Diary of a house sale....post covid

[Wight Flight]

2 hours ago, CVG said:

Spoke to one of your Ryde agents today (I'm looking for a cheap house to cash purchase for a temporary move). He told me (believe what you will) that he's been flooded with enquiries from mainlanders following Covid-19 AND BLM.

I do believe it.

But that's an odd move on your part. Do you have specific reasons you can share?

[Democorruptcy]

2 hours ago, sleepwello'nights said:

All the houses I've been looking at on Rightmove since February this year have all gone SSTC in the last few weeks.

One thing is certain, after the BoE had mortgage approvals at a record monthly low of 9,300 in May, the June number will be a record monthly increase.

[Wight Flight]

3 hours ago, CVG said:

Spoke to one of your Ryde agents today (I'm looking for a cheap house to cash purchase for a temporary move). He told me (believe what you will) that he's been flooded with enquiries from mainlanders following Covid-19 AND BLM.

Just talking with Mrs Flight. She had a walk round the village today. At least six houses that have been on the market since we got here now have sold signs up.

It is very worrying. The influx of money is becoming apparent.

Rents have risen 20% in the last six months. Pub and restaurant prices are doing the same.

We ran away from the madness of Surrey and it has bloody followed us.

I wonder what happens when you have a society that is 100% people on index liked pensions. I guess we will find out soon enough. Except we won't, as we can't afford to compete with them, and will need to move again. Very sad.

[Sasquatch]

11 minutes ago, Wight Flight said:

Just talking with Mrs Flight. She had a walk round the village today. At least six houses that have been on the market since we got here now have sold signs up.

It is very worrying. The influx of money is becoming apparent.

Rents have risen 20% in the last six months. Pub and restaurant prices are doing the same.

We ran away from the madness of Surrey and it has bloody followed us.

I wonder what happens when you have a society that is 100% people on index liked pensions. I guess we will find out soon enough. Except we won't, as we can't afford to compete with them, and will need to move again. Very sad.

We are moving north from the midlands to Yorkshire/Cumbria. Easily done for us as we can soon semi retire and pick and choose projects to work on to continue bringing in some money. Family also relatively close by. Yorkshire Dales is top of the list. Just want to be on the outskirts of a large village/very small town. Having a week in Sedbergh at the end of the month to keep us motivated. 

We enjoyed a short break on the Isle of Wight about 6 or 7 years ago, Stayed in Ventnor. Really enjoyed it and it didn't seem too busy at the time. Will be a shame if you are perceiving a change. Imagine the carnage if they built the bridge!!

[Wight Flight]

2 minutes ago, Sasquatch said:

We are moving north from the midlands to Yorkshire/Cumbria. Easily done for us as we can soon semi retire and pick and choose projects to work on to continue bringing in some money. Family also relatively close by. Yorkshire Dales is top of the list. Just want to be on the outskirts of a large village/very small town. Having a week in Sedbergh at the end of the month to keep us motivated. 

We enjoyed a short break on the Isle of Wight about 6 or 7 years ago, Stayed in Ventnor. Really enjoyed it and it didn't seem too busy at the time. Will be a shame if you are perceiving a change. Imagine the carnage if they built the bridge!!

If they build a fixed link the island is toast.

But there are some very vocal people that own multiple properties that are pushing hard for it.

It won't happen though. Thankfully.

[leonardratso]

40 minutes ago, Wight Flight said:

If they build a fixed link the island is toast.

But there are some very vocal people that own multiple properties that are pushing hard for it.

It won't happen though. Thankfully.

whys that then? Ive no idea about it myself, but would be interested to know how you can be so confident it wont happen.

[BurntBread]

6 hours ago, leonardratso said:

whys that then? Ive no idea about it myself, but would be interested to know how you can be so confident it wont happen.

Perhaps WightFlight has already mined the bridgehead.

[CVG]

9 hours ago, Wight Flight said:

I do believe it.

But that's an odd move on your part. Do you have specific reasons you can share?

We want to downsize and move to an 'ideal' location for retirement (easy walking access to public transport, facilities, services, etc and safest for disabled dependent).

A traditional 'chain' move is problematic on a number of fronts. We have 3 large dogs - sighthounds - who make the house untidy and smelly and don't like going out everytime we have viewings plus they're too nervous for kennels. Once SSTC you have a limited time to find the 'ideal' property - we'd like to be able to 'wait' for the right property to become available and then move in on it. We'd be no-chain cash buyers for the 'ideal' property and so hopefully able to negotiate a good deal. Lastly, chains are not terrific right now given credit doubts of others in the chain.

The dogs make renting practically a no-go too. Even if I found somewhere then I'd worry about neighbour relations (barking) and having to move out on limited notice at the end of the term.

I'm a Nomad and quite happy to live anywere new in the south (need to be within a few hours of grandchildren), so IW is just one place for us to check-out. I'm also looking around Devon, Wiltshire, Dorset, Norfolk and Suffolk. I'm fortunate enough to have 100k-200k from a pension that I can use to make the temporary purchase. The temporary location would allow us to scope out the area for a year or two before committing. Being temporary I can afford to make a mistake in location choice!

So, we find the temporary cheap house. Move in. Freshen up the old house. Sell it vacant and cheap - EA's can have open days and keys and viewings whenever. Put the money in the bank. Wait for ideal house to come up. Snap it up. Do it up before we move in. Move in. Sell the temporary home. I like the idea of being able to spend a few weeks decorating and renovating a new home before having to move in.

Other than doing something nasty to the dogs, are there any other sugestions? Waiting isn't really an option. We'll be too old by the time the dogs are gone.

[Democorruptcy]

It's a dog's life.

[spygirl]

Up n up n up.

Sold within 2 minutes.

All great .... except.

Its thewrong time for house sales to be happening. Tehres reason why Easter is the main selling season.

Virus or not, people are unlikely to move.

 

 

And ...

All this positivity is not refelct in the banks lending figures.

Theer will be few banks lending much money til next year. At the mo, they are a lot of exposure and dotn have a clue how much of it has gone bad.

Banks are not going to increase lending.

I would guess that Q3 n Q5 will show record low mortgage approvals.

The number of real cash buyers is next to zilch.

 

 

[Don Coglione]

31 minutes ago, spygirl said:

Up n up n up.

Sold within 2 minutes.

All great .... except.

Its thewrong time for house sales to be happening. Tehres reason why Easter is the main selling season.

Virus or not, people are unlikely to move.

 

 

And ...

All this positivity is not refelct in the banks lending figures.

Theer will be few banks lending much money til next year. At the mo, they are a lot of exposure and dotn have a clue how much of it has gone bad.

Banks are not going to increase lending.

I would guess that Q3 n Q5 will show record low mortgage approvals.

The number of real cash buyers is next to zilch.

 

 

Q5?

Even in Spyworld, that's a tricky one!

[Green Devil]

16 minutes ago, Knickerless Turgid said:

Q5?

Even in Spyworld, that's a tricky one!

Perhaps Q5 will be when the housing market really takes off 

[Wight Flight]

2 hours ago, CVG said:

We want to downsize and move to an 'ideal' location for retirement (easy walking access to public transport, facilities, services, etc and safest for disabled dependent).

A traditional 'chain' move is problematic on a number of fronts. We have 3 large dogs - sighthounds - who make the house untidy and smelly and don't like going out everytime we have viewings plus they're too nervous for kennels. Once SSTC you have a limited time to find the 'ideal' property - we'd like to be able to 'wait' for the right property to become available and then move in on it. We'd be no-chain cash buyers for the 'ideal' property and so hopefully able to negotiate a good deal. Lastly, chains are not terrific right now given credit doubts of others in the chain.

The dogs make renting practically a no-go too. Even if I found somewhere then I'd worry about neighbour relations (barking) and having to move out on limited notice at the end of the term.

I'm a Nomad and quite happy to live anywere new in the south (need to be within a few hours of grandchildren), so IW is just one place for us to check-out. I'm also looking around Devon, Wiltshire, Dorset, Norfolk and Suffolk. I'm fortunate enough to have 100k-200k from a pension that I can use to make the temporary purchase. The temporary location would allow us to scope out the area for a year or two before committing. Being temporary I can afford to make a mistake in location choice!

So, we find the temporary cheap house. Move in. Freshen up the old house. Sell it vacant and cheap - EA's can have open days and keys and viewings whenever. Put the money in the bank. Wait for ideal house to come up. Snap it up. Do it up before we move in. Move in. Sell the temporary home. I like the idea of being able to spend a few weeks decorating and renovating a new home before having to move in.

Other than doing something nasty to the dogs, are there any other sugestions? Waiting isn't really an option. We'll be too old by the time the dogs are gone.

All excellent reasons. 

When you get to 500 posts you will find my thread dedicated to moving over here. We did look at Norfolk, Devon and North Somerset but the travelling involved for kids and elderly relatives to go backwards and forwards was too much. From the South East the Island is very accessible.

You are correct that you will find it almost impossible to rent with dogs (but I have never known a sighthound to bark  - what are you doing with yours?) 

For timing it also makes good sense. Trying to find the perfect house at exactly the same time as you sell one is very difficult. 

Equally finding out where you want to live is a good plan. There is no such thing as 'The Isle of Wight'. We are a collection of six or seven areas, all very different, and even each village within that area will have its own characteristics.

My only question about your plan, and I may be shot for this, is why sell the intermediate home? If you have bought well for cash using pension funds then renting it out might be a sensible option.

There are many, many people looking to do what you have done. If you accept dogs and can run flexible letting terms, you will never have a void.  

If you want to know anything about the Island just ask - maybe on a new thread to avoid hijacking this one.

[CVG]

10 hours ago, Wight Flight said:

100% people on index liked pensions

Take heart. It'll never be that. We'll always need someone to wipe our arses!

Joking aside, those indexed pensions wont amount to much after a few years of 10-15% inflation.

[Wight Flight]

3 minutes ago, CVG said:

Take heart. It'll never be that. We'll always need someone to wipe our arses!

Joking aside, those indexed pensions wont amount to much after a few years of 10-15% inflation.

But that is the point of them being index linked!

[CVG]

3 minutes ago, Wight Flight said:

You are correct that you will find it almost impossible to rent with dogs (but I have never known a sighthound to bark  - what are you doing with yours?) 

Rescues. One is cat obsessed and screams/squeals if she senses one around. It's funny because when she does that on her walk all the local kids join in from their gardens and you hear their parents shouting at them to stop! Another has separation issues and cries when he's left. He's already chewed through one internal door! Apparently he destroyed the local kennel the last time we left him.

7 minutes ago, Wight Flight said:

There are many, many people looking to do what you have done. If you accept dogs and can run flexible letting terms, you will never have a void.  

I have seriously considered that, especially given that we're 200m from the South Downs. However that would prevent the purchase of the ideal home (need the money from the main house sale) and I'm just not sure that all the hassle and tax implications are worth the bother. Good thinking though.

Thanks for the offer of info. Cheers

6 minutes ago, Wight Flight said:

But that is the point of them being index linked!

Usually capped at 5%. Fine up till then and then disaster!

[Wight Flight]

Just now, CVG said:

Rescues. One is cat obsessed and screams/squeals if she senses one around. It's funny because when she does that on her walk all the local kids join in from their gardens and you hear their parents shouting at them to stop! Another has separation issues and cries when he's left. He's already chewed through one internal door! Apparently he destroyed the local kennel the last time we left him.

I have seriously considered that, especially given that we're 200m from the South Downs. However that would prevent the purchase of the ideal home (need the money from the main house sale) and I'm just not sure that all the hassle and tax implications are worth the bother. Good thinking though.

Thanks for the offer of info. Cheers

Yes, sighthounds are well known for separation anxiety. They would love it here though. A greyhound let loose on a beach is a sight to behold.

I was suggesting letting the intermediate house that you bought with the pension money, not your current residence.

[spygirl]

2 hours ago, CVG said:

We want to downsize and move to an 'ideal' location for retirement (easy walking access to public transport, facilities, services, etc and safest for disabled dependent).

A traditional 'chain' move is problematic on a number of fronts. We have 3 large dogs - sighthounds - who make the house untidy and smelly and don't like going out everytime we have viewings plus they're too nervous for kennels. Once SSTC you have a limited time to find the 'ideal' property - we'd like to be able to 'wait' for the right property to become available and then move in on it. We'd be no-chain cash buyers for the 'ideal' property and so hopefully able to negotiate a good deal. Lastly, chains are not terrific right now given credit doubts of others in the chain.

The dogs make renting practically a no-go too. Even if I found somewhere then I'd worry about neighbour relations (barking) and having to move out on limited notice at the end of the term.

I'm a Nomad and quite happy to live anywere new in the south (need to be within a few hours of grandchildren), so IW is just one place for us to check-out. I'm also looking around Devon, Wiltshire, Dorset, Norfolk and Suffolk. I'm fortunate enough to have 100k-200k from a pension that I can use to make the temporary purchase. The temporary location would allow us to scope out the area for a year or two before committing. Being temporary I can afford to make a mistake in location choice!

So, we find the temporary cheap house. Move in. Freshen up the old house. Sell it vacant and cheap - EA's can have open days and keys and viewings whenever. Put the money in the bank. Wait for ideal house to come up. Snap it up. Do it up before we move in. Move in. Sell the temporary home. I like the idea of being able to spend a few weeks decorating and renovating a new home before having to move in.

Other than doing something nasty to the dogs, are there any other sugestions? Waiting isn't really an option. We'll be too old by the time the dogs are gone.

Its to expensive to buy and sell within less than 5 years.

At the current multiples/leverage  in the South you might find yourself the patsy.

 

 

 

[CVG]

18 minutes ago, spygirl said:

Its to expensive to buy and sell within less than 5 years.

At the current multiples/leverage  in the South you might find yourself the patsy.

 

 

 

Not sure I agree or follow but tell me where I'm missing something.

Transaction costs on a cash purchase of 150K will be minimal. In an extreme crash price falls to 50% to 75K (75K lost) but price of more expensive ideal home falls 200K so net gain of 125K. All figures made up for illustrative purposes.

[spygirl]

14 minutes ago, CVG said:

Not sure I agree or follow but tell me where I'm missing something.

Transaction costs on a cash purchase of 150K will be minimal. In an extreme crash price falls to 50% to 75K (75K lost) but price of more expensive ideal home falls 200K so net gain of 125K. All figures made up for illustrative purposes.

You said you were buying in the South.

 

[CVG]

59 minutes ago, spygirl said:

You said you were buying in the South.

 

Yes, and so? You don't think there are properties in that price range?

[spygirl]

4 minutes ago, CVG said:

Yes, and so? You don't think there are properties in that price range?

No.

Or at least none where youd get 3 dogs in.

Or want to live.

 

How much do you think youll  need to spend?

How a big a house do you need?

Where abouts?

[Wight Flight]

40 minutes ago, spygirl said:

No.

Or at least none where youd get 3 dogs in.

Or want to live.

 

How much do you think youll  need to spend?

How a big a house do you need?

Where abouts?

Might be a bit cosy with the dogs - but doable.

https://www.rightmove.co.uk/property-for-sale/property-71534418.html

[CVG]

15 minutes ago, Wight Flight said:

Might be a bit cosy with the dogs - but doable.

https://www.rightmove.co.uk/property-for-sale/property-71534418.html

Had a look at that one! Yep, there's plenty in the 100-200k range in the south that are fine as a cheap temporary (for me) move.

[Sasquatch]

Ooo..err....we've had an OFFER!

People who viewed this morning. Couple in the their late 50's moving back to the UK from Switzerland. Obviously very well off. Cash buyers and nothing to sell.

They used to live in the same area a few years ago. Viewed 6 houses in two days and didn't like any of the others.

Banged in an offer £25,000 below our recently reduced price. If we accepted it's at our break even point, ie  after moving costs and return costs we would get back what we paid 2.5 years ago.

It's super tempting as it ticks all the boxes. Short chain. We are going into rented. They are coming out of rented.

We're wondering whether to split the difference on their offer and counter £12,500 higher. It's what I would expect if I was in the same situation.

Thoughts????