| Anyone on here got any inside knowledge on house prices? 18:20 - Dec 8 with 3159 views | Dubtractor |
We're considering a move, and obviously house prices have gone crackers in the last 18 months, so if a likely depression of prices is likely we'd rather hold off for now.
Or conversely if prices are likely to still keep rising we prob ought to get on with it!
I know that the stamp duty 'holiday' will have played a part in the higher prices, but I'm not going to pretend to understand the overall impact. |  |
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| Anyone on here got any inside knowledge on house prices? on 20:19 - Dec 8 with 764 views | BanksterDebtSlave |
Surely if the price you sell at and the price you buy at move in the same way than it won't matter. |  |
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| Anyone on here got any inside knowledge on house prices? on 20:20 - Dec 8 with 762 views | Dubtractor |
| Anyone on here got any inside knowledge on house prices? on 20:19 - Dec 8 by BanksterDebtSlave |
Surely if the price you sell at and the price you buy at move in the same way than it won't matter. |
It does matter if there is a decent margin between my selling price and my buying price though as that margin becomes proportionally bigger. | |
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| Anyone on here got any inside knowledge on house prices? on 20:28 - Dec 8 with 737 views | Lord_Lucan |
| Anyone on here got any inside knowledge on house prices? on 19:59 - Dec 8 by bluefunk |
Evening Lucan
That’s definitely the case in Mid and South Essex ATM, my daughter had to go above the asking price on a house that unexpectedly came back on the market, house appeared one day, the next they had 3 other offers, luckily hers was top, about 5% above asking. She can now move out!! |
Same same.
Daughter Lucan successfully bid for a new house and I think it was about 15% over the asking price. She was then told that the buyer of her house has pulled out so relisted it and sold it the next day for £7k more than the previous buyer.
Crazy days baby.
I bought my first house for £24k. I feel sorry for the kids man. |  |
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| Anyone on here got any inside knowledge on house prices? on 20:30 - Dec 8 with 737 views | BanksterDebtSlave |
| Anyone on here got any inside knowledge on house prices? on 20:20 - Dec 8 by Dubtractor |
It does matter if there is a decent margin between my selling price and my buying price though as that margin becomes proportionally bigger. |
Then that becomes a question about interest rates....evidence suggests that the BoE is doing everything in its power to keep them low.
Anyway it's madness out there. | |
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| Anyone on here got any inside knowledge on house prices? on 20:37 - Dec 8 with 711 views | Dubtractor |
| Anyone on here got any inside knowledge on house prices? on 20:30 - Dec 8 by BanksterDebtSlave |
Then that becomes a question about interest rates....evidence suggests that the BoE is doing everything in its power to keep them low.
Anyway it's madness out there. |
Did you end up buying in the end? I'm sure I recall you thinking about it previously. | |
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| Anyone on here got any inside knowledge on house prices? on 21:06 - Dec 8 with 694 views | pennblue |
| Anyone on here got any inside knowledge on house prices? on 19:14 - Dec 8 by Lord_Lucan |
From memory they went up to 15% for about a day, wasn’t it all about the ERM black Monday - or something like that.
Daughter Lucan is just moving and has obviously upped her borrowing, I have mentioned to her that the interest rates are so low and to be careful but when you think about it - if rates went back to what they historically were averaged out at then you would have maybe half a million people going bankrupt overnight. Maybe we are in the new normal with interest rates. |
I hope it is the new norm, the French seem to do long term mortgages at very low rates.
Not sure why we can’t do that over here. |  |
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| Anyone on here got any inside knowledge on house prices? on 21:14 - Dec 8 with 684 views | BanksterDebtSlave |
| Anyone on here got any inside knowledge on house prices? on 20:37 - Dec 8 by Dubtractor |
Did you end up buying in the end? I'm sure I recall you thinking about it previously. |
Nope...Miss Slave inherited some but this has by the week become not enough by an increasing margin especially as we were looking for somewhere to live for possibly the remainder of our years. Covid and fleeing London money has well and truly screwed us over.
So her money rests in NS&I being eaten away by inflation
Edit....places that were about 230k 6 months ago are now more like 270k [Post edited 8 Dec 2021 21:19]
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| Anyone on here got any inside knowledge on house prices? on 21:53 - Dec 8 with 644 views | mr_bean |
| Anyone on here got any inside knowledge on house prices? on 18:40 - Dec 8 by belgablue |
A non expert but I would say that over the last 30 years house prices have risen consistently, with the blip in 2008. Governments here and abroad have shown in that time that they will happily prop up the housing market with support schemes, and for the last decade, incredibly low interest rates. In my view if prices drop too far it becomes electorally a problem - therefore you could expect government intervention. So in my view, maybe they will drop a bit, but I don’t think policy makers / BoE would let things go too far |
Absolutely this. So many people have their wealth/money tied up in property that the government will do almost anything to prop prices up. | | | |
| Anyone on here got any inside knowledge on house prices? on 22:04 - Dec 8 with 634 views | BanksterDebtSlave |
| Anyone on here got any inside knowledge on house prices? on 21:53 - Dec 8 by mr_bean |
Absolutely this. So many people have their wealth/money tied up in property that the government will do almost anything to prop prices up. |
....regardless of whether that is beneficial for the wider society. Cheers Maggie. | |
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| Anyone on here got any inside knowledge on house prices? on 22:29 - Dec 8 with 622 views | WeWereZombies |
| Anyone on here got any inside knowledge on house prices? on 19:36 - Dec 8 by Dubtractor |
Cheers for all the responses - some useful stuff and some confirming that what I thought is prob about right.
Ulla's point about prices levelling off is something that I'd noticed, and part of the reason for my question in the first place. I'm also acutely aware of the current crazy inflation levels through my job, coupled with the interest rate being on the floor for years now. All of these play a part in my nervousness - I'm naturally conservative (with a small c!) on anything that looks like a significant financial risk, much to Mrs Dub's frustration at times as it takes me an age to make decisions! |
I'm guessing you never quip to her 'Marry in haste, repent at leisure'...
A few general points, which hopefully do not apply in your case, to add:
Be extremely wary of shared ownership
Also be wary of anything built on a flood plain or very close to the east coast
Avoid leaseholds with less than ninety nine years on them
As we experience hotter and hotter summers many flats that have inadequate ventilation due to poor design will become untenable
And the pain of rising interest rates was not lost on me when the Bank of England base rate hit 14.88% in October 1989, it stayed like that for a year and translated into a mortgage interest rate of 15.75% if my memory serves me (and it is one of those times you try to forget) on a mortgage that was a bit more than I was comfortable with even before that. Not so much disposable income for a while, which was tough with a toddler. Then a couple of years later we had another child and the wife pushed to get an extension built so we borrowed more. We divorced eight years later...
No guarantee that it won't happen again. |  |
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| Anyone on here got any inside knowledge on house prices? on 22:50 - Dec 8 with 606 views | TooManyCooks |
The truth of the matter is that people are paying massively over the odds currently, but there is still more demand than supply and whilst that continues, prices will continue to go up.
My other half works in the housing market and her company, last month, recorded their largest amount of exchanges in the last 2 years!
If you want to try and predict the future with any degree of accuracy, you'll need to understand the market drivers and that's the tricky part, because we are in unknown territory here, YES the Government bubbled the market up to distract from Covid, but the market has continued going up, despite the end of the Tax breaks.
IMO, the real market driver (of course interest rates will impact to a lesser degree when they go up soon too) is people being forced to work from home. When you spend the whole day in a space, rather than a few hours, it seems a lot smaller and gardens/outside space become far more important etc. Given that we are all being forced to work from home again shortly and possibly even another lockdown coming at some point, so I don't see demand waning any time soon. There would need to be a black swan event to halt this market, but that is also a possibility in the even more unpredictable world we now live in. | |
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