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Housing market

Seeker_UK said:
Good point - although, if a majority are in that situation, I expect mortgages will be available.

Luckily, I was able to buy within my means and so am out of that game.
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Mortgages will be available but they will be the least competitive ones. So the ones that need the best interest rates to get outta the mess can't access them. The bank wins again.

We ARE going to see this play out..
 
andyoz said:
We ARE going to see this play out..
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I’ve thought this a couple of times previously but the can has always been kicked again. Do you think a govt would watch tens of thousands of repos and families made homeless, as they did in the early 90’s? That’s what’s going to have to happen to see this play out.
 
Ponty said:
Interesting graphic. The solution appears to be move north if you want a house!

They might soon need to update some of the numbers however…

https://www.bbc.co.uk/news/business-65876570
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The chaps who joined my team in Liverpool as 20 something "apprentices" are now late 20's and have bought or are planning to buy houses. The people in our main team at Hatfield are not....

https://www.rightmove.co.uk/properties/135353453#/

https://www.rightmove.co.uk/properties/134029916#/

https://www.rightmove.co.uk/properties/135932915#/
 
Ponty said:
I’ve thought this a couple of times previously but the can has always been kicked again. Do you think a govt would watch tens of thousands of repos and families made homeless, as they did in the early 90’s? That’s what’s going to have to happen to see this play out.
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No, but they could allow banks to play with them for a good few years in the Negative Equity trap.
 
andyoz said:
No, but they could allow banks to play with them for a good few years in the Negative Equity trap.
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Yes, they could, as per the Northern Rock mortgage prisoners. Ultimately though, for meaningful price falls, motivated / forced sales are required.
 
The Tories will do what they can, with the help of BoE and their City friends, to keep negative equity in check so that the inevitable next Labour Govt gets the political hit from it.
 
Ponty said:
Close Brothers. They do cash ISA’s too (at slightly lower rates) if that’s your bag. Even instant access is 3.5% (as is Marcus). Think there might be slightly better instant access around but I like solid banks.

https://www.closesavings.co.uk/personal/savings-accounts/fixed-rate-bond
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The Post Office/Bank of Ireland are currently doing 3.65% Instant Access, but only good for 12 months from opening the account, after that it reverts to 1.04%. https://www.postoffice.co.uk/savings-accounts/online-saver
 
unclepuncle said:
The Tories will do what they can, with the help of BoE and their City friends, to keep negative equity in check so that the inevitable next Labour Govt gets the political hit from it.
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Maybe it's just me, but the last year or so is a prime example of how your can't 'control' economics and the game may be up...this is the first real test of buyers deferring their house purchases in at least a decade.
 
Andrewxyz said:
I'm just looking for somewhere to stash a redundancy package & pension/AVC lump sum while house prices drop a bit further!
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Clearly depends on individual circumstances but might be worth filling ISA’s first, even if rates are slightly lower and you need to pull it out later. If you’ve got a lumpy sum, you’ll soon whiz past the current tax free thresholds for interest received, even quicker if a higher rate taxpayer.
 
Andrewxyz said:
I'm just looking for somewhere to stash a redundancy package & pension/AVC lump sum while house prices drop a bit further!
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Easy access ISAs protect from tax
Chase easy access pays 3.3% Apr paid monthly but taxable.
Premium Bonds returns are tax free and virtually easy access.
 
andyoz said:
SVR's have soared so ones can't sit and wait it out.

Anyone remember the 3% interest rate increase "stress test" that made all the regulators feel warm and fuzzy.

Banks are reverting to form...they are not your friends and unfortunately a load of ones are realising that now.

What a total shit show this is becoming and it's only just started.
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yes my svr is 8.4 now :eek:
 
Bob McC said:
Easy access ISAs protect from tax
Chase easy access pays 3.3% Apr paid monthly but taxable.
Premium Bonds returns are tax free and virtually easy access.
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S&S ISA is maxed out for this year, as are premium bonds. Maybe I'll buy some lottery tickets... ;)
 
Two mid-price properties in the pretty Suffolk village I live in have had sales fall through so things are changing. I have also noticed that sale boards are hanging around for quite a while over this past year.
 
Snufkin said:
Two mid-price properties in the pretty Suffolk village I live in have had sales fall through so things are changing. I have also noticed that sale boards are hanging around for quite a while over this past year.
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Yes, that's the best on the ground research anyone can do...the 'machine' is stalling
 
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