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Mortgage in principle agreed while I have nowhere to live + Brexit. Confused.

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Comments

  • jonnygee2
    jonnygee2 Posts: 2,086 Forumite
    1,000 Posts Second Anniversary Name Dropper Combo Breaker
    Unless prices crash and interest rates go up?

    Fix ten years - it's what I did recently!

    That said a rapid interest rate is unlikely - it would destroy the economy. Even if investors started to rout on the £, I don't think they could raise interest rates by more than 1%.

    The bigger worry for most people will be that they will lose their job and become unable to afford the mortgage.
  • gettingtheresometime
    gettingtheresometime Posts: 6,911 Forumite
    Part of the Furniture 1,000 Posts Name Dropper I've been Money Tipped!
    Crashy_Time wrote: »
    That`s right, sales transactions are plummeting anyway, and rents are also falling I believe.

    So that's why a house by me sold for it's asking price within 10 days & another sold, again for its asking price, on the day it went on sale.

    & I live in what's considered a deprived area
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    gettingtheresometime wrote: »
    So that's why a house by me sold for it's asking price within 10 days & another sold, again for its asking price, on the day it went on sale.

    & I live in what's considered a deprived area


    So this invalidates the opinions/data in the article? Are you saying that transactions are rising?
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    AFF8879 wrote: »
    Has your rent been reduced then Crashy? You must be having your pick of the bedsits right now!


    No, my rent has always been low.
  • jimbog
    jimbog Posts: 2,300 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Crashy_Time wrote: »
    https://www.independent.co.uk/news/business/news/uk-house-prices-property-market-growth-sales-drop-england-wales-latest-a8590626.html


    https://www.theguardian.com/money/2018/oct/16/taxes-buy-to-let-landlords-rents-generation-rent-buyers

    From your links:
    The balance of supply and demand is unchanged and so are rents

    The data shows the average price in England and Wales rose 0.9 per cent
    Gather ye rosebuds while ye may
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Crashy_Time wrote: »
    That`s right, sales transactions are plummeting anyway,

    Merely a reflection of people moving less often. Ageing population being a contributory factor. Moving hassle is without any doubt a major hassle. Something I always say will never do again.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    jimbog wrote: »
    From your links:
    The balance of supply and demand is unchanged and so are rents

    The data shows the average price in England and Wales rose 0.9 per cent


    From my link...


    "In fact, real rents (adjusted for inflation) have fallen by 2.8% in the same period"


    ..and the other link is about falling transactions, a high headline price is meaningless if you can`t transact a sale.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Thrugelmir wrote: »
    Merely a reflection of people moving less often. Ageing population being a contributory factor. Moving hassle is without any doubt a major hassle. Something I always say will never do again.


    But the present (or just passed) bubble market relies on people moving a lot, borrowing a lot AND near zero interest rates, you mean all three of these things are going to disappear? Throw in the EZ woes and the crash will be mega!
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