Property crash, just maybe it really is different this time (Part 3)

[JoeDavola]

7 minutes ago, spygirl said:

Comedy article.

Housing market generally busier during summer.

And both my folks and belfastchild's experience suggests there's no shortage of viewers or demand for much of the market in NI.

My folk and I didn't buy the houses but someone did. Reminder that my folks tried to bid recently on two houses priced at 10 times average NI wage and in both cases were outbid by several cash buyers.

[HousePriceMania]

Author on Risk and Uncertainty realises houses are unaffordable...

 

 

 

[spygirl]

Traders scale back bets to two Bank of England rate cuts this year

Megan Greene argues in the FT that investors are wrong to bet on early UK rate cuts as expectations also shift in US and eurozone

Traders are pricing in two quarter-point interest rate cuts from the Bank of England this year, as policymaker Megan Greene said such moves “should still be a way off”.

[HousePriceMania]

4 hours ago, spygirl said:

Comedy article.

UK estate agents report third consecutive monthly rise in demand

Rics survey for March reports highest level of buyer inquiries in two years although sales were slightly down month-on-month

 

https://www.ft.com/content/9bde89c0-139c-43b9-b1ab-b87f3fb8c8c8

That prob @JoeDavola and my mum and feckless#2 going to see houses which they are unable or unwilling to buy.

UK estate agents are becoming increasingly optimistic about the housing market, reporting a third consecutive monthly rise in demand as prices have stabilised, according to a closely watched survey.

The Royal Institution of Chartered Surveyors said its members had seen an increase in new inquiries in March. The difference between the percentage of estate agents reporting a rise in buyer interest versus those recording a drop climbed to 8 points, double the reading of the previous month and the highest reading since February 2022.

 

[Plan-b]

The Estate Agents news wrag on inflation and its affect on house prices. Belfast gets a mention as one of the best recently and one of the worst over time.

https://thenegotiator.co.uk/columns/kate-faulkner/only-six-cities-have-beaten-inflation-since-2005/

Edited April 12 by Plan-b

[onlyme]

[spunko]

Is anyone else noticing completely crap listings at the moment? I'm talking just generally overpriced nonsense. I'm not sure if it's my perception has changed and I'm not seeing 'value' - or whatever you want to call it.

Normally once spring gets into full swing there are loads of decent houses coming on the market (whether I can afford them is another matter entirely....) but this year it just seems like there's nothing of any quality.

[Wight Flight]

13 minutes ago, spunko said:

Is anyone else noticing completely crap listings at the moment? I'm talking just generally overpriced nonsense. I'm not sure if it's my perception has changed and I'm not seeing 'value' - or whatever you want to call it.

Normally once spring gets into full swing there are loads of decent houses coming on the market (whether I can afford them is another matter entirely....) but this year it just seems like there's nothing of any quality.

I quite like this that came on today...

https://www.rightmove.co.uk/properties/146784380?

[onlyme]

3 minutes ago, Wight Flight said:

I quite like this that came on today...

https://www.rightmove.co.uk/properties/146784380?

Funny how they have modernised everything but the old chimney stack sticks out untouched, weathered and original.

[HousePriceMania]

2 hours ago, Wight Flight said:

I quite like this that came on today...

https://www.rightmove.co.uk/properties/146784380?

You could buy a mansion in the POS (Pile Of Shite) for that price in 2019

[Wight Flight]

1 minute ago, HousePriceMania said:

You could buy a mansion in the POS (Pile Of Shite) for that price in 2019

Yep.

That's what lockdowns and immigration does for you.

Thankfully our ferry services are fighting back.

[spygirl]

Crippling mortgages and £16 olive oil: how much have UK prices risen in the past two years?

The government might be celebrating falling inflation, but higher prices for goods and services are here to stay

https://amp.theguardian.com/business/2024/apr/13/inflation-how-much-have-uk-prices-risen-in-two-years

North London recession ....

Mortgage rate rollercoaster

5-year fixed rate at 75% loan-to-value

1

2

3

4

5

6%

 

 

 

 

2005

2010

2015

2020

Guardian graphic. Source: Bank of England. Note: From February 2019 onwards the figures show the average quoted mortgage rates across the month. Prior to February 2019 the figures show the end-of-month quoted mortgage rates

 

Balls didn't copy the chart,

[Chewing Grass]

Observation, my first three digit postcode search is seeing plunging listings, been trending down for last 7 weeks.

[onlyme]

Just how many US homes are being hoovered up by the banks & co.

Over here how many are being hoovered up by govt. councils and quangos for the channel invaders.?

[JoeDavola]

Interesting snapshot this morning of NI price increases.

My mate got a really nice detached house about 2 years ago - everything done modern kitchen and bathrooms etc for £320K in a nice development of a not so nice part of NI.

House just came up in the same development there, not anywhere near as big, gardens not as nice, very old kitchen...£380K.

To be fair its the sort of wee place retiring boomers will be after and they have endless pots of money which is why the price to live there continues to shoot up. Mates place must be worth almost £400K now then...

[Cosmic]

House I've been watching for a while, it was on last year with some "tasteful" decor, I was not in a position to offer then and it disappeared, I assumed it had gone.

Set the scene, 20 year old 4 bed detached, 20 year old Ikea kitchen, with an undersised dishwasher and fridge, MDF doors, tired carpets, in need of some finishing off of certain jobs and redoration all around... yours for over half a million worthless UK tokens of exchange.

Anyway it crops back up this month, goes under offer pretty quickly, then comes back (buyer failed to get a mortgage). I view and offer 12% off asking, finance in place... "immediately" declined.

So they'll switch agent, half heartedly slap on some paint, but won't think of giving up some of their 100% gains in 20years... maybe I'll offer again towards the end of summer when they realise it wasn't the decor putting people off and they are fed up of maintaining a house they've now vacated... or a greater fool will be found.

[One percent]

1 minute ago, Cosmic said:

House I've been watching for a while, it was on last year with some "tasteful" decor, I was not in a position to offer then and it disappeared, I assumed it had gone.

Set the scene, 20 year old 4 bed detached, 20 year old Ikea kitchen, with an undersised dishwasher and fridge, MDF doors, tired carpets, in need of some finishing off of certain jobs and redoration all around... yours for over half a million worthless UK tokens of exchange.

Anyway it crops back up this month, goes under offer pretty quickly, then comes back (buyer failed to get a mortgage). I view and offer 12% off asking, finance in place... "immediately" declined.

So they'll switch agent, half heartedly slap on some paint, but won't think of giving up some of their 100% gains in 20years... maybe I'll offer again towards the end of summer when they realise it wasn't the decor putting people off and they are fed up of maintaining a house they've now vacated... or a greater fool will be found.

If they are not careful, they might fall into the empty/second homes trap of double council tax. Nine is bringing it in from 2025 I think.  

[spygirl]

That Liz Truss has a lot to answer for...

‘It’ll be a massive saving’: why more people in the UK are downsizing home

Some Britons are aiming to cut their mortgage costs and lower stress levels by moving to a smaller property

https://www.theguardian.com/money/2024/apr/13/saving-uk-downsizing-home-mortgage-costs-property

When Richard Wise* moved from London to Margate in Kent three years ago, he did not expect to move again any time soon. But the music industry manager and his partner are planning to downsize from a four- to a three-bedroom property after their mortgage rate quadrupled

“After Liz Truss’s bombshell [the September 2022 mini-budget that led to rising mortgage rates], our mortgage repayments doubled last year,” the 40-year-old says.

Although the couple had access to an inheritance, which they used to pay off some of the mortgage, their increased monthly outlay – the rate jumped from 1.09% to 4.9% – put a strain on their bank balance.

“We thought we could ride it out but think it’s going to be safer to downsize,” he says.

View image in fullscreen

With the costs of moving will you still save money by downsizing? Photograph: Alamy

Their house went on the market in March, although Wise feels bittersweet about this. “It’s horrible; I feel a bit sick. We’re very fortunate we have the option to do that but I’m just going backward and forward thinking if this is the right thing for my family. My daughter said she didn’t want us to sell.”

However, he says they will only move if it will bring financial relief to the family. “We’re only doing it if there is a huge saving; it’s not worth it otherwise.”

Ever since that notorious mini-budget sent mortgage rates soaring – in July 2023, the average cost of a two-year fix peaked at 6.86% – and many have struggled to cope.

Although rates have fallen back – new two- and five-year fixed deals are now priced at an average of 5.81% and 5.38% respectively – many people coming to the end of their existing deal are still seeing their mortgage costs leap. This has prompted many to take a hard look at ways to lower their costs, with one option being downsizing.

These people are morons.

A massive saving would be a 50%. Moving from a 4 to 3 br won't fucking do that.

Their house went on the market in March

And there it will it forever n ever unless he slashes the price, which he won't, as there won't be a 'massive saving'

God help him if its a HTB

 

[Mandalorian]

9 minutes ago, spygirl said:

That Liz Truss has a lot to answer for...

‘It’ll be a massive saving’: why more people in the UK are downsizing home

Some Britons are aiming to cut their mortgage costs and lower stress levels by moving to a smaller property

https://www.theguardian.com/money/2024/apr/13/saving-uk-downsizing-home-mortgage-costs-property

When Richard Wise* moved from London to Margate in Kent three years ago, he did not expect to move again any time soon. But the music industry manager and his partner are planning to downsize from a four- to a three-bedroom property after their mortgage rate quadrupled

“After Liz Truss’s bombshell [the September 2022 mini-budget that led to rising mortgage rates], our mortgage repayments doubled last year,” the 40-year-old says.

Although the couple had access to an inheritance, which they used to pay off some of the mortgage, their increased monthly outlay – the rate jumped from 1.09% to 4.9% – put a strain on their bank balance.

“We thought we could ride it out but think it’s going to be safer to downsize,” he says.

View image in fullscreen

With the costs of moving will you still save money by downsizing? Photograph: Alamy

Their house went on the market in March, although Wise feels bittersweet about this. “It’s horrible; I feel a bit sick. We’re very fortunate we have the option to do that but I’m just going backward and forward thinking if this is the right thing for my family. My daughter said she didn’t want us to sell.”

However, he says they will only move if it will bring financial relief to the family. “We’re only doing it if there is a huge saving; it’s not worth it otherwise.”

Ever since that notorious mini-budget sent mortgage rates soaring – in July 2023, the average cost of a two-year fix peaked at 6.86% – and many have struggled to cope.

Although rates have fallen back – new two- and five-year fixed deals are now priced at an average of 5.81% and 5.38% respectively – many people coming to the end of their existing deal are still seeing their mortgage costs leap. This has prompted many to take a hard look at ways to lower their costs, with one option being downsizing.

These people are morons.

A massive saving would be a 50%. Moving from a 4 to 3 br won't fucking do that.

Their house went on the market in March

And there it will it forever n ever unless he slashes the price, which he won't, as there won't be a 'massive saving'

God help him if its a HTB

 

"Liz Truss' catastrophic budget"

"Putin's war in Ukraine"

BBC/FT/Economist magazine soundbites to blame things on for the unthinking.

 

Maybe one day they will post the truth.

"Covid shutdown" (the cause of most recent problems)

"Central bank money printing" (The cause of most other probems)

"Trusting tinpot countires" (Globalisation)

"High tax, anti business country" (Uniparty)

[HousePriceMania]

4 hours ago, Mandalorian said:

"Liz Truss' catastrophic budget"

"Putin's war in Ukraine"

BBC/FT/Economist magazine soundbites to blame things on for the unthinking.

 

Maybe one day they will post the truth.

"Covid shutdown" (the cause of most recent problems)

"Central bank money printing" (The cause of most other probems)

"Trusting tinpot countires" (Globalisation)

"High tax, anti business country" (Uniparty)

If wealthy middle class people who stretched themselves at 1% mortgage rates to over pay for a house they now can't afford..who do they thinks going to buy their houses to allow them to downsize?

 

 

[TNS]

1 minute ago, HousePriceMania said:

If wealthy middle class people who stretched themselves at 1% mortgage rates to over pay for a house they now can't afford..who do they thinks going to buy their houses to allow them to downsize?

 

 

The recently golden goodbye public sector worker to convert it to an HMO.

[spygirl]

A dim light goes on.

Could my mortgage cost me more than I make from house price rises?

• A 30-year mortgage could see a £282,000 house cost a total of £445,000
• But are house prices likely to rise enough to make up the difference? 
• We crunch the numbers on mortgage costs and house prices in coming decades 

https://www.thisismoney.co.uk/money/mortgageshome/article-13298105/Could-mortgage-cost-make-house-price-rises.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_gl=1*17msntu*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcxMzE2NzIxMC4xNjUuMS4xNzEzMTY3Mjk2LjAuMC4w&_ga=2.189585449.361813033.1713167211-1153876054.1674210976

 

 

 

[HousePriceMania]

25 minutes ago, spygirl said:

A dim light goes on.

Could my mortgage cost me more than I make from house price rises?

• A 30-year mortgage could see a £282,000 house cost a total of £445,000
• But are house prices likely to rise enough to make up the difference? 
• We crunch the numbers on mortgage costs and house prices in coming decades 

https://www.thisismoney.co.uk/money/mortgageshome/article-13298105/Could-mortgage-cost-make-house-price-rises.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_gl=1*17msntu*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcxMzE2NzIxMC4xNjUuMS4xNzEzMTY3Mjk2LjAuMC4w&_ga=2.189585449.361813033.1713167211-1153876054.1674210976

 

 

 

They've not twigged yet...

 

"Could my mortgage cost me more than I LOOSE from house price FALLS?"

 

 

 

[apples]

49 minutes ago, spygirl said:

A dim light goes on.

Could my mortgage cost me more than I make from house price rises?

• A 30-year mortgage could see a £282,000 house cost a total of £445,000
• But are house prices likely to rise enough to make up the difference? 
• We crunch the numbers on mortgage costs and house prices in coming decades 

https://www.thisismoney.co.uk/money/mortgageshome/article-13298105/Could-mortgage-cost-make-house-price-rises.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_gl=1*17msntu*_ga*MTE1Mzg3NjA1NC4xNjc0MjEwOTc2*_ga_XE0XLFFF16*MTcxMzE2NzIxMC4xNjUuMS4xNzEzMTY3Mjk2LjAuMC4w&_ga=2.189585449.361813033.1713167211-1153876054.1674210976

 

 

 

Came here to post that. In particular:

Quote

The good news for potential homebuyers, though, is that over the last 30 years, the UK's average house price has risen by a huge 416 per cent.

Were this to happen again, a house worth £281,913 today would be worth £1,454,981 in 2054, according to Finder.

24 minutes ago, HousePriceMania said:

"Could my mortgage cost me more than I LOOSE from house price FALLS?"

lose

[leonardratso]

fewer