House Prices

[denislawsbackheel]

i wonder if the bubble burst will come when interest rates rise significantly and people come to remortgage and find they can’t, house near me was on for £290k and sold at that but the lender said it wasn’t worth it and it was overpriced so the buyers have had to find another £20k from elsewhere to meet the price. I watched a YouTube video about the American market and conglomerates are buying up houses by outbidding normal buyers by say $50k they are effectively creating a rental only market.

Houses being overvalued and buyers having to find money from elsewhere has always happened.
It happened to me when I bought my first house for £7K in 1976!

 

[denislawsbackheel]

I was chatting to someone the other day who was renting a two up two down terrace house in Oxford
They were given six months notice as the landlord was selling the property, but were given first option on buying

Price - £800,000

Jericho?

 

[Manc in London]

I was chatting to someone the other day who was renting a two up two down terrace house in Oxford
They were given six months notice as the landlord was selling the property, but were given first option on buying

Price - £800,000

Bloody hell. That's more expensive than almost all outer London, with the odd exception, such as Hampstead Garden Suburb.

 

[JRockBlues]

Saw that there were 400 new builds in Partington going for £300,000. Being snapped up quick apparently.

 

[Mr Kobayashi]

Houses being overvalued and buyers having to find money from elsewhere has always happened.
It happened to me when I bought my first house for £7K in 1976!

Yes but personal savings from your own income are more finite than bank created deposits for loans and mortgages.

 

[denislawsbackheel]

I don’t understand your point.

 

[Mr Kobayashi]

I don’t understand your point.

Banks create money. Unless you have your own printing press at home you can't.

 

[Uncle Wally One Ball]

Prices will slow down when folk realise that the energy bills are more than the mortgage and interest rates keep going up. I welcome it, its an artificial unsustainable load of shit.

 

[Bill Walker]

Prices will slow down when folk realise that the energy bills are more than the mortgage and interest rates keep going up. I welcome it, its an artificial unsustainable load of shit.

Yes, they're saying that here, interest rates are going to go up soon apparently.
I dont agree though, I think the rises so far will stick and prices will continue to rise.
There are lots of baby boomers taking their money out of superannuation and buying rental properties.
Plus we have hundreds of thousands of migrants arriving. Canada and NZ are the same. Not sure about the UK though.

 

[NPBlue]

Saw that there were 400 new builds in Partington going for £300,000. Being snapped up quick apparently.

I was talking to an estate agent a few years ago about the large tower blocks being built in Manchester, Deansgate Square in particular as he was involved in selling them. This was at a social occasion as I wasn't thinking of buying one, and he said they were more or less all bought by Chinese and Middle Eastern investors to rent out, with many bought off plan.