Top of the chain have pulled out of another house!!

Crashy_Time

There will be plenty of rentals now that lockdowns/travel restrictions are being considered again IMO.

Slinky

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

We bought our house 4 years ago, just before some people moved into a refurbished rental across the road where they've been paying £1.5K a month. They're just buying a near identical house to ours a couple of doors along from us, which they're paying nearly £200K more than ours for, having paid out £72K in rent in those 4 years. Ouch! The vendors know that the renters are desperate to buy in this street, so put up a 'flying a kite price' and the renters are paying (cash) for it.

charlotteo1988

Top of the chain found somewhere over the weekend so the chain is moving again. I’m not sure if they are adding to the chain yet. I’m just waiting for the estate agent at the top of the chain to tell the estate ent I’m buying from. 

Fingers crossed it’s a no upward chain but best to just deal with that once we know and not stress about things that are out of my control. 

Market as someone previously mentioned is very quiet. We are viewing a house tomorrow but I’m not really feeling it from the photos but going in with a open mind. 

Crashy_Time

Slinky said:

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

We bought our house 4 years ago, just before some people moved into a refurbished rental across the road where they've been paying £1.5K a month. They're just buying a near identical house to ours a couple of doors along from us, which they're paying nearly £200K more than ours for, having paid out £72K in rent in those 4 years. Ouch! The vendors know that the renters are desperate to buy in this street, so put up a 'flying a kite price' and the renters are paying (cash) for it.

Ouch indeed! What area is this so we can check it out on PropertyLog?

Slinky

You'll have to take my word for it, I have no reason to lie..... or tell you where I live.

lookstraightahead

Slinky said:

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

We bought our house 4 years ago, just before some people moved into a refurbished rental across the road where they've been paying £1.5K a month. They're just buying a near identical house to ours a couple of doors along from us, which they're paying nearly £200K more than ours for, having paid out £72K in rent in those 4 years. Ouch! The vendors know that the renters are desperate to buy in this street, so put up a 'flying a kite price' and the renters are paying (cash) for it.

I don't think I could ever be so desperate to live in an area where all the houses are identical so it's easy to compare, and pay £200k more than my neighbour after only 4 years.

That's a massive increase in 4 years; are your houses in their millions? Can't see that being the case if the rent is only £1.5k a month.
Did they not see through what the vendor was doing? If they have that much is cash, how come they didn't buy before/move somewhere earlier? 

More fool them!! 

babyblade41

We decided before selling that we would break the chain..if our onward purchase was going to be difficult as we have full cash buyers it seems the best solution.

We have 4 dogs,  ducks, turkeys an ageing pig and a tortoise !!!

Thankfully my MIL has a mobile home on her property with a few acres so looks like we could be camping !!!

It's not ideal but if it makes the process less stressful for all of us it makes sense , but I know not everyone is in an ideal situation.

For us even if our purchase falls through it may bring our long term plans forward by a year to two 

lookstraightahead

Our renting worked as we moved areas and negotiated because we were chain free, 10%.

I think it's purely subjective.  Always continually thinking it's always best to buy whatever is perhaps only applicable in the simplest of scenarios. 

Slinky

lookstraightahead said:

Slinky said:

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

We bought our house 4 years ago, just before some people moved into a refurbished rental across the road where they've been paying £1.5K a month. They're just buying a near identical house to ours a couple of doors along from us, which they're paying nearly £200K more than ours for, having paid out £72K in rent in those 4 years. Ouch! The vendors know that the renters are desperate to buy in this street, so put up a 'flying a kite price' and the renters are paying (cash) for it.

I don't think I could ever be so desperate to live in an area where all the houses are identical so it's easy to compare, and pay £200k more than my neighbour after only 4 years.

That's a massive increase in 4 years; are your houses in their millions? Can't see that being the case if the rent is only £1.5k a month.
Did they not see through what the vendor was doing? If they have that much is cash, how come they didn't buy before/move somewhere earlier? 

More fool them!! 

No our houses aren't in their millions. It's a nearly 50% increase they are paying - we paid £425, they are paying over £600. They missed out on a 3 bed that went for just over £500, ours are 4 beds. We paid £30K over asking price for ours 4 years ago. Certain people on here would have said we were mad to do so......

Nice street, few houses, nice area, big demand. Their rental is coming back on the market at £300/month more than they were paying.

lookstraightahead

Slinky said:

lookstraightahead said:

Slinky said:

GDB2222 said:

If prices are rising at the moment, do you want to be out of the market for possibly a year or two? Moving into rented is a mug's game, as you have no idea when or whether you can find something to buy. 

On the other hand, there’s nothing committing you to your present purchase, so keep looking around. 

We bought our house 4 years ago, just before some people moved into a refurbished rental across the road where they've been paying £1.5K a month. They're just buying a near identical house to ours a couple of doors along from us, which they're paying nearly £200K more than ours for, having paid out £72K in rent in those 4 years. Ouch! The vendors know that the renters are desperate to buy in this street, so put up a 'flying a kite price' and the renters are paying (cash) for it.

I don't think I could ever be so desperate to live in an area where all the houses are identical so it's easy to compare, and pay £200k more than my neighbour after only 4 years.

That's a massive increase in 4 years; are your houses in their millions? Can't see that being the case if the rent is only £1.5k a month.
Did they not see through what the vendor was doing? If they have that much is cash, how come they didn't buy before/move somewhere earlier? 

More fool them!! 

No our houses aren't in their millions. It's a nearly 50% increase they are paying - we paid £425, they are paying over £600. They missed out on a 3 bed that went for just over £500, ours are 4 beds. We paid £30K over asking price for ours 4 years ago. Certain people on here would have said we were mad to do so......

Nice street, few houses, nice area, big demand. Their rental is coming back on the market at £300/month more than they were paying.

Thanks for explaining. That's a huge increase. We live in an AONB and the house price increases are nothing like that - direct line into London, Birmingham, great schools private and state, lack of houses being built.

That increase had genuinely shocked me. I do think they are a bit mad tying up all their cash in such inflated house prices which has already seen its growth.