Buying a house

[trueblue1234]

Having an overdraft shouldn't and doesn't prevent you getting a mortgage. It's only one aspect. If you are saving monthly and have a saving plan but dip into a mortgage for a month or two now and again due to cash flow for something (car repairs, holiday etc) rather than interfering with your savings it's no big concern. Now if you were living in your overdraft monthly that's a whole other thing.

[Milltown Row2]

You shouldn't get one if you require an overdraft but if you have one available to you that's a different matter entirely.

There are lots of reasons not to get a mortgage and had those measures been in place during the mid 90's we wouldn't have been in the state we ended up in 2008!!

[Maroon Manc]

The more information I hear on the subject the more I'm convinced house prices will decrease. There's too many people living beyond their means whether their tenants or homeowners and some of them are going to lose their jobs

A lot of people in Manchester especially those under 40 have really stretched themselves to get on the housing ladder, then there's the help to buy schemes where first time buyers are relying on the prices to increase so they can remortgage and pay of the governments 20%. Young couples mortgage up to the hilt with little plan in place for when kids comes along with the added childcare costs.

Some of my mates situations are more than concerning and thats with couples who's jobs are secure, dare no think what will happen should one of them lose their job. One accountant tells me he's got a lot of clients in trouble, huge mortgages/car loans/car leasing, businesses that have run out of cash and with no cash to inject. That has to be a familiar theme across the country.

Then there's the additional deaths that have occurred this year which means more properties coming to the market over the next 6-9 months than would normally.

Watched the film the other week, The big short, the problem that got into the situation then, had started again back in 2015, and access to getting homes has become a lot easier, the perfect storm seems to be brewing at the minute.

In terms of the housing market I don't think this recession will be as ridiculous as the last one. Sub Prime and the 100% plus mortgages were a huge contributor whereas banks have really tightened up affordability.

Yes there will probably be people who will lose their homes and less will be buying but I don't think it will be as bad as it was the last time.
House prices also hadn't really gotten back to 2008 levels at least where I'm from anyway maybe in the big cities.

I agree and I'd be very surprised if it was as bad as the last recession but its hard to make a case for growth in house prices. There's not been much growth in the last 2 or 3 years so given the current environment I'm expecting a drop over the next 12 months.

[balladmaker]

Mortgage deal ending soon .... no difference in cost between variable and fixed rate mortgages .... anyone any thoughts on fixing vs variable?  As we're looking into what could be a prolonged recession, I'd assume interest rates won't be going up any time soon.  With interest rates at rock bottom, don't see any room for further decrease into negative territory. Six of one, half a dozen of another is my current view, thoughts?

[screenexile]

Mortgage deal ending soon .... no difference in cost between variable and fixed rate mortgages .... anyone any thoughts on fixing vs variable?  As we're looking into what could be a prolonged recession, I'd assume interest rates won't be going up any time soon.  With interest rates at rock bottom, don't see any room for further decrease into negative territory. Six of one, half a dozen of another is my current view, thoughts?

I personally fix it so I know what I'm paying over the next 5 years.

If there's a fairly decent recovery interest rested could go up in the next 2-3 years

[nrico2006]

The more information I hear on the subject the more I'm convinced house prices will decrease. There's too many people living beyond their means whether their tenants or homeowners and some of them are going to lose their jobs

A lot of people in Manchester especially those under 40 have really stretched themselves to get on the housing ladder, then there's the help to buy schemes where first time buyers are relying on the prices to increase so they can remortgage and pay of the governments 20%. Young couples mortgage up to the hilt with little plan in place for when kids comes along with the added childcare costs.

Some of my mates situations are more than concerning and thats with couples who's jobs are secure, dare no think what will happen should one of them lose their job. One accountant tells me he's got a lot of clients in trouble, huge mortgages/car loans/car leasing, businesses that have run out of cash and with no cash to inject. That has to be a familiar theme across the country.

Then there's the additional deaths that have occurred this year which means more properties coming to the market over the next 6-9 months than would normally.

Watched the film the other week, The big short, the problem that got into the situation then, had started again back in 2015, and access to getting homes has become a lot easier, the perfect storm seems to be brewing at the minute.

In terms of the housing market I don't think this recession will be as ridiculous as the last one. Sub Prime and the 100% plus mortgages were a huge contributor whereas banks have really tightened up affordability.

Yes there will probably be people who will lose their homes and less will be buying but I don't think it will be as bad as it was the last time.
House prices also hadn't really gotten back to 2008 levels at least where I'm from anyway maybe in the big cities.

I agree and I'd be very surprised if it was as bad as the last recession but its hard to make a case for growth in house prices. There's not been much growth in the last 2 or 3 years so given the current environment I'm expecting a drop over the next 12 months.

House prices have been on the up as of late, wonder how long this will last?

[bennydorano]

Reading back there people were expecting a housing market cool off / recession coming out of Covid for the first time, nearly 2 years later the housing market remains fairly resilient but surely it is going to pop & a proper full blown recession is inevitable now??

The housing market in the UK & ROI has always seemed fairly mental to me, the buoyancy not always natural.

[Milltown Row2]

Reading back there people were expecting a housing market cool off / recession coming out of Covid for the first time, nearly 2 years later the housing market remains fairly resilient but surely it is going to pop & a proper full blown recession is inevitable now??

The housing market in the UK & ROI has always seemed fairly mental to me, the buoyancy not always natural.

House in my street going (sale agreed) £340,000!! Who da f**k is paying for this? My kids will never be able to buy

[marty34]

Reading back there people were expecting a housing market cool off / recession coming out of Covid for the first time, nearly 2 years later the housing market remains fairly resilient but surely it is going to pop & a proper full blown recession is inevitable now??

The housing market in the UK & ROI has always seemed fairly mental to me, the buoyancy not always natural.

Supply and demand.

Demand is huge for houses and not that many being built, anywhere in Ireland.

Only thing is if interest rates go up dramatically, it'll be a problem but they seem to plan that they'll go up 0.25% every few months.

I think the utility regulator said yesterday that we've hit the peak of the energy prices but it'll take a while to come down and steady up again.

[quit yo jibbajabba]

Reading back there people were expecting a housing market cool off / recession coming out of Covid for the first time, nearly 2 years later the housing market remains fairly resilient but surely it is going to pop & a proper full blown recession is inevitable now??

The housing market in the UK & ROI has always seemed fairly mental to me, the buoyancy not always natural.

House in my street going (sale agreed) £340,000!! Who da f**k is paying for this? My kids will never be able to buy

They will when they sell yours 😃😉 cheerio dad

[Milltown Row2]

Reading back there people were expecting a housing market cool off / recession coming out of Covid for the first time, nearly 2 years later the housing market remains fairly resilient but surely it is going to pop & a proper full blown recession is inevitable now??

The housing market in the UK & ROI has always seemed fairly mental to me, the buoyancy not always natural.

House in my street going (sale agreed) £340,000!! Who da f**k is paying for this? My kids will never be able to buy

They will when they sell yours 😃😉 cheerio dad

They can have it when I'm dead... that's about 25 years going by our death rate!

[Rois]

No measure of course, but I was talking to a guy who does paving (patios etc) this morn, and he said he sees it slowing down - people not spending money on their houses on the same way now. Prices starting to bite perhaps.
Sell sell sell!

[seafoid]

Inflation will drive up interest rates and obviously impact house prices.

[marty34]

No measure of course, but I was talking to a guy who does paving (patios etc) this morn, and he said he sees it slowing down - people not spending money on their houses on the same way now. Prices starting to bite perhaps.
Sell sell sell!

Probably more to do with the cost of food and fuel nowadays.

People are not spending as much.

[johnnycool]

No measure of course, but I was talking to a guy who does paving (patios etc) this morn, and he said he sees it slowing down - people not spending money on their houses on the same way now. Prices starting to bite perhaps.
Sell sell sell!

Probably more to do with the cost of food and fuel nowadays.

People are not spending as much.

Spending the feckin same, just not getting as much with it..