Housing market

Ernie1

As a follow up to my OP, we didn’t buy. And incredibly glad we didn’t. Houses nearby are already dropping in price quickly.

I don’t mind buying at a higher interest rate, but I couldn’t fathom paying into the 25% premium the houses here had achieved in 12-18 months. Needless to say that premium is reversing fairly quickly. We’ve owned before so don’t get the discounts FTB’s get, making stamp duty another costly addition to the risk.

It’s another story entirely but apparently my industry is also rapidly forgetting what remote work is so it looks like we’ll be reluctantly moving back to the big smoke. Another reason to be relieved we didn’t buy.

Back to eternally renting exorbitant London flats!

DavecUK

Sunak aspires to build 350000 new homes, a challenging target. Of course when our population is increasing by 500000 or more each year, all of those people requiring somewhere to live, housing will always be in short supply. We see a small drop and it might continue for a year or two but just like with everything else, at the end of the day I like it, I want it, I’m going to have it, is still the attitude that exists in the UK. This means house prices will rise again because people have the ability somehow to pay for what they want or need, even if they have to borrow huge amounts of money.

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