At the moment we can’t even view houses because by the time we’ve even seen them, someone has made an offer 50k above asking price.
My house has apparently risen almost £100k in value since I bought it 7 years ago. that’s just fucking insane. we need a crash.
My husband and I bought our first flat last month. We offered under the asking price and we were successful, but only because we were FTB (having no chain is a HUGE plus, apparently) and the lease needs to be extended in a few years’ time.
Our offer was accepted in October and by March the value had risen by £13k. The other flats in the area had also increased dramatically in that time. Due to complications with the purchase we almost pulled out, but luckily things were resolved in the 11th hour and we went through with it. Had things not been resolved, we would’ve been priced out of the area and would still be paying our ex-landlord almost £1k/month for a much smaller flat.
it can only go so high, people can only borrow so high above their means.
I’d sell my house, but anything I buy is going to be rediculously priced, so I’m never going to get an upgrade
Rents are bonkers too. Made an offer over the weekend £100pcm over the ask, thinking *surely* nobody’ll go more than that. Was outbid by somebody offering *£450* over the ask.
I accepted an offer of 10k BELOW asking, after talking them up from 13k below asking. This was after a 20k price drop as the EA clearly overvalued slightly. After a bunch of investors had come through making insulting offers of 40k below asking. And I’m in a central location in a commuter town. I was ready to leave a year ago, so I took the first offer that wasn’t an outright piss take. So this isn’t all across the board. Then again, its only a small end of terrace.
Hopefully there will be a crash of sorts soon when interest rates rise.
I think most of you are reading too much into this speculating about some external issue creating these prices. In reality it’s much simpler.
I finished house hunting a couple months ago and it really is just an issue of too many buyers and very few sellers/new homes being built.
Every viewing I had for 3 months straight was jam packed with people and houses rarely stayed more than a week in the market.
I was really lucky getting the house I wanted by being the first person to walk through the door when it was up on the market and make an offer on the spot and close it right then and there.
fecking out standing journalism right there with ‘according to an index.’
According to my mate Garry stuff is still expensive. They didn’t quote a source. I have to assume its based on just right moves data instead of the land registry data here – https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/february2022 which whilst slightly behind puts the value at £296,000 in England.
Also according to most large places like Saviles property market is slightly cooling and the data we’re seeing now is more from start of the year than ‘now’
That’s great! If homes are selling faster than ever it means lots of people are buying! I’m sure this will put an end to all the complaining about not being able to buy.
Very low sales volumes at the moment which is skewing the numbers.
Just sold our house in Cornwall… 200 in 2001
1.5 million..
It’s a popular village now…
Serious question: Would a bank buying property to rent take out mortgages (from itself?) or would they just use allocated capital. Ifvthe lqtter then presumably we wouldn’t see the volume through the Buy to Let figures. I am not smart.
uk houses are brick and mortar nft’s.
foreign, corporate and especially foreign corporate ownership of residential property should be banned.
Landlords, banks buying buy to lets and foreign investors don’t help, but I think the truth here is that most people in the UK are willing to pay rising prices, and will continue to do so for the foreseeable future. It’s as much the average person’s fault as it is anybody elses.
Consider that a couple making £20k each can afford a 5x LTV of £200k on a 25 year mortgage. Consider the average salary is about £30k. Consider that you can even get mortgages for 40 years these days and a lot of people expect to retire no sooner than 67.
if house prices rise, the only one who benefits is the taxman
Bring on the crash!! and anyone stupid enough to pay 100k, 150k over asking price deserves to lose out.
How many of you here think that this housing market is absolutely crazy insane??
I dont even get how these people are affording the rent.
Like i understand that landlords are buying up property and renting above market average, but how is there so much competition that people are fighting over renting a property higher than market average.
Who are these people, what jobs are they doing? Surely its going to come to a point where people can no longer afford the rent.
This combined with recent economic events smells like an incoming crash
Markets always go peak stupid before they collapse, the market is speculative and it’s gonna come tumbling harder then netflix once rates start to creep and everyone gets their new gas bills
21 comments
At the moment we can’t even view houses because by the time we’ve even seen them, someone has made an offer 50k above asking price.
My house has apparently risen almost £100k in value since I bought it 7 years ago. that’s just fucking insane. we need a crash.
My husband and I bought our first flat last month. We offered under the asking price and we were successful, but only because we were FTB (having no chain is a HUGE plus, apparently) and the lease needs to be extended in a few years’ time.
Our offer was accepted in October and by March the value had risen by £13k. The other flats in the area had also increased dramatically in that time. Due to complications with the purchase we almost pulled out, but luckily things were resolved in the 11th hour and we went through with it. Had things not been resolved, we would’ve been priced out of the area and would still be paying our ex-landlord almost £1k/month for a much smaller flat.
it can only go so high, people can only borrow so high above their means.
I’d sell my house, but anything I buy is going to be rediculously priced, so I’m never going to get an upgrade
Rents are bonkers too. Made an offer over the weekend £100pcm over the ask, thinking *surely* nobody’ll go more than that. Was outbid by somebody offering *£450* over the ask.
I accepted an offer of 10k BELOW asking, after talking them up from 13k below asking. This was after a 20k price drop as the EA clearly overvalued slightly. After a bunch of investors had come through making insulting offers of 40k below asking. And I’m in a central location in a commuter town. I was ready to leave a year ago, so I took the first offer that wasn’t an outright piss take. So this isn’t all across the board. Then again, its only a small end of terrace.
Hopefully there will be a crash of sorts soon when interest rates rise.
I think most of you are reading too much into this speculating about some external issue creating these prices. In reality it’s much simpler.
I finished house hunting a couple months ago and it really is just an issue of too many buyers and very few sellers/new homes being built.
Every viewing I had for 3 months straight was jam packed with people and houses rarely stayed more than a week in the market.
I was really lucky getting the house I wanted by being the first person to walk through the door when it was up on the market and make an offer on the spot and close it right then and there.
fecking out standing journalism right there with ‘according to an index.’
According to my mate Garry stuff is still expensive. They didn’t quote a source. I have to assume its based on just right moves data instead of the land registry data here – https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/february2022 which whilst slightly behind puts the value at £296,000 in England.
Also according to most large places like Saviles property market is slightly cooling and the data we’re seeing now is more from start of the year than ‘now’
That’s great! If homes are selling faster than ever it means lots of people are buying! I’m sure this will put an end to all the complaining about not being able to buy.
Very low sales volumes at the moment which is skewing the numbers.
Just sold our house in Cornwall… 200 in 2001
1.5 million..
It’s a popular village now…
Serious question: Would a bank buying property to rent take out mortgages (from itself?) or would they just use allocated capital. Ifvthe lqtter then presumably we wouldn’t see the volume through the Buy to Let figures. I am not smart.
uk houses are brick and mortar nft’s.
foreign, corporate and especially foreign corporate ownership of residential property should be banned.
Landlords, banks buying buy to lets and foreign investors don’t help, but I think the truth here is that most people in the UK are willing to pay rising prices, and will continue to do so for the foreseeable future. It’s as much the average person’s fault as it is anybody elses.
Consider that a couple making £20k each can afford a 5x LTV of £200k on a 25 year mortgage. Consider the average salary is about £30k. Consider that you can even get mortgages for 40 years these days and a lot of people expect to retire no sooner than 67.
if house prices rise, the only one who benefits is the taxman
Bring on the crash!! and anyone stupid enough to pay 100k, 150k over asking price deserves to lose out.
How many of you here think that this housing market is absolutely crazy insane??
I dont even get how these people are affording the rent.
Like i understand that landlords are buying up property and renting above market average, but how is there so much competition that people are fighting over renting a property higher than market average.
Who are these people, what jobs are they doing? Surely its going to come to a point where people can no longer afford the rent.
This combined with recent economic events smells like an incoming crash
Markets always go peak stupid before they collapse, the market is speculative and it’s gonna come tumbling harder then netflix once rates start to creep and everyone gets their new gas bills