9:56 AM, 24th June 2014, About 10 years ago 7
I’m in the process of buying a property as my main residence and I’m getting jitters about the market. I’d be very interested in your views.
I have a pressing question that I’d like your views on.
When the market began to rise in Manchester I was ready to purchase with no onward chain as I’d let my previous home. I moved swiftly but the market was stifled with very few properties for sale and a lot of buyers – prices were rising. Despite this, my opportunism and persistence have paid off and I am currently proceeding with a house purchase. The offer was accepted at the end of April and were looking towards moving over the summer. We’re now in June and many more properties are available. I understand from the press and gut feel that MMR and reduction of pent up demand in the system are now slowing house price rises (even in London!!!). It seems to me that asking prices of new to market houses have fallen and that many prices have been reduced to sell once on the market.
Now I’m no estate agent but I’m starting to wonder if I’m about to pay! say £10k (5.5%) over the odds for the property. I’m very happy with it in every other sense and I really don’t want to mess anyone around but if the market has fallen I’m struggling to see why I should take the hit. If I walk away I have nowhere else to move to so would be starting again with no guarantee that I’ll get anything better but £10k takes a long time to earn and even longer to pay off! I’d also be writing off mortgage application fees and some legal and search fees too.
In short, I’m looking for constructive suggestions from the collective Property118 brain. I may even show the other party your responses in any ensuing negotiation so it’d be great if you could look at options on both sides in your replies. Any negotiation is always best if all parties can walk away feeling good about it.
Many thanks in advance for your help.