MSE News: House prices up at fastest rate for three years

Doc_N

Expect things to get a lot worse, a lot more quickly:

"The next phase of the Help to Buy scheme will start within the next few weeks instead of January, the Conservatives announce, as their party conference opens."

Madness - creates a facade of help, whilst actually driving prices further out of the reach of even more people. Quite apart from the high risk of people being forced out of their homes when interest rates rise.

Do politicians never learn anything? We really are blessed with a stunningly thick collection of morons.

Turnbull2000

There's a lot of moaning on this thread! But I suppose the hard-pressed families this scheme is designed to help are fast asleep after another week of struggle.

SG27

Turnbull2000 wrote: »

There's a lot of moaning on this thread! But I suppose the hard-pressed families this scheme is designed to help are fast asleep after another week of struggle.

More likely they can see through it as the terrible idea it is!

Sinked_boat

I'm stuck in a chain, also a first time buyer. If we don't get this house there is 0 chance of getting another one like it. I just want to exchange

Mickygg

I own a house and like to see prices edge up. But only edge up.If you are planning to always have a house, it doesn't matter what house prices do. In fact it would be better for them to stay lower then it wouldn't cost so much to move and pay even more money to EA.
However of course the good think is moving up the ladder and then when you downsize in years to come. If in 30 years time house prices have gone up 200% then this would suit me to free up £500k for my retirement.
Short term fluctuations mean nothing to me. It's a worry though for kids in the future.

Mickygg

seradjernie wrote: »

I'm stuck in a chain, also a first time buyer. If we don't get this house there is 0 chance of getting another one like it. I just want to exchange

Yes this is a problem with rising prices, if your chain breaks and you start again in 4 months then you may have to pay more.


Good luck.

makeyourdaddyproud

bitsandpieces wrote: »

...rental and purchase prices of other properties will also have gone up.

Not everywhere.

Owning a £200k house rising to £400k is nothing like a £650k house rising to £1.3m.

So I can downsize to your house with £900k in my pocket but your mate down the road has £0.

So rising prices doesn't matter?

happenstance

I own my house outright and would like house prices to halve. I worked very hard to be mortgage free in my 30s and i knew when paying for my house it was vastly overpriced but if I wanted to stay in the UK then I have to play this stupid pyramid scheme. My house purchased is still pretty much the same value i paid i think bar the DIY costs i've done on it.

They will not crash until after the election.

High house prices divert money away from productive investment, its destroying the economy! They are bad bad bad bad bad for the country, but everyone likes to feel rich and get money for nothing.

Minrich

Look at what proportion of income is now spent on housing costs ! This figure is higher than it has ever been , paying a mortgage and associated costs does nothing to stimulate the economy . As the proportion of your actual income rises the worse it is for the economy as a whole . Everyone will pay their housing costs first , everything else comes second . So the more you spend on a house the less you spend on other goods and products and therefore to the detriment of the economy as whole

bitsandpieces

makeyourdaddyproud wrote: »

Not everywhere.

Owning a £200k house rising to £400k is nothing like a £650k house rising to £1.3m.

So I can downsize to your house with £900k in my pocket but your mate down the road has £0.

So rising prices doesn't matter?

I did say "unless you're planning on downsizing". Absolutely, if you're moving to a cheaper part of the country (or another country, or a smaller property, or social housing) you can cash if price rises mean you can sell your current place for a higher price.