Housing market has just freaked me out .

[Bald-Eagle22]

So I’m just about to move and the way I have just had to negotiate a purchase and sale has just opened my eyes up to what’s going on out there .

Im getting older and was looking around to see if there are any bungalows locally, we found one that’s perfect for us and had just came back on the market after the buyers couldn’t compete the chain .

Now not having sold ours we were in no real position to make a firm offer other than full asking price if the vendor would wait for us to sell . He refused the offer and on reflection so would have I .

The only way we could secure this was to purchase independently of selling ours , after 2 days of talking to brokers and banks we have raised a mortgage AIP and balance with savings to secure the property , it’s now been taken off the market and hoped we can complete before the stamp duty exemption dead lane .

So what’s now really freaked me out is we placed our house on the market last Wednesday and it was sold on Saturday. It became a bidding war between 2 independent cash buyers and we exceeded our asking price very nicely.

My point here is not look what I can do but more importantly the point I’m making is purchasers and vendors involved in long chains don’t stand a chance. It’s crackers !

 

[Zefan]

My point here is not look what I can do but more importantly the point I’m making is purchasers and vendors involved in long chains don’t stand a chance. It’s crackers !

Why not? You sold your house within days of putting it on the market. Maybe I'm missing something but I just see a seller's market.

 

[Maundie]

After reading I think his point was it was 2 cash buyers paying above asking, possibly pointing at BTL which judging by the long threads on this forum is seen as a bad thing, anyone who has to get a mortgage to buy the house maybe unable to because of the LTV that may mean not getting the mortgage required to purchase.

 

[Derek W]

After reading I think his point was it was 2 cash buyers paying above asking, possibly pointing at BTL which judging by the long threads on this forum is seen as a bad thing, anyone who has to get a mortgage to buy the house maybe unable to because of the LTV that may mean not getting the mortgage required to purchase.

The other way to look at it is that since a lot of folk are working from home, their current house doesn't suit the environment so they need to upgrade to a bigger house so they have a separate office / offices? We've had a lot of enquiries for extension work because of this but then it'll have the knock on effect that people wont be able to get a builder round cos they'll be chock a block with work as well!

 

[Bounce]

The other way to look at it is that since a lot of folk are working from home, their current house doesn't suit the environment so they need to upgrade to a bigger house so they have a separate office / offices? We've had a lot of enquiries for extension work because of this but then it'll have the knock on effect that people wont be able to get a builder round cos they'll be chock a block with work as well!

I do think this will only be a short term boost, once the COVID19 thing has gone employers will be asking people to work at the offices again.

Personally I think the fact that stamp duty is 0% and that the housing market was shut for 6 months its created a 'mini boom'.

 

[Derek W]

I do think this will only be a short term boost, once the COVID19 thing has gone employers will be asking people to work at the offices again.

Personally I think the fact that stamp duty is 0% and that the housing market was shut for 6 months its created a 'mini boom'.

Yeah I'm of that mindset as well but short term boost or not, its keeping me in a job so I'm grateful for that! I guess some businesses will be able to continue working from home but you'd think with large corporations who have purchased / high rent inner city buildings in their possession they'd want to make use of them somehow as well. Certainly stamp duty at 0% will help things along as well.

 

[mid_gen]

Covid is by and large hitting the rental demographic. The sorts of people that have the money to think about buying or trading up are sitting pretty comfortably and probably in a better financial position than before the pandemic.

 

[DanTheMan]

I was very tempted to sell ours and buy bigger during lockdown as house prices around here have gone made. My brother put his on the market and sole within the same morning and nearly everything decent sells within a week around here.

Cost to move would have been the same as pre lockdown but my main concern would be a fall in prices post lockdown and being stuck paying interest on a mortgage bigger than it needs to be.