revtothelimit - motorbike forum

Any thoughts for the next 1-3 years? It's just thoughts, I know.

I will probably sell my house and buy a bigger one with my g/f in the next couple of years. If house prices are about to drop, it could make sense for me to sell my place now. I have somewhere else I could live in the interim.

Houses are selling really quickly and for top prices at the moment,I can't see that being sustainable for much longer. Already mortgage lenders are refusing borrowers/hiking rates etc.

Strike while the iron is hot.

Or stay with what is more affordable and ride out the coming storm.

Asian Boss wrote: Fri Sep 30, 2022 7:51 pm Any thoughts for the next 1-3 years? It's just thoughts, I know.

I will probably sell my house and buy a bigger one with my g/f in the next couple of years. If house prices are about to drop, it could make sense for me to sell my place now. I have somewhere else I could live in the interim.

That is a bit of a game changer. If you can sell reasonably promptly, break the chain and keep things simple, selling now seems v advantageous. Can't find anyone (in the housing market/mortgage world) that thinks house prices are going down by less than 10% in 2023.

Only thing is...if you have a fixed rate mortgage now, what will the rate be if you need to borrow for the next, bigger place?

Asian Boss wrote: Fri Sep 30, 2022 7:51 pm buy a bigger one with my g/f

Bigger houses are not that cheap, yet.

It’s crazy how quickly they sell at the moment. Every house that goes up for sale in our area sell within days, even ones that require a lot of work and modernisation inside.

I'm not sure second-guessing house prices is a particularly gratifying pursuit.
You could say they'll go down because interest rates are going up, or that they'll go up because inflation and nominal wage growth is high.
Somewhere between they'll go up a lot and down a lot will probably be the actual change!

I'm mildly of the opinion that the energy-fuelled inflation will ease off and then there'll be a bit of a lag on the general inflation rate drop as the prior energy inflation works its way through wages and general goods.
At that point the interest rates will probably wind down (after having gone up in the meantime) back to c.2% or thereabouts.

Without a massive housebuilding programme there'll still be a general shortage so I don't expect house prices to be all that different to where they are now, albeit with a bit of upside from inflation tempered with the settling of interest rates higher than they have been in recent times.

So, my prediction, first line of this post notwithstanding...not much change to now.

Skub wrote: Fri Sep 30, 2022 8:03 pm Houses are selling really quickly and for top prices at the moment,I can't see that being sustainable for much longer.

That depends very much on where in the country. The bubble has long burst in the south west and it's already spreading up the country.

Skub wrote: Fri Sep 30, 2022 8:03 pm Or stay with what is more affordable and ride out the coming storm.

If you can afford two mortgages and the costs of two homes now, then you should be ok if interest and fuel go silly high.

Just don't get her pregnant, then have to survive on minimal wages with all the other costs

I reckon that you need to move fast. Cheap mortgages are gone, and everyone is scared of Bank Rate + ones. Make a cheeky offer now and they will snatch your arm off, assuming you can move fast.

I got three valuations on my Mum's house for probate. It's situated in a popular location - close to everything but on a no-through-route, quite, 1930s art-deco estate of semi-bungalows. All valuations came in exactly the same. We put it on the market on Thursday and the first person to view it, yesterday, offered the asking price. After talking to the estate agent, we're continuing with the viewings that are planned for today in case someone offers more or has quicker access to the money/no chain - not that probate has gone through yet. The estate agent told me house prices had dropped during the week and their phone hadn't stopped ringing with people asking questions that they didn't have the answers to.

I'm no expert but I feel an urgency to sell it as prices are very unlikely to increase. For an insight into the housing market - I'll keep you posted.

Up this way, properties used to stay on the market for about a year before being sold.
Bigger properties could take much longer.

One of the local 'castles' went on the market very recently and, apparently, has sold within 8 days and for way above the asking price.
It has somewhat more rooms and land than mine, but does prompt some thought on whether our house is our 'retirement house'

Scottish castle sold in eight days as price soars beyond £2.85m asking price

Certain towns up north are having a boom at the moment due to wealthy refugees from Hong Kong moving over so knowing your area is important.

Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.

Hopefully prices won't drop too much as i have all my money tied up in this place. I can't just flippantly sell it for profit as my house is a place i call home* and not just bricks and mortar!












*and smash out techno and dub all night!!!

Montpellier or St Paul's?

Greenman wrote: Sat Oct 01, 2022 8:05 pm Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.

You Tory!

Greenman wrote: Sat Oct 01, 2022 8:05 pm Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.

Hopefully prices won't drop too much as i have all my money tied up in this place. I can't just flippantly sell it for profit as my house is a place i call home* and not just bricks and mortar!












*and smash out techno and dub all night!!!

Greenman wrote: Sat Oct 01, 2022 8:05 pm Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.
*and smash out techno and dub all night!!!

Have your neighbours' property values dropped substantially since you moved in 3 years ago?

Taipan wrote: Sun Oct 02, 2022 2:13 pm

Greenman wrote: Sat Oct 01, 2022 8:05 pm Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.

Hopefully prices won't drop too much as i have all my money tied up in this place. I can't just flippantly sell it for profit as my house is a place i call home* and not just bricks and mortar!












*and smash out techno and dub all night!!!

Give him a chance, he might be planning to redistribute his new wealth to those less well off.

Taipan wrote: Sun Oct 02, 2022 2:13 pm

Greenman wrote: Sat Oct 01, 2022 8:05 pm Property is booming in Bristol. Ive made 32% on my property less than 2 miles from the centre in 3 years.

Hopefully prices won't drop too much as i have all my money tied up in this place. I can't just flippantly sell it for profit as my house is a place i call home* and not just bricks and mortar!












*and smash out techno and dub all night!!!

If I wore tee shirts with pictures on them that would be one I'd buy.

I'm trying to work out if I can make that picture appear when my wife calls me.
Edit: found it.

Mussels wrote: Sun Oct 02, 2022 6:04 pm I'm trying to work out if I can make that picture appear when my wife calls me.
Edit: found it.

When my wife calls the ringtone is a chicken clucking.