House prices

Tfp

Tfp

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Unusual place I know to seek advice about house prices, but you do get all sorts of people on forums.

Prices in our area have gone up loads, never thought they'd go this high.

So my dilemma is whether to buy at the moment.

Some people tell me prices could crash again if interest rates climb.

Others tell me the demand is so high that they'll never crash, or even go down.

In the early 90's there was a crash, people then never thought it would happen.

I ask as the house I've always had my eye on has just come on the market, but it's so expensive.

Thoughts people, are interest rates going to rise considerably anytime soon?

Tim
 
wait till after the referendum, if we vote out then prices will fall as we will have a surplus of housing, there building like crazy at the moment, its just makes the economy look as though its going well when actually it cant continue, if we vote out then who is going to live in all these new houses=))
 
Tfp said:
Unusual place I know to seek advice about house prices, but you do get all sorts of people on forums.

Prices in our area have gone up loads, never thought they'd go this high.

So my dilemma is whether to buy at the moment.

Some people tell me prices could crash again if interest rates climb.

Others tell me the demand is so high that they'll never crash, or even go down.

In the early 90's there was a crash, people then never thought it would happen.

I ask as the house I've always had my eye on has just come on the market, but it's so expensive.

Thoughts people, are interest rates going to rise considerably anytime soon?

Tim
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One thing is for sure, you will be very unlikely to lose money on a house over the long term as prices will only ever go up. The longer you wait the more you will freeze yourself out of the market and the more you will need to save for a deposit, vicious circle. It's about buying what you can afford whilst ensuring you have enough to live on and taking interest increases into account. Never a sure fire science.
 
I believe the interest rate will go up if we vote out but saying that the Bank of Egnland has been contemplating putting them up anyway they have not so far as other factors have come into play at the vote meeting.
It is only a matter of time before they go up
 
You've only got to look at the history of investing in property.
Calculate the ratio in house prices to the average wage and it's obvious that house prices are over inflated.
Interest rates will never go up as quickly and as high as they did previously as it worsened the economy due to people just handing there keys back to the banks and seeking council property ( which they have probably now brought) interest rates will go up and when they do it will be minimal and very slow, so if your income is relatively secure and you can afford the house now then in my opinion go for it! There's nought safer than bricks and mortar lad
Unless you brought a z3m with low mileage :thumbsup:
 
Wow, some great replies, thank you.

I agree house prices are over inflated at the moment, ours is worth four times what we paid for it in 1999

Might just let the missus decide

They usually get their own way in the end don't they?
 
Tfp said:
Wow, some great replies, thank you.

I agree house prices are over inflated at the moment, ours is worth four times what we paid for it in 1999

Might just let the missus decide

They usually get their own way in the end don't they?
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Wise choice though it'll still be your fault if looneys move in next door ;)
 
Something is only ever worth what somebody else is willing to pay for it:thumbsup:
Unless your willing to downsize or live in a tent you haven't made a bean, but...... Your kids have!:whistle:
 
When we decided to buy our first house interest rates were around 15% as I'm sure a lot of us on here can remember. They may rise from the current level but we're unlikely to see them hit those levels too.

I'd say go for it if you think you can afford it.
 
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Tfp said:
Wow, some great replies, thank you.

I agree house prices are over inflated at the moment, ours is worth four times what we paid for it in 1999

Might just let the missus decide

They usually get their own way in the end don't they?
Click to expand...
Latest from Lloyds Bank economists is the earliest they expect a UK interest rate increase is Dec 2017..
But they've been wrong before.
Big debate at the moment if the ultra low interest rates we have seen over the past 7 years or so is the new norm or not. If not we should expect rates to very slowly rise back up to their previous long term average of 5%.
Personally, I would go for the dream house.
 
S54addict said:
Something is only ever worth what somebody else is willing to pay for it:thumbsup:
Unless your willing to downsize or live in a tent you haven't made a bean, but...... Your kids have!:whistle:
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not my kids, I will sell mine when I retire, then live happily ever after spending there inheritance, after all I earned it, not them.

just reread this post - errr I am talking about selling the house and not the kids if anyone was wondering.:)
 
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littlefeller said:
not my kids, I will sell mine when I retire, then live happily ever after spending there inheritance, after all I earned it, not them.
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Same here Jase, I've told our boys that our house is our pension fund.
 
they don't really need it today, it was different 30-40 years ago, someone dying could be just what was needed financially but the reality is today it would just get used to pay off debts.im not working my tits off to pay off someone else's debts, unless I dye suddenly before I get the chance to spend (now checking inside my sandwiches for anything that shouldn't be there:nailbiting::shifty:)
 
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