Housing Market in 2020

user1168934

I think it will all depend on how big your deposit is. In my experience as long as the valuation is more than the mortgage amount it will be fine.

propertyhunter

user1168934 said:

I think it will all depend on how big your deposit is. In my experience as long as the valuation is more than the mortgage amount it will be fine.

Exactly this - we offered quite a bit over (3%), but the bank didn't seem to mind considering our 40% deposit. 

GDB2222

Asking price is likely to reflect recent sales, and that’s what the mortgage valuation will be based on too. So if you offer over asking, the chances are the mortgage valuation will come in at below your offer. 

£550k for three beds in Leeds. Wow!

[Deleted User]

grumiofoundation said:

[Deleted User] said:

Join the club. It's possible you are right, and many others like you will never be able to afford a house.

There is no solution, all you can do is hope prices get back to sensible levels one day, before you are too old for a mortgage.

Oh come on you are being silly now. Before posting the same drivel on every thread maybe read it first and consider actually posting something useful*

The OP can afford £556k - doesn't exactly for your ‘you will never be able to afford house’ narrative. 

(*And yes I do appreciate the irony of posting something that is also not useful as well in response). 

Before posting the name nonsense every time perhaps you could look at people's real situations and try to understand them.

They can afford that much because they have high income. If they move somewhere cheaper they probably won't be getting paid the same, will they?

nicknameless

[Deleted User] said:

grumiofoundation said:

[Deleted User] said:

Join the club. It's possible you are right, and many others like you will never be able to afford a house.

There is no solution, all you can do is hope prices get back to sensible levels one day, before you are too old for a mortgage.

Oh come on you are being silly now. Before posting the same drivel on every thread maybe read it first and consider actually posting something useful*

The OP can afford £556k - doesn't exactly for your ‘you will never be able to afford house’ narrative. 

(*And yes I do appreciate the irony of posting something that is also not useful as well in response). 

Before posting the name nonsense every time perhaps you could look at people's real situations and try to understand them.

They can afford that much because they have high income. If they move somewhere cheaper they probably won't be getting paid the same, will they?

Play nicely children

grumiofoundation

nicknameless said:

[Deleted User] said:

grumiofoundation said:

[Deleted User] said:

Join the club. It's possible you are right, and many others like you will never be able to afford a house.

There is no solution, all you can do is hope prices get back to sensible levels one day, before you are too old for a mortgage.

Oh come on you are being silly now. Before posting the same drivel on every thread maybe read it first and consider actually posting something useful*

The OP can afford £556k - doesn't exactly for your ‘you will never be able to afford house’ narrative. 

(*And yes I do appreciate the irony of posting something that is also not useful as well in response). 

Before posting the name nonsense every time perhaps you could look at people's real situations and try to understand them.

They can afford that much because they have high income. If they move somewhere cheaper they probably won't be getting paid the same, will they?

Play nicely children

At least they aren't encouraging people to give up saving money this time.

Richknott83

Like others have said it really depends on your deposit and LTV that you are looking at. The lender will do a valuation and lend based on that, so if you are paying an inflated rate they’ll either not lend as much or at a higher rate as you won’t qualify for the original LTV deal.

We’ve just sold and our estate agent said a lot of deals recently have been falling through due to valuation. Not sure what it’s like in Leeds, but in Gloucester we are already seeing cost of living and interest rates increasing hitting house prices. Definitely seen some cheaper properties come on the market since Christmas, and we sold 5% below asking price. I genuinely think we’re in for a slow down in the property market very soon as budgets just won’t support it despite the lack of demand.

Best of luck with the house hunting!

getmore4less

Leeds. We are looking for the typical family home, 3 bedrooms and a large garden in the suburbs,
.........
We have seen a home that we really like, it's at £550k. 


What does rightmove say.......

Lets start with leeds only upto £550k (sort on oldest listed to find the stickers
for sale/SSTC
3b+ 405/1130 
4b+ 150/335
5b+ 35/66


I quite liked this 5b one £550  but the M1/M62  is a bit close.

BIg rooms with this one and a decent garden  

PlumLuck

Richknott83 said:

Like others have said it really depends on your deposit and LTV that you are looking at. The lender will do a valuation and lend based on that, so if you are paying an inflated rate they’ll either not lend as much or at a higher rate as you won’t qualify for the original LTV deal.

We’ve just sold and our estate agent said a lot of deals recently have been falling through due to valuation. Not sure what it’s like in Leeds, but in Gloucester we are already seeing cost of living and interest rates increasing hitting house prices. Definitely seen some cheaper properties come on the market since Christmas, and we sold 5% below asking price. I genuinely think we’re in for a slow down in the property market very soon as budgets just won’t support it despite the lack of demand.

Best of luck with the house hunting!

This is interesting because I've been experiencing the opposite where I'm looking it's just getting crazier. I've made 3 offers since Christmas all around 5% over asking price and have been outbid every time.

HotPantsCruiser

london21 said:

The lack of supply is inflating prices.

It is more likely to be low interest rates.