Mortgage Rate Rises

[Mercenary Keyboard Warrior]

I think it's very much area dependent... I'm seeing some reductions but they were overpriced (IMO) to begin with, needing a lot of work but priced like they don't need work etc.

I'm glad I bought where I am, it's only a 2 bed, but its in a nice area of town with good transport links and ammeneties, and the neighbours are nice which is a huge plus which cannot be understated.

I could have got a 3 bed semi with a garage and a bigger garden in the 'bad' area of town for simmilar money, but then you've got all the scroats and noisy anti social neghbours that comes with that.

Location, location, location, as they say.

Locality certainly comes into it.
Historically London would lead the way, in the rises, but also the falls.
Some areas outside London would mimic but delayed, and others would have a far less direct correlation with even a delay to London.

You also generally get larger houses, which tend to be longer term homes, and far more optional moves historically hit more. They are far more optional purchases.
So demand can dry up more significantly in this area, compared to say first time buyer houses that have similar levels of entrants constantly, remaining more in demand and hence not needing to drop the price to attract a more limited group of people.

So IMO the larger and more expensive the house the more its likely to drop to attract a buyer, if supply is too high the price war could be large.
These houses will typically be more needing to be sold, lost job with mega mortgage, or selling up as care home time, that sort of thing. Both harder to delay the sale than for the prospective purchaser, who may go meh we can wait 6 months before we consider that house with the extra two bedrooms.

 

[glenimp617]

Ensuite for us. It's unusable in its current state. But can't justify the cost

same, we had a leak in ours about a year ago. The tiles have fallen off, the toilet doesn't work and the shower doors broken.

Three quotes, all around the £9k mark.

It's the smallest en-suite you've ever seen. Can't afford that at the minute.

 

[413x]

same, we had a leak in ours about a year ago. The tiles have fallen off, the toilet doesn't work and the shower doors broken.

Three quotes, all around the £9k mark.

It's the smallest en-suite you've ever seen. Can't afford that at the minute.

Wow. I didn't get a price. Wasn't expecting that! Ridiculous!

 

[glenimp617]

Wow. I didn't get a price. Wasn't expecting that! Ridiculous!

Yeah it's mental

I might have to see what wickes can do

 

[DJMK4]

with the prices of renovations at the minute, it might be cheaper to move house

can't believe the quotes we've been getting

There were people quoting me £4k about a month ago to "lay" some patio slabs on a very small 9m2 area when i would be willing to do majority of the work rip existing decking area, clear area, lay down sub base, whack it down then get them to lay slabs that I would be supplying..
I'm
£4k??

I just don't trust people with quotes anymore since this cost of living crysis, it's escalated out of control

I ent paying 4k when I have to pay more on my mortgage/ food/car repairs etc now. I could pay that but then just let's them know that it's acceptable . It's really not. People are taking advantage and profiteering

 

[Hagar]

We have just done six months solid cleaning and painting walls, ceilings and woodwork, room by room in a three bed semi. We had contractors in to remove large shrubs and relawn the garden but all the internal updating and redecoration has been us.about 50 litres of paint and at least three coats everywhere.

 

[Colonel_Klinck]

Is it a bad time do do house renovation then?

Yes. Everything is expensive because of inflation and if you need to borrow to do it you aren't going to get any good rates. Builders are still busy as hell so you aren't even going to get cheaper labour due to them being quiet.

 

[Nemiyen]

There were people quoting me £4k about a month ago to "lay" some patio slabs on a very small 9m2 area when i would be willing to do majority of the work rip existing decking area, clear area, lay down sub base, whack it down then get them to lay slabs that I would be supplying..
I'm
£4k??

I just don't trust people with quotes anymore since this cost of living crysis, it's escalated out of control

I ent paying 4k when I have to pay more on my mortgage/ food/car repairs etc now. I could pay that but then just let's them know that it's acceptable . It's really not. People are taking advantage and profiteering

That's a crazy quote! We've just had 38 M2 of patio put down and it was about £2.8k including the materials and they took up the old grass / patio as well! I was going to do a lot of the work myself but the price only went down by about £200 so I left them to it! That's up in Doncaster though so not London prices!!

 

[jonneymendoza]

Yes. Everything is expensive because of inflation and if you need to borrow to do it you aren't going to get any good rates. Builders are still busy as hell so you aren't even going to get cheaper labour due to them being quiet.

How are builders still busy if prices are increasing?

 

[CapitalOne]

How are builders still busy if prices are increasing?

Maybe because people are extending/refurbing because they no longer want to move? Sure this happened in 08.

 

[Minstadave]

How are builders still busy if prices are increasing?

I suspect many people are renovating and extending rather than moving. Easier to use savings to do that the upgrade/new mortgage.

 

[jonneymendoza]

I suspect many people are renovating and extending rather than moving. Easier to use savings to do that the upgrade/new mortgage.

Is it really easier?

Many have said it takes almost two years from planning, getting the right sign offs and agreements a, ordering material and of course 6 to 8 months (if you have a good organised fast builder) to do the actual job at hand plus when there available to do do it

 

[BongoHunter]

Is it really easier?

Many have said it takes almost two years from planning, getting the right sign offs and agreements a, ordering material and of course 6 to 8 months (if you have a good organised fast builder) to do the actual job at hand plus when there available to do do it

You can do a lot under permitted development a lot quicker than that. We had plans drawn up, structural calcs done and council permission in about 6 weeks for a full width rear extension in West London 2 years ago.

 

[Richie]

Wow. I didn't get a price. Wasn't expecting that! Ridiculous!

Do some DIY

 

[tonys]

When we bought our first house (1981) the rate was about 7%, you had to wait for mortgage funds to become available and then we had a recession. The highest interest rate was 16% and couple that with unemployment along the way. That was on a £36,000 mortgage so it wasn't that much of an increase compared to what is happening now.

 

[413x]

Do some DIY

If I was capable of doing all that I would.. But I wouldn't use annual leave!

 

[IvanDobskey]

Yeah it's mental

I might have to see what wickes can do

Seriously, don't touch Wickes! They were a nightmare with our kitchen.

 

[robj20]

Do we think rates will have come back down a bit by end of 2025? My fix at 1.89% end in October 25.

 

[IvanDobskey]

Do we think rates will have come back down a bit by end of 2025? My fix at 1.89% end in October 25.

I'm in a similar spot. Two years left on my 1.82% five year fix.

Unfortunately I see it continuing to creep up for a little while yet. Hoping it'll be back on the way down by 2025, but who knows.

Only 38k left to pay though.

 

[flea.rider]

new bathroom suit arrives thur ..toilet ,sink unit no bath it's a wet room will put that in sat. £500 cost plus the £100 for the new shower screen .. saves about 4k on what i was quoted