I know it is hard but please try and stay positive. I’ve managed to exchange on a property that is due to be built next year. I never thought it would happen for the same reasons as yourself.
I promise you will get there
House Prices #2 Property market, buying and selling
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I promise you will get there
A report found that from 2012-2020, average wages grew by 23% while house prices grew by 77%. For some, this is making house ownership "unachievable", the report states.
Worse, home ownership among those under 30 has collapsed from 60% in 2004 to 27% in 2020.
Well, at this rate Millenials in Ireland will join those in Spain as the worst generation in Europe in terms of economic prospects.
Worse, home ownership among those under 30 has collapsed from 60% in 2004 to 27% in 2020.
Well, at this rate Millenials in Ireland will join those in Spain as the worst generation in Europe in terms of economic prospects.
Yes! I honestly don't know who is buying these houses! Has anyone else noticed that less desirable areas are now bumping their prices up to just as much as desirable ones?
I'm looking in an area where the prices are now right on the edge of my budget, but going 3 or so miles out I'm finding the prices are just as high even without any of the train links/nature/shops and art galleries perks of the area I'm looking at. Properties that were worth 60k less pre pandemic! Who is buying them?! I can't think that it will last when you might as well hold out for one in a better area for the same price... but are people just that desperate now?!
I completely agree with you. The tiniest house is 10 times more expensive than they were before covid. People must be extremely desperate to buy these house. I have never known house prices to be this ridiculous. It is actually unbelievable
Has anybody remortgaged recently? We've been with the Nationwide for years now. We remortgage a few years ago as our bathroom was leaking everywhere and it needed re doing. No issues borrowing but our five year fixed rate ends soon and they told us recently that we can't borrow anymore to pay anything off. We have a small amount on credit cards. We can move onto a new fixed rate but we can't borrow any extra. We have a decent amount of equity so I'm not sure why?
Something needs to change, there are absolute dives where I live going for 400k with no off street parking. I really worry about my children as they are just starting out in their new careers and I have no idea how they will do it.
Something needs to change, there are absolute dives where I live going for 400k with no off street parking. I really worry about my children as they are just starting out in their new careers and I have no idea how they will do it.
Would you still be at least 20% LTV ratio after releasing equity? As I know that is a stipulation for most.
Also maybe because you have said it isn't for improvements?? I know some lenders are being more cautious still.
This was me and my boyfriend. We were looking for a year and a half!!!. Half the houses we couldn't even get a viewing then people were going up to 75k over the asking price!!. We stuck with just deciding what the house was worth to us and if it went then as frustrating as it was it wasn't for us. Although it has taken longer than we wanted we now have a house. Offer accepted November. I believe being first time buyers helped us out.
We actually viewed the house next door about 6 months before and put an offer in but decided we didn't like it for that price. The price difference between what we paid for our house and the one next door was 100k!
Pretty awkward meeting the new neighbours
Got my offer accepted end November and my solictors said two weeks ago (6weeks after offer accepted) that they were still waiting for the current owners solictors to send the contract paperwork. My solictors have got the searches back but are waiting for the paperwork from the other solictors before sending me any info. They have chased the other solictors 3 weeks ago and as I said still hadn’t got it when I asked 2 weeks ago. Is this normal? Shall I ask again for an update or wait longer?
Get your solicitor to get onto them again and also get in touch with your estate agent who will chivvy up the sellers and/or their solicitors. I wouldn't expect to be waiting six weeks for contract documentation and initial forms.
Will do, its been 8 weeks now since my offer was accepted. I’m in no rush and it being slow actually helps as I can save more but I’d like to see a little progress at least.
I'm sure we would. Our house is valued at £350,000 and our current mortgage is £175,000. We have 15 years left. We do still have some improvements but because we have some credit card debt (mine is £1700) not too sure what husbands is as he's paid a lot of it off. They will insist that we pay back any debts. I think its because we've paid the cards off before, they don't want us borrowing just to pay off debt. We'd be borrowing to do the work though.
We have from Barclays to Halifax and borrowed another £8k, we have a LTV of 60%.
Have you tried looking outside of Nationwide, some won’t lend extra anymore especially to house renovations.
Madness!
Doesn't it always go a bit crazy right before the wind changes direction?
They're talking about 3 interest rate rises and everything rising in price significantly.
House prices are really a reflection of the money supply and how much people can borrow. They've been kept high as interest rates have been kept near zero for such a long time on life support. There's going to be a lot less money to spend on bricks.
The recovery never really happened if interest rates didn't return to normal levels.
And longer term
We're looking around now, makes sense to see if we could be offered anything. Thank you for your advice.
We reserved our new build in summer and moved in about a month ago. Another house down the road is now put online. Pretty much exact same house type, garden, garage etc is going for about 7/8% more. How is that increase normal in 6 months. and I’m sure when we bought ours we paid much more than we would have a year ago.
There’s 30% increases in my area. I’m looking at a 2 bed bungalow that sold at £215 in Feb 2020 and today it’s £290k - it’s sickening to think we lost out on property around that time over a few grand
My instinct was that a change might be coming, but unfortunately it just seems like demand massively outstrips supply.
I think lots of people have become greedy with the price too. Today I saw a really basic 2 bed flat with a high service charge, about 2 or 3 miles away from the town centre. It was put up on rightmove at 10k more than a 3 bed terraced house about 0.5 miles from the town centre, with several other terraced houses at a similar price. To me that is just madness, surely no one would buy that flat with nothing going for it for MORE than a house in a better location? This is why I can't help but think something has to change as surely they won't achieve that price long term? I'm also hearing a lot of people struggling with downvaluations as the prices are rocketing beyond what banks view a house is worth.
The funny thing is "a crash" would be defined as them going back to the pre covid levels 
Even though they were still massively overpriced compared to earnings then.
There's always going to be a huge demand to buy (much like there's always huge demand to buy a sports car), but what if it gets made more difficult with increasing interest rates and general living costs?
Even though they were still massively overpriced compared to earnings then.
There's always going to be a huge demand to buy (much like there's always huge demand to buy a sports car), but what if it gets made more difficult with increasing interest rates and general living costs?
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