Bank of England base rate low until 2015
- Thread starter elrasho
- Start date
Sorry to burst your Utopian bubble, Maccapacca, but it's reality - I've lived it. With things like resistance to the passage of sound the builder only needs to prove the new build meets regulations for ONE of a similar design. So while the block next to ours had excellent standards of build, we had no sound-proofing whatsoever, totally hollow walls, bathroom tiles that were unsourceable, paint that couldn't be matched and was of terrible quality - the list was almost endless.
But then, of course, this is all just a strange fabrication on my part as I have an irrational hatred for building companies.
But then, of course, this is all just a strange fabrication on my part as I have an irrational hatred for building companies.
A period of sustained inflation is coming once all the money that has been printed starts coming off the banks balance sheets....
From what I have heard (arf!), isn't the sound transferrance issue down to the regulatory standards being pathetic and in no way what an actual person would expect?
Been utterly disheartened recently when thinking the wife and I were getting close to having a sufficient deposit to buy. We don't.
Guess I'll just continue to rent sub standard housing for £800pcm. Housing no doubt the owner bought off the council for £40k and now rents to mugs like me.
There is no help for people in our situation. Currently looking at blowing the savings on a move abroad.
Guess I'll just continue to rent sub standard housing for £800pcm. Housing no doubt the owner bought off the council for £40k and now rents to mugs like me.
There is no help for people in our situation. Currently looking at blowing the savings on a move abroad.
Associate
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According to multiple sources (finance websites, newspapers, the news) the base rate is going to stay low for at least the next 5 years. Anyone on the housing market here? Now's the time to buy
Oh yeah, the bubble hasn't burst in the UK, go and buy! Any properties you want to get rid of?
Soldato
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According to multiple sources (finance websites, newspapers, the news) the base rate is going to stay low for at least the next 5 years. Anyone on the housing market here? Now's the time to buy
It hasn't stopped my mortgage company putting up their rates twice this year, as I am trying to sell my house.
Soldato
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Great, shame the price of housing is 3x more than that period though.
Why did you buy a house with no sound proofing
How do you recommend he could check the soundproofing BEFORE he bought the house?
You do realise, of course, that he bought a newbuilt. This means he paid for it and then got the key once it was ready. After he moved in, he probably realised that he can hear the neighboors much clearer than he would wish.
Complaining to the builder etc. only leads to some tests from the council that prove that the built is within the required standards.
Now, whether these standards are too poor to begin with is another matter altogether.
I know what you mean, but it is what it is. You have the option of either buying a substandard (compared to what you'd expect) house/flat, or keep paying rent (and pay off someone else's mortgage) while saving scraps over the years to buy something better. Both options are fine but a lot of people find it better off to buy a substandard flat, spend a couple year in there building equity and keep saving (funnily enough, your mortgage payments can actually be lower than your rent..but anyway) and then resell and move up the ladder.
The caveat is that prices can go down, in which case you are trapped in a property you can't get rid of. But in the end, it's your property and you can keep living into it for as long as you like.
hence most houses that come to market are over priced, you have owners who demand to make all there money back plus more, then you have estate agents and banks talking up the market any chance they have.
id dread to think what state the market will end up in 20 more years down the line.
Depends if you want a home or a house really. If I were to buy a place I certainly wouldn't live in it, I'd be far more inclined to rent it and turn it into a self-financing exercise.
Not that I could afford a deposit at this tender age, mind!
Some people buy off plan, and have to due to demand.
Soldato
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Having a low base rate has done nothing really to get a cheaper mortgage. They are a little cheaperm, but are far higher than the base rate than they used to be.
They are still rubbish. I rented a new build once and the ceiling heights were pathetic, the rooms tiny (bedroom three was something stupid like 9' by 6'), the doors were the cheapest they could be and the walls paper thin.
Whereas my 250 year old house has 3m+ ceilings and all the bedrooms are 5m x 4m......
And as others have said, Base rate may be low and remain low for years but mortgage rates can be whatever they want them to be and are now better than a few years ago and in some cases worse. You can't get Bank of England baserate trackers anymore like I got my boss 5 years. He's paying 0.5% interest as a mortgage now and has been for a few years......
They are still rubbish. I rented a new build once and the ceiling heights were pathetic, the rooms tiny (bedroom three was something stupid like 9' by 6'), the doors were the cheapest they could be and the walls paper thin.
Whereas my 250 year old house has 3m+ ceilings and all the bedrooms are 5m x 4m......
Some are. Some aren't. For instance, the rooms in my new build are about 10ft tall.
But you're right, on the whole they are desperately lacking storage space. But it's not like you don't know that when you buy it.
Associate
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I was fortunate enough to get a Homebuy scheme, so the goverment owns 20% of my property. This means if the prices go down, I end up paying them less when I sell or want to increase my equity. The question is, should I buy them out, or pay off a chunk of my mortgage with our savings? With rates this low, I am on a 2.5% tracker mortgage, so I've been able to save up enough to either buy out the government share, or to pay off about 1/3 of my mortgage.
And yes, my new build flat is quite small, but still beats renting IMO!
And yes, my new build flat is quite small, but still beats renting IMO!