The Retirement Thread

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Mo1959

Mo1959

Legendary Member
Location
Perthshire,Scotland
PaulSB said:
Yes, I've noticed diesel is still very high, round here the price is £1.78/1.80.

I think young people are worried about negative equity. #1 son and his partner were ready to buy in 2023, deposit available, good salaries and a mortgage offer in principle. Truss arrived and his potential mortgage cost went from £850 to £1800/month. They could afford this but aren't prepared to risk buying at the top of the market with a massive mortgage cost. All plans suspended. They had hoped for a family in 2024.

Truss really screwed things for an awful lot of people.

#3 son got an offer and mortgage accepted two weeks before she arrived. 5 year fix at 3.1% I believe.
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Houses are definitely taking longer to sell now. I keep an eye on local properties just out of interest and several months ago many were going within a few days whereas there's a few now that have been hanging around for at least a couple of months.
 
PaulSB

PaulSB

Squire
Location
Chorley, Lancashire
Mo1959 said:
Houses are definitely taking longer to sell now. I keep an eye on local properties just out of interest and several months ago many were going within a few days whereas there's a few now that have been hanging around for at least a couple of months.
Click to expand...

Until recently in Manchester prospective buyers were turning up for scheduled viewings and expected to make their offer immediately after viewing. In some stories people lost out to buyers arriving with cash, real cash, or banker's drafts.

A friend's sister sold to a Chinese buyer who didn't even view the property.

From what I gather things are easing off but prices remain high. #1 son won't buy till either mortgage costs or house prices drop. They're very disappointed as the house was simply a step along the road to children.
 
Tenkaykev

Tenkaykev

Guru
Location
Poole
PaulSB said:
Until recently in Manchester prospective buyers were turning up for scheduled viewings and expected to make their offer immediately after viewing. In some stories people lost out to buyers arriving with cash, real cash, or banker's drafts.

A friend's sister sold to a Chinese buyer who didn't even view the property.

From what I gather things are easing off but prices remain high. #1 son won't buy till either mortgage costs or house prices drop. They're very disappointed as the house was simply a step along the road to children.
Click to expand...

There are vast amounts of new builds lying empty having been purchased by overseas buyers as an investment opportunity. The situation in China with their housing market teetering on the brink could mean that once people need to bring their capital home the dominos could start to fall. I remember the housing crash, buildings started and abandoned for a year or more. There's a lot that could be done to bring housing back down to a more affordable level but that's a topic for another forum and I don't venture over there 😁
 
D

Deleted member 1258

Guest
Dirk said:
I thought it was illegal to buy a property using a suitcase full of cash?
Money laundering laws an' all that...
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We lost out 15 or 20 years ago, the estate agent did a mass viewing with several people looking at the house, one bloke had a cursory glance round the place and offered cash there and then.
 
classic33

classic33

Leg End Member
welsh dragon said:
Nice and sunny here. We are up to -4 now and we may get to the dizzying heights of 3 deg:laugh:
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Coldest night of the year expected tonight, some forecasts are saying well into double figures on the wrong side of freezing.
 
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