How is the property market around you currently?

booksandbikes

Just a whiny venting post really. We have been looking for a house for the last 3 weeks, and nothing suitable is coming on the market. Before we accepted an offer on ours, I had loads of available properties on my RM list. Now that we are finally proceedable, they are all sold and the few remaining ones are not suitable. 

Just so depressing...we were lined up to view a very nice house on Saturday, and the EA has just called to cancel the viewing as they have accepted an offer.

Our buyer wants a quick completion, so feeling the pressure. It's all about timing. 😵‍💫

Have many houses come on to the market in your area? Maybe it is just a dip due to summer holidays and things will pick up again, or maybe it's just my local area (Devon). 

RelievedSheff

There are very few new properties coming onto the market in our area. 

There had been a few lingering on the market unsold for a little while but they are mostly now under offer. Like anywhere else there are the odd one or two that are so over priced they really have no hope of selling!

Hoenir

It's summer. People are on holiday. Late to move for the new school year. Always been the case

hazyjo

End of Aug/September onwards is likely to be busier as everyone wants to move before Christmas!

August is always quiet, as mentioned already. Even at work, I'm usually busy, but sitting here twiddling my thumbs. Everyone's away.

RHemmings

All good things come to those who wait. Unfortunately, your buyer might not think the same. Keeping them informed that you are working hard to find a property may help - at least compared to radio silence and no indication of progress. 

booksandbikes

Hopefully things will pick up towards the end of August then. 😬 Our buyer passed all the AML/ proof of funds checks this week (took about 2 weeks), and has now appointed the surveyor to come out next week. We have informed our EA that we are still looking, and hopefully they have passed on to the buyer that the market is a bit slow. 

It's just frustating, but nothing I can do except keep looking and keep fingers crossed. 

Olinda99

hopefully you have a 'no sale no fee' agreement should the worst come to the worst - ie no 'ready willing able' clause

Hoenir

booksandbikes said:

It's just frustating, but nothing I can do except keep looking and keep fingers crossed. 

Even if you find a property, There might be another party further up the chain. Don't feel pressurised. Stay in contact with the EA's and get first viewings on properties that come onto the market. 

booksandbikes

Olinda99 said:

hopefully you have a 'no sale no fee' agreement should the worst come to the worst - ie no 'ready willing able' clause

Yes, the fee is only payable upon exchange of contracts. 

Bigphil1474

OP, we had similar when we were looking. Had a really long list on Right Move but couldn't get an acceptable offer, and when we did, all our favourites had been sold. We ended up looking in the next area to where we live as nothing we liked/could afford appeared where we are now. We're due to move next week after selling to our (second) buyer in March. We ended up buying a house I love, but I've decided I'm never moving again after this. Hope you get there in the end.

booksandbikes

Bigphil1474 said:

OP, we had similar when we were looking. Had a really long list on Right Move but couldn't get an acceptable offer, and when we did, all our favourites had been sold. We ended up looking in the next area to where we live as nothing we liked/could afford appeared where we are now. We're due to move next week after selling to our (second) buyer in March. We ended up buying a house I love, but I've decided I'm never moving again after this. Hope you get there in the end.

Thanks - it is mighty frustrating, and I find myself considering properties out of desperation. Our non-compromise criteria is that it must be a detached, and I now find myself considering semis 🤦‍♀️. I just need to take a deep breath and not make a rash decision that we will regret in the long run. 

Congratulations on finally getting there in the end....yes, I don't want to go through this process again. It is early days and I am already pulling my hair out with stress.