Buying a home during the current climate

MobileSaver

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

The whole housing market is currently made up of fantasy stories IMO.

Official verifiable statistics from HMRC confirm that your "In My Opinion" of what's happening is simply wrong.

Property transactions have continued at roughly 100,000 every month on average even including the worst of the pandemic

These statistics are during the lead up and year of the pandemic.
Lockdown patterns will have influenced the statistics.

lookstraightahead said:

That's what a pandemic does and the stats are all squiffy 

The 1,000,000+ property transactions a year (roughly 100,000 every month on average) were the same the year before and the year before that and the year before that etc...

The point being that life goes on and, even during the worst global crisis in a generation, the demand for property still outweighed supply - that's a simple fact, not a fantasy story however much some people wish it was.

lookstraightahead

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

The whole housing market is currently made up of fantasy stories IMO.

Official verifiable statistics from HMRC confirm that your "In My Opinion" of what's happening is simply wrong.

Property transactions have continued at roughly 100,000 every month on average even including the worst of the pandemic

These statistics are during the lead up and year of the pandemic.
Lockdown patterns will have influenced the statistics.

lookstraightahead said:

That's what a pandemic does and the stats are all squiffy 

The 1,000,000+ property transactions a year (roughly 100,000 every month on average) were the same the year before and the year before that and the year before that etc...

The point being that life goes on and, even during the worst global crisis in a generation, the demand for property still outweighed supply - that's a simple fact, not a fantasy story however much some people wish it was.

How many years are you going back? Are you saying that demand will always outstrip supply? 

Not sure what you mean by "etc"

I agree with staffie, everything is pot luck at the moment. Sometimes it's worth looking beyond the headlines and EAs subjective opinions. People are in panic mode regarding buying.

Crashy_Time

MobileSaver said:

lookstraightahead said:

MobileSaver said:

lookstraightahead said:

The whole housing market is currently made up of fantasy stories IMO.

Official verifiable statistics from HMRC confirm that your "In My Opinion" of what's happening is simply wrong.

Property transactions have continued at roughly 100,000 every month on average even including the worst of the pandemic

These statistics are during the lead up and year of the pandemic.
Lockdown patterns will have influenced the statistics.

lookstraightahead said:

That's what a pandemic does and the stats are all squiffy 

The 1,000,000+ property transactions a year (roughly 100,000 every month on average) were the same the year before and the year before that and the year before that etc...

The point being that life goes on and, even during the worst global crisis in a generation, the demand for property still outweighed supply - that's a simple fact, not a fantasy story however much some people wish it was.

https://sevencapital.com/property-news/uk-property-transactions-fall-in-july/

Just stats, and they can change very quickly, beware of stats and internet advice IMO, todays economic news will mean more houses sitting unsold IMO.

TripleH

Also look for properties that have come back on the market, if the seller is in a chain they may be prepared to accept a lower offer so as to not loose their onward purchase (they may also be less flexible in price).

When we started looking we saw lots of houses with snow in the photos coming on the market in April/May where the original sale fell through but they reused the pictures.

With the properties that have been on for a while also check the owner's circumstances if you view. It might be they are being speculative and not prepared to lower their price. We saw a property creep down in price over 4 months, when it hit the right price level for the market it went quickly so be ready to move fast as well.

MobileSaver

lookstraightahead said:

MobileSaver said:

The 1,000,000+ property transactions a year (roughly 100,000 every month on average) were the same the year before and the year before that and the year before that etc...

The point being that life goes on and, even during the worst global crisis in a generation, the demand for property still outweighed supply - that's a simple fact, not a fantasy story however much some people wish it was.

How many years are you going back? Are you saying that demand will always outstrip supply?

Sometimes it's worth looking beyond the headlines and EAs subjective opinions. People are in panic mode regarding buying.

Yearly transactions have been around the 1,000,000+ level for eight years including last year when most of it was spent in physical lockdown.

Who knows whether demand will always outstrip supply? The population is ever-increasing, lifestyles are changing so that more people than ever are living alone and the government doesn't seem seriously interested in policies that will encourage much more house-building. Those are just three significant factors that could mean demand will always outstrip supply unless there's a material change.

The other side of the coin is that affordability is a key part of "demand" and there could eventually be a point where transactions flatline or even fall if enough people cannot afford current prices; clearly we're not at that stage yet though.

The HMRC report is official verifiable data not headlines or subjective opinions. Do you have any evidence of people being in panic mode? The official stats of 100,000 transactions last month suggests normal activity not some huge upsurge of "panic buying".

Crashy_Time said:

https://sevencapital.com/property-news/uk-property-transactions-fall-in-july/
Just stats, and they can change very quickly, beware of stats and internet advice IMO, todays economic news will mean more houses sitting unsold IMO.

You do have a habit of linking to articles that completely undermine your point don't you?!?! LOL

"It should be noted ... the overall number of residential sales in the UK market for Q2 2021 marks the best performing Q2 since the introduction of these statistics in 2005."

Crashy_Time

https://www.ftadviser.com/mortgages/2021/09/16/house-prices-will-gradually-deflate/

I don`t think anyone buying now should rush TBH. I also don`t think things will go gradually when they go though, the housing market doesn`t work like that.

Dusk1983

Crashy_Time said:

https://www.ftadviser.com/mortgages/2021/09/16/house-prices-will-gradually-deflate/

I don`t think anyone buying now should rush TBH. I also don`t think things will go gradually when they go though, the housing market doesn`t work like that.

With respect, we already know what you think. We also know your assessment has been wildly wrong 

MobileSaver

Crashy_Time said:

I don`t think anyone buying now should rush TBH.

That rather depends on why someone is buying a property doesn't it? There may be perfectly good reasons why someone wants to speed up a purchase. Although for years you have been telling everyone how illiquid property is, so it's not really something people can rush into anyway is it?

Of course your version of "not rushing" is to wait for, how long is it now, sixteen years? Would you recommend others follow your lead and continue paying a landlord's mortgage instead of their own for 16 years?

Crashy_Time said:

https://www.ftadviser.com/mortgages/2021/09/16/house-prices-will-gradually-deflate/
I also don`t think things will go gradually when they go though, the housing market doesn`t work like that.

It's quite incredible that someone with a demonstrably poor track record as you of understanding the housing market still thinks they know better than experts at the Financial Times...

SpiderLegs

Crashy_Time said:

https://www.ftadviser.com/mortgages/2021/09/16/house-prices-will-gradually-deflate/

I don`t think anyone buying now should rush TBH. I also don`t think things will go gradually when they go though, the housing market doesn`t work like that.

What level of correction do you think we’ll get crashy?
10…20…30%?

Getting_greyer

I've read on here the market works on phases rotating through completion in times for either Xmas or ready to start school term.  I'm guessing houses being listed in the last few weeks are primed for a Xmas completion.   Could you wait out and see what pops up early December?  Potentially a seller may be more "committed" to the sale at this time and potentially a smaller pool of buyers?  Of course if everyone decides to do this....