Topic: The 'Eeeek...buying/saving for a house' thread

[Livbes]

Just had the mortgage offers through there. Another £450 a month at best. Absolute state this country.

Tory Brexit WANKERS

[Drinks Sangria]

Just had the mortgage offers through there. Another £450 a month at best. Absolute state this country.

Tory Brexit WANKERS

Vile isn’t it. We’re lucky in that ours is ‘only’ going up £250, despite us paying off over £20k since the first mortgage and adding around £80k value having renovated and extended the place.

[Slippers]

Nothing came of any of our viewings again. People have said they wanted ground floor (so why come view our first floor flat?), that there isn't enough light in the hallway and that they wanted to put a new front door in (we paid 4 grand to have a fire door installed only this year. Literally everyone in the block has the same exact door)

Starting to think people aren't willing to move at the minute unless they get places for about 50 grand or lower than what they usually go for.

I've resigned myself that we may not move this year after all. The Tories have made it too hard on people.

A couple who live across the road from us have just taken their house off the market after not getting a single viewing in the six months that it was for sale.The estate agent told them they couldn't get anyone through the door because buyers thought it had been overpriced by about sixty grand.

[BarryCrocker]

Just had the mortgage offers through there. Another £450 a month at best. Absolute state this country.

Tory Brexit WANKERS

It's not just a UK thing. NZ, Australia, Ireland, etc, are all going through the same situation. My mortgage has increased 42% in just over 12-months.

There's a shortage of housing stock and added to that most Central Banks are using increasing the cash rate to pull money out of the economy.

The US has mainly been insulated as it's common for mortgages to be fixed for up to 30-years.

[UntouchableLuis]

A couple who live across the road from us have just taken their house off the market after not getting a single viewing in the six months that it was for sale.The estate agent told them they couldn't get anyone through the door because buyers thought it had been overpriced by about sixty grand.

Basically now if your house was valued at say 450 a few years ago you're going to have to put it up at 400 at the most now.

We put our flat up at 215k as they usually go for around that. We got minimal viewings at that price then knocked 15 k off and got a flurry of viewers, none of them made an offer and now back to almost no interest.

We can't knock it down again as we'd then price ourselves out of houses we want.

The market seems to be at a stalemate at the minute with people wanting about 30-50 grand knocked off before they consider a house but with sellers unable to do that, nor should they.

[Riquende]

There are some interesting looking townhouses supposedly going up at the end of the road passing by our current place. I'm not normally interested in new builds, but these are just half a dozen 'premium' looking ones with a decent amount of space, rather than a huge rat run of houses with tiny overlooked gardens squished into a concentrated area with one junction in or out.

When I first saw them 6 weeks ago they were listed at at "Offers over £450k", now they're down to "Offers over £420k". If they come down another ~100k they might just sneak into our price range...

[Slippers]

Basically now if your house was valued at say 450 a few years ago you're going to have to put it up at 400 at the most now.

We put our flat up at 215k as they usually go for around that. We got minimal viewings at that price then knocked 15 k off and got a flurry of viewers, none of them made an offer and now back to almost no interest.

We can't knock it down again as we'd then price ourselves out of houses we want.

The market seems to be at a stalemate at the minute with people wanting about 30-50 grand knocked off before they consider a house but with sellers unable to do that, nor should they.

It's the second time they've tried to sell,it was on the market for a year without any viewings last time.They were asking for about £80k less back then,but now they've got their eye on a bungalow that's out of reach if they don't get as close as possible to £250k.

[UntouchableLuis]

It's the second time they've tried to sell,it was on the market for a year without any viewings last time.They were asking for about £80k less back then,but now they've got their eye on a bungalow that's out of reach if they don't get as close as possible to £250k.

Sounds like either the price is way wrong for that area or there's something really off putting in the pictures or something really undesirable about it.

[The G in Gerrard]

There are some interesting looking townhouses supposedly going up at the end of the road passing by our current place. I'm not normally interested in new builds, but these are just half a dozen 'premium' looking ones with a decent amount of space, rather than a huge rat run of houses with tiny overlooked gardens squished into a concentrated area with one junction in or out.

When I first saw them 6 weeks ago they were listed at at "Offers over £450k", now they're down to "Offers over £420k". If they come down another ~100k they might just sneak into our price range...

Is the market declining enough to get it under 400k?

[Slippers]

Sounds like either the price is way wrong for that area or there's something really off putting in the pictures or something really undesirable about it.

It's a detached house that used to be a shop,it was completely gutted in the nineties and no one's ever been able to work out what to do with it.

[Riquende]

Is the market declining enough to get it under 400k?

I've no idea. Also, the patch of ground they're going on has had zero development, so I suppose there's a lower limit where they'll just abandon or downscale the plans, I don't know how contracts for this stuff work and how locked in the builders are.

[reddebs]

Anyone thinking of moving out to Mere Brow, my niece is selling her place. 

[The G in Gerrard]

Speaking to an acquaintance today and he was looking to sell his flat at a loss. He was still hoping to make enough out of it to use as a deposit for his next property. Is that possible?

[Elmo!]

Speaking to an acquaintance today and he was looking to sell his flat at a loss. He was still hoping to make enough out of it to use as a deposit for his next property. Is that possible?

It's possible, just makes it less likely, or a smaller deposit.

It depends on how muvh equity they have in the existing flat compared to the selling price, and what property they are trying to buy.

Just as an example, if you bought a flat at £100k, and now have an outstanding mortgage of £60k, and you sell it for £80k, you'll have made a loss but still have £20k left after sale to use as a deposit.

[rob1966]

Speaking to an acquaintance today and he was looking to sell his flat at a loss. He was still hoping to make enough out of it to use as a deposit for his next property. Is that possible?

Suppose it's all dependant on his initial deposit. If it was large enough that his mortgage was a lot less than the purchase price, then he could save enough paying the mortgage off early to still clear enough for a deposit. We remortgaged in 2011 and had an £85k mortgage for 20 years. We paid off £18k of it in about 2014 and then we paid £45k off when her Dad died in 2018, left us with about £6k on the mortgage.

[The G in Gerrard]

It's possible, just makes it less likely, or a smaller deposit.

It depends on how muvh equity they have in the existing flat compared to the selling price, and what property they are trying to buy.

Just as an example, if you bought a flat at £100k, and now have an outstanding mortgage of £60k, and you sell it for £80k, you'll have made a loss but still have £20k left after sale to use as a deposit.

Yeah that makes sense. Been sleep deprived lately so basic things like the above is a struggle

If they were to remortgage said property they would still be able to fund their next move?

[The G in Gerrard]

Suppose it's all dependant on his initial deposit. If it was large enough that his mortgage was a lot less than the purchase price, then he could save enough paying the mortgage off early to still clear enough for a deposit. We remortgaged in 2011 and had an £85k mortgage for 20 years. We paid off £18k of it in about 2014 and then we paid £45k off when her Dad died in 2018, left us with about £6k on the mortgage.

I know he remortgaged place to help pay off Help to Buy loan he was telling me so was just surprised when he told me that the property value is probably around £40k less he would still be able to get a deposit from it.

[rob1966]

I know he remortgaged place to help pay off Help to Buy loan he was telling me so was just surprised when he told me that the property value is probably around £40k less he would still be able to get a deposit from it.

He must either have either been able to pay off a chunk at some other point, or, due to the low interest rates, been overpaying every month and greatly reduced his mortgage. I suppose he's hoping that the new place has dropped by the same amount or more too?

[The G in Gerrard]

He must either have either been able to pay off a chunk at some other point, or, due to the low interest rates, been overpaying every month and greatly reduced his mortgage. I suppose he's hoping that the new place has dropped by the same amount or more too?

He hadn't mentioned looking elsewhere yet as far as I know as he only had flat valued last week.

If the flat was bought for 225k and is now valued at around £185k and £160k mortgage left in Elmo's example that is £15k equity if I read it correctly (if sold for 185k). If remortgaging to keep the place it'd have no equity in it?

We've started house hunting again and have noticed a decline in property prices that interest us (for new builds) which is positive for us!

[UntouchableLuis]

The market is dead in Liverpool.

All we are seeing is houses reducing price after months on the market but no one is biting.

We are probably going to have to wait until next year to see if the market improves as we just can't find a buyer for our flat even after 2 price reductions.

[rob1966]

He hadn't mentioned looking elsewhere yet as far as I know as he only had flat valued last week.

If the flat was bought for 225k and is now valued at around £185k and £160k mortgage left in Elmo's example that is £15k equity if I read it correctly (if sold for 185k). If remortgaging to keep the place it'd have no equity in it?

We've started house hunting again and have noticed a decline in property prices that interest us (for new builds) which is positive for us!

Luckily for the missus and her siblings, the mother in law is still kicking, even though she is in a home and has lost her marbles. The house is being rented out for £1300 p/m, so with that and her pension, that's the home fees covered for the month. The area hasn't really gone down in price yet, prob £15k, as there are loads of Hong Kong Chinese moving into Manchester and giving asking price for houses.

[The G in Gerrard]

Luckily for the missus and her siblings, the mother in law is still kicking, even though she is in a home and has lost her marbles. The house is being rented out for £1300 p/m, so with that and her pension, that's the home fees covered for the month. The area hasn't really gone down in price yet, prob £15k, as there are loads of Hong Kong Chinese moving into Manchester and giving asking price for houses.

Yeah where I live prices haven't changed. That's why we are looking somewhere completely different.

Where I live you can get two bed flat with a balcony looking at a car park

I cannot justify in my head spending more than £450k on a house that needs work doing although liveable is very dated as well as building work to make it how we would want it.

If it wasn't for my wife's job I'd have moved ages ago.

[Drinks Sangria]

Got the remortgage going through on our house now, up from 1.9% to 4.3% and around £300 a month more cost, all on interest. Slightly painful.

At the same time, I still own my first home and have been renting it out for the past few years. The mortgage on that is going up nearly £400 so will actually cost me to keep it each month. I’ve kept the rent the same (low for the area) but if I do keep it, it may need to go up. It’s a lose-lose for my tenant. I can’t afford to keep the tent at the 30% below market it’s on for now, but if I sell it she can’t afford to buy the house and she’d have to leave the home she loves. It’s shit. We did discuss her doing a payment plan etc and mortgage but she can only get a mortgage for around 60% of the house’s value. I could maybe let her have it 5% under market but not that much. I’m hoping yesterday’s news will lead to a rate drop before I need to remortgage in October, so I can keep the house and not have to Chuck a load on top of the current rent.

Either way, the base rate is unlikely to move much based on yesterday.

[rob1966]

Yeah where I live prices haven't changed. That's why we are looking somewhere completely different.

Where I live you can get two bed flat with a balcony looking at a car park

I cannot justify in my head spending more than £450k on a house that needs work doing although liveable is very dated as well as building work to make it how we would want it.

If it wasn't for my wife's job I'd have moved ages ago.

When I was growing up, £10k for a house was a fucking fortune, I really cannot get my head around how house prices have gone, the average person spending £450k on a house is nuts, think about it, that's almost half a MILLION.

A relative of mine bought a house in 1996/7, you go through the gate, its then about 200 yards to the house, its upside down and built into a hill, so there are 3 big bedrooms downstairs, 2 ensuite, then upstairs is the master bedroom (en suite) the kitchen/dining room/living room all look out over the lake, there is a balcony you can sit out on (he owns an 1/8th of the lake, came with the house). You step out of the back door onto the patio which is on the garage roof, there's the sauna and a big garden, you walk out past the orchard to the heated swimming pool, about 17m long - that cost £250k when he bought it, its likely £3million now. Its fucking nuts.

I still can't get my head around that our house, which the missus got for £142k in 2006 is now £300k, its fucking insane.

[NarutoReds]

When I was growing up, £10k for a house was a fucking fortune, I really cannot get my head around how house prices have gone, the average person spending £450k on a house is nuts, think about it, that's almost half a MILLION.
A relative of mine bought a house in 1996/7, you go through the gate, its then about 200 yards to the house, its upside down and built into a hill, so there are 3 big bedrooms downstairs, 2 ensuite, then upstairs is the master bedroom (en suite) the kitchen/dining room/living room all look out over the lake, there is a balcony you can sit out on (he owns an 1/8th of the lake, came with the house). You step out of the back door onto the patio which is on the garage roof, there's the sauna and a big garden, you walk out past the orchard to the heated swimming pool, about 17m long - that cost £250k when he bought it, its likely £3million now. Its fucking nuts.
I still can't get my head around that our house, which the missus got for £142k in 2006 is now £300k, its fucking insane.

Agreed with all what you have mentioned above, Rob mate. Ridiculous as fuck. The only reasons from what I have been thinking...

- A lack of available land
- Low government investment
- Regulations preventing people from building on green space

OR...

Where actually housing market is controlled by a small number of property developers (the fucking elites, 1% in this world that we share and live together) who own a large amount of resources, THEN supply could be intentionally restricted to keep house prices high...

Puta madre c*nts.

[rob1966]

Agreed with all what you have mentioned above, Rob mate. Ridiculous as fuck. The only reasons from what I have been thinking...

- A lack of available land
- Low government investment
- Regulations preventing people from building on green space

OR...

Where actually housing market is controlled by a small number of property developers (the fucking elites, 1% in this world that we share and live together) who own a large amount of resources, THEN supply could be intentionally restricted to keep house prices high...

Puta madre c*nts.

Greedy estate agents too, artificially inflating prices and then absolute idiots either paying the price, or even worse offering way more than the asking price. I well remember friends of mine trying to buy a house in Southport in the late 1990's, they offered the asking price of £75k (our was £20k in 1986) and someone straight out offered £90k.

Fella I worked with paid £85k for his, was gloating that it had shot up to £250k in a few years, til I pointed out that wehn he moved, he was going to have to cough up £300k, so it made no difference, unless he sold it and went to live in a tent, the impact was that first time buyers were now being royally fucked.

[Craig S]

Agreed with all what you have mentioned above, Rob mate. Ridiculous as fuck. The only reasons from what I have been thinking...

- A lack of available land
- Low government investment
- Regulations preventing people from building on green space

OR...

Where actually housing market is controlled by a small number of property developers (the fucking elites, 1% in this world that we share and live together) who own a large amount of resources, THEN supply could be intentionally restricted to keep house prices high...

Puta madre c*nts.

There has also been an explosion of buy to let landlords and "property developers" over the last 20 years. Fuelled by the daytime tv property shows, they reduce the market of available property and have to increase rents as they are all financed with btl mortgages. I don't really remember it being much of a thing 20+ years ago, but now everyone thinks they are a property developer, or a landlord. It's viewing property as an investments rather than a right to a home.

[AndyMuller]

Is it worth me just renting for now, then?

[stewil007]

There has also been an explosion of buy to let landlords and "property developers" over the last 20 years. Fuelled by the daytime tv property shows, they reduce the market of available property and have to increase rents as they are all financed with btl mortgages. I don't really remember it being much of a thing 20+ years ago, but now everyone thinks they are a property developer, or a landlord. It's viewing property as an investments rather than a right to a home.

Investments can up as well as up seems to be the mantra.  Nobody is willing to accept the down part of an investment in this sector.

[The G in Gerrard]

When I was growing up, £10k for a house was a fucking fortune, I really cannot get my head around how house prices have gone, the average person spending £450k on a house is nuts, think about it, that's almost half a MILLION.

A relative of mine bought a house in 1996/7, you go through the gate, its then about 200 yards to the house, its upside down and built into a hill, so there are 3 big bedrooms downstairs, 2 ensuite, then upstairs is the master bedroom (en suite) the kitchen/dining room/living room all look out over the lake, there is a balcony you can sit out on (he owns an 1/8th of the lake, came with the house). You step out of the back door onto the patio which is on the garage roof, there's the sauna and a big garden, you walk out past the orchard to the heated swimming pool, about 17m long - that cost £250k when he bought it, its likely £3million now. Its fucking nuts.

I still can't get my head around that our house, which the missus got for £142k in 2006 is now £300k, its fucking insane.

Does sound crazy spending half a million for house that isn't perfect.

Then again this shared ownership crap etc isn't good either in my opinion. Just getting more awkward to buy places.

If our flat hadn't decreased in value we'd have sold and moved on already. Getting into the world of renting it out and seeing what happens is only option we have.

[Kalito]

Is it worth me just renting for now, then?

Fuck that shit mate.

Stay and live with your parents. Save your money. I'm sure you still have your independence.

Wait till all this bullshit calms down.

[Mark Walters]

If you think £450k is expensive for a house, try living down south.  In some parts you'd barely get a decent 2-bed flat for that!

[Slippers]

The market is dead in Liverpool.

All we are seeing is houses reducing price after months on the market but no one is biting.

We are probably going to have to wait until next year to see if the market improves as we just can't find a buyer for our flat even after 2 price reductions.

It's the same down here,everything's taking ages to move,lots of sales are falling through and reductions of £30/50k are making no difference.

[rob1966]

If you think £450k is expensive for a house, try living down south.  In some parts you'd barely get a decent 2-bed flat for that!

The south is a disgrace. I remember a lad I worked with saying in 2002 that his house had shot up to £250k, his words were "quarter of a fucking million to live in fucking 'ackney, its fucking nuts".

I remember when my mate paid half a million for a house outside Croydon, heading out towards the M25, beautiful development, but I was expecting a huge house, not a 3 bed. One of my other mates moved from Sutton to further out. He's from West Kirby and his house is now valued at almost £1million, he's got a mortgage on it due to building an extension. His missus wants to move to Bournemouth, he'd much rather come back up north and buy cash and pocket about £300k.

[redbyrdz]

The market is dead in Liverpool.

All we are seeing is houses reducing price after months on the market but no one is biting.

We are probably going to have to wait until next year to see if the market improves as we just can't find a buyer for our flat even after 2 price reductions.

Around here (L8) house prices have doubled in the last 10 years. Most of that increase was in the last 2-3 years. Seem to be a lot less up for sale than usually too.
Maybe it's because these are cheap houses, and people are downsizing?

[The G in Gerrard]

If you think £450k is expensive for a house, try living down south.  In some parts you'd barely get a decent 2-bed flat for that!

Yep. Over £515k for a new 3 bed by mine.

You look at the one's more "reasonably priced" and you realise it's a shared ownership offer and rent on top of paying a mortgage!

Bloody headache.

[rob1966]

Around here (L8) house prices have doubled in the last 10 years. Most of that increase was in the last 2-3 years. Seem to be a lot less up for sale than usually too.
Maybe it's because these are cheap houses, and people are downsizing?

The pandemic caused it to go mental by ours. Its just around 5 miles to Salford Quays and 6 to Manc Centre, the houses were selling within a day or two of being listed on the websites. Houses that sold for £290k in 2015 were selling for over half a million in 2021, houses on our road went up stupidly too, someone we know paid £310k in 2021 for a house that sold for £190k in 2019. Ours was roughly valued at £310-315k last year, more than double what the missus paid for it. Her dickhead sister sold hers in 2013 for £138k because her twat of an ex told her to (it was being rented out), that sold for £260k in 2020

[The G in Gerrard]

The south is a disgrace.

It definitely is. Sadly I can't see how those at university now for example and future generations will get onto the property ladder without parental assistance or a really well paid job.

It's encouraging current homebuyers (or first time owners) to get properties via shared ownership which is a baffling concept to me in the first place and if you do own a property but want to get the next step on the ladder (eg from flat to house) you have to sell the flat anyway to move to somewhere you won't own outright unless you are fortunate to do so.

[rob1966]

It definitely is. Sadly I can't see how those at university now for example and future generations will get onto the property ladder without parental assistance or a really well paid job.

It's encouraging current homebuyers (or first time owners) to get properties via shared ownership which is a baffling concept to me in the first place and if you do own a property but want to get the next step on the ladder (eg from flat to house) you have to sell the flat anyway to move to somewhere you won't own outright unless you are fortunate to do so.

This is what has been driving me mad for years, future generations being screwed over for the greed of those who can only see now. Its going to lead to 40 year mortgages.

We'll have to help our two out and the missus has been using money given by her Dad and what was left to her when he died to put away a decent amount already towards a deposit, but I know some of their mates and my nephews and neice will struggle. Our two get to split our house, hopefully they have to wait at least 25 years, but that's no use to them in the next 10/15 years. If the eldest gets his career choice, he'll be joining the RAF at 18 as a pilot, will start on £35k, rising to £45k, will do 12 years and then either stay in and get promoted, or come out and fly for the likes of Virgin or BA. He wants to fly multi engined not fast jets, so he'll be flying the likes of the Voyager, which is a version of the A330, so he'll be able to fly the A330 straight away for an airline. The other one hasn't even considered what he will do, he's a clever lad, so hopefully he'll get a good job.

[UntouchableLuis]

Around here (L8) house prices have doubled in the last 10 years. Most of that increase was in the last 2-3 years. Seem to be a lot less up for sale than usually too.
Maybe it's because these are cheap houses, and people are downsizing?

Yeah, we were optimistic that the ridiculous mortgage rates jumps would mean people would downsize but I think you're right in saying people would rather downsize to cheap houses with gardens rather than to flats without a garden (such as ours). I think the Pandemic showed how important outside space is for many so we are probably relying on elderly people, maybe people in their late 50s and above who aren't that fussed for that much space but just need to downsize or set themselves up for their retirement years.