‘Trying to buy in this market is painful’

Official knowledge reveals common UK home costs rose greater than 8% in a yr

UK property transactions in March 2021 have been at their highest degree since information started in 2005, in accordance to the HMRC.

There have been greater than 180,000 UK property gross sales in March, greater than double the quantity in the identical month final yr.

Official knowledge reveals common UK home costs rose greater than 8% in a yr.

Kirstie Allsopp, presenter of Channel 4’s Location, Location, Location, says she is “concerned” by the choices persons are making.

She says: “People don’t know if they’re going to have to go back to work in an office.

“People are making large choices about shifting, assuming they will not have the commute anymore, assuming they are going to have the time to spend on an enormous backyard… I fear as a result of they’re making large monetary choices based mostly on these life-style components.”

BBC Radio 5 Live’s Naga Munchetty spoke to four people who have had recent experience of the housing market.

‘I’m like a hawk on Rightmove, I refresh it several times an hour’

Kirsty Kirby is a first-time buyer in South Yorkshire who has been planning to move house since 2018.

The 37-year-old pharmaceutical sales representative says prices in 2018 were a little out of her reach, so she decided to “save aggressively” throughout 2019 and was viewing two to three houses a week before the first lockdown. Now she says even getting a viewing for a property is a challenge.

“I ring for a lot of properties,” she says, “I’m like a hawk on Rightmove, I have to refresh it a number of instances an hour, simply to see what’s on.”

Kirsty says most homes she enquires about already have multiple viewing bookings within minutes of appearing online and estate agents warn her the house will be going to ‘best and final’ offers.

“Best and closing is a system the place consumers put in one supply for the vendor to select from, in order to keep away from a bidding warfare between potential home-owners.

Kirsty says, in her expertise, anytime a property goes to finest and closing “it goes way above the asking price because people get crazy”.

“Technically I can wait to buy my house, but that’s painful because I’ve been planning this for a long time,” she says.

‘I’m prepared to go’

Seema Devchand is a 30-year-old first-time purchaser in Manchester who had a suggestion accepted on a home in June 2020, however has but to full.

The HR advisor says the couple she’s shopping for from have struggled to discover anyplace to buy, so she’s been ready patiently for ten months.

“I’m ready to go,” she says. “I’m ready to complete but they haven’t found anything, so I don’t know if they’ve just got cold feet because they’re a retired couple.

“I’ve been actually lenient, I’m in a lucky scenario the place I’m dwelling with dad and mom, however I can not even have a look at one other home as a result of the market is loopy. I can not even get a viewing.”

Seema is buying the house by herself and, despite trying hard to save over the past two years, says her budget “is not large, so I’m up in opposition to plenty of foreigners and buyers, which nobody talks about”.

“My fear is it would not relax as a result of folks have saved quite a bit from being at residence. People have gotten extra to play with, particularly {couples}.”

‘We didn’t want to play people off against each other’

Mark Goodall, a 58-year-old Covid infection study worker, was selling his parents’ house as his father had gone into a care home. He says he and his sister were “shocked” by the demand with offers on the first viewings.

“By the tip of that day we would already had a few affords, then after the Easter weekend we picked up some extra,” he says.

Mark and his sister decided to accept an offer which was £12,000 over the asking price from a couple with no chain, before receiving an offer from a second couple £28,000 over the asking price.

Mark and his sister didn’t want to “play folks off in opposition to one another” but that the price difference would pay for three months of care for their parents, who are both in care homes.

They ultimately ended up negotiating with the first couple, who ended up paying slightly less than the second couple’s high bid.

‘We wrongly assumed property prices would stagnate or go down’

Jenny Scott, a 43-year-old freelance event director, is looking to upsize her property in The Chilterns.

Her family is currently in a “semi-detached with restricted potential” and are keen to move to a larger house with an extra bedroom and some office space.

She says her family of five put their house on the market a year ago, but took it off due to worries about finances when the pandemic hit.

“We wrongly assumed property costs would stagnate or go down,” she says.

They have now had an offer on their house for roughly the same price they accepted last year, but houses they’re looking to buy have had a price increase of £50,000 to £80,000.

She says: “There’s huge stress I feel on folks immediately wanting to upsize, they need the larger indifferent home and naturally there’s simply not as lots of these and there is huge demand for them.

“There’s a lot of people moving up from London, they’re desperate to relocate and be here by September so they get the stamp duty reduction and also get their children into schools – our buyers are looking to do exactly that.”

Listen to Naga Munchetty on BBC Sounds, Monday to Wednesday from 10am.

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