Anyone struggling to buy a property even with funding?

Classic fomo for the last year due to the snowball of post covid, home working and stamp duty cut. As with any market, we all know what happens when sentiment chnages and reality starts to set in. I'm renting at the moment, awaiting a sensible property, not fussed with paying way over the odds and getting down valued by lenders. Inflation and interest rate increases will cause a lot of pain for years to come for many overstretched families
 
Put an offer in for a bungalow here, 2 bed, semi detached. Was up for 325k needed work, someone outbid me by 50k over the asking price. Everything local seems to be selling and fast.

Humbug.
 
Informed my neighbor 2 doors down that our house sold for 525k. His is roughly the same but with the added advantage of a loft room, fully staircased/boarded.

The local "indy" estate agent, a posh lady who wears nice dresses and leaves a pleasant message on a poster board when you view, has received the instruction.

She has put it up for £525k, making her tactic of putting it up low, to attract lots of folk, to then force "closed and sealed bids/bafo" is her toxic strategy of choice.

I think she has screwed up here though, because in the £525k range there are houses, regardless of loft room, that have a much more substantial second bedroom. I got lucky because my house is pristine and it is a single women moving in.

His house is just a crap 3 bed. I don't think they'll be inundated with offers. We shall see, if it isn't sold by the weekend then there is a problem!
 
I know things are relative to location but it is very difficult to have any sympathy when you guys here are talking about buying/selling half million quid plus houses. That requires salaries of £100k+ which really is in the top 1% of income.

I have four viewings booked over this weekend, only obtainable by refreshing Rightmove multiple times per day and phoning up instantly. Any decent house gets sold after the first tranche of viewings.

I can get a mortgage of £225k and have £40k deposit.

Three years ago I'd have been laughing with that amount (but I couldn't borrow that much back then, my income was lower and my deposit smaller), but now the prices and supply are dire.

I'm at risk of buying at the top of the market, nearly doubling my mortgage payment compared to my current rent payment, and against a risk of rising interest rates.

But what choice do I have? I'm 42 now and renting. I can get a 28 year mortgage term now which starts to fall now as I get older, making affordability worse.
 
danlightbulb said:
I know things are relative to location but it is very difficult to have any sympathy when you guys here are talking about buying/selling half million quid plus houses. That requires salaries of £100k+ which really is in the top 1% of income.

I have four viewings booked over this weekend, only obtainable by refreshing Rightmove multiple times per day and phoning up instantly. Any decent house gets sold after the first tranche of viewings.

I can get a mortgage of £225k and have £40k deposit.

Three years ago I'd have been laughing with that amount (but I couldn't borrow that much back then, my income was lower and my deposit smaller), but now the prices and supply are dire.

I'm at risk of buying at the top of the market, nearly doubling my mortgage payment compared to my current rent payment, and against a risk of rising interest rates.

But what choice do I have? I'm 42 now and renting. I can get a 28 year mortgage term now which starts to fall now as I get older, making affordability worse.
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It's all relative. I'm buying a house 120k more than what next door went for a year ago, and it was 'complete'. My mortgage will be over 3.1k a month. But guess what? All my worries and concerns are identical to yours.
 
dLockers said:
(I was agreeing with you)
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ahh ok cool! thanks.

Anyways, if you could live outside of london(where i said 625k for a small 3 bedroom like the pic ) but earn london wages, your laughing really.

In my case i cant. My missus has to start going to the office to work(which is in central london) but i am good and i WFH 100%)

If i was living on my own just me? i would get a similaer small 3 bedroom house that the person posted a pic for like 300k somewhere outside london lol
 
jonneymendoza said:
ahh ok cool! thanks.

Anyways, if you could live outside of london(where i said 625k for a small 3 bedroom like the pic ) but earn london wages, your laughing really.

In my case i cant. My missus has to start going to the office to work(which is in central london) but i am good and i WFH 100%)

If i was living on my own just me? i would get a similaer small 3 bedroom house that the person posted a pic for like 300k somewhere outside london lol
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I mean you still could, places like Bushey for e.g. The only issue is the cost of transport, which if you're still young, could be better spent going into bricks and mortar.
 
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