House Prices

[Caffeine Fiend]

They do check back but only as far as can be considered reasonable so if it’s a couple of years fair enough but if it’s 20 I think they’d struggle. But again by the time they need it it’s likely the rules will have changed again.

7 years is usually what they check but not 20 no. Banks dont always keep records that long either. I think in work the most we can request is 7 years. Some banks may have older records but not obliged to provide them.

 

[Yel]

Going back to the economy, I think the redundancies are really going to start happening now sadly. With large companies having to have I think 45 days consultation and smaller ones 30 days now's just the time to start the process so come August when furlough changes they won't have the liabilities. Not seen this in real life, but a few posts here. This might only be the begining of challenging times.

 

[Holidaybobs]

No one really knows what the future will hold. Just because it worked well for people in the past that's no guarantee it will in the future. Everything is uncertain.

If the future was to keep repeating it's self then the falls at the end of the 90s and in 2008 when there were economic shocks would happen again. But that's not certain either.

I am only saying that if you can live at home and save then you will be in a better position than those that rent. Regardless of the property market, you have the advantage of saving. I’m only 26 and the majority of my friends do not own properties and many who do come from wealthy backgrounds or have bought in areas they didn’t want to.

 

[Be creative]

So anyone else who was born in 90s and later and can't afford to buy a house is not working hard? That's a bit patronising to say the least, isn't it? There are lots of people who work hard in life but can't have lots of things. Someone who works at Tesco works equally hard as someone who is a CEO at a bank. Retail workers, carers, hospitality workers and lots of other people in this country are not just some lazy useless and stupid people. They all work hard but things don't have to be made harder for them to attain just because they are born in a different generation. We should leave the earth a better place then how we received it and not have the mentality that tough, work harder if you couldn't get what you wanted. I worked in retail whilst at uni and although it was a part-time job for me for a short period, it was actually a living for lots of my colleagues who worked really hard to feed their children and family but would probably not be able to afford to buy a house because the minimum wage is so out of proportion with house prices. The maths just doesn't add up?!

Also the mentality that who wouldn't want to earn money without doing anything is disgusting and greedy to say the least. You should always have to work hard to earn things. Why should anything be free?!

Out of curiosity, are you saying, for example, something like the lottery is wrong then? I mean, people who win millions and decide to give up work etc. Do you brand them as disgusting and greedy?

 

[Yel]

New thread

House Prices #2 Property market, buying and selling

Time for a new thread, the graph kinda says it all. House prices fell 9k in a month as the stamp duty changes end.

tattle.life

 

[Italy2]

I am looking forward to the budget and to see how things will plan out for the housing market in the next few months. Also interesting to see how covid situation develops and changes plans...

 

[Italy2]

The government has extended the deadline for landlords to evict tenants for non-payment of rent due to covid till 20th September now. I don't agree with this extension as it is just delaying the inevitable. I hardly believe that the tenants that are in this situation unfortunately would be able to find the lump sum to clear their due in the next 4 weeks and reverse their situations. So the extension is not a solution to the problem but is just buying more time. If the government really wants to protect the tenants who find themselves in this unfortunate position then they need to bring other reforms or measures but extending the deadlines won't really help anyone.

 

[Yel]

It's expected that asking prices increase, estate agents want to get the property on their books and the asking price is often decided on by the seller. They're not going to be quick to accept that everything has changed.

If I was buying I'd look to buy in 6-9 months when sellers that need to sell have accepted the reality and before real inflation starts to kick in.

 

[Yel]

Another record breaking month for house prices. But if you actaully look at the report it's the upper end of the market that is pushing up prices which makes sence.

UK house prices have risen at their fastest rate in almost six years, with properties in national parks attracting a higher premium, according to Britain’s biggest building society.

The average price of a home rose 0.9% to £229,721 in November from October, taking the annual growth rate to 6.5% from 5.8% – the highest since January 2015, said Nationwide.

 

[heretoreaditall2019]

As others have said there’s definitely a flip side to this. My great aunt worked as a nurse and paid her taxes for almost 50 years and owned a house on the Malone Road in Belfast (sought after area with very high house prices). When she was diagnosed with dementia my Mum and aunties looked after her at home until it got to a point where she needed 24/7 specialist care. Her home that was valued at over £1million was sold to fund her care in a care facility. She died having been in the care home for less than 4 weeks.

I’m sorry for your loss & sorry that she had to go through that in the last few weeks of her life.

I would love a system that gives everyone exactly what they want & need but sadly we don’t have it. Who else will pay for it? We pay a fortune in taxes but I know it likely hasn’t even touched the sides on how much my pregnancy cost the NHS or how much my other health issue has. Likewise with elder care. It’s shit that there will always be people that get something for nothing but unfortunately if that’s the route they’ve chosen that’s that, the rest of us have to pay for our care?

 

[Bronx]

I’m in a similar position. We’re looking to sell our home down south and buy something up north but the buying part won’t happen until we’ve rented somewhere for a while. Prices around here don’t seem to have changed and new properties have gone up and sold by the look of Right Move. Any estate agents or brokers on here who can give an impartial view, or is it too early still?

 

[Yel]

If prices fall massively it’ll cause a massive shortage, people will choose to stay put and extend or just live with what they have rather than lose thousands

Lots of people say that. But I highly doubt it, they'll only lose money if they bought near the peak and for anybody that wants to move to a new house the new one will cost less, so it makes little difference. If anything may benefit those that want to upsize the next house costs less and everyone will save on stamp.

Also lots won't have a choice. Sadly with debt, divorce and death there will be lots of supply.

 

[rlouisep9]

Is anyone else in the process of / thinking of buying just now? I’m really worried I’ll pay a hugely inflated price and then the market will crash

I'm in the process of buying at the moment, offer accepted right at the end of July. We got ours for 5.5k under asking price, I live in the South East where it's so expensive normally so there is hope!

 

[Mrs McCarthy]

ahhhh I see! Thanks for clearing that up

You may be able to get a rebate, if you buy a second property and sell your first one within 36 months or something like that, not 100 percent sure obviously. Wouldn’t risk that with everything going on tbh.
They are seeing a lot of people buying both ordinary homes and BTL. They also think it’s going to crash in November-December, and then January is when smart rich people are going to buy it all up - same thing happened in 2008.

 

[Titntat]

I think they will drop. My friend put her up for sale about 10k under value as soon as the housing market opened back up. It sold with in 4 days. They are emergrating so needed to sell anyway.

 

[Giggling Squid]

My mom bought the land for our house at 30,000€ in the early 2000s and built it for under 200k. The same house and the others in the area now start at 1 Million. Which means that not a single original buyer in our neighbourhood would have been able to buy it. Pure madness

My mums in a similar position. Her and my dad bought their house as an ex-council house for £65k in the late 90s… had it valued recently, needs a lot of work done but even before that it was valued at £675. Crazy.

 

[Consumerism_fatigue]

Jesus this thread... difficulties buying even with a 25% mortgage ... I can’t even fathom how you can save that much, average house prices in my area for a 25% deposit I’d need over £50k... even if I was living rent free that’s not even feasible. Would probably take me another 10 years to save. Was feeling pretty happy with the £8k I’ve got now till I read this Unless we can get a very least 80% LTV mortage or do help to buy we’re not going to be able to get onto the property ladder in the foreseeable. Both on decent £30k + wages with good credit... so unfair!

You should absolutely be proud of yourself for your savings!! My mortgage is 85% LTV, and the 90% and 95% LTV mortgages will come back, it’s just likely to be 2021 rather than right now. Saving for a deposit is so hard, especially when renting. I am buying in London so the prices are just extortionate too The only positive of my last relationship not working out was that our house went up a bit in value, so when we sold it I got some cash which boosted my savings.


I’m going to chat to my broker on Monday to see if there’s another lender who might be more likely to do a less conservative valuation of the flat. The seller will only reduce by 7.5k (bearing in mind the 30k undervaluation) so I either need to find that money, try my luck with a new lender or just pull out. Ugh. A large part of me is just wondering whether this is even worth the stress!

AND to top it off, me and my partner just decided to break up (we weren’t buying together) so it has been one HELL of a week

Is this all a sign I should stay put, continue renting and have stability?!

 

[Tublet83]

Funnily enough the house next door to me sold via closed bids in Feb this year, was told it was a young couple with no chain and a quick sale....it’s only just exchanged. I’m gutted, it needs gutting and I’m WFH on conference calls all day

 

[Pixipoppy]

I just don't think that the new builds are worth the 5% deposit as they are so overpriced and small in size. Although alot of houses where I live are being reduced on Rightmove at the moment, guess will have to wait and see

Unfortunately a lot of people now won’t have a choice. If banks don’t reinstate 10% mortgages and are asking for 15/20% loads of FTBs just don’t have that amount of savings. We decided against a new build due to maintenance fees among other concerns but its looking less likely we will ever get on the housing ladder. Rent and bills eat up most of our income - we’re happy where we are but it would be nice to actually own a place eventually!

 

[JoeBloggs]

What annoys me about where I live is that all the new builds tend to be shared ownership to make them look ‘affordable’. It’s not something most people I know looking to buy would ever be interested in. If anyone has done shared ownership I’d be really interested to hear your experience, I’m not really sold on the idea myself.

I know a few people who have, personally I wouldn’t. My best friend did, she’s been trying to sell for over a year. She works for the housing association in another department and they have been nothing but trouble.