But what's the alternative? You can't get a decent family home for less than £300k and that's in Yorkshire. Even if you settled for a 200K house, a 20% deposit is £40k before you've even taken other fees and costs into account. How are people supposed to rent and save at the same time if they want a decent home?I find it made that people are so keen for these 95% mortgages, yes it gets you on the ladder but it just brings back the 2008 crash. I wish they would have finances on the curriculum so people really understood these things.
I am in Devon, and you can buy a not very good three bed in not very good area for around £200k. That’s what we had to buy, and what all our friends had to buy, and none of us could have done it without the help from our parents. The ones who don’t have help from their parents are still renting and they think that they will never be able to afford to buy, because with renting they can’t save for a deposit.But what's the alternative? You can't get a decent family home for less than £300k and that's in Yorkshire. Even if you settled for a 200K house, a 20% deposit is £40k before you've even taken other fees and costs into account. How are people supposed to rent and save at the same time if they want a decent home?
Sadly I don't know. I live in Surrey so I am all aware of ridiculous house prices. A 1 bed flat goes for £260-300K where I am from.But what's the alternative? You can't get a decent family home for less than £300k and that's in Yorkshire. Even if you settled for a 200K house, a 20% deposit is £40k before you've even taken other fees and costs into account. How are people supposed to rent and save at the same time if they want a decent home?
Same here, I don’t know anyone my own age (late 20s to early 30s) who didn’t have either money off their parents or inheritance. The only other option is to live with parents rent free and save for a number of years but that just isn’t practical in a lot of cases. I’ve been saving £200 a month for 4 years and am only just now getting enough for a 10% deposit on a very cheap flat. Fortunately my parents are gifting me the same again as what I’ve saved, but even with that very generous contribution I’m still going to struggle to find something I can afford. £200k used to get you a small 2 or 3 bed terrace where I live, but now even those seem to be few and far between.I am in Devon, and you can buy a not very good three bed in not very good area for around £200k. That’s what we had to buy, and what all our friends had to buy, and none of us could have done it without the help from our parents. The ones who don’t have help from their parents are still renting and they think that they will never be able to afford to buy, because with renting they can’t save for a deposit.
I live in Yorkshire in a decent area, three bedroom on a quiet street with two gardens worth half that amount so it's possible.You can't get a decent family home for less than £300k and that's in Yorkshire.
No one can ever really tell but to be honest as the economy begins to recover, any fall will most likely level. People expected house prices to fall but they haven’t near me as people are moving out of London due to the new remote and WFH trend we seem to be keeping.Hi all. I was wondering if there was anyone with a good level of knowledge in this area? My fiance and I were trying to move house before the stamp duty deadline. It seems that the level of demand is well ahead of the level of supply of houses for the level we are looking at (up to £410k) given the stamp duty relief in place. We were determined not to pay well over the odds for a house as we were concerned at the resale price in 5 or so years when we would be looking to upsize again, and therefore we have decided to wait until next year to look for a house.
My question would be are house prices still expected to fall, and if so by how much? I seem to recall a recent article where house prices were not actually forecast to fall by much at all after June. For context we are looking in Hertfordshire.
Thanks!
This is what the 2014 MMA regulations were for, the general rate of ‘stress testing’ is an increase of 7%. While it’s a massive change in your day to day spending the banks do analysis this within your first 5 years of any product. So while many could afford more (we could have easily afforded to double ours or more) we were not granted more and actually got less than we wanted.The market has started to slow down now the last few weeks. Stamp duty holiday finishes end of June.
I’m concerned about inflation with all that money that has been pumped into the economy. How many billions?
I know I’ve always said there are too many vested interests from high up wanting property to stay ridiculously expensive but can you imagine if interest rates go up what then?
Most people won’t remember 15% interest rate but so many people lost their homes handed back keys to banks and building societies and never ever recovered or got back on the ladder.
I don’t expect it to go back to that level but would most people with a mortgage be able to cope with say a rate of 6%.
Any thoughts folks.
I wish it was slowing where we are looking to buy! Can’t even manage to get a viewing they sell before they even make Rightmove!The market has started to slow down now the last few weeks. Stamp duty holiday finishes end of June.
I’m concerned about inflation with all that money that has been pumped into the economy. How many billions?
I know I’ve always said there are too many vested interests from high up wanting property to stay ridiculously expensive but can you imagine if interest rates go up what then?
Most people won’t remember 15% interest rate but so many people lost their homes handed back keys to banks and building societies and never ever recovered or got back on the ladder.
I don’t expect it to go back to that level but would most people with a mortgage be able to cope with say a rate of 6%.
Any thoughts folks.
Same here. So long as things haven't been stupidly overpriced (like my next door neighbours house) things are selling within 48 hours of going on the marketI wish it was slowing where we are looking to buy! Can’t even manage to get a viewing they sell before they even make Rightmove!
Yea it’s 100% all about pricing too but houses are now even more expensive then they were in feb! It’s mental! I’ve a bid on a house now, find out today if it was accepted! We bid on it when it was on the market 4 hours- after viewing of courseSame here. So long as things haven't been stupidly overpriced (like my next door neighbours house) things are selling within 48 hours of going on the market
Yeh my neighbour put hers up for 40k more than the other 4 houses on the road that are up for sale. Hers isn't any bigger or better. Unsurprisingly the other 4 have sold and hers hasn't.Yea it’s 100% all about pricing too but houses are now even more expensive then they were in feb! It’s mental! I’ve a bid on a house now, find out today if it was accepted! We bid on it when it was on the market 4 hours- after viewing of coursethat’s how mad it is
They are in the north west. We just put a house up for sale and someone offered 50k over the asking price, absolutely ridiculous.Houses up in Scotland are going for 10-40k over the asking price, it's ridiculous
Are the mortgages agreeing with the valuation on these properties?They are in the north west. We just put a house up for sale and someone offered 50k over the asking price, absolutely ridiculous.
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