Pabs Posted June 4, 2007 Share Posted June 4, 2007 Hey all, Here's the short story: 1. Put flat on the market in March. Sold it in 3 days, for full asking price. 2. All the usual stuff happens, find a house, buy it, sort paperwork. 3. End of May our buyer of the flat pulls out. They've "split up" 4. We lose the house we were buying, sold to someone else. (And we lose £800 in surveys/searches etc) 5. We put flat back on market. Since then, we've had absolutely SOD ALL interest in the flat. Not a single viewing, and another 4 flats that are almost identical to ours (other blocks nearby) all go on the market, for higher prices than ours. Does anyone who works in this sector know whats going on? We keep getting told that there are LOADS of property for sale, and not any buyers out there due to the increase in interest rates. We seem to have hit a stagnant market. Having said that, houses seem to be selling as quickly as normal - and only flats / 1st time buyer properties don't seem to be selling? I've been on to the estate agent a lot recently, getting new photos, updated adverts etc, but there's absolutely nothing happening. Any info or suggestions would be fantastic - we don't want to drop the price for the sake of it, but the commute I'm doing to work and back is really starting to get to me now, and we just want to move! Cheers Quote Link to comment Share on other sites More sharing options...
SUPRASUZUKI Posted June 4, 2007 Share Posted June 4, 2007 Looks like the situation of over-inflated house prices and rate hikes is starting to bite. First time buyers are the first to dry up, with a knock on effect to the likes of yourself. It had to stop some time. Quote Link to comment Share on other sites More sharing options...
Ian W Posted June 4, 2007 Share Posted June 4, 2007 Looks like the situation of over-inflated house prices and rate hikes is starting to bite. First time buyers are the first to dry up, with a knock on effect to the likes of yourself. It had to stop some time. Sorry to say it but places are just too overpriced for first time buyers to afford on an average salary without have a MASSIVE deposit. Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 hmmm.... i just can't see it happening so quickly.... We sold instantly in March - and had lots of interest throughout April/early May, but when we went back on the market everyone had already found somewhere else to move to, and we are left with 0 people on the market! I suppose closer to start of new uni/college year, 1st time buyers may appear as their parents might buy somewhere rather than rent for 3/4 years.... I wonder.... Quote Link to comment Share on other sites More sharing options...
DannyW Posted June 4, 2007 Share Posted June 4, 2007 Going through it at the moment ourselves, house is up for sale for £20k less than valuations just to try and get it shifted quickly, plenty of viewings too but most of the people who come and look at it havent even got their own houses on the market! timewasters do my head in. Quote Link to comment Share on other sites More sharing options...
Ian W Posted June 4, 2007 Share Posted June 4, 2007 My other half has just bought a place of her own near Glasgow and managed to get it for the same price it was valued at....totally unheard of up here (until now) Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 hmmm.... well the flat is a decent flat - it's not like it's small or whatever, I'm just worried that having another 4 flats on the market means we'll be pushed to sell for lower. The estate agent already mentioned dropping the price. We would seriously consider getting a buy-to-let mortgage, and keeping the flat. But we don't think we can afford it I'd rather have 1 nice property, than 2 smaller ones. Quote Link to comment Share on other sites More sharing options...
juanchan Posted June 4, 2007 Share Posted June 4, 2007 Is it a 2-bed place? I'm looking to buy at the moment, and the market is flooded with 2-bed flats and apartments, the estate agents I've spoken to said they can't sell them at all round the Soton area. There is a lack of one bed places though, which is what I'm currently after Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 it is indeed a big 2 bed flat - but at £109,950 is a bloomin good price IMO - all the others are over £112,000. wonder why nobody wants a 2 bed? Not that much more expensive.... Quote Link to comment Share on other sites More sharing options...
juanchan Posted June 4, 2007 Share Posted June 4, 2007 it is indeed a big 2 bed flat - but at £109,950 is a bloomin good price IMO - all the others are over £112,000. wonder why nobody wants a 2 bed? Not that much more expensive.... Whereabouts are you living? Most 2 beds I've noticed on the market in the Soton area are way more than £109k!! Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 Maybush mate - litterally just off the M271..... directly opposite the David Lloyd gym, which is always a good place to go Quote Link to comment Share on other sites More sharing options...
edd_t Posted June 4, 2007 Share Posted June 4, 2007 am also having trouble at the moment. have had 1 viewing in 5 weeks! and my flat is the cheapest around, also has the most space for a 1 bedroom, and is close to a main line station, i dont understand at all Quote Link to comment Share on other sites More sharing options...
jaymdee Posted June 4, 2007 Share Posted June 4, 2007 I live in Bath / Bristol area. Can't even be arsed looking to buy a place, as they're ludicrously expensive, and I'm 34 and earn good money. No interest in owning a house either, so am moving in 2 weeks to a rented flat in Bath with a garage, which I could never afford on a mortgage. Still gives me disposal income to spend on the cars J Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 am also having trouble at the moment. have had 1 viewing in 5 weeks! and my flat is the cheapest around, also has the most space for a 1 bedroom, and is close to a main line station, i dont understand at all yeah - we're close to stations too, and REALLY close to motorways for commuting anywhere on the south coast or the m3 too.... but not in a bad way (noise cannot be heard or anything, just a 1 min drive from a motorway) Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 i read somewhere last week that the average age of a 1st time buyer is 32 ish!!!! Insane.... as that'd mean the mortgage wouldnt finish before you retire.... (assuming an average house price and deposit) Quote Link to comment Share on other sites More sharing options...
jaymdee Posted June 4, 2007 Share Posted June 4, 2007 Either I'll die before I retire, or inherit from my parents and maybe be able to buy something then. People rent in most places in the world, not buy. Quote Link to comment Share on other sites More sharing options...
SUPRASUZUKI Posted June 4, 2007 Share Posted June 4, 2007 I've got mates in their late 20s with £100k++ mortgages over 35 years just to get on the ladder. Scary as f**k. Glad I've only got a few years left on mine. I guess I'll be helping my kids buy in a few years time. Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 I'm 25. We've (me and the g/f) have a mortgage offer of £172,000 for a property value of approx £193k. It'll cost me about £800/month for the 35 years, but then I'll own a 250k+ property. I can probably pay this off a LOT quicker too, but I need to start slowly until my career takes off a bit more. It's scary - but if it gets too much I can sell up and rent or whatever, and end up with a fair bit of cash in the bank from the house profit etc. Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 Either I'll die before I retire, or inherit from my parents and maybe be able to buy something then. People rent in most places in the world, not buy. gonna cost you a lot more in the long run though... I try to look at the bigger picture, and i KNOW i won't want to rent for the rest of my life. Quote Link to comment Share on other sites More sharing options...
mkirby Posted June 4, 2007 Share Posted June 4, 2007 ive just taken out a 180k mortgage just to get what we wanted ie a 4 bed detached but we have gone from having money to burn to having to watch what we spend now, were not skint but i cant go around spending thosands on cars anymore at my time of life we just decided we wanted a nice house rather than having money to waste in the bank (which we did often ) Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 ive just taken out a 180k mortgage just to get what we wanted ie a 4 bed detached but we have gone from having money to burn to having to watch what we spend now, were not skint but i cant go around spending thosands on cars anymore at my time of life we just decided we wanted a nice house rather than having money to waste in the bank (which we did often ) one thing that really gets me.... 180k down here wouldn't get you a decent 2/3 bed semi.... let alone a 4 bed detached! The mortgage we had was for a house near to Reading (so closer to London) and it was 192k for a 3 bed end terrace with smallish garden. Quote Link to comment Share on other sites More sharing options...
mkirby Posted June 4, 2007 Share Posted June 4, 2007 one thing that really gets me.... 180k down here wouldn't get you a decent 2/3 bed semi.... let alone a 4 bed detached! The mortgage we had was for a house near to Reading (so closer to London) and it was 192k for a 3 bed end terrace with smallish garden. yeh but that was my mortgage, i had to put a big chunk of cash down as well that we made on our house we sold you guys earn more than us poor northerners Quote Link to comment Share on other sites More sharing options...
Pabs Posted June 4, 2007 Author Share Posted June 4, 2007 you guys earn more than us poor northerners lol, yeah - right - not enough to cover the higher house costs Quote Link to comment Share on other sites More sharing options...
mkirby Posted June 4, 2007 Share Posted June 4, 2007 lol, yeah - right - not enough to cover the higher house costs i think everyones suffering, a starter 2 bed 2 up 2 down round here are getting £120k now which to a young persone on an average wage round here of around £15k a year just cant do it!! we made the mistake of staying in our house for too long and putting more and more money into it and we never got it back as its was a fairly new house but you live and learn Mike Quote Link to comment Share on other sites More sharing options...
juanchan Posted June 4, 2007 Share Posted June 4, 2007 i think everyones suffering, a starter 2 bed 2 up 2 down round here are getting £120k now which to a young persone on an average wage round here of around £15k a year just cant do it!! we made the mistake of staying in our house for too long and putting more and more money into it and we never got it back as its was a fairly new house but you live and learn Mike 2 bed 2 up 2 down for £120k?!? I'm living in the wrong part of the country... Quote Link to comment Share on other sites More sharing options...
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