Buying a home during the current climate

C1996

[Deleted User] said:

It's a horrendus time to buy, but also if you wait it will just get worse. You can't win.

This is my worry 

C1996

staffie1 said:

When looking on Rightmove etc, might be worth sorting listings by oldest listings first. My logic is that the properties that have been hanging around the longest are more likely to have no other offers on the table. Having said that, I don’t think there is any logic at play in the current market - it seems to be just down to luck (and deep pockets).

I would agree with you, I will keep this in mind. Thank you 😊 

C1996

Getting_greyer said:

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....

I am happy to wait as I have been waiting so long anyway and I’m not in a major rush to move. My only worry is how many others seem to be putting offers in at the same time as me, the competition is just a little overwhelming

Sunsaru

I think right now those who can just need to play the waiting game and keep your eyes open. The last 18 months has been absolute madness which looks to be gradually slowing down. Competition will ease however I can't see prices doing the same, well not until interest rates inevitably rise at some point down the line.

rexmedorum

C1996 said:

[Deleted User] said:

It's a horrendus time to buy, but also if you wait it will just get worse. You can't win.

This is my worry 

it will get better as in the market will slow down at some point. When? Knobody really knows. When it does will it be cheaper than now? If you factor in what you spent in rent in the mean time? Possible, but nobody knows. Long termw ill house prices be significantly lower than today? Say will your house be worth less than now in 20 years? Possible, but seems unlikley I think.

Windofchange

SpiderLegs said:

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%?

He won’t get out of bed for less than 80%. Real terms of course. You can call him Cinderella, waiting for the good prince housepeicecrash to kiss him and wake him up! 

badger09

Crashy_Time said:

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.

Oh the irony

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.

Sunsaru

badger09 said:

Crashy_Time said:

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.

Oh the irony

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.

Oh but it's not advice! It is merely an opinion based on many years of experience...................