Mr_Dogg Posted May 4, 2022 Share Posted May 4, 2022 3 hours ago, Mister_a said: I would say that the best time to buy a house is as soon as possible, as they seem to be escalating in price alarmingly. Until they're not. But people always needs houses. Link to comment Share on other sites More sharing options...
Mister_a Posted May 4, 2022 Share Posted May 4, 2022 8 minutes ago, Mr_Dogg said: Until they're not. But people always needs houses. It’s basic economics though. If ‘people always needs houses’ then the prices will continue to rise, as that indicates a lack of supply. I can’t see massive investment in affordable housing being high on any current or future government’s priorities right now, they don’t even care if we can’t afford to eat or have the heating on. Link to comment Share on other sites More sharing options...
Mr_Dogg Posted May 4, 2022 Share Posted May 4, 2022 4 minutes ago, Mister_a said: It’s basic economics though. If ‘people always needs houses’ then the prices will continue to rise, as that indicates a lack of supply. I can’t see massive investment in affordable housing being high on any current or future government’s priorities right now, they don’t even care if we can’t afford to eat or have the heating on. Well that's simply unsustainable, hence the economic crash. Link to comment Share on other sites More sharing options...
Mister_a Posted May 4, 2022 Share Posted May 4, 2022 34 minutes ago, Mr_Dogg said: Well that's simply unsustainable, hence the economic crash. Yep, it pushes a lot of people out of the market, and then the other side effect is that property is also then an investment as well as somewhere to live. Link to comment Share on other sites More sharing options...
Xela Posted May 4, 2022 Share Posted May 4, 2022 9 hours ago, Genie said: Yeah, that’s the risk. I’m locked in for about 4 more years but beyond that i’d be hoping my wages had gone up to take the sting out of any potential new rates Bit of a risk to take? Mortgage rates could be 5% or higher by the end of 2022. Especially for the high LTV ones. There is a generation of people that have never seen interest rates like that and I'm not sure how prepared they are for it. I fixed for 3 years yesterday at just over 2% (could have been a lot lower but I dithered ) 1 Link to comment Share on other sites More sharing options...
Xela Posted May 4, 2022 Share Posted May 4, 2022 6 hours ago, Stevo985 said: Sold my house a couple of years ago as was expecting a dip once Brexit was finally pushed through. Massively regretting it now. I've invested a lot of the money so I've made a bit, but I'm too scared to check what similar houses are going for in the area. No point worrying. You could have rented it out, had bad tenants who stopped paying and caused you a load of legal grief/costs. You just never know. The only fly in the ointment is that the investment market (assuming its equities etc you are in) have been pretty stagnant for a good few months now. I've seen next to no return on a fair chunk I invested. Saying that, it would have earned naff all in a bank account either. Link to comment Share on other sites More sharing options...
Stevo985 Posted May 4, 2022 VT Supporter Share Posted May 4, 2022 29 minutes ago, Xela said: No point worrying. You could have rented it out, had bad tenants who stopped paying and caused you a load of legal grief/costs. You just never know. The only fly in the ointment is that the investment market (assuming its equities etc you are in) have been pretty stagnant for a good few months now. I've seen next to no return on a fair chunk I invested. Saying that, it would have earned naff all in a bank account either. Yeah put a lot of it in investment funds. Nothing too risky, couple of trackers and the odd slightly higher risk. Made a bit but nowhere near what I would have made if I’d left it in the house. At a guess anyway. I’m literally too scared to check Link to comment Share on other sites More sharing options...
Xela Posted May 4, 2022 Share Posted May 4, 2022 1 minute ago, Stevo985 said: Yeah put a lot of it in investment funds. Nothing too risky, couple of trackers and the odd slightly higher risk. Made a bit but nowhere near what I would have made if I’d left it in the house. At a guess anyway. I’m literally too scared to check I'm all in a 100% equity all world index, which is majorly weighted towards US stocks. Its flatter than a witches tit at the minute. I keep thinking of putting more in but not sure I have the nerve! 1 Link to comment Share on other sites More sharing options...
lapal_fan Posted May 4, 2022 Share Posted May 4, 2022 16 minutes ago, Stevo985 said: Yeah put a lot of it in investment funds. Nothing too risky, couple of trackers and the odd slightly higher risk. Made a bit but nowhere near what I would have made if I’d left it in the house. At a guess anyway. I’m literally too scared to check Just check it you fanny flap. 3 Link to comment Share on other sites More sharing options...
foreveryoung Posted May 4, 2022 Share Posted May 4, 2022 3 hours ago, villaglint said: Might have been a truly terrible decision. Dont know what prices are doing in Birmingham but down south its been mental. Almost exactly a year ago we had our house on the market - we got 5 offers on the first day it went on the market for approx £25k over asking. It was £525k and would have been broken the road "ceiling" by a distance at the time. We didnt end up going through with it at the end as we got outbid on the one we wanted. Fast forward 12 months and three house on our road almost identical to ours have sold in the last few months for wait for it......... £725, £700k and £695k. Absolutley bonkers. Sounds like great news but its actually terrible because all ones we want to buy have of course gone up loads too. This is the issue. Ours had gained about 200k, we were so excited when we got it valued. Then looking around for something else, we realised we couldn't get anything any better than we have. So we decided to stay put and spent a little bit on it, knowing we won't lose. Link to comment Share on other sites More sharing options...
Xela Posted May 4, 2022 Share Posted May 4, 2022 3 hours ago, villaglint said: Might have been a truly terrible decision. Dont know what prices are doing in Birmingham but down south its been mental. Almost exactly a year ago we had our house on the market - we got 5 offers on the first day it went on the market for approx £25k over asking. It was £525k and would have been broken the road "ceiling" by a distance at the time. We didnt end up going through with it at the end as we got outbid on the one we wanted. Fast forward 12 months and three house on our road almost identical to ours have sold in the last few months for wait for it......... £725, £700k and £695k. Absolutley bonkers. Sounds like great news but its actually terrible because all ones we want to buy have of course gone up loads too. Thats crazy! Sell up and move to Stoke. You'll live like royalty! Seriously though, when will they ever slow down. Average salary in the UK is what? £30k or less. I don't understand how the market is still finding willing buyers at that level. Link to comment Share on other sites More sharing options...
Genie Posted May 4, 2022 Share Posted May 4, 2022 1 hour ago, Xela said: Bit of a risk to take? Mortgage rates could be 5% or higher by the end of 2022. Especially for the high LTV ones. There is a generation of people that have never seen interest rates like that and I'm not sure how prepared they are for it. I fixed for 3 years yesterday at just over 2% (could have been a lot lower but I dithered ) Yeah, we decided it wasn’t worth chasing, even though it’s a stunning house. We could afford it now but it’s too risky going forwards for the reasons you mentioned. We will stay put and be sure that even if interest rates are much higher at the end of the current term if won’t cripple us. 1 Link to comment Share on other sites More sharing options...
Demitri_C Posted May 4, 2022 Share Posted May 4, 2022 5 hours ago, villaglint said: Might have been a truly terrible decision. Dont know what prices are doing in Birmingham but down south its been mental. Almost exactly a year ago we had our house on the market - we got 5 offers on the first day it went on the market for approx £25k over asking. It was £525k and would have been broken the road "ceiling" by a distance at the time. We didnt end up going through with it at the end as we got outbid on the one we wanted. Fast forward 12 months and three house on our road almost identical to ours have sold in the last few months for wait for it......... £725, £700k and £695k. Absolutley bonkers. Sounds like great news but its actually terrible because all ones we want to buy have of course gone up loads too. Are you in or around london? As that sounds like london prices. The house i bought 18 months ago was up at 650k but i managed to negotiate them down to 620k. Its now worth over 700k appaeently amd thats before they have even looked at all the work ive done. The prices are stupid now. Its really not worth moving if you don't have to Link to comment Share on other sites More sharing options...
villa4europe Posted May 4, 2022 Share Posted May 4, 2022 Any mortgage advisors on here? I want to know what the eligibility for a mortgage is like if I lived abroad for 3 years and then came back, can I get one straight away during my notice period with an employment contract or need to wait several months with an English wage? Can I do the application while still living abroad? Do I have to get a special one or normal one? Will they accept foreign bank statements for proof of savings or get funny over it? I'll have a 3 month notice period at work and then move back but I'm envisaging a 6 month stay at my mom's which my wife will obviously love Link to comment Share on other sites More sharing options...
Seat68 Posted May 5, 2022 Share Posted May 5, 2022 6 hours ago, villa4europe said: Any mortgage advisors on here? I want to know what the eligibility for a mortgage is like if I lived abroad for 3 years and then came back, can I get one straight away during my notice period with an employment contract or need to wait several months with an English wage? Can I do the application while still living abroad? Do I have to get a special one or normal one? Will they accept foreign bank statements for proof of savings or get funny over it? I'll have a 3 month notice period at work and then move back but I'm envisaging a 6 month stay at my mom's which my wife will obviously love Worked 2 years at L&G mortgages. They were aimed at later life but in that market at least they would not lend to someone that had not been in the UK for the last 6 months. That's my experience of them so may differ for standard mortgages. 1 Link to comment Share on other sites More sharing options...
Genie Posted May 5, 2022 Share Posted May 5, 2022 (edited) If the recent trend of house prices and interest rates are to continue I’d want to get a mortgage agreed and a house bought as soon as possible. In 6 months time it could be far more expensive. Edited May 5, 2022 by Genie Link to comment Share on other sites More sharing options...
villa4europe Posted May 5, 2022 Share Posted May 5, 2022 the frustrating thing will be that im in a position to buy, have the savings etc so to then sit at my moms house or in a rental while i watch houses come and go and the prices increase will be shite also looks like the rental market isnt that good Link to comment Share on other sites More sharing options...
villaglint Posted May 5, 2022 Share Posted May 5, 2022 10 hours ago, Demitri_C said: Are you in or around london? As that sounds like london prices. The house i bought 18 months ago was up at 650k but i managed to negotiate them down to 620k. Its now worth over 700k appaeently amd thats before they have even looked at all the work ive done. The prices are stupid now. Its really not worth moving if you don't have to Bournemouth. So its crazy south prices but not quite as crazy as London which is another level again. Link to comment Share on other sites More sharing options...
Genie Posted May 5, 2022 Share Posted May 5, 2022 44 minutes ago, villa4europe said: the frustrating thing will be that im in a position to buy, have the savings etc so to then sit at my moms house or in a rental while i watch houses come and go and the prices increase will be shite also looks like the rental market isnt that good Maybe new builds are an option, you might be able to reserve one now which is down for completion in ~6-9months time? I know new builds are not for everyone, and some of the estates are horrible. Link to comment Share on other sites More sharing options...
villa4europe Posted May 5, 2022 Share Posted May 5, 2022 Just now, Genie said: Maybe new builds are an option, you might be able to reserve one now which is down for completion in ~6-9months time? I know new builds are not for everyone, and some of the estates are horrible. yeah when we came over to the UK last september we had a look at a new build but the timing just didnt work, that also came with its own challenges as they wouldnt give me a mortgage while living abroad so the option of sitting in germany while the house was built was a non starter, they wanted to give me a special new to the country mortgage paired with a special new build house mortgage from the housebuilders mates so you can imagine what that looked like i think waiting for a new build would at least stop the frustration while renting, kidderminster has a lot coming too but like you say it can be a new estate which im wary of, there was a 1400 house development approved last week in my old stomping ground Link to comment Share on other sites More sharing options...
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