Housing Market

[Bibs]

Anyone got a crystal ball for the next 12 months?

We are looking to move and in the last 2 years prices really have gone nuts. One place up for £595k was bought by the vendors 18 months ago for £394k. Now they've done some work to modernise but that's some increase.

The major builders shares are plummeting, is this a sign? £1bn was knocked of their value last week alone and with the BoE having only interest rates to try to curb (global!) inflation I can only see them going one way for a while. 

Are we right to be looking now or should we be waiting 12 or even 24 months perhaps?

[New Emira]

Only distressed sellers are likely to be moving over the next 12/24 months which will limit your choice when looking. As we are now in a falling market buyers are likely to offer below your asking price putting you in a weaker negotiating position. Probably best to wait until there is more stability in the market unless you take a gamble and move into temporary accommodation until the ideal property becomes available. Prices have been forecast to fall between 15 - 25%.

[C8RKH]

Unless you really need to move, I'd sit tight @Bibs.

Less choice on the market now, but in 18 months there is likely to be a number of "forced" sales coming to the market, so some bargains likely but that is just likely to depress the market prices further.

[windymiller]

if your moving down in value now is the time !!! also the sale price of yours will be relevant to a higher priced house, a fixed deal on mortgages now maybe cheaper than in 18 months so it is kinda swings and roundabouts but do feel things are and will change

[TAR]

It must all be relative in that your house will have risen in value broadly in line with everything else? The trick is to sell while high and buy after the market has fallen. This is somewhat risky as a friend of mine found out, he rented for 18 months and saw prices continue to climb when he personally forecast a dip in the market  

[Bibs]

With interest rates potentially hitting 6% I think we'll sit pretty for now - One property we're selling is just about to exchange so we'll have the cash from that which looks to be nice timing and we'll see what happens over the next 6-12 months. We have another couple which we don't need to sell but could so might put one of those on the market now, well priced to get that done before it all goes wherever it is going! 

[Dan E]

Absolutely sit tight, I was listening to Jeremy Vine at lunch mortgage companies pulling deals left right and centre and they are predicting 5.8% interest rates by March next year. That is going to bugger a lot of people up!!

Its all f&6ked, I might have to sell my house to pay my energy bill next year😒

Batton down the hatches or leg it would be my advice!!

 

 

[Rambo]

More like 7-8% next March being realistic.

[C8RKH]

Jeremy Vine is a twit. As is many of his peers who all predicted and foretold energy bills would be £5k plus next year.

He has no crystal ball and is only looking for sensational headlines. No one knows in the current climate what really will happen.

So live within your means and put what you can aside.

Sensible is still the best approach.

[LotusLeftLotusRight]

Lots of predictable talking heads on telly today moaning about their mortgage repayments. Every time there’s an increase, we get the same comments, not so much when the interest rate falls though. For many people a mortgage is a 25 year commitment: no-one in their right mind can expect rates to stay the same over such a lengthy period. You’re going to get ups and downs. Of course even savers are shafted this time with inflation at 10.1%, so everyone loses.

[pete]

On 27/09/2022 at 16:38, Dan E said:

Absolutely sit tight, I was listening to Jeremy Vine at lunch mortgage companies pulling deals left right and centre and they are predicting 5.8% interest rates by March next year. That is going to bugger a lot of people up!!

Its all f&6ked, I might have to sell my house to pay my energy bill next year😒

Batton down the hatches or leg it would be my advice!!

 

 

or train bibs to be an electrician 

[Kimbers]

47 minutes ago, LotusLeftLotusRight said:

. Of course even savers are shafted this time with inflation at 10.1%, so everyone loses.

Yeah, not much been made of banks not increasing savers rates in line with increases. Take from you on one hand not give back on the other is their motto. I moved most of my savings to the Shawbrook Bank, which is a savers bank. I get 1.7% more NET in their instant access account than I do in my TSB cash ISA. I am one of the lucky ones who had their Mortgage deal come up for renewal in 2020 so totally by luck, fixed it to 2025 at 1.7%.

[Bibs]

We bought somewhere, we're moving 2 doors away but it's 2 doors closer to the pub so all good! 

Mortgage companies are at each other at the moment so we've got a below base rate (just) 2 year fix however the house is outrageously priced, but it is what it is nowadays. 

Should be moving in in about 8-10 weeks!

 

[Dan E]

Having seen it @Bibs I would recommend you do absolutely nothing with the decor and just buy 3 pairs of sunglasses it will be a whole world cheaper than redecorating it 😀obviously if you need some decent and very expensive electricians just give me a call.

[Bibs]

20 minutes ago, Dan E said:

some decent

Do you know someone?

It's in need of much de-cluttering!

I'll be dropping the furniture off to a skip I've arranged in Mottingham @Dan E, perhaps you and the commander can have a sift through and see if there's anything you like?! 

[Dan E]

if you can get the wallpaper off in one piece we are in 

[TdM]

Who have you gone with to get below Base rate? I assume it's a preferred rate deal, but even so that's a good deal these days!