Market slowdown coming? Wwyd?

tealady

Have you friends or relatives you could move in with? The way costs are going you may find someone who is willing to sacrifice a bit of space for a bit of extra income.
Could an Air band b suit?
Or a cheap hotel?
Somewhere in the back of my mind is the story of a couple who sold up and lived in a Travel lodge style hotel for YEARS. Dont know if that could be an option, of course the cost of storage needs to be taken into account.

lookstraightahead

I did just that - rented in our new area to become chain free and then made rental costs back on negotiation of the house we bought. 

We moved about 120 miles and it was ideal to get to know the area. Made some friends whilst renting who told us the good the bad and the ugly about the area. 

We cleared loads of old furniture that we didn't need to put in storage and when we bought it was a mile away from our rental. We had two months crossover and hired our own van and moved in bit by bit, giving us time to do a bit of DIY etc.

it worked really well for us. No problem finding somewhere to rent, small chain, got to know the area.

it might sound scary but for me it was the least stressful scenario. I didn't feel as though I was moving twice, I felt as though location was more important than trying to tie up a chain all in one go, possibly buying something in a panic. Once I was settled in my rental I could look around in peace. 

Thrugelmir

Sarah1Mitty2 said:

nick1234 said:

With rates rising today and inflation predicted to go 10%+ there is no way prices will keep rising, being chain free puts you in a very strong position in a Competitive market and if you pull out the sale you could have similar issues in the future eg your house selling and the new purchase falling through.  

Getting into a cheap rental seems a no brainer

Don`t you think they are exaggerating a bit though, trying to paint in more gloomy than it is, for what reason I`m not really sure?

Do you see any end to the conflict in the Ukraine or the lockdowns in China ? 

Woolsery

Thrugelmir said:

Sarah1Mitty2 said:

nick1234 said:

With rates rising today and inflation predicted to go 10%+ there is no way prices will keep rising, being chain free puts you in a very strong position in a Competitive market and if you pull out the sale you could have similar issues in the future eg your house selling and the new purchase falling through.  

Getting into a cheap rental seems a no brainer

Don`t you think they are exaggerating a bit though, trying to paint in more gloomy than it is, for what reason I`m not really sure?

Do you see any end to the conflict in the Ukraine or the lockdowns in China ? 

These and a few others are my thoughts too. Markets are surprisingly vulnerable to sentiment. With food and other shortages now built into what will happen towards the year's end, I doubt there's a prosperous time ahead for many of us.

Woolsery

lookstraightahead said:

I did just that - rented in our new area to become chain free and then made rental costs back on negotiation of the house we bought.

We did too, but there was 6% being paid on house money in the bank then, so we profited. Today it's a harder call.

Also, buying in a recession means even fewer houses on the market. We were lucky locating a good deal in 6 months or so, when it could easily have been 18 months. 

These are also factors to take into account.

lookstraightahead

Woolsery said:

lookstraightahead said:

I did just that - rented in our new area to become chain free and then made rental costs back on negotiation of the house we bought.

We did too, but there was 6% being paid on house money in the bank then, so we profited. Today it's a harder call.

Also, buying in a recession means even fewer houses on the market. We were lucky locating a good deal in 6 months or so, when it could easily have been 18 months. 

These are also factors to take into account.

I don't disagree, but we did it last year so all money back was purely that we had a deal because our vendors wanted to move quickly. But yes, our ducks were in a row. Our reduction was more than our rent was.

newsgroupmonkey_

lookstraightahead said:

Woolsery said:

lookstraightahead said:

I did just that - rented in our new area to become chain free and then made rental costs back on negotiation of the house we bought.

We did too, but there was 6% being paid on house money in the bank then, so we profited. Today it's a harder call.

Also, buying in a recession means even fewer houses on the market. We were lucky locating a good deal in 6 months or so, when it could easily have been 18 months. 

These are also factors to take into account.

I don't disagree, but we did it last year so all money back was purely that we had a deal because our vendors wanted to move quickly. But yes, our ducks were in a row. Our reduction was more than our rent was.

I know you keep quoting this, but very, very few people get reductions (or indeed good deals) on houses right now with virtually nothing, particularly in the South East, being on the market right now.

GDB2222

There are two conflicting trends at the moment. Interest rates are rising and there’s more rises in the pipeline. That’s a really big negative for house prices.  

At the same time, inflation will eventually feed through to higher salaries, which is positive for house prices.

 It’s hard to tell which will prevail. Given the uncertainty, it is a big risk to sell without having a purchase lined up. It could work out really well, but it could be a disaster.

Gycraig

GDB2222 said:

There are two conflicting trends at the moment. Interest rates are rising and there’s more rises in the pipeline. That’s a really big negative for house prices.  

At the same time, inflation will eventually feed through to higher salaries, which is positive for house prices.

 It’s hard to tell which will prevail. Given the uncertainty, it is a big risk to sell without having a purchase lined up. It could work out really well, but it could be a disaster.

Will it actually “feed through to higher wages though” no one I know has had more than a 1-3 percent pay increase, the pay increases people are getting barely cover the cost of the extra electric etc. 

Thrugelmir

GDB2222 said:

At the same time, inflation will eventually feed through to higher salaries, which is positive for house prices.

Many organisations haven't recovered from the financial impacts of the pandemic. Increased pay needs to be earnt through output and increased productivity. The causes of inflation, i.e. energy, is a burden to everyone.