[Tengocity]

Originally Posted by moonshine

In Scotland, the asking / survey price tends to be a starting point, and the successful offer generally is >> than this.
whereas my understanding in England is the asking price is generally an (upper?) estimate of what the seller hopes to get, and the sale price is usually < than the asking price...

So the market is slightly different across the border to my knowledge

Yes that's true, but usually the offers over is a low price to attract buyers, and set lower than the valuation. The valuation is produced by surveyors and what the mortgage companies use, so when things starting going way over valuation then you know it's heated. That would be the same case in England.

We are tempted to carry on with putting ours on the market and seeing what else comes up in Scotland, as the stamp duty holiday is over so hopefully that takes a bit of heat out of the market there.

[Sennen]

Originally Posted by TodmordenLad

We must be near neighbours then as my place is in Sennen, your namesake

Very close, I am actually in Porthcurno, I have spent many an evening in the Old Success. I think the Penwith Peninsular is the best part of the West Country by far.

Please dont keep reminding me, i will end up pulling it off the market

[Sennen]

Originally Posted by moonshine

In Scotland, the asking / survey price tends to be a starting point, and the successful offer generally is >> than this.
whereas my understanding in England is the asking price is generally an (upper?) estimate of what the seller hopes to get, and the sale price is usually < than the asking price...

So the market is slightly different across the border to my knowledge

They used to have an odd closed bidding system when i last purchased up there but that was many years ago.

[isleaiw1]

Originally Posted by TodmordenLad

We must be near neighbours then as my place is in Sennen, your namesake

do you do holiday lets

[moonshine]

Agreed that in SCO, the survey valuation is what dictates a mortgage ceiling, and any borrowing > than survey has to be funded by buyer cash. Sales >> than survey tends to price out younger / local buyers in favour of older / more affluent buyers who have got significant equity behind them from previous ownership
It also favours people moving from high property value areas (e g. SE England) into lower property value areas, as there realise a bundle of cash from the sale and they can pretty much buy what they want and outbid local buyers... But that is the rub I guess

[KRS_SN]

Originally Posted by Tengocity

I can confirm the market is crazy. We offered £50k over the valuation for a property in Scotland and were not successful!
I thought we were being daft with the offer, but clearly not daft enough!

that's sad to hear..
neighbours across the street had 36 viewings in 48 hours and had people who had viewed knocking on the doors pleading with them to sell it to them ie forget bidding wars name your price.
The neighbours stuck to the rules and said No put a sealed bid in.
When we had ours on the market in 2015 before moving to our current (similar house to our neighbours) I had 12 viewings in the first 12 hours and the first guy who chapped the door and asked name your price to take it off the market and I named it he agreed and I sold it to him.
Why all the heartbreak of the 47 unsuccessful blind bidders like across the street. Just name your price. Anyway hope your next bid is successful.

[moonshine]

Originally Posted by Sennen

They used to have an odd closed bidding system when i last purchased up there but that was many years ago.

Bidding tends still to be closed,, inso much as once a vendor has gathered sufficient interest, it is in the vendor interest to move to a closing date. As a buyer, If you are keen, you can try and avert this by making a strong and early offer, in the hope of preventing a closing date. The wisdom is the early offer is the best you can do, and if it is rejected, you walk away, so that puts the pressure onto the buyer.... Is it good enough to take, or risk losing the potential sale if it is rejected.


There is also no obligation for the vendor to accept the highest bid in a closed bid offer situation.

Bids often close at a specified time and date, and various solicitors will fax / email the offers in a minute or so before the deadline, to prevent phone calls bring made to disclose their clients bids and to allow the seller to use the bids received to ratchet up other offers.

[Sennen]

Originally Posted by KRS_SN

that's sad to hear..
neighbours across the street had 36 viewings in 48 hours and had people who had viewed knocking on the doors pleading with them to sell it to them ie forget bidding wars name your price.
The neighbours stuck to the rules and said No put a sealed bid in.
When we had ours on the market in 2015 before moving to our current (similar house to our neighbours) I had 12 viewings in the first 12 hours and the first guy who chapped the door and asked name your price to take it off the market and I named it he agreed and I sold it to him.
Why all the heartbreak of the 47 unsuccessful blind bidders like across the street. Just name your price. Anyway hope your next bid is successful.

I have never seen anything like it, the world has gone mad!!!!

[KRS_SN]

could it be due to lockdown lesser new build houses built (like less new cars) hence the used market (for quality cars and houses) are going crazy. As people see houses as a safe investment.

[JD6]

Originally Posted by KRS_SN

could it be due to lockdown lesser new build houses built (like less new cars) hence the used market (for quality cars and houses) are going crazy. As people see houses as a safe investment.

I suppose the question is whether this indicates that house prices have jumped say 25% and this revaluation will just be the new market price, or whether it’s a short-lived frenzy.

My stab in the dark is that this is a genuine revaluation for houses that will endure, but probably not for cars, since car factories have been designed for higher production volumes, so the usual race for market share will come back.

I have certainly noticed that problematic houses have been selling (the type that usually sit around for years) as people ignore the history of flooding, the noise from the major road, or the poor location. Certainly a good time to offload a problem house...

[moonshine]

Originally Posted by KRS_SN

that's sad to hear..
neighbours across the street had 36 viewings in 48 hours and had people who had viewed knocking on the doors pleading with them to sell it to them ie forget bidding wars name your price.
The neighbours stuck to the rules and said No put a sealed bid in.
When we had ours on the market in 2015 before moving to our current (similar house to our neighbours) I had 12 viewings in the first 12 hours and the first guy who chapped the door and asked name your price to take it off the market and I named it he agreed and I sold it to him.
Why all the heartbreak of the 47 unsuccessful blind bidders like across the street. Just name your price. Anyway hope your next bid is successful.

We bought our current house (in a very desirable neighbourhood in West Glasgow in 2015 in a private sale following an introduction by a friend (BIL of the owner was my mortgage advisor for a number of years)

The vendor was considering moving, but had not engaged an estate agent a nd hadn't even had a survey, we viewed the house so we had a private viewing, said we liked it, agreed the owner would survey and we we would make our best offer on the back of this, in the knowledge it had to be good enough to prevent them going to the open market

Iirc, we went £20k over survey to secure the house.. This was sufficient to secure the house, and the vendor did not have to pay £25k estate agent commission for nothing, so it was win win for all.

If our offer was not strong enough, they would have gone to the open market, we would have not been able to offer more and the vendor would have had to realise our offer +25k to. Be in a better position and they would have had 59+ viewers to deal with...

So the private sale worked for us, but the balance shifts once the vendor engages an estate agent, as they take a cut no matter what

[Sennen]

Originally Posted by KRS_SN

could it be due to lockdown lesser new build houses built (like less new cars) hence the used market (for quality cars and houses) are going crazy. As people see houses as a safe investment.

I just dont know what is happening, I initially thought is was people scrabbling to avoid Stamp Duty but there is more to it than that.

I worry it is not going to end well for many, unusual times but I am not going to moan too much as I dont plan on buying anymore property and if I can offload some at ridiculous prices I am happy.

[Sennen]

Originally Posted by JD6

I suppose the question is whether this indicates that house prices have jumped say 25% and this revaluation will just be the new market price, or whether it’s a short-lived frenzy.

My stab in the dark is that this is a genuine revaluation for houses that will endure, but probably not for cars, since car factories have been designed for higher production volumes, so the usual race for market share will come back.

I have certainly noticed that problematic houses have been selling (the type that usually sit around for years) as people ignore the history of flooding, the noise from the major road, or the poor location. Certainly a good time to offload a problem house...

I dont share your optimism I am afraid JD6, i think it will end in tears for many.

[Sennen]

Originally Posted by moonshine

We bought our current house (in a very desirable neighbourhood in West Glasgow in 2015 in a private sale following an introduction by a friend (BIL of the owner was my mortgage advisor for a number of years)

The vendor was considering moving, but had not engaged an estate agent a nd hadn't even had a survey, we viewed the house so we had a private viewing, said we liked it, agreed the owner would survey and we we would make our best offer on the back of this, in the knowledge it had to be good enough to prevent them going to the open market

Iirc, we went £20k over survey to secure the house.. This was sufficient to secure the house, and the vendor did not have to pay £25k estate agent commission for nothing, so it was win win for all.

If our offer was not strong enough, they would have gone to the open market, we would have not been able to offer more and the vendor would have had to realise our offer +25k to. Be in a better position and they would have had 59+ viewers to deal with...

So the private sale worked for us, but the balance shifts once the vendor engages an estate agent, as they take a cut no matter what

£25K EA Commission, that must be some house

[JD6]

Originally Posted by Sennen

I dont share your optimism I am afraid JD6, i think it will end in tears for many.

You could be right. I own just one house and plan to stay here for the next 30 years so it doesn’t have much impact on me either way.

I live in the Lake District, which has similarities to the property market in Cornwall. The pandemic and the major shift towards working from home seems to have set the market alight. Some people who previously had to be within easy reach of (mostly) London, can now live anywhere within reason.

And just like in Cornwall, this is going to price locals out of the market. I sold in London to buy here about 15 years ago, so I’m part of the problem!

[Sennen]

Originally Posted by JD6

You could be right. I own just one house and plan to stay here for the next 30 years so it doesn’t have much impact on me either way.

I live in the Lake District, which has similarities to the property market in Cornwall. The pandemic and the major shift towards working from home seems to have set the market alight. Some people who previously had to be within easy reach of (mostly) London, can now live anywhere within reason.

And just like in Cornwall, this is going to price locals out of the market. I sold in London to buy here about 15 years ago, so I’m part of the problem!

I think the Government is going to clamp down on 'pure' Holiday Homes very soon which is another reason I want out.

I can certainly understand peoples aversion to people like me buying Holiday Homes and I think the negativity towards them is only going to gain momentum.

People like yourself though JD6 should not be victimised for being able to buy a property that is going to be used as your sole residence. I can however see people that move out of expensive places like London to picturesque areas like the Lakes and Cornwall having a rough ride from the locals in many circumstances.

Covid has certainly shaken things up!!!!

[gangzoom]

Originally Posted by Sennen

I dont share your optimism I am afraid JD6, i think it will end in tears for many.

Every government has pumped trillions of $$$$ into their economies in recent years, COVID has simply pushed modern economics theory into over drive. I have no idea how it works, but all the extra money in the system has to be used some how and houses are the most expensive purchases anyone would make.

Will it all end up in tears?? Who knows, it seems the old idea of delayed gratification has no place in the new world.

Its currently both the best time to sell due to high prices and the best time to buy due to such low interest rates. My dad drummed into me as a kid magic money trees don't exist.......he appears to be wrong!!

If you cannot beat them join them, just don't be the one left standing when the music stops .

[330XDave]

Originally Posted by Sennen

I think the Government is going to clamp down on 'pure' Holiday Homes very soon which is another reason I want out.

I can certainly understand peoples aversion to people like me buying Holiday Homes and I think the negativity towards them is only going to gain momentum.

People like yourself though JD6 should not be victimised for being able to buy a property that is going to be used as your sole residence. I can however see people that move out of expensive places like London to picturesque areas like the Lakes and Cornwall having a rough ride from the locals in many circumstances.

Covid has certainly shaken things up!!!!

It's ironic I am reading this. I have my Dad up from Plymouth who I've not seen for 9 months, and numerous times he's mentioned (or moaned) about the amount of people buying second homes and pricing local people out of the housing market. Apparently prices have shot up down there in the last year or so. I can relate to it, me and the missus have tentatively discussed moving down there permanently, the last year have changed our priorities and outlook on life somewhat. If it wasn't for my 7 year old daughter still being up here I think we'd make the jump.

Nothing to do with having a second home or working from home mind you as we both work in retail, more to do with quality of life and slowing the pace down.

[moonshine]

Originally Posted by Sennen

£25K EA Commission, that must be some house

Oops!!!!! I might have messed up with my sums on this, - assuming 1% commission, £5-10k... but the principal stands...

[TodmordenLad]

Originally Posted by isleaiw1

do you do holiday lets

Sorry but no..

[TodmordenLad]

Originally Posted by Sennen

Very close, I am actually in Porthcurno, I have spent many an evening in the Old Success. I think the Penwith Peninsular is the best part of the West Country by far.

Please dont keep reminding me, i will end up pulling it off the market

I know it well, spent most of my summers there as a child so embedded in my memory. Scattered some of my Dad's ashes on the cliffs by the Minack.
Have walked across the clifftops from Porthcurno to the pub at Treen many a time.
It's a beautiful area.

[Sennen]

Originally Posted by TodmordenLad

I know it well, spent most of my summers there as a child so embedded in my memory. Scattered some of my Dad's ashes on the cliffs by the Minack.
Have walked across the clifftops from Porthcurno to the pub at Treen many a time.
It's a beautiful area.

The Minack was one of the reasons we purchased there, my wife loved the 'Arts' and we had many a pleasant evening watching some fabulous plays in one of the most stunning locations on earth.

'Logans Rock' was our go to place as well, so much nicer than the 'Cable Station', they have refurbished it recently but it still feels like a village hall.

I dont blame you for not letting anyone else use the property, I have lost count of the times I have had 'friends' and family ask to use it, they dont seem to understand it is my private retreat and not some sort of cheap holiday let for their delectation.