House prices. It has begun

marantz1300

Good news for the younger generation.

every cloud has a silver lining.

stickyfiddle

spark240 said:

stickyfiddle said:

It hasn't begun yet. If "the fear" take hold and demand drops we might see a bit of a drop, but nothing will crash unless they increase interest rates.

That said, Mark Carney (head of BoE) was saying today that people taking mortgages at the moment should be careful, so maybe a rate hike might be coming in the next few months.

Last week Carney intimated a possible BB cut to 0.25% ..? 

I suspect they're keeping their options open, but without being sure exactly what will happen over the next year or 2 other than "turbulence", they don't want people getting into mortgages they can't afford if things get tough. 

ennspek

ThorpyFX;1139584" said:

Well, me and my wife get the keys to our first house in Friday..... This turbulence has really put a damper on the situation

Don't mate, just enjoy it. It's a bit like having a child, there's never a perfect time. It'll all come out in the wash!

richardhomer

ThorpyFX;1139584" said:

Well, me and my wife get the keys to our first house in Friday..... This turbulence has really put a damper on the situation

I agree with @ourmaninthenorth - celebrate it.

Whether the price falls, stays where it is, or rises in the short term doesn't matter - it makes more sense than renting.

Enjoy your home and forget about the 'business' side of it.

Over time, houses always pay you back....

breakstuff

I'm of the opinion that if my house price falls I'm not that bothered as I've no intention of moving for at least another fifteen years,by which time it 'should' have risen significantly again (hopefully).

WezV

I have no plans to move, but I was hoping to remortgage this year. Was hoping the house value may have increased enough to get a better LTV.

Might just go for a 5 year fixed asap to weather the potential storm

ThorpyFX

ennspek said:

ThorpyFX;1139584" said:

Well, me and my wife get the keys to our first house in Friday..... This turbulence has really put a damper on the situation

Don't mate, just enjoy it. It's a bit like having a child, there's never a perfect time. It'll all come out in the wash!

I guess thats right! 5 year fixed, and to be fair it is supposed to be our forever home.... so we don't plan on selling.

Dominic

Complete rubbish ..........already seen 3 properties sell in the last 2 days for a better price than they were expecting a month ago

( I am not an estate agent )

 Zoopla indices are a modelled data collect and assess and can be wildly inaccurate ......in fairness they are not so bad in an area where there are road upon road of facsimile terrace houses or estates of identical modern clone houses but in mixed roads and areas they are hopeless.........there are roads in my area where identical houses on one side of a street can fetch £400 -500k more than the opposite side due to garden size and the train cutting on one side and another road with the same scenario but lesser difference as the school catchment changes.

octatonic

ThorpyFX said:

Well, me and my wife get the keys to our first house in Friday..... This turbulence has really put a damper on the situation

Congratulations.

chrisj1602

I work for an estate agents. We have had a couple cheeky offers using the Brexit line, but the vendors have rejected them. Nothing has really changed, I'm just as busy. It might change, but it hasn't yet.

richardhomer

chrisj1602;1139734" said:

I work for an estate agents. We have had a couple cheeky offers using the Brexit line, but the vendors have rejected them. Nothing has really changed, I'm just as busy. It might change, but it hasn't yet.

Funnily enough a friend who works for a local agent told me that their last three new instructions have sold for over the asking price.

Their issue is the lack of new instructions. Valuation enquiries do seem to have taken a hit - so ironically it's the supply side, rather than demand from buyers which seems to have been affected.

Dominic

The two are inevitably linked by the laws of Keynsian economics ,No ?