going to sell if we won the bid on the one we said and he said 20 offers at £100k over for land/houses is normal now due to no supply and remote working . eek ....normal! .