Property crash, just maybe it really is different this time

[spygirl]

3 hours ago, haroldshand said:

Joined a BTL landlord for breakfast yesterday who has 17 or so properties not far from Cambridge in a place called St Neots and surrounding area who is under pressure to lower his EPC's on some houses. Easy enough to talk to and I Grilled him as much as I could about how tougher it's going to get and what's it like now?

He has had a few tenants leave this year but has had not a single problem renting them out again and could have found a several tenants for each property, now rush for the exit from these guys it seems

Getting tenants is easy.

Getting tenants to pay the rent is harder.

 

[haroldshand]

13 minutes ago, spygirl said:

Getting tenants is easy.

Getting tenants to pay the rent is harder.

 

Do you know what, I never thought of it like that

Good point

[spygirl]

10 minutes ago, haroldshand said:

Do you know what, I never thought of it like that

Good point

Its a naive LL assumption.

Ive lost count of the tales of woes where a LL has let someone who didnt quite pass muster n the job reference/working, only to find out they the rent stops after 2 or 3 months.

 

 

[spygirl]

Ripped from Telewag -

'My bank said I had to quadruple my mortgage payment or sell my home'

Hundreds of thousands of 'pensioner mortgage prisoners' may be forced to sell

Hundreds of thousands of older homeowners may be forced to sell their properties as rising interest rates and strict rules from lenders leave them struggling to find – or afford – a loan.

A wave of interest-only borrowers, at risk of becoming so-called “pensioner mortgage prisoners”, will see their fixed-term deals end in the coming years but find they are too old to remortgage, experts have warned. This leaves no option other than move on to unaffordable repayment plans or sell up to pay off the debt.

The number of victims is expected to surge this decade – just as interest rates rise and the cost of living crisis eats away at savings and income.

Some 334,000 interest-only mortgage customers will see fixed-term deals end between 2022 and 2027, according to UK Finance, a trade body. The majority of these borrowers are already over 50 and will struggle to find a new loan. Lenders typically do not offer deals that end after a customer turns 75 or 80. As the loans are interest-only, the borrowers are also unlikely to have built up significant equity in their homes and must repay loans by selling up or via high-interest repayment plans that end by age 75 or 80.

Advertisement

David Higginson, 69, from Stockport, took out an interest-only deal that expired in November 2021. Lloyds, his lender, demanded he repay £125,000 or sell up. But his two-bedroom house was only worth £250,000 – leaving him with little left over. “I would have had to pay £1,000 per month to rent somewhere,” he said.

Mr Higginson was able to stay at his home near Stockport because a series of new lenders have sprung up to meet demand for retirement mortgages CREDIT: Paul Cooper for The Telegraph

Lloyds offered him a 10-year repayment loan but accepting this would have meant his monthly repayments quadrupled from £260 to around £1,000 per month – half his monthly income. Mr Higginson was rejected by a further eight building societies because of his age.

The coming tidal wave of forced sales is the second of three peak periods when interest-only mortgages mature, according to a report by the Financial Conduct Authority, the City watchdog. The first was in 2017-2018, which followed a flurry of endowment mortgages sold in the 1990s and early 2000s. However, these were primarily sold to affluent borrowers.

The second group has mortgages bought between 2003 and 2009, which start maturing this year and peak between 2027 and 2028. These deals were sold to less affluent homeowners, the FCA warned, and borrowers face a higher risk of being forced to sell. The third peak, in 2032, is expected to be even worse.

Advertisement

David Atkins, 75, and his wife Theresa, 69, bought their home near Preston in 2004. They needed to help their mothers with care in old age, and they also have nine children, so took an interest-only mortgage to keep costs down.

Their term expired in July 2021 when the property was worth £275,000 but their outstanding balance was £220,000. Halifax, their lender, asked for repayment.

Mr Atkins said: “They said they don’t do mortgages for people over 75.” They considered selling up.

David and Theresa Atkins at their home near Preston CREDIT: Paul Cooper for The Telegraph

Those suddenly left scrambling to fill the gap have turned to equity release. In the first three months of this year, 42pc of equity release customers used the money to repay a mortgage, according to Key Later Life Finance, a financial planner. This accounted for more than half of all equity release lending – a jump from 45pc in the same period in 2021 and the highest share on record.

Others turned to specialist lenders which offer interest-only retirement mortgages. Mr Higginson and the Atkins remortgaged through LiveMore, which began trading in October 2020. Their costs are higher than under their previous deals (Mr Higginson now pays £500) but are cheaper than renting.

Advertisement

Leon Diamond, of the specialist lender, said: “We’re likely to see a steep rise in mortgage prisoners. This means customers who are sitting on high floating-rate mortgages but have no repayment strategy.”

Homeowners on interest-only mortgages typically pay a standard variable rate, which means they are particularly exposed as interest rates rise. “Over the next six to 12 months, we are going to see missed payments and defaults hit the market,” Mr Diamond added.

David Hollingworth, of L&C mortgage brokers, said borrowers will be squeezed just as they should be making repayments.

Large numbers of older homeowners are on interest-only deals sold pre-2008, before post-crash regulations brought more stringent affordability checks and requirements for clear repayment plans, he said.

House price growth in the early 2000s meant buyers were incentivised to try to keep their mortgage costs low. “These borrowers face a real crunch in later life,” he added.

Alex Edmans, of Saga Personal Finance, which caters to the over-50s, said: “A lot of people sleepwalk into this and then get a rude awakening.”

Advertisement

A Lloyds Banking Group spokesman said: “We contact our interest-only customers throughout the term of their mortgage to remind them of the importance of an appropriate repayment vehicle and to get in touch if they have any concerns. We have a team of colleagues dedicated to finding solutions for anyone that needs additional help.”

[spygirl]

The UK has just cleared the arseend of endowment mortgages..

That was painfiuland expensive and, shit as most WP policies were, they had some value, normally a 1/3 of the sum borrowed.

No we start the naked, nothing IO mortgages which started in 2000, going mental 2002-2007, exp London / SE.

 

Edited May 21, 2022 by spygirl

[BurntBread]

1 hour ago, spygirl said:

Those suddenly left scrambling to fill the gap have turned to equity release. In the first three months of this year, 42pc of equity release customers used the money to repay a mortgage

My first reaction was, "what the hell? Getting a high interest loan to repay a low interest loan." However, am I right in thinking that what these people are trying to do is to give the house to the equity release company for half its current price, but be allowed to stay in it until they die?

If that's true, then it's not a bad deal for some of these people. It's a very poor deal for their offspring hoping to inherit; but then the house would probably have been eaten by the care-home fees, anyway. It also means these houses don't actually hit the market, despite what the Telegraph claims.

This question though, is for how many people will this be a viable strategy? If you don't have enough equity because of HPI then you're not going to be able to do this deal with the devil. Spy, I think you often point out that HPI has not been that generous further North in the UK.

[spygirl]

12 minutes ago, BurntBread said:

My first reaction was, "what the hell? Getting a high interest loan to repay a low interest loan." However, am I right in thinking that what these people are trying to do is to give the house to the equity release company for half its current price, but be allowed to stay in it until they die?

If that's true, then it's not a bad deal for some of these people. It's a very poor deal for their offspring hoping to inherit; but then the house would probably have been eaten by the care-home fees, anyway. It also means these houses don't actually hit the market, despite what the Telegraph claims.

This question though, is for how many people will this be a viable strategy? If you don't have enough equity because of HPI then you're not going to be able to do this deal with the devil. Spy, I think you often point out that HPI has not been that generous further North in the UK.

Theres RIO mortgages, where the bank sells tge loan to a life co.

The bank takes a hit (cant find how much, but there will be), but gets a nassive pita away, the life co gets an income stream and oap gets to pay rent to live in 'live' in their house  for a price, which will go up as IRs move higher.

Lifeco gets the house when oap dies, with some cash paid back to bank.

 

 

[JohnnyB]

20 hours ago, spygirl said:

Ripped from Telewag -

'My bank said I had to quadruple my mortgage payment or sell my home'

Hundreds of thousands of 'pensioner mortgage prisoners' may be forced to sell

Hundreds of thousands of older homeowners may be forced to sell their properties as rising interest rates and strict rules from lenders leave them struggling to find – or afford – a loan.

A wave of interest-only borrowers, at risk of becoming so-called “pensioner mortgage prisoners”, will see their fixed-term deals end in the coming years but find they are too old to remortgage, experts have warned. This leaves no option other than move on to unaffordable repayment plans or sell up to pay off the debt.

The number of victims is expected to surge this decade – just as interest rates rise and the cost of living crisis eats away at savings and income.

Some 334,000 interest-only mortgage customers will see fixed-term deals end between 2022 and 2027, according to UK Finance, a trade body. The majority of these borrowers are already over 50 and will struggle to find a new loan. Lenders typically do not offer deals that end after a customer turns 75 or 80. As the loans are interest-only, the borrowers are also unlikely to have built up significant equity in their homes and must repay loans by selling up or via high-interest repayment plans that end by age 75 or 80.

Advertisement

David Higginson, 69, from Stockport, took out an interest-only deal that expired in November 2021. Lloyds, his lender, demanded he repay £125,000 or sell up. But his two-bedroom house was only worth £250,000 – leaving him with little left over. “I would have had to pay £1,000 per month to rent somewhere,” he said.

Mr Higginson was able to stay at his home near Stockport because a series of new lenders have sprung up to meet demand for retirement mortgages CREDIT: Paul Cooper for The Telegraph

Lloyds offered him a 10-year repayment loan but accepting this would have meant his monthly repayments quadrupled from £260 to around £1,000 per month – half his monthly income. Mr Higginson was rejected by a further eight building societies because of his age.

The coming tidal wave of forced sales is the second of three peak periods when interest-only mortgages mature, according to a report by the Financial Conduct Authority, the City watchdog. The first was in 2017-2018, which followed a flurry of endowment mortgages sold in the 1990s and early 2000s. However, these were primarily sold to affluent borrowers.

The second group has mortgages bought between 2003 and 2009, which start maturing this year and peak between 2027 and 2028. These deals were sold to less affluent homeowners, the FCA warned, and borrowers face a higher risk of being forced to sell. The third peak, in 2032, is expected to be even worse.

Advertisement

David Atkins, 75, and his wife Theresa, 69, bought their home near Preston in 2004. They needed to help their mothers with care in old age, and they also have nine children, so took an interest-only mortgage to keep costs down.

Their term expired in July 2021 when the property was worth £275,000 but their outstanding balance was £220,000. Halifax, their lender, asked for repayment.

Mr Atkins said: “They said they don’t do mortgages for people over 75.” They considered selling up.

David and Theresa Atkins at their home near Preston CREDIT: Paul Cooper for The Telegraph

Those suddenly left scrambling to fill the gap have turned to equity release. In the first three months of this year, 42pc of equity release customers used the money to repay a mortgage, according to Key Later Life Finance, a financial planner. This accounted for more than half of all equity release lending – a jump from 45pc in the same period in 2021 and the highest share on record.

Others turned to specialist lenders which offer interest-only retirement mortgages. Mr Higginson and the Atkins remortgaged through LiveMore, which began trading in October 2020. Their costs are higher than under their previous deals (Mr Higginson now pays £500) but are cheaper than renting.

Advertisement

Leon Diamond, of the specialist lender, said: “We’re likely to see a steep rise in mortgage prisoners. This means customers who are sitting on high floating-rate mortgages but have no repayment strategy.”

Homeowners on interest-only mortgages typically pay a standard variable rate, which means they are particularly exposed as interest rates rise. “Over the next six to 12 months, we are going to see missed payments and defaults hit the market,” Mr Diamond added.

David Hollingworth, of L&C mortgage brokers, said borrowers will be squeezed just as they should be making repayments.

Large numbers of older homeowners are on interest-only deals sold pre-2008, before post-crash regulations brought more stringent affordability checks and requirements for clear repayment plans, he said.

House price growth in the early 2000s meant buyers were incentivised to try to keep their mortgage costs low. “These borrowers face a real crunch in later life,” he added.

Alex Edmans, of Saga Personal Finance, which caters to the over-50s, said: “A lot of people sleepwalk into this and then get a rude awakening.”

Advertisement

A Lloyds Banking Group spokesman said: “We contact our interest-only customers throughout the term of their mortgage to remind them of the importance of an appropriate repayment vehicle and to get in touch if they have any concerns. We have a team of colleagues dedicated to finding solutions for anyone that needs additional help.”

No sympathy. The monthly £ difference between repayment and IO wouldn't have been that huge even - it's likely if they had bought a 2nd hand fiesta instead of £300 pcp payments in perpetuity or had a few camping hols in Wales rather than euro hotel stays they could have cleared it down completely.

All these loans would have seen huge drops in the interest rates compared to the starting rate, hitting the floor over the last decade. Journalists should collar them and demand to know where the money went!!

 

[wherebee]

2 minutes ago, JohnnyB said:

No sympathy. The monthly £ difference between repayment and IO wouldn't have been that huge even - it's likely if they had bought a 2nd hand fiesta instead of £300 pcp payments in perpetuity or had a few camping hols in Wales rather than euro hotel stays they could have cleared it down completely.

All these loans would have seen huge drops in the interest rates compared to the starting rate, hitting the floor over the last decade. Journalists should collar them and demand to know where the money went!!

 

Not true, I know a few people in the SE who bought in the the 2000's who could not afford a repayment, took an IO as the only one they could afford with the lender at the time.  I suspect lenders were also a bit more flexible with approving IOs as they make more money over the long term on the constant income.

[With a crooked smile]

28 minutes ago, wherebee said:

Not true, I know a few people in the SE who bought in the the 2000's who could not afford a repayment, took an IO as the only one they could afford with the lender at the time.  I suspect lenders were also a bit more flexible with approving IOs as they make more money over the long term on the constant income.

If they went IO in the SE early 2000s it doesn't matter if the paid a penny off. They will be massively quids in and changing to a repayment 20 years later with wage inflation would still result in a really cheap deal.

Just typed sold prices Brighton an picked the first properties sold recently with history in early 2000s to illustrate.

[haroldshand]

On 21/05/2022 at 10:07, spygirl said:

Its a naive LL assumption.

Ive lost count of the tales of woes where a LL has let someone who didnt quite pass muster n the job reference/working, only to find out they the rent stops after 2 or 3 months.

 

 

 

On 21/05/2022 at 09:41, spygirl said:

Getting tenants is easy.

Getting tenants to pay the rent is harder.

 

Just had to come back this again because it really proves a point to me personally how some things in life no matter how daft, obscene or horrific you quickly adjust and they become ingrained. What you said was so simple and where I assumed there was loads of magic money flying about to pay for these rents it never occurred to me for a second that many people just desperately find rented housing first  and then paying for it comes later.

I have given some thought to it today as well and there are so many other things we just now accept and just have a "that's the way it is" attitude. It has just now also dawned on me and  I am willing  to bet the pool of rented or social housing is ridiculously low because we hand out so much of it to non workers and immigrants using HB. I sort of knew it was going on but at the same time it just never really sunk in how insane that position really was/is.

[haroldshand]

21 hours ago, spygirl said:

Ripped from Telewag -

'My bank said I had to quadruple my mortgage payment or sell my home'

Hundreds of thousands of 'pensioner mortgage prisoners' may be forced to sell

Hundreds of thousands of older homeowners may be forced to sell their properties as rising interest rates and strict rules from lenders leave them struggling to find – or afford – a loan.

A wave of interest-only borrowers, at risk of becoming so-called “pensioner mortgage prisoners”, will see their fixed-term deals end in the coming years but find they are too old to remortgage, experts have warned. This leaves no option other than move on to unaffordable repayment plans or sell up to pay off the debt.

The number of victims is expected to surge this decade – just as interest rates rise and the cost of living crisis eats away at savings and income.

Some 334,000 interest-only mortgage customers will see fixed-term deals end between 2022 and 2027, according to UK Finance, a trade body. The majority of these borrowers are already over 50 and will struggle to find a new loan. Lenders typically do not offer deals that end after a customer turns 75 or 80. As the loans are interest-only, the borrowers are also unlikely to have built up significant equity in their homes and must repay loans by selling up or via high-interest repayment plans that end by age 75 or 80.

Advertisement

David Higginson, 69, from Stockport, took out an interest-only deal that expired in November 2021. Lloyds, his lender, demanded he repay £125,000 or sell up. But his two-bedroom house was only worth £250,000 – leaving him with little left over. “I would have had to pay £1,000 per month to rent somewhere,” he said.

Mr Higginson was able to stay at his home near Stockport because a series of new lenders have sprung up to meet demand for retirement mortgages CREDIT: Paul Cooper for The Telegraph

Lloyds offered him a 10-year repayment loan but accepting this would have meant his monthly repayments quadrupled from £260 to around £1,000 per month – half his monthly income. Mr Higginson was rejected by a further eight building societies because of his age.

The coming tidal wave of forced sales is the second of three peak periods when interest-only mortgages mature, according to a report by the Financial Conduct Authority, the City watchdog. The first was in 2017-2018, which followed a flurry of endowment mortgages sold in the 1990s and early 2000s. However, these were primarily sold to affluent borrowers.

The second group has mortgages bought between 2003 and 2009, which start maturing this year and peak between 2027 and 2028. These deals were sold to less affluent homeowners, the FCA warned, and borrowers face a higher risk of being forced to sell. The third peak, in 2032, is expected to be even worse.

Advertisement

David Atkins, 75, and his wife Theresa, 69, bought their home near Preston in 2004. They needed to help their mothers with care in old age, and they also have nine children, so took an interest-only mortgage to keep costs down.

Their term expired in July 2021 when the property was worth £275,000 but their outstanding balance was £220,000. Halifax, their lender, asked for repayment.

Mr Atkins said: “They said they don’t do mortgages for people over 75.” They considered selling up.

David and Theresa Atkins at their home near Preston CREDIT: Paul Cooper for The Telegraph

Those suddenly left scrambling to fill the gap have turned to equity release. In the first three months of this year, 42pc of equity release customers used the money to repay a mortgage, according to Key Later Life Finance, a financial planner. This accounted for more than half of all equity release lending – a jump from 45pc in the same period in 2021 and the highest share on record.

Others turned to specialist lenders which offer interest-only retirement mortgages. Mr Higginson and the Atkins remortgaged through LiveMore, which began trading in October 2020. Their costs are higher than under their previous deals (Mr Higginson now pays £500) but are cheaper than renting.

Advertisement

Leon Diamond, of the specialist lender, said: “We’re likely to see a steep rise in mortgage prisoners. This means customers who are sitting on high floating-rate mortgages but have no repayment strategy.”

Homeowners on interest-only mortgages typically pay a standard variable rate, which means they are particularly exposed as interest rates rise. “Over the next six to 12 months, we are going to see missed payments and defaults hit the market,” Mr Diamond added.

David Hollingworth, of L&C mortgage brokers, said borrowers will be squeezed just as they should be making repayments.

Large numbers of older homeowners are on interest-only deals sold pre-2008, before post-crash regulations brought more stringent affordability checks and requirements for clear repayment plans, he said.

House price growth in the early 2000s meant buyers were incentivised to try to keep their mortgage costs low. “These borrowers face a real crunch in later life,” he added.

Alex Edmans, of Saga Personal Finance, which caters to the over-50s, said: “A lot of people sleepwalk into this and then get a rude awakening.”

Advertisement

A Lloyds Banking Group spokesman said: “We contact our interest-only customers throughout the term of their mortgage to remind them of the importance of an appropriate repayment vehicle and to get in touch if they have any concerns. We have a team of colleagues dedicated to finding solutions for anyone that needs additional help.”

I read this also yesterday and thought here we go, these people are playing the victim and yet the situation is totally their own fault with their poor money management. As usual I went straight to the comments and was relieved that the top posters were basically ripping the piss out of these people for being idiots.

[spygirl]

2 hours ago, wherebee said:

Not true, I know a few people in the SE who bought in the the 2000's who could not afford a repayment, took an IO as the only one they could afford with the lender at the time.  I suspect lenders were also a bit more flexible with approving IOs as they make more money over the long term on the constant income.

Probkem is, all the SE depend on sorneone being able to borrow more insane than 2002- 2008.

They cant.

So all the inflated asking prices hit the MMR brickwall.

 

[Frank Hovis]

2 hours ago, haroldshand said:

I read this also yesterday and thought here we go, these people are playing the victim and yet the situation is totally their own fault with their poor money management. As usual I went straight to the comments and was relieved that the top posters were basically ripping the piss out of these people for being idiots.

 

It can be the basic cost of living in the SE.  A friend, professional couple, needed a decent sized house when they had kids and could only afford that on an IO mortgage.  And last time the subject came up neither had a pension.

They're not spendthrift but rather financially crippled by the exorbitant price of reasonable housing in the SE.

[AWW]

On 21/05/2022 at 15:49, spygirl said:

David Higginson, 69, from Stockport, took out an interest-only deal that expired in November 2021. Lloyds, his lender, demanded he repay £125,000 or sell up. But his two-bedroom house was only worth £250,000 – leaving him with little left over.

 

Yes, leaving him with just £125k, having paid the square root of bugger all to live in it for the last couple of decades.

Are we supposed to be sympathetic?

[With a crooked smile]

5 hours ago, AWW said:

Yes, leaving him with just £125k, having paid the square root of bugger all to live in it for the last couple of decades.

Are we supposed to be sympathetic?

Could easily swap it for this. Problem solved. 

[haroldshand]

https://www.telegraph.co.uk/property/house-prices/house-prices-hit-another-new-high-slowdown-coming/

 

House prices hit another new high – but a slowdown is coming

Not exactly a dash for the exit from desperate worried sellers

[Boon]

Number seems odd doesn't it? I thought the average UK price is under that:

https://www.ons.gov.uk/economy/inflationandpriceindices/bulletins/housepriceindex/march2022

Even considering asking price is not actual price it is too wide a divergence.

I suspect I know what Rightmove have done here, simply excluded all the flats to give a figure for freehold houses.

So basically property prices are at an all time high and are shifting faster than ever, if we exclude the things that are falling in price and taking ages to sell?

[Bus Stop Boxer]

Its ground to a halt in Dorset North. Solds coming back on (at same money), and not much shifting at all.

One place listed 13 days ago at £265 had £15k knocked off today. That's a a defo zero viewings so far listing there.

Now back to you in the studio.

Edited May 24, 2022 by Bus Stop Boxer

[Boon]

Way I see it is that at 1% interest rates the balls are in the clamp, at some point higher rates is going to tighten it. 

Some of the pain can be deferred by making cuts elsewhere but there is only so much you can do. 

Here is an example of it: https://www.mumsnet.com/talk/property/4555571-how-do-people-manage-to-sell-sw-london-zone-4-2-bed-flats-these-days?

As mentioned 10%+ off the peak in this part of the world is nothing new really, and considering it can't even sell now maybe the real discount to peak is 15-20%. That is today, before rates go up further.

Plugging in the various tidbits of info to Rightmove and this tickes the boxes, oh dear is what I can say. Even at £350k it does not look appealing. Some retrospect is easier than others, just like if you paid £420k what kind of 'ladder' was ever going to emerge from this.

I do think by the winter we could be having stories about people having lost their life savings as they bought at the peak.

[Bus Stop Boxer]

12 minutes ago, Boon said:

Way I see it is that at 1% interest rates the balls are in the clamp, at some point higher rates is going to tighten it. 

Some of the pain can be deferred by making cuts elsewhere but there is only so much you can do. 

Here is an example of it: https://www.mumsnet.com/talk/property/4555571-how-do-people-manage-to-sell-sw-london-zone-4-2-bed-flats-these-days?

As mentioned 10%+ off the peak in this part of the world is nothing new really, and considering it can't even sell now maybe the real discount to peak is 15-20%. That is today, before rates go up further.

Plugging in the various tidbits of info to Rightmove and this tickes the boxes, oh dear is what I can say. Even at £350k it does not look appealing. Some retrospect is easier than others, just like if you paid £420k what kind of 'ladder' was ever going to emerge from this.

I do think by the winter we could be having stories about people having lost their life savings as they bought at the peak.

And another £800 notes on an already comedy utilities bill, is going to see many vacating single occupancy flats etc and sharing one address, ie moving back in with mum and dad. The cost of independent living just got even more insane.

We're going Italian!

[dnb24]

2 hours ago, Bus Stop Boxer said:

Its ground to a halt in Dorset North. Solds coming back on (at same money), and not much shifting at all.

One place listed 13 days ago at £265 had £15k knocked off today. That's a a defo zero viewings so far listing there.

Now back to you in the studio.

Interesting you say this, I’ve been looking at south Dorset and a couple of decent places have had 50k knocked off this week, and very soon after listing as well- almost as though they are rushing for the exit.

[WICAO]

1 hour ago, Bus Stop Boxer said:

And another £800 notes on an already comedy utilities bill, is going to see many vacating single occupancy flats etc and sharing one address, ie moving back in with mum and dad. The cost of independent living just got even more insane.

We're going Italian!

Energy use was something I definitely thought about when designing my new home.  It's only ever going to go one way over the long term.  Enough square feet for the life we want and not a foot more, good insulation in floor/walls/ceiling, heat pump hot water system, LED lighting throughout and more than enough solar panels.

[Bobthebuilder]

41 minutes ago, dnb24 said:

Interesting you say this, I’ve been looking at south Dorset and a couple of decent places have had 50k knocked off this week, and very soon after listing as well- almost as though they are rushing for the exit.

I keep an eye on Blandford and 10 miles around. Seeing a few more reductions, not much selling.

South Dorset is very pricey at the moment, North not quite so bad, but still crazy.

[HousePriceMania]

Had to laugh