| Housing market is still buoyant 19:07 - Sep 29 with 2617 views | Swansea_Blue |
Just in case anyone was planning to sell but having second thoughts. Obviously you need to be in a desirable area, have a tidy property, etc. I put my dad’s place on the market Monday, had 3 offers by Tuesday and have been in a bidding war for 2 days. A lot of people are looking for not many new properties coming on the market.
Not sure if that will help anyone, but if you were thinking of selling, get it on now and try your luck. Things could be VERY different next year with the rate rises. |  |
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| Housing market is still buoyant on 21:02 - Sep 29 with 2471 views | OsborneOneNil |
Being linked the housing market through my work as a mortgage consultant I can safety say that the events of this last week has/is having an affect already. For my sins I have a good few friends in agency and they've commented on the phones going very quiet, very quickly.
But you are correct too in that the right home will definitely sell, and quick.
The impact of the lenders increasing rates so sharply will be seen very soon. Nationwide had a 2 year fixed at 3.89% on Monday. Tomorrow is goes to 5.89/6.14% (with/without fee).
Quite incredible. |  | | |
| Housing market is still buoyant on 21:12 - Sep 29 with 2454 views | ElderGrizzly |
| Housing market is still buoyant on 21:02 - Sep 29 by OsborneOneNil |
Being linked the housing market through my work as a mortgage consultant I can safety say that the events of this last week has/is having an affect already. For my sins I have a good few friends in agency and they've commented on the phones going very quiet, very quickly.
But you are correct too in that the right home will definitely sell, and quick.
The impact of the lenders increasing rates so sharply will be seen very soon. Nationwide had a 2 year fixed at 3.89% on Monday. Tomorrow is goes to 5.89/6.14% (with/without fee).
Quite incredible. |
Barclays are still offering existing customers 3.05% for 10 year and 3.18% for 7 years.
Can’t see it being around much longer! |  | | |
| Housing market is still buoyant on 21:46 - Sep 29 with 2375 views | OsborneOneNil |
| Housing market is still buoyant on 21:12 - Sep 29 by ElderGrizzly |
Barclays are still offering existing customers 3.05% for 10 year and 3.18% for 7 years.
Can’t see it being around much longer! |
No, that'll move very soon. They're actually pricing well to new customers too (depending on the LTV)....5 year @ 3.74%.
Next best is 4.24%. | | | |
| Housing market is still buoyant on 21:49 - Sep 29 with 2364 views | J2BLUE |
Is it? Or is this a house of a certain size which is attracting cash buyers looking to downsize?.
Genuinely asking as a sample size of one is meaningless. |  |
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| Housing market is still buoyant on 08:54 - Sep 30 with 2118 views | markchips |
Glad to hear this. Our sale is dependant on another sale in London and the lady has similarly had a lot of viewings and hopefully offers tomorrow.
As you say it needs to be a tidy property to maybe swing things. |  | | |
| Housing market is still buoyant on 08:54 - Sep 30 with 2118 views | OsborneOneNil |
| Housing market is still buoyant on 21:49 - Sep 29 by J2BLUE |
Is it? Or is this a house of a certain size which is attracting cash buyers looking to downsize?.
Genuinely asking as a sample size of one is meaningless. |
That was kinda my point, above. My agency mates are seeing a slow up, quick sharp.
But yes, of course there will be some places that shift, including your excellent example of a cash buyer. | | | |
| Housing market is still buoyant on 09:22 - Sep 30 with 2062 views | StokieBlue |
It's almost always dependent on the property and the area. Some areas have people queuing up to buy there so things will still shirt fairly quickly in a lot of cases.
Over the country as a whole though, I expect we will see a downturn or at least people reducing their budgets fairly significantly.
SB |  | | |
| Housing market is still buoyant on 09:29 - Sep 30 with 2037 views | giant_stow |
| Housing market is still buoyant on 09:22 - Sep 30 by StokieBlue |
It's almost always dependent on the property and the area. Some areas have people queuing up to buy there so things will still shirt fairly quickly in a lot of cases.
Over the country as a whole though, I expect we will see a downturn or at least people reducing their budgets fairly significantly.
SB |
Just read this: https://www.theguardian.com/money/2022/sep/29/our-dream-of-home-ownership-is-sli
...someone's likely mortgage gone up by a grand a month, while another couple have had a 100 grand chopped off their budget... |  |
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| Housing market is still buoyant on 09:45 - Sep 30 with 1998 views | StokieBlue |
A lot of peoples mortgages are going to go up by a grand if they are about to roll off a fixed rate and onto a floating rate and then have to fix.
Apparently the Tories have it all under control though.
SB | | | |
| Housing market is still buoyant on 09:47 - Sep 30 with 1994 views | bungaytractor |
Cut your cloth accordingly its what mum used to tell me...... wise words in these times i think | | | |
| Housing market is still buoyant on 10:04 - Sep 30 with 1954 views | giant_stow |
| Housing market is still buoyant on 09:45 - Sep 30 by StokieBlue |
A lot of peoples mortgages are going to go up by a grand if they are about to roll off a fixed rate and onto a floating rate and then have to fix.
Apparently the Tories have it all under control though.
SB |
Yes I love how the tax cuts (for the lucky few) are dwarfed by the interest rate rises - absolute genius.
My heart goes out to anyone looking at the sort of increase in their mortgage - I can't even imagine paying £1500 per month, let alone £2,500.
Me and mrs ullaa are both naturally cautious and also pretty low earners, so although we could self-certified a huge loan way back when, so glad we didn't. Although I have to admit, I've always wondered if we should have stretched to get a bigger place - until now, it seemed like a mistake. | |
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| Housing market is still buoyant on 10:08 - Sep 30 with 1942 views | SaleAway |
| Housing market is still buoyant on 10:04 - Sep 30 by giant_stow |
Yes I love how the tax cuts (for the lucky few) are dwarfed by the interest rate rises - absolute genius.
My heart goes out to anyone looking at the sort of increase in their mortgage - I can't even imagine paying £1500 per month, let alone £2,500.
Me and mrs ullaa are both naturally cautious and also pretty low earners, so although we could self-certified a huge loan way back when, so glad we didn't. Although I have to admit, I've always wondered if we should have stretched to get a bigger place - until now, it seemed like a mistake. |
My naturally cautious nature has had me thinking similar to you recently, but now, I'm on a fixed rate for the next 4 years, and when it ends, I'm basically at the end of my mortgage. Just sitting tight until then, and will see what happens, as to whether we just save more for retirement, or use some of our savings or perhaps take on another small, short term mortgage to upsize. If there's been a market readjustment, the gaps might be a bit more manageable.
Feeling very sorry for those on big mortgages having to refix. | |
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| Housing market is still buoyant on 10:12 - Sep 30 with 1924 views | giant_stow |
| Housing market is still buoyant on 10:08 - Sep 30 by SaleAway |
My naturally cautious nature has had me thinking similar to you recently, but now, I'm on a fixed rate for the next 4 years, and when it ends, I'm basically at the end of my mortgage. Just sitting tight until then, and will see what happens, as to whether we just save more for retirement, or use some of our savings or perhaps take on another small, short term mortgage to upsize. If there's been a market readjustment, the gaps might be a bit more manageable.
Feeling very sorry for those on big mortgages having to refix. |
Yeah, sounds like a decent plan there - you might be in a good position come 4 years to go bigger. | |
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| Housing market is still buoyant on 10:12 - Sep 30 with 1924 views | WeWereZombies |
| Housing market is still buoyant on 08:54 - Sep 30 by OsborneOneNil |
That was kinda my point, above. My agency mates are seeing a slow up, quick sharp.
But yes, of course there will be some places that shift, including your excellent example of a cash buyer. |
Although my thoughts, as a potential cash buyer, is that even though I spend an hour or so last weekend looking at a house I am having qualms about buying a second home in Scotland - not because of the cost of the place but the worry about running costs of two homes. If sterling had not been hit so badly I would definitely looking to Latin America or Southern Africa for a punt. |  |
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| Housing market is still buoyant on 11:40 - Sep 30 with 1850 views | Nomore4 |
| Housing market is still buoyant on 21:02 - Sep 29 by OsborneOneNil |
Being linked the housing market through my work as a mortgage consultant I can safety say that the events of this last week has/is having an affect already. For my sins I have a good few friends in agency and they've commented on the phones going very quiet, very quickly.
But you are correct too in that the right home will definitely sell, and quick.
The impact of the lenders increasing rates so sharply will be seen very soon. Nationwide had a 2 year fixed at 3.89% on Monday. Tomorrow is goes to 5.89/6.14% (with/without fee).
Quite incredible. |
Unfortunately so many jobs are linked to new build construction and home improvement.
The moment demand drops new build developments, big and small will stop building. As seen in 2008, although 1991 was much worse.
I’m hearing of many construction job losses currently, and witnessed builders merchants of late, empty and over staffed.
House prices only heading one way IMO. | | | |
| Housing market is still buoyant on 11:50 - Sep 30 with 1783 views | N2_Blue |
| Housing market is still buoyant on 11:40 - Sep 30 by Nomore4 |
Unfortunately so many jobs are linked to new build construction and home improvement.
The moment demand drops new build developments, big and small will stop building. As seen in 2008, although 1991 was much worse.
I’m hearing of many construction job losses currently, and witnessed builders merchants of late, empty and over staffed.
House prices only heading one way IMO. |
*Sorry replied to the wrong post in this thread*
We have another year left at 1.79% on 350k mortgage (1.6K per month)
Best fix we can get now is 4.1% but with ERC and the increased payments of 2.1k per month see us fork about 8K extra over next year.
We've decided to hold tight and stay on our current fix, but who knows what we'll face next year. If rates are 8% come next year when we remortgage we'll be looking at a mortgage of 3k per month - pretty screwed really and then there will probably be no choice but to go interest only until things change, if they ever do! [Post edited 30 Sep 2022 11:58]
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| Housing market is still buoyant on 11:53 - Sep 30 with 1764 views | giant_stow |
| Housing market is still buoyant on 11:40 - Sep 30 by Nomore4 |
Unfortunately so many jobs are linked to new build construction and home improvement.
The moment demand drops new build developments, big and small will stop building. As seen in 2008, although 1991 was much worse.
I’m hearing of many construction job losses currently, and witnessed builders merchants of late, empty and over staffed.
House prices only heading one way IMO. |
On a slightly different area, I do website work for a company that does financial projections for the viability of housing association builds. Apparently, the costs involved in building now mean hardly any projects are currently viable. I've head of one council in London which even owns a possible large building plot outright, but the projected build costs make it utterly uneconomic to put anything on it. [Post edited 30 Sep 2022 11:53]
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| Housing market is still buoyant on 12:08 - Sep 30 with 1700 views | clive_baker |
| Housing market is still buoyant on 11:53 - Sep 30 by giant_stow |
On a slightly different area, I do website work for a company that does financial projections for the viability of housing association builds. Apparently, the costs involved in building now mean hardly any projects are currently viable. I've head of one council in London which even owns a possible large building plot outright, but the projected build costs make it utterly uneconomic to put anything on it. [Post edited 30 Sep 2022 11:53]
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That's a very interesting point, and I guess quite a unique dynamic to this crisis. I'm not sure if it helps or hinders the market, but you would think the fact materials are so expensive and new builds are less viable would probably help protect existing housing stock prices to some extent, as supply slows. Guess that's different to previous contractions. So many variables to this what with general levels of consumer debt thanks to long term low interest rates, war, covid, interest rates rising to curb inflation, brexit etc that frankly who knows what the feck is going to happen.
My tuppence would be to just try and control the controllables innit. Nobody can change the direction of the wind but maybe we can adjust our sails. I'm just focusing on locking in an interest rate I can afford for a few years and investing sensibly and cost effectively in my house & garden through some DIY to make it as saleable as possible if I did need to go to market. I don't mind DIY to be fair. |  |
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| Housing market is still buoyant on 12:23 - Sep 30 with 1670 views | giant_stow |
| Housing market is still buoyant on 12:08 - Sep 30 by clive_baker |
That's a very interesting point, and I guess quite a unique dynamic to this crisis. I'm not sure if it helps or hinders the market, but you would think the fact materials are so expensive and new builds are less viable would probably help protect existing housing stock prices to some extent, as supply slows. Guess that's different to previous contractions. So many variables to this what with general levels of consumer debt thanks to long term low interest rates, war, covid, interest rates rising to curb inflation, brexit etc that frankly who knows what the feck is going to happen.
My tuppence would be to just try and control the controllables innit. Nobody can change the direction of the wind but maybe we can adjust our sails. I'm just focusing on locking in an interest rate I can afford for a few years and investing sensibly and cost effectively in my house & garden through some DIY to make it as saleable as possible if I did need to go to market. I don't mind DIY to be fair. |
Think your logic's bang on there, for what its worth. If I were looking to buy a house to do up, I'd now be thinking best to get one that's done already. | |
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| Housing market is still buoyant on 12:24 - Sep 30 with 1668 views | WeWereZombies |
| Housing market is still buoyant on 12:08 - Sep 30 by clive_baker |
That's a very interesting point, and I guess quite a unique dynamic to this crisis. I'm not sure if it helps or hinders the market, but you would think the fact materials are so expensive and new builds are less viable would probably help protect existing housing stock prices to some extent, as supply slows. Guess that's different to previous contractions. So many variables to this what with general levels of consumer debt thanks to long term low interest rates, war, covid, interest rates rising to curb inflation, brexit etc that frankly who knows what the feck is going to happen.
My tuppence would be to just try and control the controllables innit. Nobody can change the direction of the wind but maybe we can adjust our sails. I'm just focusing on locking in an interest rate I can afford for a few years and investing sensibly and cost effectively in my house & garden through some DIY to make it as saleable as possible if I did need to go to market. I don't mind DIY to be fair. |
Whereas I quite dislike DIY, although I do like gardening (but am finding an acre and a third difficult to keep up with as I get older.) So my quest is a move to a smaller house that has already undergone all the improvements. However, I like the situation of my current house and want to keep it on as I wait for a couple of things to change locally. So I guess I am looking to furl up the sails and get hold of a tug boat... | |
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| Housing market is still buoyant on 12:51 - Sep 30 with 1632 views | Nomore4 |
| Housing market is still buoyant on 11:53 - Sep 30 by giant_stow |
On a slightly different area, I do website work for a company that does financial projections for the viability of housing association builds. Apparently, the costs involved in building now mean hardly any projects are currently viable. I've head of one council in London which even owns a possible large building plot outright, but the projected build costs make it utterly uneconomic to put anything on it. [Post edited 30 Sep 2022 11:53]
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The difficulty with housing association builds and viability is.
The directors are on 500k salaries, and the tenants they attract make the on going upkeep costs to high. | | | |
| Housing market is still buoyant on 12:53 - Sep 30 with 1626 views | clive_baker |
| Housing market is still buoyant on 12:24 - Sep 30 by WeWereZombies |
Whereas I quite dislike DIY, although I do like gardening (but am finding an acre and a third difficult to keep up with as I get older.) So my quest is a move to a smaller house that has already undergone all the improvements. However, I like the situation of my current house and want to keep it on as I wait for a couple of things to change locally. So I guess I am looking to furl up the sails and get hold of a tug boat... |
1.3 acres, blimey. What's access like, can you chop it in half and sell it off for development? You'll be quids in and then have less to maintain. | |
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| Housing market is still buoyant on 13:15 - Sep 30 with 1575 views | StokieBlue |
| Housing market is still buoyant on 12:23 - Sep 30 by giant_stow |
Think your logic's bang on there, for what its worth. If I were looking to buy a house to do up, I'd now be thinking best to get one that's done already. |
I've recently had work done on the house and everything is expensive and it's only going to get more expensive with a weak pound pushing up import costs.
It's almost like Truss doesn't have a clue what she's doing. She's aware the OBR also think she doesn't have a clue hence the non-publishing of their report for 2 months.
SB | | | |
| Housing market is still buoyant on 15:59 - Sep 30 with 1425 views | WeWereZombies |
| Housing market is still buoyant on 12:53 - Sep 30 by clive_baker |
1.3 acres, blimey. What's access like, can you chop it in half and sell it off for development? You'll be quids in and then have less to maintain. |
I would have to knock down my garage to give access to the back of the land (give it ten years and the garage might fall down of its own accord anyway...) and then there is the whole legal process of selling off a bit of decrofted land too. I was talking to someone on a coach a few years back and she suggested camping pods but I talked it over with my neighbours and they felt there were enough tourists misdirecting themselves into our quiet glen whilst looking for something else without actively encouraging visitors, so I dropped the idea and it would have meant some investment and a bit of upkeep too. Sort of wishing I had followed through with now though. | |
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| Housing market is still buoyant on 16:33 - Sep 30 with 1397 views | HARRY10 |
As rates rise, so what is affordable becomes lower. £800 a month now buys less.
This will reduce the number of first time buyers*, while others might sit on their hands to see if properties do fall ie get it cheaper.
OK if you are selling to buy somewhere else as any fall is balanced out.
What hasn't been mentioned as rates (monthly costs) rise then so spending elsewhere has to be reduced. I suspect major purchases will be hit, as all too often they are about replacing something that could be made to last a bit longer. I doubt many now have a sofa with horse hair sticking out and one leg on a brick. So it can last another year or so.
First world problems is the thought I believe.
* though someone said on the radio yesterday that some first timers buyers would move to live on a ladder, very strange that | | | |
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