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

Slinky

lookstraightahead said:

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. 

Well I don't think they are wild about spending that much on it either, but having missed out on the 3 bedder they've found out what a bun-fight it can be in this area.  We've had 2 letters through the door in the past month from other people looking for family homes.

lookstraightahead

Slinky said:

lookstraightahead said:

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. 

Well I don't think they are wild about spending that much on it either, but having missed out on the 3 bedder they've found out what a bun-fight it can be in this area.  We've had 2 letters through the door in the past month from other people looking for family homes.

Is anyone that desperate - I'm not saying you don't live in a nice area, but how does everyone else survive?

I hope it settles soon - it's a bit like toilet rolls.

charlotteo1988

Ok so another link in the chain but now the new top of the chain said they would move in with parents. 

We viewed a no upward chain house today and got potential. Do we cut out loses and put a offer in and break the chain that we thrn control to try go as quick as we can. Or wait for the people to do their property but could pull out again? 

Any advice 

MysteryMe

What are the circumstances that make this new house having no upward chain.

Crashy_Time

Slinky said:

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

I`m going to assume that the general picture across the country isn`t reflected in your street, wherever it might be.......

Slinky

Crashy_Time said:

Slinky said:

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

I`m going to assume that the general picture across the country isn`t reflected in your street, wherever it might be.......

Of course it isn't. I made the point about the situation in our street in relation to the point another poster made about going into rented for a year or two may not be wise choice in an area where prices are rising. You have to be able to read the market in the area you want to buy and weigh up the risks of that strategy. Some will win, some won't.

Crashy_Time

Slinky said:

Crashy_Time said:

Slinky said:

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

I`m going to assume that the general picture across the country isn`t reflected in your street, wherever it might be.......

Of course it isn't. I made the point about the situation in our street in relation to the point another poster made about going into rented for a year or two may not be wise choice in an area where prices are rising. You have to be able to read the market in the area you want to buy and weigh up the risks of that strategy. Some will win, some won't.

Fair enough, can`t see it continuing if rates rise though.

charlotteo1988

MysteryMe said:

What are the circumstances that make this new house having no upward chain.

People who lived there died. Children were left it in the will. No private needed. They are selling it. 

We decided to just go with it. Offer was accepted 15k under asking price. 

MysteryMe

If you like this new property as much as the original one then it makes sense as it will be more straightforward. Good luck with the move.

lookstraightahead

charlotteo1988 said:

MysteryMe said:

What are the circumstances that make this new house having no upward chain.

People who lived there died. Children were left it in the will. No private needed. They are selling it. 

We decided to just go with it. Offer was accepted 15k under asking price. 

Sounds great - the more fickle people you can take out of a transaction the better 😃