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Debate House Prices
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House prices bottomed ?
Comments
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inspector_monkfish wrote: »does it?
when will that be then ???
Longer term fixed rates are now over 7% for 7 year fixes with 2 major lenders.
5 year rates are over 6%.
This doesn't include the fees either.
Mortgage rates have detached themselves from BOE base.0 -
Thrugelmir wrote: »Longer term fixed rates are now over 7% for 7 year fixes with 2 major lenders.
5 year rates are over 6%.
This doesn't include the fees either.
Mortgage rates have detached themselves from BOE base.
that's dependent on whether they're a house mover or FTB right?
it would also depend on their LTV.
i think 6%ish is higher end of the LTV's - 5% is good for hlower LTVs0 -
that's dependent on whether they're a house mover or FTB right?
it would also depend on their LTV.
i think 6%ish is higher end of the LTV's - 5% is good for hlower LTVs
As Lloyds controls around 30% mortgage market share. I'll use their rates.
7 Year Fix - LTV 75% - 6.39% - Fee £995
7 Year Fix - LTV 60% - 6.09% - Fee £995
Interestingly on Halifax
5 Year Fix - LTV 85% - 90% - 7.49% - Fee £995
Very quietly rates are changing as each tranche is sold out.
Expect major headlines next week.0 -
Thrugelmir wrote: »
Very quietly rates are changing as each tranche is sold out.
Expect major headlines next week.
Are you saying that prospective buyers may be very quietly 'missing the boat'
(a phrase for AD it is his favourite you know) 'Just think for a moment what a prospect that is. A single market without barriers visible or invisible giving you direct and unhindered access to the purchasing power of over 300 million of the worlds wealthiest and most prosperous people' Margaret Thatcher0 -
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I don't need to (rents are cheap) - that is the whole point.Up to you, but I wouldn't hold your breath.
If prices don't come down again, I may never buy. That's unlikely and would not be ideal, but it wouldn't be a disaster either. I'd rather rent and keep my wealth in other assets than waste my life servicing a debt. In particular when it is entirely possible that the asset I buy that debt with reduces in value in real terms.0 -
Bluebirdnick wrote: »I don't need to (rents are cheap) - that is the whole point.
If prices don't come down again, I may never buy. That's unlikely and would not be ideal, but it wouldn't be a disaster either. I'd rather rent and keep my wealth in other assets than waste my life servicing a debt. In particular when it is entirely possible that the asset I buy that debt with reduces in value in real terms.
I pay less in mortgage than I would in rent and I bought within the last 4 years.
The house price is pretty stable too, it hasn't decreased in value (yet).Favourite hobbies: Watersports. Relaxing in Coffee Shop. Investing in stocks.
Personality type: Compassionate Male Armadillo. Sockies: None.0 -
I'd rather wait until December and then see where the housing market is before asking "has it bottomed out". Perhaps it has. But now is absolutely the wrong time to try and figure out the answer in my book. If houses sell in the depths of winter (and more's the point don't lose value as sales are always slow in winter), then you know things are levelling out.
Given we've just sold and are going to rent for 6 months though, I'd rather any "bottoming out" happened sometime next year. So I am biased in that respect!! If rates go shooting up, we'll just have to rent through the worst of it. We have around 40 - 50% LTV so would get the best of a bad lot in any event.
I don't see any real house price "rises" for years though. Which is good news for all FTBs. Bad news for the "I'm all right Jack" brigade though. Ah well.
For now the area we like is dropping....still. yay.0 -
Bluebirdnick wrote: »I don't need to (rents are cheap) - that is the whole point.
If prices don't come down again, I may never buy. That's unlikely and would not be ideal, but it wouldn't be a disaster either. I'd rather rent and keep my wealth in other assets than waste my life servicing a debt. In particular when it is entirely possible that the asset I buy that debt with reduces in value in real terms.
Over time equlibrium will return to the market. Again it will cheaper to buy a house on a 25 year mortgage , than rent.
We have several years of correction to the housing market. It took 14 years to arrive where we are today. It'll be a long drawn outunwinding process.0
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