Our system detected that your browser is blocking advertisements on our site. Please help support FoxesTalk by disabling any kind of ad blocker while browsing this site. Thank you.
Jump to content
 Share
Bluefoxtim

Houses

By Bluefoxtim, in General Chat

Recommended Posts

FoyleFox

FoyleFox

Posted
Posted
On 08/01/2021 at 17:49, Nod.E said:

Just how common is paying above asking? Obviously depends on market, so for context we're looking at a popular (but still what you'd class as 'upcoming') town South of Manchester, a 20 minute train from the centre.

 

Our flat is on the market without any offers yet and we've been informed of an offer on the house we want. Obviously they aren't allowed to let slip the value of the offer but without them saying the words I managed to pretty much get from the conversation that the offer is basically asking price. 

 

As it's a cash offer, where ours would be mortgage, and we're not yet proceedable, we will need to offer something that gets their attention.

 

One thing going for us is that the vendor is in no rush to sell so it's likely an above asking offer would be accepted.

 

Just don't want to be short changed if I can avoid it, but at the same time feel it ticks all the boxes and I should just go for it. Not doing so could risk a long wait for the right place.

It is highly variable, depends on the property and location. Our agent was telling us they were selling quite a lot over asking if they were first/second time properties in desired locations. Vendors were happy to market at a slightly lower initial asking price às there was quite a lot of competition and it gained interest and viewings, then they'd receive multiple offers and ending up over asking price. This was in the summer when the market was coming out of lock down and people were rushing to the market. 

 

Even if the sellers of the house you like aren't in a rush, cash buyers offering at asking price are very desirable purchasers. Especially in the current climate with chains falling through due to mortgage offers being withdrawn frequently. 

Link to comment
Share on other sites
Guest Fktf

Guest Fktf

Posted
Posted (edited)
1 hour ago, FoyleFox said:

It is highly variable, depends on the property and location. Our agent was telling us they were selling quite a lot over asking if they were first/second time properties in desired locations. Vendors were happy to market at a slightly lower initial asking price às there was quite a lot of competition and it gained interest and viewings, then they'd receive multiple offers and ending up over asking price. This was in the summer when the market was coming out of lock down and people were rushing to the market. 

 

Even if the sellers of the house you like aren't in a rush, cash buyers offering at asking price are very desirable purchasers. Especially in the current climate with chains falling through due to mortgage offers being withdrawn frequently. 

Yeah, I'm staggered the agent has bothered to chase other offers. In this situation, a cash sale at or near asking price is a no brainer for everyone involved imo. 

Edited by Fktf
Link to comment
Share on other sites
FoyleFox

FoyleFox

Posted
Posted
12 hours ago, Fktf said:

Yeah, I'm staggered the agent has bothered to chase other offers. In this situation, a cash sale at or near asking price is a no brainer for everyone involved imo. 

You'd think so but obviously depends on if it was priced to attract interest and multiple bids. We know that isn't the position for our house, so would immediately accept and proceed with an asking price cash offer. An extra couple of grand wouldn't change that for me.

 

Every seller wants to get the highest price, but I'm always mindful of being too greedy. The seller of our current house did just that and got badly burnt. Although it was 2008 when the market was crazy, he accepted a good offer and then got another higher offer from someone else. He got them into a bidding war and increased the price by circa £50/60k....then the crash happened and their mortgage offers were withdrawn...he sold to us in 2009 for c£225k less than the 2008 price. Sadly it's not gone back up by that much!

 

 

Link to comment
Share on other sites
z-layrex

z-layrex

Posted
Posted
54 minutes ago, kingcarr21 said:

Got the house we went for. So getting the ball rolling now with solicitors doing their searches. Really starting to feel real now :sweating:

Excellent. Do not stop hassling those solicitors, make sure they start searches now, none of their bullshit thankyou very much.

Link to comment
Share on other sites
JonnyBoy

JonnyBoy

Posted
Posted
On 09/01/2021 at 09:12, newfox1 said:

Article in the Telegraph. Of course people are asking for a SD holiday extension, which may come, but there is more to it than that I suspect.

 

I think reality may well soon start to bite. Data on collapsed sales. Different take rather than just comparing house prices only.

 

https://www.telegraph.co.uk/property/uk/property-market-nears-crisis-number-collapsed-sales-soars/

 

the SD holiday extension can do one as far as i concerned, as a first time buyer buying by myself the rise in house prices at an all time high during one of the worst recessions on record is absolutely ludicrous. Im sure you lot looking to move have half paid your mortgage already (and the rest!!) so can pay a bit of SD. Not your fault but hardest market ever for a first time buyer. I am banking on house prices dropping ! 

Link to comment
Share on other sites
Otis

Otis

Posted
Posted
13 minutes ago, JonnyBoy said:

the SD holiday extension can do one as far as i concerned, as a first time buyer buying by myself the rise in house prices at an all time high during one of the worst recessions on record is absolutely ludicrous. Im sure you lot looking to move have half paid your mortgage already (and the rest!!) so can pay a bit of SD. Not your fault but hardest market ever for a first time buyer. I am banking on house prices dropping ! 

More & more starting to understand it. All these props only help the the downsizers not those climbing the "ladder".

Link to comment
Share on other sites
JonnyBoy

JonnyBoy

Posted
Posted
On 11/01/2021 at 21:04, Otis said:

More & more starting to understand it. All these props only help the the downsizers not those climbing the "ladder".

 

its absolutely madness, i'm in a reasonably fortunate position as i have a deposit ready to go and should hopefully be able to get a half decent 2 bed terrace. Some folk out there completely forgotten about. People moaning about SD doing my head in, try being a first time buyer in the biggest recession ever and house prices on the rise. 

Link to comment
Share on other sites
ajthefox

ajthefox

Posted
Posted
1 minute ago, JonnyBoy said:

 

its absolutely madness, i'm in a reasonably fortunate position as i have a deposit ready to go and should hopefully be able to get a half decent 2 bed terrace. Some folk out there completely forgotten about. People moaning about SD doing my head in, try being a first time buyer in the biggest recession ever and house prices on the rise. 

I'm 30 and I'm in the process of buying my first place for just over £115K, and that's with a significant chunk of the deposit being a gift from my parents.

 

And for what it's worth in the context of earnings, I am an Architect - I spent 9 years formally training. I've ended up buying in Merseyside, which is pretty cheap generally speaking and I'm happy enough with that, Liverpool is a fantastic place with great connectivity. Point being, I feel sorry for those who aren't so fortunate to have parents who can help them out and those who live in places that aren't affordable.

  • Like 4
Link to comment
Share on other sites
Leicester_Loyal

Leicester_Loyal

Posted
Posted
On 11/01/2021 at 20:49, JonnyBoy said:

the SD holiday extension can do one as far as i concerned, as a first time buyer buying by myself the rise in house prices at an all time high during one of the worst recessions on record is absolutely ludicrous. Im sure you lot looking to move have half paid your mortgage already (and the rest!!) so can pay a bit of SD. Not your fault but hardest market ever for a first time buyer. I am banking on house prices dropping ! 

Same for me mate, there's no way a single person who earns minimum wage will ever be able to afford a house in this climate. I think I saw that the price rises in the area I'm looking were about 7.5%, which is pretty much what I've saved since the start of lockdown, so I'm not much better off, but better to be level with the game than behind.

Link to comment
Share on other sites
JonnyBoy

JonnyBoy

Posted
Posted (edited)
10 minutes ago, ajthefox said:

I'm 30 and I'm in the process of buying my first place for just over £115K, and that's with a significant chunk of the deposit being a gift from my parents.

 

And for what it's worth in the context of earnings, I am an Architect - I spent 9 years formally training. I've ended up buying in Merseyside, which is pretty cheap generally speaking and I'm happy enough with that, Liverpool is a fantastic place with great connectivity. Point being, I feel sorry for those who aren't so fortunate to have parents who can help them out and those who live in places that aren't affordable.

 

115 is low, are prices quite a bit cheaper in l'pool? i'm in Charnwood area and wouldn't get a shed for that! 2 bed terrace in a decent area looking at 150 minimum up to 190 for a decent one with not much work needed to be done. good you have managed to get some help with your deposit.. 

 

I've got Help to buy and another separate savings account with no help so has been a slog but will be good feeling when i get on the property ladder. It is criminal that nothing is being done. 5% doesn't help single buyers as new build prices are inflated anyway so a 2 bed new build will be 200 grand 

Edited by JonnyBoy
Link to comment
Share on other sites
JonnyBoy

JonnyBoy

Posted
Posted
5 minutes ago, Leicester_Loyal said:

Same for me mate, there's no way a single person who earns minimum wage will ever be able to afford a house in this climate. I think I saw that the price rises in the area I'm looking were about 7.5%, which is pretty much what I've saved since the start of lockdown, so I'm not much better off, but better to be level with the game than behind.

 

I agree, minimum wage you could save 30k and still not be able to borrow enough. So sad really isn't it.. 

 

Government has to change things sooner rather than later, also hoping for a fall in house prices with stamp duty holiday ending etc 

Link to comment
Share on other sites
Milo

Milo

Posted
Posted
On 05/01/2021 at 20:37, Wolfox said:

Agh don’t !

 

I’m moving next Thursday…. I wanted to exchange ahead of time, but, solicitors advised not to (fluid nature of Brexit / COVID)

 

We are doing exchange + completion on the same day

 

5 in the chain, all of whom appear to be quite committed, so, feel as confident as I can do that all will be well!

 

We are in a sea of boxes and I just want to get it done and dusted…. Stories like yours give me palpitations!  Glad it seems be getting rectified though

How’d it go? 
 

🤞 

Link to comment
Share on other sites
  • Popular Post
Wolfox

Wolfox

Posted
  • Popular Post
Posted
45 minutes ago, Milo said:

How’d it go? 
 

🤞

We are in!!!!

 

All went fine yesterday…. Removal men attempted to rip me off (MNM - don’t touch them!) but other than that it was relatively pain free!

 

And we are now in an area that has Deliveroo (quite the revelation!!!) and we had a takeaway Grounded Kitchen… 

 

Sky being installed this morning (footy tomorrow) and will be able to walk to the ground eventually!

 

The house is lovely, everything we could have hoped for and a bit more…. It’s got a real warmth and charm…. We have work to do on it, but, we’ll be very comfortable until all of that can kick off…

 

This is my favourite bit…. I do love a good front door and old floor tiles!

 

zV1H1um.jpg

  • Like 23
Link to comment
Share on other sites
Milo

Milo

Posted
Posted
15 minutes ago, Wolfox said:

We are in!!!!

 

All went fine yesterday…. Removal men attempted to rip me off (MNM - don’t touch them!) but other than that it was relatively pain free!

 

And we are now in an area that has Deliveroo (quite the revelation!!!) and we had a takeaway Grounded Kitchen… 

 

Sky being installed this morning (footy tomorrow) and will be able to walk to the ground eventually!

 

The house is lovely, everything we could have hoped for and a bit more…. It’s got a real warmth and charm…. We have work to do on it, but, we’ll be very comfortable until all of that can kick off…

 

This is my favourite bit…. I do love a good front door and old floor tiles!

 

zV1H1um.jpg

Great news, mate!

 

Tbh, I was a little concerned when you said that the chain was all exchanging and completing on the same day 😬

 

We moved last month and our solicitor couldn’t manage to do it for a chain of 1! We had to wait an extra couple of weeks which meant cancelling the removal company and Sky, etc. Was a right pain. 
 

Great news your in - enjoy!! :thumbup:

  • Thanks 1
Link to comment
Share on other sites
Wolfox

Wolfox

Posted
Posted
21 minutes ago, Milo said:

Great news, mate!

 

Tbh, I was a little concerned when you said that the chain was all exchanging and completing on the same day 😬

 

We moved last month and our solicitor couldn’t manage to do it for a chain of 1! We had to wait an extra couple of weeks which meant cancelling the removal company and Sky, etc. Was a right pain. 
 

Great news your in - enjoy!! :thumbup:

Thank you

 

I can generally keep a tab on anxiety, but, I can’t tell you the relief we all felt at 2pm when we were told we could get the keys….   I can’t believe your saga - that’s crap!  Glad you’re in now though 
 

I’m now in a sea of boxes and list of jobs as long as your arm!  But, I reckon we can get comfortable before the weekend is out!

Link to comment
Share on other sites
Jon the Hat

Jon the Hat

Posted
Posted

We are 2 months into the sale process and trying to pin down an exchange and completion date!  Painful.

We have a rental lined up but again need to agrees dates.  All doing my head in now as we could be moving in 2-3 weeks and it is all up in the air!  ****ing shite process.

  • Like 1
Link to comment
Share on other sites
ajthefox

ajthefox

Posted
Posted
17 hours ago, JonnyBoy said:

 

115 is low, are prices quite a bit cheaper in l'pool? i'm in Charnwood area and wouldn't get a shed for that! 2 bed terrace in a decent area looking at 150 minimum up to 190 for a decent one with not much work needed to be done. good you have managed to get some help with your deposit.. 

 

I've got Help to buy and another separate savings account with no help so has been a slog but will be good feeling when i get on the property ladder. It is criminal that nothing is being done. 5% doesn't help single buyers as new build prices are inflated anyway so a 2 bed new build will be 200 grand 

Mine's actually a large 2 bed flat on the Wirral which is a bloody bargain but Liverpool is pretty cheap.

 

Parts of Liverpool which are incredibly cheap - you can buy a good sized 3 bed terrace in reasonable nick for £130k in some areas, but there are some pretty expensive areas to the South and further away from the City which are very sought after. The average is dragged down by the sheer volume of property to the North and East of the city.

 

I think one of the other issues which never really gets mentioned is how bad private rental can often be in this country. I did some research on it a few years back for my dissertation and from what I remember I think there is less emphasis on ownership in a number of countries on the continent, Germany and Austria come to mind particularly. Their renting models, compared to buying, are often more favourable financial so people are less bothered about owning.

 

I think we have a bit of a pre-occupation with owning in the UK in general too, although I don't really know why. For me, having my own place I can *largely* do what I want to is the realisation of a long held dream and I can't bloody wait.

 

 

 

Link to comment
Share on other sites
Unabomber

Unabomber

Posted
Posted (edited)
7 minutes ago, Wrighty22 said:

Me and my partner are looking at buying a new build and we both have houses to sell that are on the market. Does anyone know if it’s standard for the developers to not allow a plot to be reserved until our houses have been sold stc? 

They can do what they want. They would rather have a cash buyer or someone ready to go. As houses are selling for so much atm I am not surprised that they won’t let you reserve. However having said that could you not do a part ex with them that should get it going. Also sometimes they let you reserve but give a time frame to sell. I guess it depends on the market and the developer.

Edited by Unabomber
Link to comment
Share on other sites
Wrighty22

Wrighty22

Posted
Posted
1 minute ago, Unabomber said:

They can do what they want. They would rather have a cash buyer or someone ready to go. As houses are selling for so much atm I am not surprised that they won’t let you reserve. However having said that could you not do a part ex with them that should get it going. 

Thought about a part ex but they’d surely offer a very low price for our houses?

Link to comment
Share on other sites
Unabomber

Unabomber

Posted
Posted (edited)
3 minutes ago, Wrighty22 said:

Thought about a part ex but they’d surely offer a very low price for our houses?

They have to use an independent estate agents I believe. Worth seeing what they offer anyway. We were close to buying a new build 2 years ago and I was going to part ex and tbf it was a slightly lower offer than I believe I would have got on the market. I pulled out in the end but in hindsight should have gone through with it. House prices atm where I am are ridiculous, I assume because of the stamp duty break. I am looking myself atm but like I say prices are taking the piss!

Edited by Unabomber
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
 Share
Go to topic listing

  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...