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Is this buyers remorse?

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Comments

  • 02346631
    02346631 Posts: 61 Forumite
    First Anniversary Combo Breaker
    Crashy_Time wrote: »
    Basically you could get cheap deals from private landlords looking for long term tenants when interest rates were 5%+ and before the BTL mania took off, and you will still be able to find good deals from good private landlords after rates rise and the BTL mania is dead. Interest rates probably won`t rise much until there is a serious market crisis, EZ break up would do it if that happens at some point, more likely is another big debt/credit bust and a recession, good luck raising rents in that climate. Most sensible people know that the only way the UK will prosper going forward is if housing costs drop dramatically, it is just a case of watching it all unwind now IMO.

    There a strong case for a correction in house prices in the South East for sure but I don't think that's going to happen in the rest of the UK. Areas are still reasonably priced in many parts of the UK. Where do you live currently out of interest?

    If you think that millions of people being in negative equity is good for the UK then you are badly mistaken I feel!
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    First Post
    02346631 wrote: »
    I like the way you jump from one thing to another :D

    I'm still wanting to know how people can end up paying a mortgage past retirement age.
    \/ \/ \/ \/ \/
    Crashy_Time wrote: »
    By the time most recent buyers in the South and London especially finally manage to pay off their mortgage they will be in the retirement home anyway, so what is the difference?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    02346631 wrote: »
    There a strong case for a correction in house prices in the South East for sure but I don't think that's going to happen in the rest of the UK. Areas are still reasonably priced in many parts of the UK. Where do you live currently out of interest?

    If you think that millions of people being in negative equity is good for the UK then you are badly mistaken I feel!


    I live in a bunker in a secret location. Can you point me to an area in the UK where there is a healthy turnover of sales at reasonable prices?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    bertiewhite wrote: »
    I'm still wanting to know how people can end up paying a mortgage past retirement age.
    \/ \/ \/ \/ \/


    http://home.bt.com/lifestyle/money/mortgages-bills/more-people-needing-a-mortgage-beyond-the-age-of-65-11363988579789


    As I said, the ONLY sensible solution is for house prices to drop, a LOT.
  • bertiewhite
    bertiewhite Posts: 1,904 Forumite
    First Post
    Crashy_Time wrote: »
    http://home.bt.com/lifestyle/money/mortgages-bills/more-people-needing-a-mortgage-beyond-the-age-of-65-11363988579789


    As I said, the ONLY sensible solution is for house prices to drop, a LOT.

    That article says more stringent lending criteria means that less lenders are willing to give mortgages to older borrowers (something I know from experience) so I don't know how more people will be paying into retirement age.

    Still doesn't answer the fact that EVERY renter will be paying for the rest of their lives.
  • 02346631
    02346631 Posts: 61 Forumite
    First Anniversary Combo Breaker
    edited 4 September 2017 at 3:58PM
    Crashy_Time wrote: »
    I live in a bunker in a secret location. Can you point me to an area in the UK where there is a healthy turnover of sales at reasonable prices?

    Ok so we've gathered that you live in the South East, good stuff :D

    There isn't enough housing stock in the UK to show a healthy turnover. That's whats influencing house price increases more than anything, basic supply and demand. I'm not denying there needs to be a correction in house prices in certain areas btw.

    I'm not overstretching myself by any means either, I wouldn't do that. I can assure you my mortgage payment (fixed for 5 years) is £150-200 a month less than renting. This is the same concept in the rental market, if there's more people looking to rent, what do you think is going to happen to the prices?

    The house builders are inflating the market by not building enough new properties to meet the demand. If the government can find a way around this then we'll see a sensible correction for sure. If that ever happens anyway, the Tories won't do anything about it that's for sure.

    This of course all goes to pot if North Korea decides to drop a nuke but the whole world market is vulnerable to large events like that. You seem to be totally obsessed with house prices btw, where on earth does that come from! Not the most interesting subject in the world lol.
  • Tiners
    Tiners Posts: 232 Forumite
    02346631 wrote: »
    There a strong case for a correction in house prices in the South East for sure but I don't think that's going to happen in the rest of the UK. Areas are still reasonably priced in many parts of the UK. Where do you live currently out of interest?

    If you think that millions of people being in negative equity is good for the UK then you are badly mistaken I feel!

    This is a commonly held misconception... just take a closer look at LOCAL job opportunities and LOCAL average wages in these so called ''reasonably priced'' areas and you'll see that local average house prices are still many multiples of local average incomes.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    bertiewhite wrote: »
    That article says more stringent lending criteria means that less lenders are willing to give mortgages to older borrowers (something I know from experience) so I don't know how more people will be paying into retirement age.

    Still doesn't answer the fact that EVERY renter will be paying for the rest of their lives.


    How else will they clear their bubble loans, especially if interest rates rise?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    02346631 wrote: »
    Yeah i'm renting at the moment and have always rented. I'm lucky my landlady has never increased my rent in the 3 years I've been there because an equivalent sized flat in the same area costs £200+ more now.


    Are you renting, or do you have a mortgage?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    02346631 wrote: »
    Ok so we've gathered that you live in the South East, good stuff :D

    There isn't enough housing stock in the UK to show a healthy turnover. That's whats influencing house price increases more than anything, basic supply and demand. I'm not denying there needs to be a correction in house prices in certain areas btw.

    I'm not overstretching myself by any means either, I wouldn't do that. I can assure you my mortgage payment (fixed for 5 years) is £150-200 a month less than renting. This is the same concept in the rental market, if there's more people looking to rent, what do you think is going to happen to the prices?

    The house builders are inflating the market by not building enough new properties to meet the demand. If the government can find a way around this then we'll see a sensible correction for sure. If that ever happens anyway, the Tories won't do anything about it that's for sure.

    This of course all goes to pot if North Korea decides to drop a nuke but the whole world market is vulnerable to large events like that. You seem to be totally obsessed with house prices btw, where on earth does that come from! Not the most interesting subject in the world lol.


    So it`s a mortgage? Any Buyers Remorse yet?
This discussion has been closed.
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