The nervous wait to exchange....

Soldato
Joined
10 Jan 2012
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UK
Had an offer accepted on a house I went to view the other day. Time to start the complicated conveyancing process again.
 
Soldato
Joined
10 Jan 2012
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3,141
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UK
Cant believe how prices have shot up!
Its crazy. Here in the North East a simple 2 bed box house goes for £120-130k for ex-council houses and recentish builds, its complete madness. I'm in the process of buying a 3 bedroom for £130k built in 2016, they paid £119k for it (already overpaid due to it being a newbuild). Might not sound like allot as we are all millionaires on here but its mad.
 
Soldato
Joined
21 Jan 2010
Posts
10,991
Useful thanks. I'd considered the being able to proceed thing as step 2 but had come around it was indeed step 1. Fingers crossed the weekend goes well for us.

Reno wise it's identical to what I did to this place - new kitchen, bathrooms; with the exception that one wall would ideally be removed. I'm hoping most folk viewing are totally turned off as they'd be paying trades to come in, and around here they're mega mega mega expensive.

The main thing is it's totally liveable and has a new boiler, so I'm under no rush to get it done.
House I wanted has gone for asking with a big cash deposit. Impossible to compete.

Got an offer on mine of 525k after a first viewing, I paid 450k 2.5 years ago. I've asked her for more as tbh I can wait longer for the right buyer as there is nothing on the market now.
 
Soldato
Joined
2 Dec 2004
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13,020
Location
Under The Desk, Wales
So so annoyed!

Offer accepted 4 months ago on a house. Vendor been looking ever since but couldnt find one for himself. Today, he decides to take house off of market....gutted.

No money spent on it thank goodness!
 
Soldato
Joined
18 Jun 2018
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3,417
Location
Isle of Wight
So so annoyed!

Offer accepted 4 months ago on a house. Vendor been looking ever since but couldnt find one for himself. Today, he decides to take house off of market....gutted.

No money spent on it thank goodness!

Had a similar situation, only 2 months though I think (and money was spent). That definitely sucks though!
 
Soldato
Joined
13 Jan 2010
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24,888
Location
Llaneirwg
Cant believe how prices have shot up!

Rang up my mortgage company thinking about renewing and breaking the old term.

They value the house at 315.
Bought this house in Feb 2020 for 260

55k in 2 years.
Not just 55k but 20 percent. Absolutely ridiculous. Makes next house so far away. I wish these price rises would stop
 
Soldato
Joined
18 Jun 2018
Posts
3,417
Location
Isle of Wight
I wish house prices would go backwards to pre covid times!

Unfortunately people like me will keep that from happening a bit. Indeed anyone who's buying now, isn't going to want prices to drop! I'd be fine with them staying as they are, but no big drops please.
 
Soldato
Joined
9 Mar 2003
Posts
10,575
Unfortunately people like me will keep that from happening a bit. Indeed anyone who's buying now, isn't going to want prices to drop! I'd be fine with them staying as they are, but no big drops please.

Ive always said, complete long term stagnation is far better than any movement in either direction. Stagnation is a real terms drop but it avoids big cash losses.

What happened post 2009 is loads of people ending up in situations where their mortgage deals expire but they can’t renew because of negative/low equity, they end up setting stuck on insane default rates which also mean they also can’t pay down the equity to get out of the situation as it’s all spent on interest.
 
Soldato
Joined
7 Apr 2008
Posts
19,780
Its crazy. Here in the North East a simple 2 bed box house goes for £120-130k for ex-council houses and recentish builds, its complete madness. I'm in the process of buying a 3 bedroom for £130k built in 2016, they paid £119k for it (already overpaid due to it being a newbuild). Might not sound like allot as we are all millionaires on here but its mad.
130k.....

Come talk to me down London...

130k you lucky sod!

I'm on the hunt for a 3 bedroom and guess what? I need to be half a millionaire basically...
 
Soldato
Joined
2 Dec 2004
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13,020
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Under The Desk, Wales
Just viewed a TINY HOUSE!! One bed. Really small, thin terrace. I could probably touch either living walls while standing in the middle of the room!

Front door opens into living room. Its tiny inside but, may be perfect for an old git like me!

May be scope to build onto tiny extension and put 2nd bedroom in there. Or attic conversion.

Taking daughter later for 2nd viewing.

Edit:

Made an offer. Accepted!!!!
 
Last edited:
Associate
Joined
31 Jul 2008
Posts
1,317
Location
London
130k.....

Come talk to me down London...

130k you lucky sod!

I'm on the hunt for a 3 bedroom and guess what? I need to be half a millionaire basically...

Tell me about it. Other news I had my offer accepted on a 2 two bed Victorian conversion flat, one the bigger ones I've seen too.
 
Associate
Joined
18 Jan 2015
Posts
1,095
130k.....

Come talk to me down London...

130k you lucky sod!

I'm on the hunt for a 3 bedroom and guess what? I need to be half a millionaire basically...

It's all relative right? Up here some of our wages are half a London wage. House prices sadly do not follow the same rule, I live in the north east too(Durham) and I'm looking at 3 bed houses with front/back garden drive and garage for 120-130k.
 
Soldato
Joined
20 Oct 2002
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15,307
Location
London
It's all relative but I think if you're looking at average house prices versus average salaries for the area then it is much harder in the south/south east. I think some towns like Oxford or Cambridge are well over 13x on those sort of scales, whereas London as a whole in more like 10-11x. That's just off the top of my head, and also pre-2020 so I'd imagine those commuter towns are even worse now what with everyone moving out of London (apparently)!
 
Soldato
Joined
7 Apr 2008
Posts
19,780
It's all relative right? Up here some of our wages are half a London wage. House prices sadly do not follow the same rule, I live in the north east too(Durham) and I'm looking at 3 bed houses with front/back garden drive and garage for 120-130k.
even if your wages are half as of whats in london, our properties here are certainly not 260k....

500k+ and thats in the outskirts of london as well...
 
Soldato
Joined
21 Jan 2010
Posts
10,991
It's all relative right? Up here some of our wages are half a London wage. House prices sadly do not follow the same rule, I live in the north east too(Durham) and I'm looking at 3 bed houses with front/back garden drive and garage for 120-130k.
Median salary is £27k in Durham, thats only 14% less than London. The median price of a Semi is only £236k versus £655k in London. So you earn 14% less but your house is 64% cheaper.
 
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