Houses

[Christoph]

https://www.independent.co.uk/news/uk/politics/england-house-building-record-second-world-war-conservative-government-home-a8706776.html?utm_source=reddit.com

 

Housebuilding figures under Conservatives lowest since the Second World War

Completions between 2010 and 2019 will be around 130,000 per year – well down on the 147,000 of the 2000s or 150,000 of the 1990s

 

 

Not really that surprising i suppose. It's what the tories are known for. 

[Nalis]

1 hour ago, KrefelderFox666 said:

I guess there is always two sides to a story. If the seller is massively inflating the value of their home, then they will rightly get either no offers, or very low offers. It's all about forming some comparisons to similar properties. Also, depends how much the house is on the market for, knocking £35k off a £1,000,000 property is not a lot. Wonder if that is the guide price for @Wolfox!!!

Fair point on the percentage ha! Funnily enough I thinking about that today when watching sun sea and selling houses at lunchtime (naff I know). The couple offered £11k less for a house on the market for £70k, thats over 15% less ffs 

[FoxesDeb]

26 minutes ago, Nalis said:

Fair point on the percentage ha! Funnily enough I thinking about that today when watching sun sea and selling houses at lunchtime (naff I know). The couple offered £11k less for a house on the market for £70k, thats over 15% less ffs 

I love that programme 

[Nalis]

6 minutes ago, FoxesDeb said:

I love that programme 

Me too even tho I say its naff, a bit of a guilty pleasure over lockdown!

[Wolfox]

2 hours ago, KrefelderFox666 said:

I guess there is always two sides to a story. If the seller is massively inflating the value of their home, then they will rightly get either no offers, or very low offers. It's all about forming some comparisons to similar properties. Also, depends how much the house is on the market for, knocking £35k off a £1,000,000 property is not a lot. Wonder if that is the guide price for @Wolfox!!!

I think the price I have it on for is fair (I hope?!)…. I’d accept a reasonable offer…. But, I don’t have to sell…. I simply want to sell…

 

I had an offer for £40k below today…. Which was clearly daft and expecting another offer in tomorrow…   Another one who’s very interested but has to get on offer on there place…

 

 Not fully deflated yet as I have all fingers crossed that we’ll get something reasonable in tomorrow…. Was hoping for a bit of a stronger response as it’s a very nice house for the money, but, it’s not my opinion that counts!

 

also…. It’s not a £Million pound house 😝 

[Manini]

Been told our house now won’t be completed until February (was supposed to be September). I do not mind at all really, and it’s completely understandable, but I’m also a bit worried it won’t even be Feb. Driven up to site a few times to have a look and check progress and nothing, and I mean nothing has been done since 1st March. They started clearing the ground then apparently and it looks exactly the same. 

[Heathrow fox]

Heard today that the big house builders are expecting dramatically reduced demand for the next two quarters.With a slight improvement towards the end of the year.Home Counties might just squeeze past.Nothing surprising with any of that.Reality hit me properly for the first time today though.All I hear from friends and family is redundancies,threat of redundancy,never ending furlough with hardly any communication from employers(in other words imminent redundancy)Or genuine job insecurity.This is way way worse than 2008 and we have got to wait for the fall out of whatever happens in the US.Where it’s economy hasn’t just sneezed.It’s sneezed,coughed,pissed and shat it’s pants.Housing crash incoming absolute certainty.

[Legend_in_blue]

The current situation is unsustainable.  I struggle to believe how it hasn't crashed already. Prices for a 3 bed semi now comfortably more than a 4 bed detached when we bought almost 10 years ago.  Prices up 50% since, but wages?  No chance.  

[z-layrex]

Had a second viewing on our flat yesterday lunchtime, the lady brought her mum who is helping her with the deposit. Our agent hasn't said anything about it to us or replied to my email. What kind of agent doesn't tell you how a second viewing went?? 

 

We have a second viewing of another couple tonight too who saw it Monday eve. Do you think we had an offer, but the agent isn't saying anything so that they can put pressure on this couple and hope for a bidding war? Are they allowed to hold back an offer?

 

We found a house we want to buy and are waiting to be in a position to offer on it, which our agent knows.

Edited 1 July 2020 by z-layrex

[z-layrex]

19 hours ago, Legend_in_blue said:

The current situation is unsustainable.  I struggle to believe how it hasn't crashed already. Prices for a 3 bed semi now comfortably more than a 4 bed detached when we bought almost 10 years ago.  Prices up 50% since, but wages?  No chance.  

The situation in the south east is a joke. The tiny 3 bed victorian semi we want (which needs work), is going to cost us over 400k, plus with a 15% deposit. Just ridiculous, but we dont want to live in a flat anymore and loads of flats are being built here for London commuters so need to sell while we still can.

[Leicester_Loyal]

https://www.bbc.co.uk/news/business-53247066

 

'UK house prices were 0.1% lower in June than the same month a year ago - the first annual fall since December 2012, according to the Nationwide.'

 

Same article has Halifax putting prices at 2.6% though.

Edited 1 July 2020 by Leicester_Loyal

[Wolfox]

1 hour ago, z-layrex said:

Had a second viewing on our flat yesterday lunchtime, the lady brought her mum who is helping her with the deposit. Our agent hasn't said anything about it to us or replied to my email. What kind of agent doesn't tell you how a second viewing went?? 

 

We have a second viewing of another couple tonight too who saw it Monday eve. Do you think we had an offer, but the agent isn't saying anything so that they can put pressure on this couple and hope for a bidding war? Are they allowed to hold back an offer?

 

We found a house we want to buy and are waiting to be in a position to offer on it, which our agent knows.

They are legally obliged to pass on any offer made…

[Footballwipe]

2 hours ago, z-layrex said:

The situation in the south east is a joke. The tiny 3 bed victorian semi we want (which needs work), is going to cost us over 400k, plus with a 15% deposit. Just ridiculous, but we dont want to live in a flat anymore and loads of flats are being built here for London commuters so need to sell while we still can.

My SIL is selling her shared ownership in MK. They put it on the market and within two hours had 11 viewings booked and 2 full offers without it being seen.

 

The house they want is a 3 bed, small town house (again shared ownership) for nearly £300k. It's madness. Anything within sight of London just gets chewed up. We've got friends buying just off J12 of the M1 at the same time as us and they're consistently telling us how they hate it when we send them houses we like in Leicester because the value is so much better.

 

I genuinely can't wrap my head around how "normal" people in the south can get a foot on the ladder unless it's an inheritance house or inheritance windfall?!?

 

 

[Legend_in_blue]

42 minutes ago, Footballwipe said:

My SIL is selling her shared ownership in MK. They put it on the market and within two hours had 11 viewings booked and 2 full offers without it being seen.

 

The house they want is a 3 bed, small town house (again shared ownership) for nearly £300k. It's madness. Anything within sight of London just gets chewed up. We've got friends buying just off J12 of the M1 at the same time as us and they're consistently telling us how they hate it when we send them houses we like in Leicester because the value is so much better.

 

I genuinely can't wrap my head around how "normal" people in the south can get a foot on the ladder unless it's an inheritance house or inheritance windfall?!?

 

 

 

It would be interesting to know exactly how much mortgages are as a fraction of overall earnings on average in the south.  

[Dahnsouff]

We live just outside of Reading, M4 corridor, great train links to London, etc, yadda, yadda

The only reason we have a house down here is because we work in IT and that where the work was, so when we were younger, myself and Mrs Souff each bought our own terrace house (Before she was Mrs Souff) at a 5% deposit and after saving for 5 years.

This meant when she became Mrs Souff and we moved to "The Burbs" we could sell both and that gave a sizable deposit.

I worry for the younger people how such properties can be afforded as the terrace house I owned was bought for 95 in 2001 and sold for 165 in 2012, looking recently, it would go for 1/4 million.

 

[UniFox21]

42 minutes ago, Dahnsouff said:

I worry for the younger people how such properties can be afforded as the terrace house I owned was bought for 95 in 2001 and sold for 165 in 2012, looking recently, it would go for 1/4 million.

I worry for me too, me and my friends laugh about it in all honesty. For instance, my folks house is a similar story, there is just so many different hurdles before we can even get on the first step of the property ladder 

[Dahnsouff]

3 minutes ago, UniFox21 said:

I worry for me too, me and my friends laugh about it in all honesty. For instance, my folks house is a similar story, there is just so many different hurdles before we can even get on the first step of the property ladder 

I suspect we will move towards a more apartment living type model as on the continent, for better or for worse. 

[UniFox21]

11 minutes ago, Dahnsouff said:

I suspect we will move towards a more apartment living type model as on the continent, for better or for worse. 

My friend bought a bungalow just round the corner from his parents house for a bit over £100k with a 15% deposit, but has had to basically rip the entire inside out and start again. Whereas a friend in Oxford, his only option to live anywhere around his job is with a shared ownership 2 bed flat that is pricey for what it is.

[Dahnsouff]

Just now, UniFox21 said:

My friend bought a bungalow just round the corner from his parents house for a bit over £100k with a 15% deposit, but has had to basically rip the entire inside out and start again. Whereas a friend in Oxford, his only option to live anywhere around his job is with a shared ownership 2 bed flat that is pricey for what it is.

Yes, cannot say I am surprised. I assume the bungalow was further north? (Or maybe south west ?)

For sure when we started we rented for 6 years whilst saving for a deposit, but I cannot see how a valid (say 5%) deposit (as we did) can be saved by those starting out without "assistance" from family, or some other cash injection due to price of such housing, especially down south. My son will have this issue when he is older too 

[UniFox21]

2 minutes ago, Dahnsouff said:

Yes, cannot say I am surprised. I assume the bungalow was further north? (Or maybe south west ?)

For sure when we started we rented for 6 years whilst saving for a deposit, but I cannot see how a valid (say 5%) deposit (as we did) can be saved by those starting out without "assistance" from family, or some other cash injection due to price of such housing, especially down south. My son will have this issue when he is older too 

Bungalow is just on the edge of Leicestershire, its a nice area really, further down the road and you'd be doubling the price so he's done well.

Yeah that's the biggest issue, I'm living at home with my parents as unless I rent there's no way I can afford a place. I'm bloody lucky in that respect as my folks still tolerate me around the place

[Leicester_Loyal]

On 01/07/2020 at 16:00, UniFox21 said:

Bungalow is just on the edge of Leicestershire, its a nice area really, further down the road and you'd be doubling the price so he's done well.

Yeah that's the biggest issue, I'm living at home with my parents as unless I rent there's no way I can afford a place. I'm bloody lucky in that respect as my folks still tolerate me around the place

Same position as me mate and I earn a pretty good wage. Although I'm buying alone, I'm still gonna find it tough, so I have absolutely no idea how people who are on a lower than average wage and buying alone make it work, it must be close to impossible.

 

5 weeks tomorrow and I'll have my 20% deposit. Just gotta get another 4-5k sorted for furniture and appliances and I'm good to go. I'm hoping to be out and into a place of my own by Christmas.

[RowlattsFox]

We will be potentially looking at moving into a bigger property later this year. Budget of between £200k-£250k which up here can get you a decent sized 4 bed detached, of varying condition. Probably more towards £300k if you want something that is ready made to move in too. Hopefully get back what we paid for our current house, around £120k but we've barely made any inroads into the mortgage due to getting stuck with a high interest rate. It was fairly modest 5% deposit but it was still hard to get. If you can stay at home whilst you build your deposit money then do, nightmare for us moving away starting from scratch and having to pay rent for years. Plenty of new build sites up here too, which whilst always option, you can get much better value for space in the open market. Although part-exchange a consideration if we struggle to sell.

[Dahnsouff]

Deposit is king, both for getting better rates, more choice on mortgages, that’s even before you get to the repayments.

[Wolfox]

On 01/07/2020 at 16:00, UniFox21 said:

Bungalow is just on the edge of Leicestershire, its a nice area really, further down the road and you'd be doubling the price so he's done well.

Yeah that's the biggest issue, I'm living at home with my parents as unless I rent there's no way I can afford a place. I'm bloody lucky in that respect as my folks still tolerate me around the place

Back in ‘98 I was a junior manager on around £18k…. Bradford and Bingley demutualised and I carpet bagged a few quid…

 

£54k got my a doer upper terrace in a nice bit of Clarendon Park…

 

The feeling of owning your own place was great…. It was mine and I was a recently graduated unifox21 of the time…!  
 

I really want the same opportunities for you and my kids generation…. It gives you security and a huge sense of pride…

 

I suspect my kids will be with me post Uni for a bit (I don’t mind as quite like them really) but I’d love for them to feel the independence I had…. If I can make it work, I’ll support them, but, that’s not the point…. There needs to be a bigger plan to allow your generation the same opportunity and I’d happily do my bit to support it (tax?)

 

The status of owner occupier is a cornerstone of our British society…

 

The answer is probably not simple…!  

[UniFox21]

3 minutes ago, Wolfox said:

Back in ‘98 I was a junior manager on around £18k…. Bradford and Bingley demutualised and I carpet bagged a few quid…

 

£54k got my a doer upper terrace in a nice bit of Clarendon Park…

 

The feeling of owning your own place was great…. It was mine and I was a recently graduated unifox21 of the time…!  
 

I really want the same opportunities for you and my kids generation…. It gives you security and a huge sense of pride…

 

I suspect my kids will be with me post Uni for a bit (I don’t mind as quite like them really) but I’d love for them to feel the independence I had…. If I can make it work, I’ll support them, but, that’s not the point…. There needs to be a bigger plan to allow your generation the same opportunity and I’d happily do my bit to support it (tax?)

 

The status of owner occupier is a cornerstone of our British society…

 

The answer is probably not simple…!  

I'm in a similar situation now, around an average salary but that gets you nowhere in this age compared to '98 (I'd have been 1). 

As much as I like living at home, I do miss that independence of having my own place. But I've accepted this is how things will be for a while till I land a job I wish to stay in long-term. Just about saving up now.