I sold my house

[Tom Bombadil]

It was on the market for 2 days. We got the asking price which was 20% more than the valuation we got 18 months ago.

The housing market is officially bonkers.

 

[Bry Nylon]

But the one you buy will probably be 20% more than the valuation they got 18 months ago, so nothing changes.

 

[Tom Bombadil]

But the one you buy will probably be 20% more than the valuation they got 18 months ago, so nothing changes.

Exactly. As we are buying a larger house we have had to stretch even further to afford the mortgage. But the fact is the market is mental at the moment and prices are still racing way ahead of earnings.

 

[desprateseagull]

er, why not buy a cheper one, and save the difference?

 

[London Calling]

A one bedroom flat in our street in an equivalent house to ours,

has just sold for the same price we paid for our 3 bedroom house with two gardens, 7 years ago?

LC

 

[Tom Bombadil]

er, why not buy a cheper one, and save the difference?

Assuming you mean cheaper the reason would be we're moving cos our family has outgrown our current place. It's bursting at the seams and we are earning about third more than we did two years ago so it we'd be mad not to. Especially as the rate things are going we couldn't afford to in another 12 months.

 

[Gully]

I traded up last year and was a little worried when a colleague, who is re-training to be a mortgage advisor, predicted that interest rates might go up to 8% this year. I reckon that would cause the economy to go into absolute reverse, bankrupt lots of people, cause widespread reposession of houses...ain't going to happen, I hope!

 

[mejonaNO12 aka riskit]

Assuming you mean cheaper the reason would be we're moving cos our family has outgrown our current place. It's bursting at the seams and we are earning about third more than we did two years ago so it we'd be mad not to. Especially as the rate things are going we couldn't afford to in another 12 months.

keep your trousers on.

SIMPLE

 

[nail-Z]

I traded up last year and was a little worried when a colleague, who is re-training to be a mortgage advisor, predicted that interest rates might go up to 8% this year. I reckon that would cause the economy to go into absolute reverse, bankrupt lots of people, cause widespread reposession of houses...ain't going to happen, I hope!

Probably wanted to sell you a 10 year fixed rate mortgage and earn himself £2k for the priviledge.

 

[Horsham Gull]

keep your trousers on.

SIMPLE

you can have an operation for that

 

[Gully]

nail-z, think you might be right as he did ask if I had thought about a good fixed deal, might have had an alterior motive. I can see interest rates going up another quarter in maybe April and another in something like September...but that should be about it if the Bank of England don't want to halt the economy in its steps.

 

[Jello]

I put flat on market Thursday and had my first viewing Saturday. They placed an offer today, albeit 15K under asking. I'm in no rush and expect to at least reach valuation 3x agents gave it. If she loves the place that much she can pay what it costs, cheeky londoner.