House Prices #4 Property market, buying and selling

[HoGi]

Ours is up in August so this is based on current rates for the total so I think this is why my assumption is it’ll come down by the time we re fix in 2-3 years.

We saw our mortgage advisor today. She said mortgage interest rates tend to follow the trends in the SONIA rate which is why when Bank of England base rates haven't gone down, mortgage rates have.

The forecast does show a dip in 2026/2027 but then goes up again in 2035.

Even with the dip it is unlikely rates will go below 3%.

We also have a general election at some point this year. Who knows what will happen after that.

 

[Caffeine Fiend]

Things like insurances look to be continuing to rise. Also food, which is our biggest outgoing other than the mortgage has predicted to rise again. Ive attached a link.

We also want to move but what we are doing at the moment is saving as much as possible to put more deposit down on our next property. If we decide not to move well itl be a nice nest egg and we will do as much with this house as we can. We'd have to almost triple our monthly payments to move (our mortgage is v small but we do over pay) and right now Im just not sure its worth it.

https://www.itv.com/news/2024-01-25/fruit-and-veg-prices-predicted-to-rise-in-uk-when-new-post-brexit-controls-bite

 

[whoareyouu]

Things like insurances look to be continuing to rise. Also food, which is our biggest outgoing other than the mortgage has predicted to rise again. Ive attached a link.

We also want to move but what we are doing at the moment is saving as much as possible to put more deposit down on our next property. If we decide not to move well itl be a nice nest egg and we will do as much with this house as we can. We'd have to almost triple our monthly payments to move (our mortgage is v small but we do over pay) and right now Im just not sure its worth it.

https://www.itv.com/news/2024-01-25/fruit-and-veg-prices-predicted-to-rise-in-uk-when-new-post-brexit-controls-bite

Exact position I’m in. Pay under £500 for a 3 bed semi new build and want a 4 bed detached. Looking at £1500 a month. In the eyes of the banks we can afford it but if one of us was to lose our job…

 

[Meg78]

I’ve been pondering housing and realised I don’t know any of the older generation who continued to rise the ladder; they all purchased a home, and then stayed there. My in laws are worth a fair bob but still live in a 3 bed semi, when I asked them why they said they had no need for bigger, and now they’re living a VERY comfortable retirement from the extra that they saved. I wonder what it is about our generation that makes us all feel that need to upsize? I know I certainly do, but other than “I should” or “it would be nice to have” I don’t have solid reasons for a need!

 

[Folkevermore]

I’ve been pondering housing and realised I don’t know any of the older generation who continued to rise the ladder; they all purchased a home, and then stayed there. My in laws are worth a fair bob but still live in a 3 bed semi, when I asked them why they said they had no need for bigger, and now they’re living a VERY comfortable retirement from the extra that they saved. I wonder what it is about our generation that makes us all feel that need to upsize? I know I certainly do, but other than “I should” or “it would be nice to have” I don’t have solid reasons for a need!

I think it’s a more anecdotal thing - everyone I know who’s in their 50s, 60s and 70s started off in small semis and now live in four/five bed detached homes.
My parents have moved four times. Still have good retirement funds because they’re from the golden age of final salary pensions

 

[Megansnarkle]

I’ve been pondering housing and realised I don’t know any of the older generation who continued to rise the ladder; they all purchased a home, and then stayed there. My in laws are worth a fair bob but still live in a 3 bed semi, when I asked them why they said they had no need for bigger, and now they’re living a VERY comfortable retirement from the extra that they saved. I wonder what it is about our generation that makes us all feel that need to upsize? I know I certainly do, but other than “I should” or “it would be nice to have” I don’t have solid reasons for a need!

A global pandemic has had something to do with a recent need to upsize for many people. Our 'spare bedroom' is an office as is half of our dining table. In order to have our own spaces to work, we'd need three bedrooms and that's without us having kids. With an increase in the amount of time spent at home, the desire to have a space that isn't both work, leisure and laundry room isn't unreasonable.

 

[Calmyourtitsdown]

I understand what everyone is saying. There’s only three of us, but we NEED to upsize. We’ve been stuck in a two bedroom flat in the south east for 10 years. We tried to move in 2022, but it fell through at the beginning of autumn that year. And with interest rates rising, and the uncertainty around the cost of living that winter. We decided to stay. I had hoped that this would be our year, but reading everyone’s take in recent posts. It doesn’t seem like it
We’re not after anything massive, but we do need more space, my husband now exclusively works from home - he takes over our dining table or our bedroom.
I so desperately want a house. Seems we’re stuffed

 

[Jellycat369]

After trying to move at the beginning of the month and it all falling through, we're aiming to move early next year. Whilst we currently have a four bedroom house, the configuration doesn't work for us and we're in the catchment for the worst primary and secondary for the whole city. We also feel like all our neighbours are on top of us because we're completely surrounded. I don't mind downsizing to a three bed provided the rooms for our boys are a decent double. We absolutely need a home office space and if that were a small box room, we'd happily sacrifice having a guest room because no bugger visits us any way Recently got a promotion at work so hoping to smash some cash into savings this year to build up our cash pot as well as looking into longer term investments so we can actually retire before we're 90 The changes in rates are worrying but hoping this next move will be our last so a hit in the short term won't be so bad down the line.

 

[Meg78]

What’s considered a normal budget these days? I live in a weird bubble where even selling a kidney isn’t enough and I’ve lost sight of what is normal now

 

[Folkevermore]

What’s considered a normal budget these days? I live in a weird bubble where even selling a kidney isn’t enough and I’ve lost sight of what is normal now

House prices vary so much depending on area that is hard to give a generic budget for what to expect to pay.

 

[Meg78]

House prices vary so much depending on area that is hard to give a generic budget for what to expect to pay.

I was hoping people would say an area alongside budget to showcase the differences across the country

 

[HMC]

Been offered a part ex on another new build. Hoping there’s enough equity in my existing new build that is 18 months old to be able to afford the move

I’m getting my current home valued this week hoping to part ex on a new build. The turn around to move is 5 weeks of the valuation is right, it’s frighteningly quick

 

[Brian Butterfield]

I was hoping people would say an area alongside budget to showcase the differences across the country

I'm in the South East and moved from Surrey to Hampshire 4 years ago as we needed more space - you get a lot more for your money here and we never would have got this much house for the same budget in Surrey. Bought a detached five-bed in a village for £675k in 2019. We borrowed £475k, which was the max we could get, and had a £200k deposit. I sure am going to miss that 1.68% mortgage rate when it ends in December .

There really is no such thing as a "normal" budget, as it depends on your deposit, financial circumstances, location, type of property, etc.

Where are you looking?

 

[Meg78]

I'm in the South East and moved from Surrey to Hampshire 4 years ago as we needed more space - you get a lot more for your money in here and we never would have got this much house for the same budget in Surrey. Bought a detached five-bed in a village for £675k in 2019. We borrowed £475k, which was the max we could get, and had a £200k deposit. I sure am going to miss that 1.68% mortgage rate when it ends in December .

There really is no such thing as a "normal" budget as it depends on your deposit, financial circumstances, location, budget, etc.

Where are you looking?

We’re in the north west which used to have a reputation for being cheaper but as footballers colonised the local area we’ve found ourselves being priced out! We want to keep the budget below 500k, mainly so that we can look at retiring comfortably/slightly early, but everywhere here is 800k+, and that’s with full renovation needed. Jobs are remote so we’re starting to wonder if we should uproot to somewhere cheaper, but no idea where to head. Looking for family friendly, ideally fully rural with land, and not too far from a decent school, but it feels like we’re looking for a unicorn!

 

[Brian Butterfield]

We’re in the north west which used to have a reputation for being cheaper but as footballers colonised the local area we’ve found ourselves being priced out! We want to keep the budget below 500k, mainly so that we can look at retiring comfortably/slightly early, but everywhere here is 800k+, and that’s with full renovation needed. Jobs are remote so we’re starting to wonder if we should uproot to somewhere cheaper, but no idea where to head. Looking for family friendly, ideally fully rural with land, and not too far from a decent school, but it feels like we’re looking for a unicorn!

It's so hard, isn't it? It sounds like you do need to widen your options location-wise.

My husband and I both work from home, which was one of the big reasons we needed more space. We took the plunge and moved away from many family and friends to get what we wanted. It was a big compromise and took some getting used to, but we're so glad we did it when we did. We moved just before lockdown, and if we'd still been in that two-bed semi throughout COVID, I'm not sure we'd still be married!

I would widen your search radius and then go and visit some areas to see if you like the vibe, check out schools, etc. Great excuse for some weekend trips! Good luck.

 

[Former_Antelopee]

We’re in the north west which used to have a reputation for being cheaper but as footballers colonised the local area we’ve found ourselves being priced out! We want to keep the budget below 500k, mainly so that we can look at retiring comfortably/slightly early, but everywhere here is 800k+, and that’s with full renovation needed. Jobs are remote so we’re starting to wonder if we should uproot to somewhere cheaper, but no idea where to head. Looking for family friendly, ideally fully rural with land, and not too far from a decent school, but it feels like we’re looking for a unicorn!

Surely just somewhere else in the north west can tick all your boxes?

 

[Calmyourtitsdown]

We’re in the north west which used to have a reputation for being cheaper but as footballers colonised the local area we’ve found ourselves being priced out! We want to keep the budget below 500k, mainly so that we can look at retiring comfortably/slightly early, but everywhere here is 800k+, and that’s with full renovation needed. Jobs are remote so we’re starting to wonder if we should uproot to somewhere cheaper, but no idea where to head. Looking for family friendly, ideally fully rural with land, and not too far from a decent school, but it feels like we’re looking for a unicorn!

Would further into the North West not meet your needs? Lancashire/Cumbria? Are you Cheshire currently? I know the North West well, my family are scattered over Cheshire, Merseyside and Lancashire. My dad lives in a small market town on the Cheshire/Merseyside border, the prices there have rocketed, though still very reasonable than for me in Sussex!

 

[Meg78]

Surely just somewhere else in the north west can tick all your boxes?

Rural properties are in high demand sadly
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Would further into the North West not meet your needs? Lancashire/Cumbria? Are you Cheshire currently? I know the North West well, my family are scattered over Cheshire, Merseyside and Lancashire. My dad lives in a small market town on the Cheshire/Merseyside border, the prices there have rocketed, though still very reasonable than for me in Sussex!

Cheshire yes. For context the only building plot currently available is 2.5mil, and the only home within a 3 mile radius of any kind is available for a bargain 3.5 mil ‍ To be rural in this county, truly rural, comes with a hefty price tag. If we’re going to move our kids out of school and we’re remote workers we may as well look nationwide at what the possibilities are

 

[Megansnarkle]

Rural properties are in high demand sadly
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Cheshire yes. For context the only building plot currently available is 2.5mil, and the only home within a 3 mile radius of any kind is available for a bargain 3.5 mil ‍ To be rural in this county, truly rural, comes with a hefty price tag. If we’re going to move our kids out of school and we’re remote workers we may as well look nationwide at what the possibilities are

I wouldn't move truly rural with kids. It might sound attractive but do you really want to be driving ages to get anywhere or anything? The opportunities for kids will generally be much more limited in terms of structured activities than are available in or close to a more built up area.

 

[Meg78]

I wouldn't move truly rural with kids. It might sound attractive but do you really want to be driving ages to get anywhere or anything? The opportunities for kids will generally be much more limited in terms of structured activities than are available in or close to a more built up area.

I’m already out in the sticks and we all love it! Happy to continue being nomads we just need to find something affordable that hasn’t been snapped up by a developer already, would love to hear what the pricing is like around the country as here is a bit of a goldfish bowl and it’s nice to get a reality check