Is this buyers remorse?

gettingtheresometime

If it's any help son moved into his first home this week.


His first night, Thursday, was hard as there was literally none of his belongings there.


We've spent the weekend helping him move and he's said that it felt like his now.


Sometimes, you've just got to put your own stamp on things for your brain to kick in to the fact that it is yours (and the mortgage co!)

delirious

We've been in our current house for 3.5 years now, and I still think from time to time 'why did we buy this house', so it's completely normal.

We found a house that we absolutely loved, but its location was wrong (garden backed on to a busy A road so really noisy), so we settled for second best (which to be fair was about £10k cheaper). We spent close to 6 months knocking walls down, new kitchen, new roof on conservatory (from plastic to tile), redecorated every room in the house (except the downstairs toilet), and I still look at the house and don't like it at times, but it's our house and we're incredibly fortunate to own our own home.

I guess sometimes, you just have niggles, but all in all, very exciting being able to do what you like in your own house

Crashy_Time

armchaireconomist wrote: »

Credit availability? Mortgage lending is at its most stringent since 2008. Interest rates are irrelevant as they have to stress test you for affordability if they were to rise.


What sentiment? Can people just change their minds and decide, actually, they don't want anywhere to live?


Listen to yourself, crashy.

So house prices are at the correct level of affordability judging by your assessment.....:)

ReadingTim

Crashy_Time wrote: »

So house prices are at the correct level of affordability judging by your assessment.....:)

They're correct insofar as they're holding. Just as a crash, or boom would indicate they're incorrect.

That you don't think they're correct, or right, or fair, or just, or whatever, isn't relevant.

Crashy_Time

ReadingTim wrote: »

They're correct insofar as they're holding. Just as a crash, or boom would indicate they're incorrect.

That you don't think they're correct, or right, or fair, or just, or whatever, isn't relevant.

Great, but of no help whatsoever to people who actually want to sell their house, election results in Germany will see some volatility in credit markets IMO, it is going to get interesting for those who stretched to keep up with what they saw as ever rising prices.

armchaireconomist

Crashy, you still haven't answered my question:


In what way are prices being propped up by credit availability and interest rates if availability is on the decline and lenders must stress test against higher interest rates up to 6-7% for affordability?


With regards to house prices they're at the correct "affordability" in areas such as mine as we're not inundates with foreign investors - whereas in central London etc we're overrun with renters. Which brings me back to my first point...


Has it ever occurred to you that you don't know what you're talking about?

_CC_

Crashy_Time wrote: »

So house prices are at the correct level of affordability judging by your assessment.....:)

In much of the UK mortgage affordability is well within normal levels.



Granted, we have very low rates at present.

The question is, will they remain relatively low for the medium to long term? No-one knows.

A moderate normalising of rates would still ensure payments are within affordable levels in much of the country. Although of course an economic downturn could put a dent in that...

Crashy_Time

armchaireconomist wrote: »

Crashy, you still haven't answered my question:


In what way are prices being propped up by credit availability and interest rates if availability is on the decline and lenders must stress test against higher interest rates up to 6-7% for affordability?


With regards to house prices they're at the correct "affordability" in areas such as mine as we're not inundates with foreign investors - whereas in central London etc we're overrun with renters. Which brings me back to my first point...


Has it ever occurred to you that you don't know what you're talking about?

Yes, you are right, house prices are not being propped up like before, but low rates allow potential sellers to hang on to their delusions for a little while longer.

Crashy_Time

ReadingTim wrote: »

They're correct insofar as they're holding. Just as a crash, or boom would indicate they're incorrect.

That you don't think they're correct, or right, or fair, or just, or whatever, isn't relevant.

Most people think that the property market no longer functions in the best interests of most people, that has big political implications, and politicians will do whatever gets them votes.....

elliemet23

I really hope we dont get buyers remorse... We are due to exchange contracts tomorrow and get the keys next week. Hopefully we will still be as in love with the house when the building work starts!!

xxx