what a crazy housing market

SpiderLegs

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

Crashy_Time

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Slithery

Crashy_Time said:
...they don`t have the same level of choice regarding pricing as a FTB.

No, they usually have more. People that are selling and buying usually have equity in their current property meaning they are more able to accommodate an under-valuation.

Crashy_Time

Slithery said:

Crashy_Time said:
...they don`t have the same level of choice regarding pricing as a FTB.

No, they usually have more. People that are selling and buying usually have equity in their current property meaning they are more able to accommodate an under-valuation.

Unless they are downsizing they won`t have much wiggle room, and many will be psychologically invested in a certain price level giving them even less choice IMO. Not sure how a FTB could be less able than a seller to "accommodate" an under-valuation though?

ACG

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Your STILL at this. 
How many years have you been saying house prices will drop for? It feels like at least a decade! 

I bought my first home in 2013 for £85k I sold it in 2017 for £155k (admittedly I did spent about £10k doing it up). 
I have just checked and the same properties are now between £185k and £220k depending on how nicely done up they are and these are SSTC. 

In 4 years they have gone up say £50k or 25% give or take. 

SpiderLegs

ACG said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Your STILL at this. 
How many years have you been saying house prices will drop for? It feels like at least a decade! 

I bought my first home in 2013 for £85k I sold it in 2017 for £155k (admittedly I did spent about £10k doing it up). 
I have just checked and the same properties are now between £185k and £220k depending on how nicely done up they are and these are SSTC. 

In 4 years they have gone up say £50k or 25% give or take. 

Ah yes but it’s different now. This time its not Inflation, Brexit, landlords selling up, COVID, unemployment, millennials moving back home, end of stamp duty holiday or the imminent rise of 12 year emergency interest rates.

This time it’s China.

Be afraid viewers, the HPC is finally here!

robatwork

Crashy_Time said:

people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

The thing is - this advice is trite. You should always follow this advice in a rising, falling or stagnant market. If mortgage rates are 0.1% for another 25 years then your advice still holds. 

arrows123

Crashy_Time said:

arrows123 said:

Most people who rent pay more than a mortgage payment. It’s the affordability and deposit that stops them getting on the housing ladder. If you can pass those surely you’re better off paying into a mortgage than spending money down the drain on rent. Yes interest rates could go up but so could rental prices. 

You can`t walk away from a mortgage debt though if rates rise, a renter could go for a cheaper rental or as more and more young people are doing live with parents?

Same applies, you could sell the house and downsize, maybe not as easy but definitely doable. There’s always options. 

Slinky

ACG said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

Many have relied on it though, including people giving advice to "buy now"?

Crashy you have been advising people to not ‘buy now’ since you joined the forum. And everyone you have given that advice to would have been worse if if they had listened to you.

I am advising that houses are too expensive, and that the conditions that created this situation may not always continue, and that people should get the biggest price discount they can so they have as little mortgage debt as possible if mortgage rates do rise.

Interesting, what do you advise those who are moving to do? Should they sell for as much as they can so that on their next purchase they can have as little mortgage debt as possible if mortgage rates do rise?

In most cases they will sell for near the amount their buyer is told the valuation of their house/flat is, they don`t have the same level of choice regarding pricing as a FTB.

Well it seems that valuations keep on going up, and that there are lots of people willing to pay over and above them. Many of whom are FTB it would seem.

hey ho crashy, never mind. 

They were probably saying that in China until last week LOL...onward and upward.....

Your STILL at this. 
How many years have you been saying house prices will drop for? It feels like at least a decade! 

I bought my first home in 2013 for £85k I sold it in 2017 for £155k (admittedly I did spent about £10k doing it up). 
I have just checked and the same properties are now between £185k and £220k depending on how nicely done up they are and these are SSTC. 

In 4 years they have gone up say £50k or 25% give or take. 

7 years he's been a member of this forum handing out his 'advice'. Not even once has he raised a thread and asked for any advice from others about anything. He'd have been at least a third a way through paying off his mortgage by now if he'd bought in 2014.

newsgroupmonkey_

Slinky said:

7 years he's been a member of this forum handing out his 'advice'. Not even once has he raised a thread and asked for any advice from others about anything. He'd have been at least a third a way through paying off his mortgage by now if he'd bought in 2014.

IIRC, he's been a member of HousePriceCrash since the beginning in 2003. Sold his house and moved into digs years before he joined this place. Tells us all how he's got a great deal on his bedsit, whilst he would be 3/4 of the way through paying a brand new mortgage and has now priced himself out of the market, hoping that the market will crash sufficiently.

Problem is, if the market crashed by 50%, he's probably still priced out.

Anyway, to add something to the actual thread.....

I'm needing to move for work. Currently live in the middle of the country, but going to need to be done on the South Coast.

Whilst house prices aren't dissimilar to where I am now - a small 3 bed semi is around £300k, the availability is the key. Because everyone's working from home, they're all moving to the coast and anything that comes on the market lasts a couple of days before going SSTC.

We are in a good place and can sit out the madness for up to 12 months - I'll be working 2 days from the office, so will get a cheap Travelhovel one day a week, but this is (hopefully) going to be our foreverhome (we're late 40s) so I'll be jiggered if I'm going to be forced into buying something that's a compromise.

It's also going to be a slightly difficult ask - not pricewise, but location wise. We don't want to live anywhere particularly urban, but the wife insists on a village with good infrastructure and a decent shop (preferably something more than just a local, more like a Tesco Express type thing). We'd consider the edge of town, but the problem there is that towns expand. The town I previously lived in, I was on the edge of town when I first moved in 20 years ago. It's now another half mile to the edge of town with around 10,000 new houses.

Clearly, we're fairly immune from price rises - whatever we buy is probably going to rise in line where we are now (the area we are has gone up 20% in 2 years and becoming more sought after as it's within a couple of miles of a large town, so suits those working from home).