Is it a good time to buy a house and fix the interest rate for as long as you can?

RelievedSheff

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

grumiofoundation

RelievedSheff said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

I tried to make this point to Crashy on another thread (now deleted) but he told me off for trying to start a logical argument and stated that all that matters if prices drop is how much prices drop by, whether people can actually afford to buy properties is irrelevant.

(You couldn't make it up could you?)

SpiderLegs

RelievedSheff said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

Hurrah! House prices have dropped by 30% so now I can afford one. Granted there’s no houses on the market, the interest rates have rocketed, my rent has gone up and I’ve lost my job but hurrah!

RelievedSheff

SpiderLegs said:

RelievedSheff said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

Hurrah! House prices have dropped by 30% so now I can afford one. Granted there’s no houses on the market, the interest rates have rocketed, my rent has gone up and I’ve lost my job but hurrah!

Exactly. 

ShowMeTheDough

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

I don't visit these forums that much anymore, but when I do, I'm always sure to check this guy's still banging his drum about the impending doom the country is facing with regards to property prices. 

I bought my house almost 3 years ago having consulted this place first for the wealth of great information it has. 

Thankfully, Crashy's relentless efforts to put people off buying property in the hundreds (thousands?) of threads he comments on didn't work on me, and I'm now sitting here with a house worth 25% more than I bought it for (this isn't a gloat, it's just fact). 

I guess my point is this - he has the right to share whatever opinion he has, but there's clearly an underlying driver of bitterness and denial attached to all his posts, which isn't just boring, but unhelpful and potentially damaging to some people's decision making (should they opt to take what he continously says seriously, given the fact you learn quite quickly from other regular posters he doesn't even own a property). 

Apologies for the rant/observation, although I struggle to believe I'm the only one who feels this way. This isn't an attack on Crashy per sé - ultimately, trends for future property prices are anyone's guess and he has just as much right as anyone to share an opinion. He also had the right to deny/ignore facts that are forever thrown at him, but that's another story.

My advice to prospective buyers is this - if you want to buy a property and can afford all the associated costs - don't hesitate or avoid it simply because a single poster on here tries to put you off, as the chances are, you may regret it further down the line. History has shown us that prices always go up eventually, even if they 'stagnate' for a bit. There will be the unlucky ones who bought during the recession who haven't seen as great a rise, but if I were one of those, I'd still be delighted I wasn't paying off someone else's mortgage that whole time. I should point out I don't personally know one person living in a house they've bought who hasn't seen the price rise, and that includes those who have bought this year. 

Anyway, as you were.

Have a great festive period everyone 😊

SpiderLegs

RelievedSheff said:

SpiderLegs said:

RelievedSheff said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

Hurrah! House prices have dropped by 30% so now I can afford one. Granted there’s no houses on the market, the interest rates have rocketed, my rent has gone up and I’ve lost my job but hurrah!

Exactly. 

I suppose that mate of mine who sold up a long time ago to try time the market might do a bit better out of such a scenario though. Geoff from Maidenhead. Mid forties. Single no kids. That’s the guy. 

He flogged up and took a bit of equity out and has had to sit on it for nearly fifteen years now, he’s had it invested but the returns haven’t kept up anywhere near HPI + his rent costs. So he’s just burning cash away and getting increasingly frustrated.

I guess IR hikes and a mega HPC will help dull some of his pain. Terribly selfish though, he’d happily see everyone else who wanted to buy a house have to suffer just so he could claw back some of his losses. He’s the kind of person who will make up any kind of spurious reason to try convince others how great a HPC will be when really he knows that’s it’s just about covering up his own mistakes. We love him. Great guy Geoff is, just don’t believe anything he says.

Crashy_Time

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

 LOL, No, it already is "basic" it is just that loose lending and then zero interest rates to prevent price discovery have made it change hands for a lot of mortgage debt, it isn`t a "store of value" (not for the borrower anyway)

jimbog

SpiderLegs said:

RelievedSheff said:

SpiderLegs said:

RelievedSheff said:

SpiderLegs said:

Crashy_Time said:

SpiderLegs said:

Crashy_Time said:

lookstraightahead said:

SpiderLegs said:

lookstraightahead said:

jimbog said:

lookstraightahead said:

There are good deals out there but people want to pay over asking fir some reason.

The reason isn't difficult to fathom. Because there is only one house they want, and it's that one (location/look/style etc.) they will be prepared to go over the asking price to secure it. Renovations are particularly expense to undertake now and is extra hassle

It is unlike buying a particular model and make of a car where there is numerous availability that are all of a muchness

Yes there are some blinkered people who do that, I agree.
There are hundreds of thousands of houses available, and I agree, some just don't want to think outside the box.

How surprising that most people would rather not start winging it with the largest single purchase they will ever make.

Most people? How are people 'winging it' by looking at various options?

Exactly, LOL, if they do get forced into cranking rates a LOT of property is just going to be back to being four basic walls and a roof, not some form of gold dust that people have to "compete" over.

Wow. Poorer quality housing. Is that what you’re hoping for crashy? How very very sad.

LOL, no I mean the existing basic property that makes up much of the housing stock will just be priced as it should have been all along, not that they will somehow reduce it`s quality, that would be like the notion that houses disappear when landlords sell them, LOL.

Presumably existing basic property today is not basic four walls and a roof, but it will miraculously become that if the price drops.

I’m not really sure what that actually means crashy. How will it suddenly become basic?

Are you trying to make some vague point about how people may perceive owning a property if the minimum 60% price drop which you need to break even comes to fruition?

What I don't think Crashy realises is that for the massive house price drop that he is dreaming of to occur that there will have to be massive financial changes which will leave many people in financial hardship.

Those who are struggling to buy a house now will still be struggling to buy a house if prices drop and lending criteria tighten up.

Hurrah! House prices have dropped by 30% so now I can afford one. Granted there’s no houses on the market, the interest rates have rocketed, my rent has gone up and I’ve lost my job but hurrah!

Exactly. 

Terribly selfish though, he’d happily see everyone else who wanted to buy a house have to suffer just so he could claw back some of his losses. He’s the kind of person who will make up any kind of spurious reason to try convince others how great a HPC will be when really he knows that’s it’s just about covering up his own mistakes. We love him. Great guy Geoff is, just don’t believe anything he says.

Credit where it's due, as a former care worker Geoff would still get a round of applause from me

Crashy_Time

https://www.moneysavingexpert.com/news/2021/10/obr-warns-interest-rates-could-soar-as-inflation-may-head-to-5-4/

Could wages keep pace though?

TonyTeacake

For most people wages aren't keeping pace. I do think the in the next year or 2 we will start seeing a big change in house prices. It's not just interest rates that matter which do look like they maybe going up sooner rather then later so the BOE can curb high inflation, it is also affordability for mortgages has high energy costs being introduced from April and therefore higher costs for pretty much everything, this will surely impact people's spending power. Oh and let's not forgot what's going on in Ukraine as the effects of this are yet to be seen which could be catastrophic for many economies around the world.

Once all these high energy prices kick in I think a lot of people will be thinking twice about what they can actually afford to buy when looking for a house and the lenders will also be taking all this into account. A lot of people at the moment seem to be putting the high house prices down to supply and demand but personally I think there is more to it then this and we all know covid & the stamp duty holiday has accelerated the market but it definitely can't be sustainable. Also many companies are bringing staff back into the office as I have seen this first hand with my work.

The only thing I will say to the people who are thinking house prices won't decrease sharply that it is happened before and it can certainly can happen again so please don't be to surprised when this happens.