Have You Struggled to Buy a House in Recent Months?
In the News
A property firm has revealed that just under half of UK properties sold in June for more than the original asking price - as buyers fought for limited stock.
Have you struggled to buy a house in recent months?
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I agree with this. I have been looking since the pandemic started and every Single house I have offered has sold for at least 20k more! Not a single house has sold at the asking price or less. When I look at sales just before the pandemic those same houses sold for about 50k less on average (same street similar structure). I just cant get over it, the prices rises mean I am not in a position to buy anytime soon. House prices where I live are similar so that of flats in central London (which is extortionate to say the least), and I live up North!
We had to pay 10 grand over the home report value to get the house we wanted.
We sold our house too and there were so many viewings as there was limited stock so houses were going fast and for well over the asking price.
I haven't personally been involved but know some who have, what I fear for many who have been paying exceptionally high prices is that if prices fall because demand falls (decline in population or more new houses built) they might be left owing more on their mortgages than their house could be sold for. (negative equity). I hope it doesn't happen, and before anyone says it couldn't happen, it happened in the mid 1990s.
davidstockport I agree that this is a risk. But in this day and it is much less likely as we have been living with covid for over 1 year now with significant deaths and loss of jobs, but prices have only risen. I think if prices do drop which is certinaly possible, it won't be anything major maybe 5-10k. But that kind of drop can pretty quickly go back up
Hana12 I doubt if prices do drop, as and if things get back to near normal, it will be by as little as by 5-10k, I was astounded to find that one house next to mine had sold for about 100k more than it would have sold for at the start of last year, if house prices fall by the same amount as they have risen it could cause big problems for the people buying at the current prices if they wish to move, or lose their jobs.
The Zoopla TV advert where people decide they want to sell because they find their house is worth much more than they thought, amuses me, I think most of us realise that the house we moved to would have shot up in value too.
davidstockport I say this because with the amount of deaths in the country and leaving the EU (fewer people coming into the UK) alongside the fact that thousands of people have lost thier jobs due to covid, it means we actually have more housing available. Despite more housing on the market than before Covid, the prices and the demand of housing has only risen. Which totally goes against logic.
During this pandemic alongside high interest rates people are still desperate to buy well in excess of house valuations. It's confusing to think that if under these harsh conditions people are willing to buy, why would prices drop so much as we move back to normality and the country begins to recover. Surely people will earn more and interest rates will be less, there will be fewer deaths so less housing available so prices will remain constant or become more in demand?
However I agree with the Zoopla advert being ridiculous. It is true the value of homes has risen. However, for the typical person who simply owns one home. They may sell the home for more, but buying that new home will also be just as expensive so they will not be in any better position. This is unless they are willing to take a risk and wait it out to see if prices do drop later on and then proceed with buying.
Again these are all my opinions.
My son put his house on the market, not expecting it to sell for quite some time, the next day he had a viewing and the couple put in an offer straight away which he was ecstatic about and their offer was accepted. Now things became difficult, he went on to view about 10 + properties and he started to put in offers which were getting rejected, he then made the decision when viewing the next property that he would have to decide there and then if it was for him, he was able this time to take his time looking over the property, previous viewings had been rushed and questions unanswered and he wasn't able to have a 2nd viewings (Covid times). He then offered full asking price to the estate agent there and then and it was accepted. This was extremely stressful times for my son and his wife, hopefully they should move into their new home in the next month if things aren't delayed for them. But conditions of some of the properties were awful and prices escalated too, I do feel that they don't have much sqft for the money that they are going to pay.
TiaTia yes I agree, the kind of properties I have been looking at and the prices they have gone for has shocked me. The last property I viewed was in an absolute state and sold for 25 thousand pounds more than the asking price! I am still shocked! Glad your son finally found a place though
Hana12 Some of the properties my son looked at were in a bad state, for example the electrics, black mould, bare floorboards upstairs and this wasn't reflected in the estate agents pictures! At least now he seems to have bought a pretty decent house and has been back to meet the present owners to discuss different things and their texting each other regarding any issues which is great. Really hope you find somewhere nice soon, just take your time and don't be rushed as I know my son felt under pressure to find somewhere due to selling his so quick.
Hana12 I know what your saying as pressure became a bit factor and I could see how it was affecting my son and this also believe it or not had a bit of a knock on affect with me as we are very close as he's my only child. Wish sometimes I was one of these people that can say what will be will be and don't stress over things lol. And yes the communication factor is great and putting his mind at ease as he knows he can ask the sellers anything and arrange to pop back again anytime. You'll get there, keep calm, breathe and that perfect house will be waiting for you 
.
I can only speak for us and it sounds to be very different for the other responders here-since we moved to Scotland almost 3 years ago we've been carefully tracking prices and data and not many months ago were beginning to think that prices were spiralling but when we actually looked into the prices that have been paid, it's not so clear cut with properties going below/at and above advertised prices pretty equally. We've also noticed that the estate agents seem to have been manipulating the market with their reports. Properties have certainly been few and have been snapped up quickly but now more are beginning to hit the market. Our town isn't flash but for various reasons, it's dear compared to neighbouring towns. We have just struck lucky (we hope), and purchased a property which we genuinely believe should have gone for a fair bit more so there's no particular 'rule.' We were determined to not rush into a purchase but were really proactive with our searching- I just hope it is as good as we believe....there's loads to do but we sort of expected that.
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