Jump to content
House Price Crash Forum
Sign in to follow this  
pobby

Interesting Phone Call

Recommended Posts

Had a phone call from a mate of mine.Told me that he shouldn`t have bought his house 2 years ago what with rates going up.Being single he has decided to down size and buy a flat.Now I just wondering how many others are now thinking about bailing out.What would the effect be if,Like friend,they are not selling to rent but just down sizing to avoid the ever increasing interest rates.

Share this post


Link to post
Share on other sites

Will he actually save any money by buying a flat, when transaction costs are taken into account? Around here flats cost almost as much as terraced houses, even the flats where some builder has bought a terraced house and converted each floor into one flat.

Share this post


Link to post
Share on other sites
What would the effect be if,Like friend,they are not selling to rent but just down sizing to avoid the ever increasing interest rates.

It still means a fall in demand for property - but my guess is that most people at that level would rent - there is so much cheap rental accommodation that, once they've been through what is going to become a nightmare of selling up, they will be glad to rent for a while until the dust settles. They will be patting themsleves on the back for having got out while they could.

Share this post


Link to post
Share on other sites

He still wants to have a mortgage as if he goes renting he has a large exit penalty.In fact looking @ his area he will be able to buy more cheaply.He was complaining that a house he bought for 95k has just been sold for 410k!!!!!!!!!!!Startling

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.