Stjames83

As I said on the NW thread, it’s pretty remarkable that 8 months since Truss, 15 months since the start of a war in Europe, and 3 years since an unprecedented pandemic boom started… prices are still more or less flat on every major index. Remarkable.

Well there are two meanings here, I mean “worked through” in the sense that everyone who wanted to buy has now proceeded at high rates. Any mortgage offers at lower rates have long expired. However the meaning you are referring to is forced sale pressure from people not being able to remortgage or being repossessed. I agree that will take a lot longer to “work through”, but I expect we will see a great deal of flexibility and forbearance from lenders, mitigating that impact. But we will see.

Remarkable how well prices have held up. We're 7 months since rates went to the moon after Trussonomics. High rates have fully worked through the system by now.

It’s not that they don’t do any work. They simply do half or a third of the work because they’re “double dipping” or “triple dipping” with multiple projects and clients, who all think they’re getting value. Bog standard procedure for offshore consulting, not a slight on the workers themselves.

More renters -> more buyers.

In a nutshell. You don’t need a bidding war to achieve asking price.

Agree with you there.

Excellent policy if implemented properly, and long overdue!

Now we just need the deluded sellers realising this. Saw quite a few when we were buying last year. Newsflash, your s**thole “project” isn’t worth the same as a turnkey project!

Surely this is a great thing for democratising access to the market and for social mobility in general? Why should people without BOMAD be trapped in rental, despite being able to pay their landlord’s mortgage without issue? It’s incredibly unfair. Skipton Building Society is getting ready to launch a mortgage targeting those “trapped in rental cycles” and who do not have access to “the bank of mum and dad,” and so are therefore unable to save up enough for a home deposit. Precise details of how the deal will work have yet to emerge, but according to a report in the Times, the new product will be available up to 100%, and borrowers will need to demonstrate a history of paying rent comparable to mortgage repayments for up to two years, with the deal fixed for more than two years to guard against the risk of falling into negative equity.

All the fastest indices (except ONS) now being aligned on an upswing suggests you are probably correct, but we will see.

Thanks for this. While there’s still some noise in the data due to low volumes, the indexes seem to agree that we’re past the trough, with NW continuing to be something of an outlier. But still early days, let’s see how things evolve.

Halifax has tracked the ONS historically.

This is still out of control and I’m not sure how we get to 3% this year. More interest rate rises to come, again, house prices are secondary.

Not seen many new articles about a crash recently. I think the media have lost interest.