BOE's David Miles: House Prices will "Rise for Years"

Mr._Pricklepants

Jimmy_31 wrote: »

Society is falling apart day by day and you cant even see it.

No it's not.
Maybe round your way it is, but as you said yourself, you live in a crime ridden dump.

suburbanwifey wrote: »

For the last time, I am not this Mr Ree, I am female and don't even know him. Sorry if I often agree by default with what he says! Its nice to see he agrees with some of my opinions if that is the case

Ignore them, suburbanwifey.
They said I was Mr. Ree also.
Anyone who agrees with them is a sockie in their mind. They can't get it into their thick skull that there might be more than one person with the same view.

Emy1501

suburbanwifey wrote: »

I've often wondered about this: you say it would take 3 or 4 years to save that deposit. In the meantime, during that 3 to 4 years they are saving, house prices keep going up. So, when the 4 years passes, they need to save still more? how does that work, do they ever catch up when they have to save for so many years now? (house prices keep going up in those years! surely better to get a 100% mortgage and be paying that mortgage off in that 4 years no?)

House prices are going nowhere now and haven't for 5 years now. As I say flat prices in my area probably where they were in 2006 so at the moment no problem.

100% mortgages are over now and with this idea you are losing 16% of any future HPI plus probably paying through the nose for the mortgage.

ukcarper

Emy1501 wrote: »

Not in the South East where I live. Average 2 bed flat around 180-200k. so repayment mortgage about 1k-1250. Average rental price for for a 2 bed flat about £750-£850 and for a 1 bed about £600-£700. Also someone would be mad to take out a repayment mortgage if they can only just afford the repayment figures.

Young couple should be able to save at least 6k or so a year and therefore have their 10% deposit within 3-4 years.

Well I also live in the Southeast and an average 2 bed flat is £125k rents about £750 repayment mortgage at 5% is £739.

suburbanwifey

Emy1501 wrote: »

House prices are going nowhere now and haven't for 5 years now. As I say flat prices in my area probably where they were in 2006 so at the moment no problem.

100% mortgages are over now and with this idea you are losing 16% of any future HPI plus probably paying through the nose for the mortgage.

I have to disagree. Maybe in your area they are going nowhere and haven't over the last 5 years, but that isn't the case all over the UK. I think we are all going to see this differently as we all come from different parts of the UK.

I'd rather pay through the nose for a mortgage on my own bricks and mortar than rent. I made a good judgment buying my first home when I was 19, I struggled like you wouldn't imagine back then, porridge for dinner etc and going out when down the pan. But, its always best to have that struggle initially, as one day its worth it. I wouldn't be mortgage free by mid-forties as I am now, if I had not taken that first step, lived with the hard times and struggled as I did. Had I gone into renting, my rent now would be crippling me and it is a bill I would have had until I died. I would always take a 100% mortgage over rent and guess what, my first mortgage was a 100% mortgage and my last one was 95%. I've never put all my money into a deposit and it hasn't hurt me nor lots of others who did that.

Emy1501

ukcarper wrote: »

Well I also live in the Southeast and an average 2 bed flat is £125k rents about £750 repayment mortgage at 5% is £739.

where in the south east is the average 2 bed flat 125k

suburbanwifey

Mr._Pricklepants wrote: »

No it's not.
Maybe round your way it is, but as you said yourself, you live in a crime ridden dump.



Ignore them, suburbanwifey.
They said I was Mr. Ree also.
Anyone who agrees with them is a sockie in their mind. They can't get it into their thick skull that there might be more than one person with the same view.

I'm sorry to say but I think the problem they have is the one's with the 'same opinion' who all get told are you, me, Mr Ree or the lovely Sibley, have all prospered and done well. I think that is the cause of the problem and bitterness here.

ukcarper

Emy1501 wrote: »

where in the south east is the average 2 bed flat 125k

Ok so that is one of the cheaper 2 bed flats but very similar to the ones available to rent at £750 Hampshire by the way.

Coeus

Its been nearly a year since I posted on this debate forum and sadly I see the maturity of some remains akin to that of a 13 year old high school boy - this is you Sibley!

I'm all for a reasoned debate, in fact thoroughly enjoy it, but the use of emotive language which constitues yours (and others to be fair) posts demeans your arguements.

I will be a FTB in later this year thus in run up will ideally wish to see stagnation or as has been in the North West decreases in housing prices. Naturally I will desire increases from the point of ownership but no side has convinced me of anything over than stagnation in the short term. Fortunately mortgage rates (with some exceptions) are unlikely to increase over the short term (2~3 years IMO) thus I can fix at a historically low long-term rate.

Once I acquire my property I hope I will continue to maintain and rational mindset to such debates (impressed with your tempered and logical arguements suburbanwifey!) and not devolve into an apparent blind sided irrational affliction that haunts some poor folk on this forum!

Peace all

suburbanwifey

Coeus wrote: »

Its been nearly a year since I posted on this debate forum and sadly I see the maturity of some remains akin to that of a 13 year old high school boy - this is you Sibley!

I'm all for a reasoned debate, in fact thoroughly enjoy it, but the use of emotive language which constitues yours (and others to be fair) posts demeans your arguements.

I will be a FTB in later this year thus ideally will see stagnation or as has been in the North West decreases in housing prices. Naturally I will desire increases from the point of ownership but no side has convinced me of anything over than stagnation in the short term. Fortunately mortgage rates (with some exceptions) are unlikely to increase over the short term (2~3 years IMO) thus I can fix at a historically low long-term rate.

Once I acquire my property I hope I will continue to maintain and rational mindset to such debates (impressed with your tempered and logical arguements suburbanwifed!) and not devolve into an apparent blind sided irrational affliction that haunts some poor folk on this forum!

Peace all

I think you are doing the right thing buying, good luck for searching for and acquiring your new home (when you do!). I originate from the NW (though I'm trying to get rid of my Lancashire accent as I so prefer Scottish ) I agree rates will be low long term. Good luck.

Emy1501

ukcarper wrote: »

Ok so that is one of the cheaper 2 bed flats but very similar to the ones available to rent at £750 Hampshire by the way.

Rightmove does not seem to support those figures. page 20 for 2 be flats for sale in Hampshire shows a figure of about 270K and on the rental side its about £1100.