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Housing market

My daughter bought her first home a little over 18 months ago. Although the value is almost flat her mortgage is less than rent would be.

That's good going. Not only can I not afford to buy anything I'd want to live in but I checked this week and mortgage repayments for the place I'm renting would be £100p/m more than my rent payments are and I'm already paying my max rent.

Aside from a titanic housing crash I've pretty much given up, 30/40/50k deposits are cloud cuckoo land at my age.
 
I think it would be a sign that the world’s gone mad if the BoE raises interests rates because tomatoes, cucumbers and lettuce are more expensive in February.
 
Maybe. Mortgages have already gone 2X, 3X and more in terms of monthly payment. If that was sustainable and affordable, prices would have been (even) higher when everyone thought ZIRP was with us forever. Let alone the cost of everything else going up. This will be like a dripping tap. The first time buyers can’t afford anything, then month by month, more mortgages double as their cheap rates end. Eventually, the sink overflows.
 
Can someone please explain the logic behind local occupancy restrictions? Especially the bit about its ok to buy a property if you are going to turn it into a holiday let but not ok if you work just outside the park boundary.
 
Can someone please explain the logic behind local occupancy restrictions? Especially the bit about its ok to buy a property if you are going to turn it into a holiday let but not ok if you work just outside the park boundary.
That does sound daft. If it’s your only property then it shouldn’t matter where you work, you’ll still be part of the local community and buying goods locally. Can you make yourself based from home, even if it’s just a contractual detail rather than reality?
 
Can someone please explain the logic behind local occupancy restrictions? Especially the bit about its ok to buy a property if you are going to turn it into a holiday let but not ok if you work just outside the park boundary.
yes i see these a bit .often well priced to protect locals i guess
 
I just hope that raising interest rates will eventually bring house prices back to where they should be.
Affordable for everyone
We still haven’t seen a decrease in Bucks prices but it must be coming.
I am willing to pay more if it means change.
Bloody useless government’s, banks etc.
 
Maybe. Mortgages have already gone 2X, 3X and more in terms of monthly payment. If that was sustainable and affordable, prices would have been (even) higher when everyone thought ZIRP was with us forever. Let alone the cost of everything else going up. This will be like a dripping tap. The first time buyers can’t afford anything, then month by month, more mortgages double as their cheap rates end. Eventually, the sink overflows.

It also takes time for the number of forced sellers to accumulate in a falling market. In addition to mortgage rate adjustments there will be deaths, downsizes, new jobs / relocation all accumulating. For a while asking prices can appear to remain stickily high, only because a substantial percentage of the sellers don't have to move. Plus a lot of sellers chase the market downward over 12+ months because they won't accept reality early on.
 
It also takes time for the number of forced sellers to accumulate in a falling market. In addition to mortgage rate adjustments there will be deaths, downsizes, new jobs / relocation all accumulating. For a while asking prices can appear to remain stickily high, only because a substantial percentage of the sellers don't have to move. Plus a lot of sellers chase the market downward over 12+ months because they won't accept reality early on.

Indeed. One tiny data point: last week I asked an agent I was having a conversation with about a property on their books that I might be interested in viewing but I thought the asking price for to be unrealistic. Back came the story: they had an agreed sale last autumn at a higher price that got torpedoed in the Truss/Kwarteng chaos and the vendor is still clinging to the belief that another buyer will come in with something similar. Now it's off the market while they do a bit of decorating and carpet replacement in the probably vain hope that will somehow magic up 20k more than it's worth.
 


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