What we learnt from the property market

Apologies, it has been so long since my last post. I got discharged an an outpatient after months of physiotherapy, some hydrotherapy and an overnight splint, as my arm is now just 5 degrees off full extension. I can now lift 20kg with my biceps and even do press ups, but I can still only lift 2.5kg with the triceps.

After the accident I could only straighten my arm by about 75%, getting it to 95% was really rewarding. I am currently in my last month of gym membership subsidised by the gym, a fantastic government scheme that is usually enjoyed by diabetics and those with high blood pressure. It must save the NHS a fortune. I am so grateful to our NHS for enabling me to fully use my arm again and now I can do all my usual activities.

Life got busy as we started looking for our first family home for when we have two children. However, Jonny then announced that he wanted to work in France. I will not be travelling with him due to work. We are still looking for our first family home though.

Jonny would like babies after France, but I would like it to be just before the contract finishes. First that was six months, then twelve months, and now it may be 18 months. So if your partner is broody, just get a career-enhancing job and leave the country. Problem solved.

We have been looking at houses since Summer 2021, on and off. Things have only got worse. At the start it was normal for houses to go £30,000 over the guide price. Now they sell for up to £60,000 over the asking price in the areas we are looking. A house in a bad school catchment area (a school rated as requiring improvement) will be on the market for up to £80,000 less. We are looking for somewhere close to the city but the closer you get in a nice area, the more the price increases. You get more for your money the further you go from the city centre.

We got a lot of our furniture for free or at a discount on apps such as Gumtree and NextDoor. A couple giving away an oak coffee table said that they bought their house for £40,000 about forty years ago. Houses in that area are now about £500,000. My friend bought her two bedroom flat near the city centre for £80,000 eight years ago and she has just sold it for £130,000 without renovating anything.

Our criteria are a garden, a drive, a garage and a good secondary school catchment. We have looked at so many houses where they ended up having a pocket garden because they extended into it, and “three bedroom” houses where one is a box room that you couldn’t swing a cat in. We want cats. I am also missing a garden.

We pay almost as much as a mortgage for our two bedroom rental. I would not be surprised if the state of the housing market is what is keeping the UK population down.

Even a “doer-upper” which is a shell of a house that needs building and decorating work sold for £410,000. Yes it had four bedrooms, but no carpets or furniture. My cousin is a builder and warned me against the craze for buying a ruin, doing it up is not always cheaper than buying it renovated.

So what have I learnt from this frustrating journey?

1. Viewings often get booked up within 48 hours, 24 hours if it’s a high demand area and property. Call the estate agent. We missed out on a house because the estate agent said they would “let us know”.
2. Don’t get caught up in a bidding war frenzy. Look at what it cost for the last buyer, look at what other similar properties in the area sold for and if it gets overpriced, walk away.
3. If you plan on having children or have them already, don’t forget to check the school catchment area and how the school has been rated over time. Some schools sadly do not improve over time.
4. Think about the house from a practical point of view and ignore the cosmetic aspects. Yes, it may have a new kitchen, but could you relax in the garden? can you easily commute to work?
5. Questions we ask are how old the boiler is, when windows were put in if they look old, if it has a flat roof, when that was installed, why they are moving, whether they are in a chain and what is happening with that, and whether it has had any offers already.
6. At the moment properties we look at usually have an offer after a week and sell in two weeks, usually for £50,000 or £60,000 over the asking price.
7. Budget so that you can offer about £50,000 over the asking price.
8. Remember that as a first-time buyer you are an attractive buyer to a vendor wanting a quick move, so do not feel pressured and remember to request your own survey first.
9. Make sure you have useful local shops within walking distance if possible, such as a post office, pharmacy, grocery shop.
10. Enjoy it and do not stress, you will find the right(move) property if you just keep looking.