MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
Seems buoyant still. My parents' house in Surbiton has just sold for full asking price, exactly eight days after going on the market. They have had to cancel three viewings that were booked for next week.
I'm actually surprised the agent didn't push for sealed bids given the level of interest, they probably could have bumped the price up another 10% !
Conversely we have a house for sale in wetherby, been on since april, a few viewings but not shifting. We expected to sell in a couple of weeks.
Surbiton...
Are you surprised ? Not sure why.
Put my one bedroom flat on the market on a Thursday had 7 offers over the asking price by the Tuesday, great you think till the first buyer pulls out then the second strings you along for a month as he cant get a mortgage !
I would be gutted as they have clearly undersold.
sundayjumper's parents cock-a-hoop with their sale
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Assuming they're upgrading rather than downsiding, I guess they're pleased that the gap between the house they've sold and the one they've bought is wider than it could have been?
Anyway - Make hay while the sun shines.
Q1 2017 saw the biggest fall in household disposable income (in real terms whatever they are) in 8 years.
BOE has just said that consumer debt has risen to the highest point since the great crash making the them worried another recession is on the way - even without the Brexit effect. They're deciding whether to try to tackle th with higher rates (which would seem unlikely given point 1) or by enforcing even tougher lending affordability rules on lenders.
"[i]Are you surprised ?[/i]"
Actually, I am. The ground floor rooms are OK but everything upstairs is in desperate need of a refurb. I'm expecting the buyers to pretty much gut the whole place and start again. I wouldn't be [i]entirely[/i] surprised if it's a developer.
It was my childhood home, and it has been in our family over 70 years. My Dad was born there and my brother & I were the fourth generation to live there. I'm actually a quite sad to see it being sold 🙁 But neither my brother nor I have the means (or desire) to live in Surbiton now.
Hey could be worse... a sizeable chunk of the population very nearly just voted in a Venezuelan-style chancellor to 'fix' the economy.
I would be gutted as they have clearly undersold.
there's a risk though of putting on at too high a pice and not getting interest, then having to drop the price by which point people have noticed that it has had a price drop, which is often detrimental to perception, it seems.
But if they had several offers at the same price they could have asked for final offers by a few days later, which could have got a little more.
However the best offer is not always the highest price but the best circumstances as well. We could have got £10k more than the offer we took because of that.
It depends where you are.
We put ours on the market 8 days ago, we've had abou 8/9 viewings booked so far but our agent warned us the market was slowing in out area (Farnborough Hants)
That said, our house is a good one and needs nothing.
The area we're hoping to move to is one of those where houses regularly sell for over asking price and it might be tough finding somewhere.
Seems buoyant still. My parents' house in Surbiton has just sold for full asking price, exactly eight days after going on the market. They have had to cancel three viewings that were booked for next week
Ours in Leeds went live on Rightmove at 9pm last Sunday evening.
The agent called me Monday afternoon and booked in 4 viewings each for Mon/Tue/Wed evenings.
The second person to see it on Monday evening offered full asking price and had their Mortgage approval letter with them and a bank statement as "proof of funds" !!
So basically, Sold STC in under 24 hours 😆
It wasn't undersold as you might think though, because as a first time buyer type house, it can only sell for what a mortgage company will be willing to lend on it (what their surveyor says it's worth) Which is where we pitched the price.
It wasn't undersold as you might think though, because as a first time buyer type house, it can only sell for what a mortgage company will be willing to lend on it (what their surveyor says it's worth)
Ha ha
Ha ha
Go on...... enlighten me.
This thread needs more broess.
Sister in law has made a couple of offers over home report values and been thrashed by several other offers each time. The market's strong and there are a LOT of people with access to the money for decent homes.
Are you surprised ? Not sure why.
South West London is pretty flat at the moment, friend had a 2.2 offer turned down for a 2.5 house, seller has come back a month later offering it at 1.9
What makes them think it's a 2.5 house?
2.5 and up is where things are sticking though (well they are in my part of SW london) the 300k-600k market is still shifting quickly but there isn't much on the market though from what I have seen in my area.
Overpriced new build flats squeezed between Eritrean BBQ restraunts and pubs on bits of wasteland are selling quick too, that seems a move of desperation as the nicer properties with views/trees are just not readily available and are not on the market for long when put up for sale.
Sold my house six months ago for £890,000. Paid just over £15,000 45 years ago 😆 . Yeh the market's still pretty strong I'd say.
It wasn't undersold as you might think though, because as a first time buyer type house, it can only sell for what a mortgage company will be willing to lend on it (what their surveyor says it's worth) Which is where we pitched the price.
Or the buyer has to make up the difference between the valuation and the sale price themselves.
Appreciate the Scottish system differs somewhat from the English one but this is entirely normal. Currently trying to buy in Edinburgh city centre and selling prices are 10-20% above the valuation prices at the moment
Even then the mortgage company would be reluctant to lend if their valuation and your purchase price are too far apart.
And personally if I paid a surveyor and he told me the house was worth x then I wouldn't be paying more than x for it.
Or the buyer has to make up the difference between the valuation and the sale price themselves.
Great way to make sure your first time buyers house sticks on the market for months and months, and ends up with people making low offers because "it's been in the market for ages"
Even then the mortgage company would be reluctant to lend if their valuation and your purchase price are too far apart.
They are not, all 3 properties I have purchased over the years have been above valuation price, the mortgage company have never batted an eyelid.
And personally if I paid a surveyor and he told me the house was worth x then I wouldn't be paying more than x for it.
Then in certain markets you would miss out. Again the Scottish selling system exaggerates this problem but in Central Scotland I believe c.60% of property sells for above the valuation price given by the surveyor.
Also I believe in England there's an increasing trend for surveyors to under value for mortgage purposes, so likely to be an increasing problem.
Sold my house six months ago for £890,000. Paid just over £15,000 45 years ago . Yeh the market's still pretty strong I'd say.
Outstripping inflation by nearly a factor of 5. Who said baby boomers didn't work hard for their assets...
all 3 properties I have purchased [b]over the years [/b]have been above valuation price, the mortgage company have never batted an eyelid.
Over the years, things have been very different, mortgage companies used to offer 110% mortgages.
Different now.
Also, what was your LTV when you were buying above valuation ?
Fine if it's 50%
Not likely to get a maortgage if ibuying above valuation makes it >90%
Outstripping inflation by nearly a factor of 5. Who said baby boomers didn't work hard for their assets...
it's only an asset though if you don't have to buy another house, or buy another house in the same area.
I think things are a little slow in some areas. I'm not looking myself, just basing my comment on my parents (n essex) who are thinking of moving and looking around have said there's not much on the market. Also 2 houses in my street (in south london, zone 3, nice-ish area but not dulwich or that ilk) still have for sale signs up, one has been marketed about 3 months, the other about 9 iirc, both at asking prices of £725K
"[i]Sold my house six months ago for £890,000. Paid just over £15,000 45 years ago[/i]"
Interesting. That's 9.5% pa.
Since my parents bought in 1981, their house went up 9% pa. And from my grandparents buying it in 1939 until now it's averaged... 9.5%. From 1939 to 1981 it averaged 10%.
That's remarkably consistent over a very long period.
Nice little graph in the BoE's June FSR report on house affordability....
[url= https://farm5.staticflickr.com/4237/34964308233_5943dc4907.jp g" target="_blank">https://farm5.staticflickr.com/4237/34964308233_5943dc4907.jp g"/> [/img][/url][url= https://flic.kr/p/VgFdGz ]UK house price to household income ratio[/url] by [url= https://www.flickr.com/photos/brf/ ]Ben Freeman[/url], on Flickr
I very luckily bought in 97, the best affordability since 1973!
it's only an asset though if you don't have to buy another house, or buy another house in the same area.
Er, not quite his point though was it....
Nice little graph in the BoE's June FSR report on house affordability....
Don't come round here with facts..! 😉
We weren't in as early as you (2002 IIRC), but I've done OK on pay rises since then (current income about 6x what I earned then). Shame we've moved and wasted so much money on mortgage interest and stamp duty...!
Don't come round here with facts..!
I'm a frustrated economist, trapped in the body of an Engineer; my bedtime reading is BoE reports....
Shame we've moved and wasted so much money on mortgage interest and stamp duty...!
I take one look at the cost of moving house and just decide to stay put....
Also I believe in England there's an increasing trend for surveyors to under value for mortgage purposes, so likely to be an increasing problem.
The valuation the lender instructs and the valuation you can instruct privately are two different things.
Yes for lending purposes they may err on the side of caution but a private survey should give you a good idea of the true market value.
I wouldn't pay over the private figure no. There is plenty out there without having to resort to paying inflated prices (south of the border at least).
There is plenty out there without having to resort to paying inflated prices (south of the border at least).
[url= https://www.theguardian.com/business/2017/jul/05/shard-apartments-empty-flats-london-market ]Loads of flats unsold apparently[/url]...
https://www.theguardian.com/commentisfree/2017/jul/06/shard-house-price-drop-luxury-london-market
I think the FT were reporting that 80% of london property listings are being taken down unsold suggesting major bubble
Also, what was your LTV when you were buying above valuation ?
Fine if it's 50%
Not likely to get a maortgage if ibuying above valuation makes it >90%
Has varied between 70 & 90%.
Has varied between 70 & 90%.
And I'll bet that if you paid over valuation, the 90% LTV wasn't recent ?
(Is that 90% loan to purchase price by the way, or 90% Loan to Valuation)