BoE just increased interest rates to 5.25%

[RobbieW]

But if the prices crash - your house price will crash too

Edit: Rob beat me to it!

us southerns are thinking alike.

Sorry I know your a northerner really, and I am a midlander, but we both live down souf

 

[Matt]

my mortgage is only a part rent/buy share, its not quite a quarter of the value! rubbish innit

 

[digitalfailure]

I think i'm going to ban the thread starter for bringing such joyous news

time to start doing the lottery i think

 

[Matt Charlton]

Our mortgage was/is 75k, house cost us 79k, its a full repayment mortgage, 2 bedroom mid terrace, 3 floors. Lovely area.

I think the house is worth 100-120k (at the current overinflated prices). My mum and dad bought their current house, a 5 bedroom detached converted bungalow with a huge garden in one of the best areas in Bradford for 93k 8 years ago. Its now worth more than a quarter of a mil. Scary world isn't it.

A crash is overdue but what good it will do I don't know, there would be a lot of people in trouble who had just bought houses.

 

[oldgit]

If the prices of properties drop then surely the value of your current one drops, and then you won't have as much to put towards the new one

True, but the relative differential drops with it. My house is currently £200K (bought for £64k). I want one for approx £400K.

I can't afford the £200k extra needed, but if that drops by a 1/3 then I can.

So I need a crash that wipes about 30% off all house prices.

Something to do with not having any morgage on the current house helps

 

[kamion]

What they need to do is have 50% stamp duty when buying a non-primary home and all the housing problems will be solved. So one person, one home. Done.

Edit: Maybe 100% stamp duty. Cause 50% of 100k is only 50k. Spare change for some people.

 

[h.r.ford]

Just read this thread. I think I'm going to be heading back to the states becasue of the housing prices here. For the price I can buy a 2 bed terrace on a postage stamp piece of land I can buy a 4 bed on 1/2 an acre in my home town and only make the equivilant of $8,000 less a year. I love England and had planned on making it home but well you guys have done it you've made the foreigners want to leave!

 

[whiteflyer]

What do you mean foreingners want to leave, WE ALL WANT TO LEAVE

 

[Witch]

What do you mean foreingners want to leave, WE ALL WANT TO LEAVE

Speak for yourself. I have no wish to leave the British Isles!

In fact, I simply have a wish to move to a smaller Isle, within it!

 

[minimeeze]

What do you mean foreingners want to leave, WE ALL WANT TO LEAVE

I'd quite happily quit this country tomorrow - it sucks :thumbsdown:


Edit - now this has just sparked a serious discussion between myself and the other half re emigrating