thesaint sfc Posted 24 April, 2009 Share Posted 24 April, 2009 I've been looking to buy my first house for about 6 months now. I was all set up to buy a 2 bedroom repossessed property for an absolute bargain, but I was gazumped. After said gazumping I thought, no great loss. Plenty more will be along. They haven't. Everything I've seen since that house has been smaller, in a worst location, and more expensive! (35k more expensive in most cases!) It's pi*sing me right off. It was a 2 bedroom place. One of the bedrooms had a en suite bathroom and was strangely huge. You could have fitted about 4 double beds in there with plenty of space left and it wouldn't even look strange. I was hoping to rent that room out for a tidy sum. It also had a second bedroom about half the size, a very large lounge, new bathroom and a reasonable sized kitchen. I really wish I'd put in a higher offer now. Link to comment Share on other sites More sharing options...
Draino76 Posted 24 April, 2009 Share Posted 24 April, 2009 Read through this, this may help. http://www.moneyweek.com/investments/property/longer-dole-queues-are-bad-news-for-house-prices-14738.aspx Link to comment Share on other sites More sharing options...
sotonist Posted 24 April, 2009 Share Posted 24 April, 2009 Everything I've seen since that house has been smaller, in a worst location, and more expensive! (35k more expensive in most cases!) It's pi*sing me right off. 35k more expensive than your offer or 35k more expensive than theprice it sold for? Link to comment Share on other sites More sharing options...
Weston Super Saint Posted 24 April, 2009 Share Posted 24 April, 2009 Get in there and start making some seriously crazy offers. Someone somewhere will be desperate enough to accept, and what do you lose, it doesn't cost anything to make an offer.... Link to comment Share on other sites More sharing options...
Post-it note Posted 24 April, 2009 Share Posted 24 April, 2009 Buying is for morons, renting is the way forward. Link to comment Share on other sites More sharing options...
thesaint sfc Posted 24 April, 2009 Author Share Posted 24 April, 2009 35k more expensive than your offer or 35k more expensive than theprice it sold for? 35k more than the place I had my offer accepted on! Link to comment Share on other sites More sharing options...
thesaint sfc Posted 24 April, 2009 Author Share Posted 24 April, 2009 Get in there and start making some seriously crazy offers. Someone somewhere will be desperate enough to accept, and what do you lose, it doesn't cost anything to make an offer.... I think this is a good idea. Link to comment Share on other sites More sharing options...
thesaint sfc Posted 24 April, 2009 Author Share Posted 24 April, 2009 Read through this, this may help. http://www.moneyweek.com/investments/property/longer-dole-queues-are-bad-news-for-house-prices-14738.aspx Very interesting indeed. As they've extended the time scale now where people don't need to pay stamp duty, do you think there will be a slump when they start charging again? I appreciate that its a long time scale, but I'm not really in any hurry to buy. Just want to wait for the right time. Link to comment Share on other sites More sharing options...
SNSUN Posted 24 April, 2009 Share Posted 24 April, 2009 Buying is for morons, renting is the way forward. Last year, the girlfriend and I had saved up enough to stick a 10% deposit down on a place. I had close to 16k, and my missus had saved up about 5k. Then the market continued to go pants up, so much so that 10% mortgages hardly exist anymore. My parents, while financially poor, do have four properties, so when we were priced out of buying, I looked to renting, in the knowledge that one day in my life I could potentially own my own place. (Albeit inherited). I can honestly say I'm very happy as a renter. We didn't take any old crap that the lettings agent offered us, and we set our sights on a 2 bedroom cottage in good condition. Our landlord is a decent guy, willing to let us do pretty much whatever we like to the house to style it our way, as long as we finance it, and he lives in Northern Ireland so is not always in our faces. He's even said if we save up enough, he'd sell it to us for a bargain price. Not that we'd buy it, but it is a good rental. Yes, we're effectively paying mortgage payments for a place that will never be ours, but we have freedom to move if we so choose, and don't have to stump up huge bills on major house repairs. Nice. Link to comment Share on other sites More sharing options...
Draino76 Posted 24 April, 2009 Share Posted 24 April, 2009 Very interesting indeed. As they've extended the time scale now where people don't need to pay stamp duty, do you think there will be a slump when they start charging again? I appreciate that its a long time scale, but I'm not really in any hurry to buy. Just want to wait for the right time. The slump will be nothing to do with stamp duty, but increasing unemployment. Infact whether stamp duty is charged is almost irrelevant to house prices, its just more lost tax revenue for our totally clueless labour government. People do not buy houses just because there is 1% off, Hopefully you can negotiate at least 10% off an asking price today quite easily, making the tax relief irrelevant. I'm looking to buy too, but not untill the end of the year at the very soonest. Link to comment Share on other sites More sharing options...
bridge too far Posted 24 April, 2009 Share Posted 24 April, 2009 It depends on your circumstances really as to whether you buy. If you know you're going to be in the area for quite a while and / or are about to start / already have a family, it might be a good idea to do it now. My daughter and her husband have just started looking - they've recently had their first baby. But they qualify for one of the Catalyst mortgages as he's a teacher. But if you move around a lot and / or your job's not secure and / or you have no real family committments, you might as well rent ATM. It's a renter's market, so to speak. Link to comment Share on other sites More sharing options...
Rattlehead Posted 24 April, 2009 Share Posted 24 April, 2009 I also always thought thesaint_sfc was a rent boy. Link to comment Share on other sites More sharing options...
The9 Posted 24 April, 2009 Share Posted 24 April, 2009 As someone currently trying to sell, I can categorically state that with all the faffing involved in getting a place ready for a potential buyer every single time some no-mark comes to poke around in my cupboards, anyone making stupid offers on my place is in line for a bit of a slap. And frankly, unless you've got a load of savings or want to live in a garage, you're probably not going to be able to afford a place at the moment. Link to comment Share on other sites More sharing options...
sotonist Posted 24 April, 2009 Share Posted 24 April, 2009 35k more than the place I had my offer accepted on! same question. 35k more than you offered or 35k more than the gazumper's offer? Link to comment Share on other sites More sharing options...
$$$ Posted 25 April, 2009 Share Posted 25 April, 2009 As someone currently trying to sell, I can categorically state that with all the faffing involved in getting a place ready for a potential buyer every single time some no-mark comes to poke around in my cupboards, anyone making stupid offers on my place is in line for a bit of a slap. But have you priced realistically? What percentage have you knocked off from the 2007 peak price? And frankly, unless you've got a load of savings or want to live in a garage, you're probably not going to be able to afford a place at the moment. Which sums up perfectly why house prices are still way too high and how much further they will fall... Link to comment Share on other sites More sharing options...
thesaint sfc Posted 25 April, 2009 Author Share Posted 25 April, 2009 same question. 35k more than you offered or 35k more than the gazumper's offer? 35k more than I offered. Pretty much irrelevant though as the price the house went for was £1000 more I could have happily put another 30k towards the place, but decided not to as I thought lots more would be along. Link to comment Share on other sites More sharing options...
thesaint sfc Posted 25 April, 2009 Author Share Posted 25 April, 2009 As someone currently trying to sell, I can categorically state that with all the faffing involved in getting a place ready for a potential buyer every single time some no-mark comes to poke around in my cupboards, anyone making stupid offers on my place is in line for a bit of a slap. And frankly, unless you've got a load of savings or want to live in a garage, you're probably not going to be able to afford a place at the moment. Yes, but you're clearly not desperate to sell. Plenty of people are. Link to comment Share on other sites More sharing options...
thesaint sfc Posted 25 April, 2009 Author Share Posted 25 April, 2009 I also always thought thesaint_sfc was a rent boy. If it would increase my deposit I would give it a try. Link to comment Share on other sites More sharing options...
OldNick Posted 26 April, 2009 Share Posted 26 April, 2009 As I see it at present is that house prices may have gone up for 1 major reason.People who have large balances in the building society are not getting any interest and so mistakenly think they will buy a property to rent out to get a better return.In time they will find that the rental properties are not being let and so the prices will reduce again.Add ot that unemployment and inflation kicking in in about 6-9 months and so the interest rates will rise. In turn more people will then get repossesed and therefore prices may be under pressure again.A lot more misery yet. Try and be patient and things will be ok Link to comment Share on other sites More sharing options...
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