Houses

[Leicester_Loyal]

18 hours ago, UniFox21 said:

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.

If you're on an average salary, save hard for 12-18 months, it's boring, it's annoying, but it's so worth it in the end. I've done 9 months of hard saving, literally spending nothing and it's put me in a great position.

Edited 3 July 2020 by Leicester_Loyal

[z-layrex]

Accepted an offer on our flat from no-chain buyers, 5k below asking happy with that. 2nd viewing on the house we want to buy now, but we need to find out when their new build is going to be ready, their agent seems sketchy on the details of that.

[The Fox Covert]

On 02/07/2020 at 21:57, Leicester_Loyal said:

If you're on an average salary, save hard for 12-18 months, it's boring, it's annoying, but it's so worth it in the end. I've done 9 months of hard saving, literally spending nothing and it's put me in a great position.

I saved the deposit for my first house on the strength of regular overtime at a job in a town down south which I hated and was too expensive for me to buy anything anyway. 

[Jon the Hat]

On 03/07/2020 at 10:12, z-layrex said:

Accepted an offer on our flat from no-chain buyers, 5k below asking happy with that. 2nd viewing on the house we want to buy now, but we need to find out when their new build is going to be ready, their agent seems sketchy on the details of that.

Tricky one - we rented for 4 months to make our new build buy work timing wise - I would be strongly suggesting that to the seller.

[The Fox Covert]

On 01/07/2020 at 14:44, Dahnsouff said:

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.

 

House prices have gone really stupid much further out from London than Reading.

I live another 80 miles further west in rural Somerset. No motorway, no train links to anywhere, and most local jobs pay peanuts. Average salary in my town less than £19K, average in Bristol 25 miles north over £33K. No motorway, no train links to anywhere.

Nevertheless house price inflation on my 18th century stone cottage has roughly matched your terraced house in Reading and it was also recently valued at 1/4 million. 

[z-layrex]

1 hour ago, Jon the Hat said:

Tricky one - we rented for 4 months to make our new build buy work timing wise - I would be strongly suggesting that to the seller.

They accepted our offer for 10k under! We are over the moon as love the house. Apparently they've found a different new build that's ready to go, we checked out the development, it's near by and has quite a few houses ready to go so hopefully it all works out.

[Leicester_Loyal]

Applied for my mortgage in principle last night via a mortgage broker. I honestly have no idea how much they'll be willing to lend me, I'm hoping for 4.5x salary.

[Costock_Fox]

On 04/07/2020 at 18:14, Jon the Hat said:

Tricky one - we rented for 4 months to make our new build buy work timing wise - I would be strongly suggesting that to the seller.

I had to do the same, sold mine and rented it back as new build companies are willy pullers and want everything on their terms.

[Costock_Fox]

Can anyone lend me £650k? In Costock there is a small bungalow on 8 acres of land that’s got planning permission for a number of houses.

 

Would love to buy that, build a decent sized house with a few acres for me and then build another couple to sell to pay for it all.

[cambridgefox]

On 04/07/2020 at 19:33, z-layrex said:

They accepted our offer for 10k under! We are over the moon as love the house. Apparently they've found a different new build that's ready to go, we checked out the development, it's near by and has quite a few houses ready to go so hopefully it all works out.

Excellent News 👍

[Costock_Fox]

I’ve read that the government might pause stamp duty for a bit, could send the market mad.

[Ollie93]

On 02/07/2020 at 21:57, Leicester_Loyal said:

If you're on an average salary, save hard for 12-18 months, it's boring, it's annoying, but it's so worth it in the end. I've done 9 months of hard saving, literally spending nothing and it's put me in a great position.

What would you class as hard saving? I'm trying to save now, which is hard whilst renting, I've got around 25-35% getting put away each month, which is sustainable.

[Footballwipe]

4 minutes ago, Costock_Fox said:

I’ve read that the government might pause stamp duty for a bit, could send the market mad.

Announcing today, apparently (unless it already has been officially) but not implemented till the autumn. Could destroy chains, or at least grind them to a halt, as well as the market while everyone anticipates the massive saving they could make.

[Costock_Fox]

Just now, Footballwipe said:

Announcing today, apparently (unless it already has been officially) but not implemented till the autumn. Could destroy chains, or at least grind them to a halt, as well as the market while everyone anticipates the massive saving they could make.

Not till autumn? Well that is going to mess it all up isn’t it, who will complete when they can save thousands of pounds in a few months.

[Footballwipe]

4 minutes ago, Costock_Fox said:

Not till autumn? Well that is going to mess it all up isn’t it, who will complete when they can save thousands of pounds in a few months.

Preaching to the converted! Someone might be able to reply with the logic, but I'm biased and struggling to see it. Literally no incentive for the people we're buying from to rush now, when there's a £8-9k saving to be made by waiting till September, frustrating both us and the people buying our house. 

 

Though frankly, if I'm honest, if someone said my chain would 100% survive and I'd have to wait till X date to save nearly £7k, it's a no brainer really.

[Leicester_Loyal]

36 minutes ago, Ollie93 said:

What would you class as hard saving? I'm trying to save now, which is hard whilst renting, I've got around 25-35% getting put away each month, which is sustainable.

All depends on your situation mate. I'm lucky to live at home and pay no board, but I've saved probably about 80% of my wages for the past 9 months. Not many people will be in that situation, so it'll be a lot harder. I'd just cut out all the unnecessary stuff, no Sky or Virgin tv, no financed cars, sim only deals on your phones and no holidays for a year.

 

Regarding the stamp duty saving (if it happens), it won't really make much difference for first time buyers, so they'll probably be the only ones moving in the next few months.

[z-layrex]

1 hour ago, Footballwipe said:

Preaching to the converted! Someone might be able to reply with the logic, but I'm biased and struggling to see it. Literally no incentive for the people we're buying from to rush now, when there's a £8-9k saving to be made by waiting till September, frustrating both us and the people buying our house. 

 

Though frankly, if I'm honest, if someone said my chain would 100% survive and I'd have to wait till X date to save nearly £7k, it's a no brainer really.

Our buyers are first time buyers, so they already don't pay much stamp duty right? They bought our flat for 260 so they'll only pay about 3k, not worth ****ing it all up over. The ones we are buying from are moving to a house well over 500k so it wouldn't affect them. The only ones who would benefit would be us actually, but I wouldn't risk anything just for a few thousand.

Edited 6 July 2020 by z-layrex

[Milo]

1 hour ago, Costock_Fox said:

I’ve read that the government might pause stamp duty for a bit, could send the market mad.

Bit of an odd thing to announce, isn't it? And they didn't even actually announce it, they've said they are mulling it over. FFS.

 

Will certainly make people who are in the process of moving pause, but I suppose some people will have to move and others will have factored the Stamp Duty already into their moving costs.

 

Strange timing as well to say it will come in the Autumn, when there will likely be job insecurity and redundancies from the end of furlough.

 

  

 

 

[Footballwipe]

12 minutes ago, z-layrex said:

Our buyers are first time buyers, so they already don't pay much stamp duty right? They bought our flat for 260 so they'll only pay about 3k, not worth ****ing it all up over. The ones we are buying from are moving to a house well over 500k so it wouldn't affect them. The only ones who would benefit would be us actually, but I wouldn't risk anything just for a few thousand.

Yeah FTB are up to £300k now so they'll be fine. The people you're buying from will be unaffected, and I'd stereotype that if you're buying a house well over £500k you might not be so concerned over the stamp duty!

 

It's the middling lot who will benefit most, and as such more than likely people within that group who want to pause everything to wait for the financial advantage it'd bring.

[Wolfox]

On 04/07/2020 at 22:02, Leicester_Loyal said:

Applied for my mortgage in principle last night via a mortgage broker. I honestly have no idea how much they'll be willing to lend me, I'm hoping for 4.5x salary.

Depends on how much you earn…. Related to affordability…

 

can be as high as 5x with certain lenders and income

 

bare in mind some have stopped considering bonus payments which can reduce lending amount…. They do, however, continue to accept car allowance payments

[Costock_Fox]

7 minutes ago, Wolfox said:

Depends on how much you earn…. Related to affordability…

 

can be as high as 5x with certain lenders and income

 

bare in mind some have stopped considering bonus payments which can reduce lending amount…. They do, however, continue to accept car allowance payments

It’s pretty much what I do for a living and we have to make sure every piece of income is sustainable and plausible it will continue. I would say some lenders will definitely still allow bonuses to be used if the employer can back it up with a letter.

[Leicester_Loyal]

8 minutes ago, Wolfox said:

Depends on how much you earn…. Related to affordability…

 

can be as high as 5x with certain lenders and income

 

bare in mind some have stopped considering bonus payments which can reduce lending amount…. They do, however, continue to accept car allowance payments

Spoke to my mortgage advisor this morning, he says I should be able to borrow what I want (based on just salary alone, not OT or bonuses), so that's good news.

 

Found a house I like the look of, went up last week on the market. Rang them this morning and can't view it until this local lockdown is over, so annoying! Feels like I'm finally starting to make some progress though, after years of waiting.

[FoyleFox]

I don't generally venture to the general discussion boards but happened upon this thread by accident. Looking to move back to Leicestershire (Covid has delayed ours going on the market) so a thread on the current local housing market is a welcome find. Interesting to read about the offers buyers have been making in relation to price too. We have the challenge of trying to retain the space we need but moving to a more expensive area and have quite a list of specific definately do and don't want things.

[Ollie93]

16 hours ago, Leicester_Loyal said:

All depends on your situation mate. I'm lucky to live at home and pay no board, but I've saved probably about 80% of my wages for the past 9 months. Not many people will be in that situation, so it'll be a lot harder. I'd just cut out all the unnecessary stuff, no Sky or Virgin tv, no financed cars, sim only deals on your phones and no holidays for a year.

 

Regarding the stamp duty saving (if it happens), it won't really make much difference for first time buyers, so they'll probably be the only ones moving in the next few months.

80% is class, so kudos to you! Rent is the killer isn't it.

[Leicester_Loyal]

2 hours ago, Ollie93 said:

80% is class, so kudos to you! Rent is the killer isn't it.

I've always said I'll never rent if possible, it's dead money unless you're working away for a short term contract or something, but each situation is different for everyone and some people have to rent unfortunately. The main thing is you're at least saving something, and the prices at the minute aren't going any higher.

 

What sort of properties are you looking for? 2 bed semi or something bigger?