Anyone else in the process of looking for a house or buying a house?
Thought it might be an idea to have a separate thread as it may seem a bit insensitive on the main one.
I've got a decent deposit and houses are still coming up for sale and being reduced, but many are now offers in excess of.
The dilemma is they should really ot fallen in the last recession but we had an asset bubble as they printed so much money, created so many schemes that mainly were a bailout to the house builders, cut interest rates from nearly 6% to pretty much 0 and kept them there. So many props to keep them high as the UK economy seems foolishly built on unaffordable housing.
This time it's different, they're going to be printing alot more money but they have virtually no tools left in their warchest as they're still exausted from the last recession.
I'm worried about large inflation that will eat away at my deposit. So not sure what to do now.
Either keep looking and offering 10-20% below asking prices. Then get a mortgage on a low fixed rate so that even if I lose work I could afford it working on minimum wage.
Wait it out and hope my deposit and sterling still has some value in say a year and see what house prices do.
I only got a C at A level economics, but inflation I imagine is the end goal for the government - makes exports/workforce more competitive, reduces debts. The last decade has shown they really don't want people to save, they want them to spend it all. But it's complex with the whole world going though the same issues. I doubt houses will fall in monitory value, but quite likely in relative value.
Anyone else going going through the same situation?
Thought it might be an idea to have a separate thread as it may seem a bit insensitive on the main one.
I've got a decent deposit and houses are still coming up for sale and being reduced, but many are now offers in excess of.
The dilemma is they should really ot fallen in the last recession but we had an asset bubble as they printed so much money, created so many schemes that mainly were a bailout to the house builders, cut interest rates from nearly 6% to pretty much 0 and kept them there. So many props to keep them high as the UK economy seems foolishly built on unaffordable housing.
This time it's different, they're going to be printing alot more money but they have virtually no tools left in their warchest as they're still exausted from the last recession.
I'm worried about large inflation that will eat away at my deposit. So not sure what to do now.
Either keep looking and offering 10-20% below asking prices. Then get a mortgage on a low fixed rate so that even if I lose work I could afford it working on minimum wage.
Wait it out and hope my deposit and sterling still has some value in say a year and see what house prices do.
I only got a C at A level economics, but inflation I imagine is the end goal for the government - makes exports/workforce more competitive, reduces debts. The last decade has shown they really don't want people to save, they want them to spend it all. But it's complex with the whole world going though the same issues. I doubt houses will fall in monitory value, but quite likely in relative value.
Anyone else going going through the same situation?
