2nd house fallen through. Potential next steps

t1redmonkey

I think based on what you’ve written and in your replies, you’re convinced the market is going to drastically slow down and go into reverse, and that’s also making you not want to compromise when any costly issues are found on any potential homes you like.  So to answer your original question, with that mindset I would go into rented and wait til you are more comfortable with the housing market situation (but then who knows if or when it will get to that stage).

Maverick2016

t1redmonkey said:

I think based on what you’ve written and in your replies, you’re convinced the market is going to drastically slow down and go into reverse, and that’s also making you not want to compromise when any costly issues are found on any potential homes you like.  So to answer your original question, with that mindset I would go into rented and wait til you are more comfortable with the housing market situation (but then who knows if or when it will get to that stage).

Thanks. Much useful. 

I don’t think it will go into reverse and prices dramatically drop, but a calm down must eventually happen out there. It’s a dog eat dog world with so many people waiting to buy for each property that goes on, most are gone in days. 

Unfortunately the cost of living crisis will hit some people and it will have an effect,  the market is starting to show signs of sales slowing, some properties in some areas are staying on the market longer than most were a few months ago. 

babyblade41

You sound a little unsure ATM, you could potentially lose more money pulling out on future properties.  Why don't you go for a new build ?

Flugelhorn

it will calm down - I remember a market like this in the late 80s, sold 2 houses with one line adverts in the local paper - people offered on the spot - 3 years later the market was completely stuck and stuff took ages to sell. 

UnderOffer

“The issue wasn't itself that it’s not adopted, the lender were initially still prepared to meet the asking price - deposit if there wasn’t any major/structural issues, it was the fact there was no information available as to why the council won’t adopt, just a flat ‘the road is not built to spec we won’t adopt’ so they assumed the worse.

Isn’t that the answer? What further information were you expecting? They say, not built to spec. Our Road is also unadopted, seems fairly common and unless you can’t drive down it due to the structure or holes, I’d have probably proceeded. Particularly if the bank were still willing to lend. 

user1977

babyblade41 said:

You sound a little unsure ATM, you could potentially lose more money pulling out on future properties.  Why don't you go for a new build ?

Because those will be even more overpriced (and very likely to come with unadopted roads...)

babyblade41

I've live on mostly unadopted roads , why is this a problem ?

jimbog

Maverick2016 said:

 the road the house was built on has been declined for adoption due to it being to ‘an unsatisfactory build’  

All the roads in my neighbourhood are adopted by the council. They are a disgrace and far worse than some unadopted roads