Is it really quiet for new listings?

Sarah1Mitty2

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Ideal Home Show, off peak trains and Travelodge type hotels are super cheap purchases though, anywhere I have been recently in England/Wales (of course it is out of season the last few months for some of the coastal type places) were literally tumbleweed towns at night.

Sarah1Mitty2

MobileSaver said:

GDB2222 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer.

Yes, I think you're probably right about this. Most people who need a mortgage have for some time now been fixing for at least five years so it could easily be another year or two before higher interests have any effect for many people.

Thousands of people come off fixed rates every month.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Ideal Home Show, off peak trains and Travelodge type hotels are super cheap purchases though,

The point is that they're mostly discretionary yet huge numbers of people are still spending, these people are not worrying about whether they can afford their mortgage payments.

All the B&B rooms were £100+ a night, with the Holiday Inn being £175, and all were fully booked, that's not what I'd call "super cheap".

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Ideal Home Show, off peak trains and Travelodge type hotels are super cheap purchases though,

The point is that they're mostly discretionary yet huge numbers of people are still spending, these people are not worrying about whether they can afford their mortgage payments.

All the B&B rooms were £100+ a night, with the Holiday Inn being £175, and all were fully booked, that's not what I'd call "super cheap".

 It is very hard to make accurate guesses about people`s financial situation from just seeing them out and about though, many people just put these sorts of things on the plastic and worry about the bill at a later time.

MobileSaver

Sarah1Mitty2 said:

MobileSaver said:

GDB2222 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer.

Yes, I think you're probably right about this. Most people who need a mortgage have for some time now been fixing for at least five years so it could easily be another year or two before higher interests have any effect for many people.

Thousands of people come off fixed rates every month.

Yes, so a completely insignificant percentage of the ten million or so people with mortgages in the UK...

Martico

I don't think it's massively exaggerated - society's become less equal, and the ones that are struggling are the ones you don't see out and about. And there are a lot of them. There are also a lot of non strugglers who built up savings over covid, they're perhaps starting to spend again

GDB2222

In previous years I’ve seen free entry to the show. Was that available this year?

 I live in London, and the only travel cost is the Underground ticket. 

housebuyer143

Martico said:

I don't think it's massively exaggerated - society's become less equal, and the ones that are struggling are the ones you don't see out and about. And there are a lot of them. There are also a lot of non strugglers who built up savings over covid, they're perhaps starting to spend again

There are always people who will struggle, people who are very wealthy and those that will get by with only minor cut backs or none at all. 
This cost of living crisis is no different and will mostly impact those who were struggling or on the edge. Everyone else will probably go about their business as normal and they are the ones you will see.

Sarah1Mitty2

MobileSaver said:

Sarah1Mitty2 said:

MobileSaver said:

GDB2222 said:

MobileSaver said:

GDB2222 said:

BobT36 said:

Flugelhorn said:

steve866 said:

Zerforax said:

Mortgage lending in February fell to its lowest level since 2016, excluding the pandemic, according to Bank of England figures.

It comes as higher borrowing costs make buying property less affordable

I can't comprehend how approvals are on the increase with rates being so high and a stalled market. Strange.

Rates not high at all - still below average. Not that we would ever want to return to those days but remember a colleague having a 10% mortgage and there was much envy

10% on a half-a-million 3 bed house though? Or something much more reasonable.. 

people have already found ways to spend any surplus money, and there’s going to be an uncomfortable period of adjustment. It’s pretty easy to cut back on Netflix and Sky, but there could be other long term commitments like car leases that are harder to give up.

You would think so if everything in the news about the cost of living crisis was true but my own eyes tell me it's being massively exaggerated...

We've just got back from a few days mid-week down south:

• The off-peak train we were on was literally jam-packed standing room only with probably around 90% getting off at Kensington Olympia for the Ideal Home Show.
• The restaurant at the show had all three sittings literally fully booked the day we were there.
• We stayed in two big towns around the M25 and due to unexpected family complications I'd left it to the last minute to book hotels; the local Holiday Inn, Holiday Inn Express, Premier Inn and Travelodges in both towns were all literally fully booked for both nights.
• Once back in Wales we bumped into a friend at a show yesterday; she works at a local garden centre and unprompted mentioned sales were well up on the same time last year.

Of course many people on lower incomes are struggling but in the main they're not the ones that would ever be buying a house anyway.

It's clear that there are still an awful lot of ordinary people with plenty of money that they're very happy to spend on discretionary items; these people are not struggling to pay their mortgages...

Lots of people may still be paying a stupidly low rate of interest on a fixed rate that will last a while longer.

Yes, I think you're probably right about this. Most people who need a mortgage have for some time now been fixing for at least five years so it could easily be another year or two before higher interests have any effect for many people.

Thousands of people come off fixed rates every month.

Yes, so a completely insignificant percentage of the ten million or so people with mortgages in the UK...

Yes, but the thread is about listings, it is the cost to new borrowers that is significant for those listing to sell, people who already have mortgages have no impact on that.

Sarah1Mitty2

GDB2222 said:

In previous years I’ve seen free entry to the show. Was that available this year?

 I live in London, and the only travel cost is the Underground ticket. 

The tickets are around £16 for the full weekend, it isn`t a big spend item, in fact it is typical of the sort of thing people would amuse themselves at when money is tight.