| Moving house in the middle of a financial crisis..... 19:00 - Jan 31 with 2871 views | Dubtractor |
We exchanged contracts last week for a house move, and in many ways this is a pretty terrible time to make a move isn't it? Especially a move that involves more cost. Highest interest rates in years*, and double digit inflation, not exactly perfect timing is it......
I'm feeling pretty calm about it though to be honest.
Anyone else also picking the current period for a move?
*Yes, I know that interest rates are still fairly low by historic standards, but we've got massively inflated house prices off the back of the last decade of almost non existent interest rates. |  |
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| Moving house in the middle of a financial crisis..... on 19:08 - Jan 31 with 2783 views | Mullet |
No |  |
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| Moving house in the middle of a financial crisis..... on 19:12 - Jan 31 with 2762 views | dickie |
My friend has been in a position to get on the housing market for about a year but the interest rates mean to get an equivalent property to what he's renting he'd end up paying double per month than what he is now |  | | |
| Moving house in the middle of a financial crisis..... on 19:18 - Jan 31 with 2705 views | Swansea_Blue |
If you're selling and moving at the same time in the same area, I've always thought it doesn't make a lot of difference when you do it. I suppose you get a bit more for your money if up-sizing when house prices are lower. But hitting it lucky with location can make for better gains. Interest rates will be the bigger issue and that affects anyone who needs a new deal whether they move or not.
Stressful as heck though whenever you do it. Good luck! |  |
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| Moving house in the middle of a financial crisis..... on 19:20 - Jan 31 with 2691 views | Dubtractor |
| Moving house in the middle of a financial crisis..... on 19:12 - Jan 31 by dickie |
My friend has been in a position to get on the housing market for about a year but the interest rates mean to get an equivalent property to what he's renting he'd end up paying double per month than what he is now |
I've got a friend in a similar position - he wants to move from rented, but would have to downsize dramatically and is struggling to see the point. | |
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| Moving house in the middle of a financial crisis..... on 20:33 - Jan 31 with 2468 views | Sarge |
Completed on Friday. We had the offer accepted in June though so that was sufficiently long ago to not get completely shafted by interest rates and we’re first time buyers so Kwasi’s short spell in No.11 actually saved us a massive chunk in stamp duty.
We did have the complication of the keys not actually fitting in the door and the seller not actually having moved out or even packed on the completion day but that’s another story. | | | |
| Moving house in the middle of a financial crisis..... on 20:58 - Jan 31 with 2350 views | BlueForYou |
Main issue is that with banks withdrawing mortgage offers, chains are more likely to fall through. But with the market quite slow, it’s easier to get hold of different trades, removals, storage containers, builders, landscapers, etc. |  | | |
| Moving house in the middle of a financial crisis..... on 21:06 - Jan 31 with 2331 views | Clapham_Junction |
Just been given notice to leave my flat after nine years as the landlord needs it back to live in...
As he's only increased my rent once in the time I've lived here, I'm looking at paying at least £500 per month more if I want an equivalent property (two bed flat) in the same area  |  | | |
| Moving house in the middle of a financial crisis..... on 21:28 - Jan 31 with 2226 views | factual_blue |
You could do some house hunting in Burnley next week and combine that with watching Town continue their progress to Wembley. |  |
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| Moving house in the middle of a financial crisis..... on 21:37 - Jan 31 with 2159 views | BanksterDebtSlave |
| Moving house in the middle of a financial crisis..... on 21:06 - Jan 31 by Clapham_Junction |
Just been given notice to leave my flat after nine years as the landlord needs it back to live in...
As he's only increased my rent once in the time I've lived here, I'm looking at paying at least £500 per month more if I want an equivalent property (two bed flat) in the same area |
Feel your pain....we would likely have to pay 50% more if evicted. |  |
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| Moving house in the middle of a financial crisis..... on 22:06 - Jan 31 with 2056 views | Dubtractor |
| Moving house in the middle of a financial crisis..... on 20:33 - Jan 31 by Sarge |
Completed on Friday. We had the offer accepted in June though so that was sufficiently long ago to not get completely shafted by interest rates and we’re first time buyers so Kwasi’s short spell in No.11 actually saved us a massive chunk in stamp duty.
We did have the complication of the keys not actually fitting in the door and the seller not actually having moved out or even packed on the completion day but that’s another story. |
Bloody hell, that sounds like an absolute nightmare! | |
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| Moving house in the middle of a financial crisis..... on 07:32 - Feb 1 with 1781 views | TractorWood |
Good luck, Dub.
Not sure it's really a financial crisis. Banks still have appetite to lend, sure rates are high but if you have a decent amount of equity, are relocating for a job or are otherwise faced with enormous rent it's entirely sensible to move. |  |
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| Moving house in the middle of a financial crisis..... on 08:10 - Feb 1 with 1703 views | DanTheMan |
We're looking, we'd like to move somewhere slightly more remote and permanent. Our current house we viewed as essentially a starter home to make some rookie mistakes with, which we have.
However, as you say, high prices in combination with even just normal interest rates make the prospect seem daunting. I'm overpaying on my mortgage currently to try and get more deposit for when the time comes.
Also don't know what my wife is going to be doing, she's looking to start her doctorate this year which could influence things.
At least I'm up north where housing is cheaper. I could always do with having my student loan finished off, that's costing me a significant amount of money each month. Only basically one year to go on that. [Post edited 1 Feb 2023 8:11]
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| Moving house in the middle of a financial crisis..... on 08:52 - Feb 1 with 1627 views | chicoazul |
At least now we all know who finally bought Keane’s house in Woodbridge. |  |
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| Moving house in the middle of a financial crisis..... on 09:07 - Feb 1 with 1597 views | TractorWood |
| Moving house in the middle of a financial crisis..... on 08:10 - Feb 1 by DanTheMan |
We're looking, we'd like to move somewhere slightly more remote and permanent. Our current house we viewed as essentially a starter home to make some rookie mistakes with, which we have.
However, as you say, high prices in combination with even just normal interest rates make the prospect seem daunting. I'm overpaying on my mortgage currently to try and get more deposit for when the time comes.
Also don't know what my wife is going to be doing, she's looking to start her doctorate this year which could influence things.
At least I'm up north where housing is cheaper. I could always do with having my student loan finished off, that's costing me a significant amount of money each month. Only basically one year to go on that. [Post edited 1 Feb 2023 8:11]
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Interesting. I'm plotting a move to the highlands as soon as I can make the numbers work. | |
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