‘exodus’ as in they just can’t afford it because prices have gone too high.
There’s no need for such high prices though, most people bought their property a few years ago and if they paid £200K they don’t need to sell it for £350K – people should go to estate agents and offer what they think
I could deal with inflated House prices, as at least you’d have somewhere to live for the long term. I cannot deal with the inflated mortgage rates along side the inflated house prices.
I’m in the position to move on from my one bed flat, but the houses I could afford 4 months ago, would leave me house poor, and the ones I can afford now aren’t worth moving too.
Either the mortgage rates need to drop, or house prices need to collapse by around 20%.
I was lucky enough to be a FTB 4 years ago and my house has gone up 30%. I wouldn’t be able to afford it today. Absolutely mental.
The house next door to me has just gone on sale for £385,000. We bought ours for £140,000 ten years ago. To make things worse, it needs completely renovating as the kitchen and bathrooms are knackered. No wonder it hasn’t sold – who can afford that?
If I’m gonna be paying silly money for a house id rather pay silly money for a house in Spain, at least I can enjoy the sunshine while the Govt bends me over
All the rents in my area just jumped up by about 200 quid a month … we very nearly got evicted by no fault as the landlord wanted to sell. The suddenly high mortgage rates have actually meant he can’t sell and we get to stay…. For 800 more a month! Londoners are fucked. 🙁
The asset managers and foreign investors will save the day by buying up as many as they can
An almighty crash is coming and the only people in denial about it seem to be existing homeowners. It will take about a year and a half to fully realise itself, but it’s time.
Any FTB’s lucky enough the weather the coming recession, save as much as you can so you have a sizeable deposit when the time comes. And it WILL come.
[deleted]
at time of posting 5 positive posts due to house price increases, 4 negative for the same reason. Any downward adjustment of house prices, especially significant enough to help those 4 people is going to make those 5 people a bit unhappier. It’s a classic case of “well I wouldn’t start from here”
You’d have to either be stupid or desperate to buy right now. Basically setting yourself up for negative equity and repossession surely?
Oh no, house prices might come down to *normal* levels. Why won’t the government step in and do something!! /s
I am one of those, in July I found a flat within my budget, it needed work so I offered a little less.
The seller said no, which I accept, so I moved along. A couple of weeks later I get a call from the estate agent saying he reconsidered and would like to move forward.
So I went to the bank and now the rate had doubled, I told that to the agent and said I could no longer afford my initial offer and made a new one – even lower – which again got rejected.
I’m completely priced out of the market now due to the rates, I cannot risk to get a 1500 pounds monthly payment and risk it getting higher and higher.
This fucking sucks…
Prices can’t drop by 30% apparently as it would be a disaster.
That would take the market back to where it was only two or three years ago to give you an idea of how insane it’s been.
It does make me laugh. The people who can’t afford to buy are hoping for a crash, not realising that if there is a crash, it will directly affect their spending power.
Unemployment will rise, which will mean they may lose their job.
Mortgages will become much harder to attain.
Not to mention, if they do crash, people will simply just not sell unless forced to.
Completely ridiculous market. I graduated from Cambridge and recently got a job here and have been trying to rent since. Initially I was going to buy (already have 30k in savings, on a salary of 35k). There are simply no houses that are affordable. Even rent is a piss take.
Good. You know what I want to do once I get a house? Live in it. Not interested in buying and selling and letting, I want a home to live in and take care of and settle down with my cat in and maybe a few tubs of fancy woodlice so I can finally just fucking chill and paint some birds. Sod this game of landlords betting on musical chairs, I want a house that is decent to live in that I can finally squat my bum down on and grow moss like a mossy toad. Just give me a rock to sit under and plenty of snails to munch on and I’ll stop fucking screaming about how everything is shitfuck backwards.
Combined household of £70k here and cannot afford a house. We’re trying to save for a 10% deposit which is around £35k, however we are hearing only 20% will do now. How the F are we meant to save 70k when we are paying rent, extortionate gas, electricity and food prices as well as all our other bills. This is unachievable and all because we are average earners born at the wrong time.
Fuck me my Dad just gave up and gave me a bunch of money as a loan to put into a deposit. I have been in my flat just over 2 months.
If the market crashes or the rates go up and I lose my home I’m just going to give up. Millennials just cannot catch a break, I turned 18 in 2008 when the recession hit and my whole adult life has been defined by struggling to survive.
This home was supposed to finally be my break out from under that and instead it’s just increased my anxiety levels because I could lose it again at any moment.
I’d rather live in a van than pay extortionate house prices and near abusive interest rates. The only reason anything has a value is due to what someone else is willing to pay for it. Fuck your joke of a ‘housing market’.
Why is this always worded like it’s a choice. It’s not that I don’t want a house it’s that I can’t afford a house.
older voters wanted to drag the UK back to the “Glory Days” as a working person, I cant help but wonder, why that doesnt also mean “house prices of the Glory Days”
Add in inflated energy, food and transport how do they expect anyone to get on these days
The threat of being homeless is the most insidious coercion.
Was saving up a deposit through covid but looks like I’ll be using it to buy a van to live in when my rent goes up £150 next year.
I have a large cash deposit, but I don’t want to buy if the rates are so high and the price potentially drops. It seems I will lose either way?
Home ownership rates are falling. They want to turn us into a nation of renters and landlords.
Wealthy, corrupt, greedy oligarchs have bought major swathes of land and houses in the UK for the purpose of renting it to the British public. They have crated a financial ‘farm’ where we’re the cattle and sacrifice most of our income on rent, making the rich richer and us stuck in the same place for life. Eat the rich.
“Exodus”.
Drop asking prices in line with interest rate increases, and I’m sure those FTBs will come back.
Me and my partner used to be able to borrow at the maximum multiplier and easily deal with the interest payments on that. It would be pretty difficult to do the same now – ie we cannot borrow at that level anymore, even if we wanted.
The market needs regulating like they do elsewhere.
Get rid of portfolio landlords who want to turn every pissing house into a HMO.
Back near my hometown in Devon, One village had the restrictions that you had to live in the village already or have family there to even buy. Weren’t allowed to rent out either.
31 comments
‘exodus’ as in they just can’t afford it because prices have gone too high.
There’s no need for such high prices though, most people bought their property a few years ago and if they paid £200K they don’t need to sell it for £350K – people should go to estate agents and offer what they think
I could deal with inflated House prices, as at least you’d have somewhere to live for the long term. I cannot deal with the inflated mortgage rates along side the inflated house prices.
I’m in the position to move on from my one bed flat, but the houses I could afford 4 months ago, would leave me house poor, and the ones I can afford now aren’t worth moving too.
Either the mortgage rates need to drop, or house prices need to collapse by around 20%.
I was lucky enough to be a FTB 4 years ago and my house has gone up 30%. I wouldn’t be able to afford it today. Absolutely mental.
The house next door to me has just gone on sale for £385,000. We bought ours for £140,000 ten years ago. To make things worse, it needs completely renovating as the kitchen and bathrooms are knackered. No wonder it hasn’t sold – who can afford that?
If I’m gonna be paying silly money for a house id rather pay silly money for a house in Spain, at least I can enjoy the sunshine while the Govt bends me over
All the rents in my area just jumped up by about 200 quid a month … we very nearly got evicted by no fault as the landlord wanted to sell. The suddenly high mortgage rates have actually meant he can’t sell and we get to stay…. For 800 more a month! Londoners are fucked. 🙁
The asset managers and foreign investors will save the day by buying up as many as they can
An almighty crash is coming and the only people in denial about it seem to be existing homeowners. It will take about a year and a half to fully realise itself, but it’s time.
Any FTB’s lucky enough the weather the coming recession, save as much as you can so you have a sizeable deposit when the time comes. And it WILL come.
[deleted]
at time of posting 5 positive posts due to house price increases, 4 negative for the same reason. Any downward adjustment of house prices, especially significant enough to help those 4 people is going to make those 5 people a bit unhappier. It’s a classic case of “well I wouldn’t start from here”
You’d have to either be stupid or desperate to buy right now. Basically setting yourself up for negative equity and repossession surely?
Oh no, house prices might come down to *normal* levels. Why won’t the government step in and do something!! /s
I am one of those, in July I found a flat within my budget, it needed work so I offered a little less.
The seller said no, which I accept, so I moved along. A couple of weeks later I get a call from the estate agent saying he reconsidered and would like to move forward.
So I went to the bank and now the rate had doubled, I told that to the agent and said I could no longer afford my initial offer and made a new one – even lower – which again got rejected.
I’m completely priced out of the market now due to the rates, I cannot risk to get a 1500 pounds monthly payment and risk it getting higher and higher.
This fucking sucks…
Prices can’t drop by 30% apparently as it would be a disaster.
That would take the market back to where it was only two or three years ago to give you an idea of how insane it’s been.
It does make me laugh. The people who can’t afford to buy are hoping for a crash, not realising that if there is a crash, it will directly affect their spending power.
Unemployment will rise, which will mean they may lose their job.
Mortgages will become much harder to attain.
Not to mention, if they do crash, people will simply just not sell unless forced to.
Completely ridiculous market. I graduated from Cambridge and recently got a job here and have been trying to rent since. Initially I was going to buy (already have 30k in savings, on a salary of 35k). There are simply no houses that are affordable. Even rent is a piss take.
Edit: downvoted lmao, really?
https://www.gov.uk/government/news/new-homes-england-2021-22-housebuilding-statistics-revealed
Good. You know what I want to do once I get a house? Live in it. Not interested in buying and selling and letting, I want a home to live in and take care of and settle down with my cat in and maybe a few tubs of fancy woodlice so I can finally just fucking chill and paint some birds. Sod this game of landlords betting on musical chairs, I want a house that is decent to live in that I can finally squat my bum down on and grow moss like a mossy toad. Just give me a rock to sit under and plenty of snails to munch on and I’ll stop fucking screaming about how everything is shitfuck backwards.
Combined household of £70k here and cannot afford a house. We’re trying to save for a 10% deposit which is around £35k, however we are hearing only 20% will do now. How the F are we meant to save 70k when we are paying rent, extortionate gas, electricity and food prices as well as all our other bills. This is unachievable and all because we are average earners born at the wrong time.
Fuck me my Dad just gave up and gave me a bunch of money as a loan to put into a deposit. I have been in my flat just over 2 months.
If the market crashes or the rates go up and I lose my home I’m just going to give up. Millennials just cannot catch a break, I turned 18 in 2008 when the recession hit and my whole adult life has been defined by struggling to survive.
This home was supposed to finally be my break out from under that and instead it’s just increased my anxiety levels because I could lose it again at any moment.
I’d rather live in a van than pay extortionate house prices and near abusive interest rates. The only reason anything has a value is due to what someone else is willing to pay for it. Fuck your joke of a ‘housing market’.
Why is this always worded like it’s a choice. It’s not that I don’t want a house it’s that I can’t afford a house.
older voters wanted to drag the UK back to the “Glory Days” as a working person, I cant help but wonder, why that doesnt also mean “house prices of the Glory Days”
Add in inflated energy, food and transport how do they expect anyone to get on these days
The threat of being homeless is the most insidious coercion.
Was saving up a deposit through covid but looks like I’ll be using it to buy a van to live in when my rent goes up £150 next year.
I have a large cash deposit, but I don’t want to buy if the rates are so high and the price potentially drops. It seems I will lose either way?
Home ownership rates are falling. They want to turn us into a nation of renters and landlords.
Wealthy, corrupt, greedy oligarchs have bought major swathes of land and houses in the UK for the purpose of renting it to the British public. They have crated a financial ‘farm’ where we’re the cattle and sacrifice most of our income on rent, making the rich richer and us stuck in the same place for life. Eat the rich.
“Exodus”.
Drop asking prices in line with interest rate increases, and I’m sure those FTBs will come back.
Me and my partner used to be able to borrow at the maximum multiplier and easily deal with the interest payments on that. It would be pretty difficult to do the same now – ie we cannot borrow at that level anymore, even if we wanted.
The market needs regulating like they do elsewhere.
Get rid of portfolio landlords who want to turn every pissing house into a HMO.
Back near my hometown in Devon, One village had the restrictions that you had to live in the village already or have family there to even buy. Weren’t allowed to rent out either.