House prices

[oldtimer]

That's why they keep the banks and houses, status symbols etc

No because if house price do collapse they will not get voted back in ie an Englishmans house is his castle

 

[Dalf]

I am actually in the middle of looking to buy a house and agree with you, having looked at properties about 6 months ago they do seem to have slightly risen. It's now put me in a situation, do I wait or do people think they will now be at a stable price?

 

[Octopus]

I am actually in the middle of looking to buy a house and agree with you, having looked at properties about 6 months ago they do seem to have slightly risen. It's now put me in a situation, do I wait or do people think they will now be at a stable price?

Who knows. The question you should ask yourself is do you want to commit to buying a house which you can alter, improve etc or do you want to pay increasing rent to a landlord who doesn't give a txss!

Sure mortgage rates will eventually rise but rental goes up year after year after year.

 

[Sharpend]

Did hear that interest rates are going to start rising within next 6-12 months. Oops!

dont agree that rents go up each year, in 10 years I've had one increase!

 

[Dalf]

I am actually in the middle of looking to buy a house and agree with you, having looked at properties about 6 months ago they do seem to have slightly risen. It's now put me in a situation, do I wait or do people think they will now be at a stable price?

Who knows. The question you should ask yourself is do you want to commit to buying a house which you can alter, improve etc or do you want to pay increasing rent to a landlord who doesn't give a txss!

Sure mortgage rates will eventually rise but rental goes up year after year after year.

When you put it like that. The sooner I buy the better haha.
I don't think know one enjoys lining someone else's pocket with rent.
And to be fair the price of rental to mortgage repayments are roughly the same.

 

[Octopus]

Did hear that interest rates are going to start rising within next 6-12 months. Oops!

dont agree that rents go up each year, in 10 years I've had one increase!

Well, the city types expect rates to remian below 5% for the remainder of the decade. That said you need to get a fixed rate mortgage for as long as you can (probably 5 years at the moment) and make sure you can afford the costs of the house.

We remortgaged recently and I was amazed at how closely they looked at all our finances - when we last bought in 1997, they simply asked how much we would like, and how we were financing the deposit!

 

[Adam W]

Well said Adam, why are we obsessed with buying a house which generally takes a lifetime to pay for! You wouldn't spend a lifetime paying for anything else?
Rent and have the freedom to move when and where you like, in most circumstances have more available money in your pocket and none of the expenses. Life is for living!

I'm not saying people shouldn't own their own home, but homes should be bought as such, not to expect prices to rise above wage rates to make a tidy profit out of; remember when you sell a house you usually buy another one, so both houses should rise by the same rate.
All increasing house prices really do is price first time buyers out of the market, meaning they're stuck at the mercy of landlords, can't make their home their own, and can't progress to a bigger and/or nicer home - pay £400 a month on a mortgage and after 20 years you've saved a nice deposit on your next home for the same price every month. Pay £400 a month on rent and after 20 years you're still at square 1.

 

[dan86]

to be fair the price of rental to mortgage repayments are roughly the same.

not in my experience. usually rent costs more.
I've owned a house for a good few years now, and recently bought a new build. got a good price on it, and hopefully in time will make me a tidy profit.since I bought my other one, its value has increased. not by much, but it has gone up. I would encourage Anyone that can to buy a property.doesnt matter what it is, buy it. all you need is a 'step on the ladder' then it's easier from there

 

[sjhall]

The housing boom and low interest rates have stagnated the housing market severely, the boom a few years ago has made people unrealistic on what their property is now worth, or maybe it's just now closer to what it was always worth before irresponsible lending by the banks.... Low interest rates means people aren't forced to sell, so they just let their over priced house sit on the market forever.
Making money by just buying a house and owning it for a few years is a thing of the past excluding certain parts of London..... Years of stagnation ahead. All IMO