Recession?

[6feetdown]

my mortgage rate was 19% in '92 .... but houses weren't the unbelievable tel. numbers they are today .. gave £55k for my first one then ... with £15k down .... and forty to repay .... was tight at those rates

Yep remember that time scary how the payments went through the roof

 

[topkit]

my mortgage rate was 19% in '92 .... but houses weren't the unbelievable tel. numbers they are today .. gave £55k for my first one then ... with £15k down .... and forty to repay .... was tight at those rates

Same here I put down 10k on a £56k house after about 8 month the interest rate went through the roof due to the ERM but we were right to leave it, Some people lost their homes others were in negative equity for some time after but it all eventually recovered, Then sometime later all I can say is thank god Brown said no to Blairs idea that it would be good for the UK to have the Euro (NOT)

 

[6feetdown]

Same here I put down 10k on a £56k house after about 8 month the interest rate went through the roof due to the ERM but we were right to leave it, Some people lost their homes others were in negative equity for some time after but it all eventually recovered, Then sometime later all I can say is thank god Brown said no to Blairs idea that it would be good for the UK to have the Euro (NOT)

Yep negative equity for years. We bought at the peak and max we could borrow we did

 

[V8Druid]

Yep negative equity for years. We bought at the peak and max we could borrow we did

don't think it's the time to sink bucks into property ...
pretty insane prices round here and can't keep going ....
when the new high bills start taking their toll, we'll see the repo.s start again, with folks stretched to the limit suddenly finding their limits are way short of what they will need, going forward ..... and particularly if the fuel stays the way it is ... the leccy and interest rate hikes must be giving a lot of folks sleepless nights already

 

[Monkeybusiness]

don't think it's the time to sink bucks into property ...
pretty insane prices round here and can't keep going ....
when the new high bills start taking their toll, we'll see the repo.s start again, with folks stretched to the limit suddenly finding their limits are way short of what they will need, going forward ..... and particularly if the fuel stays the way it is ... the leccy and interest rate hikes must be giving a lot of folks sleepless nights already

Couldn’t agree more - property is massively over-inflated at the moment.
I wouldn’t want a big mortgage right now… (My small one shits me up!).

 

[6feetdown]

don't think it's the time to sink bucks into property ...
pretty insane prices round here and can't keep going ....
when the new high bills start taking their toll, we'll see the repo.s start again, with folks stretched to the limit suddenly finding their limits are way short of what they will need, going forward ..... and particularly if the fuel stays the way it is ... the leccy and interest rate hikes must be giving a lot of folks sleepless nights already

Yes definitely people will start to fall. Amazes me how they afford a lot of these mortgages in the 1st place

 

[doobin]

Yes definitely people will start to fall. Amazes me how they afford a lot of these mortgages in the 1st place

A lot of the time it’s with big equity from increases in their last place. The worst scam is the new builds. The interest on that £50k ‘help to buy’ (help to keep developers profits high more like) loan will really start to sting after the first free five years. The interest rate increases by the CPI every year!! That, coupled with even a stall let alone a fall in prices, will f**k so many young couples who were already f***ed by being forced in to buying a shitty new build as the only way onto the ladder.

 

[Lynchy]

A good sign especially in London and other cities is the sky line, When there is a recession or when we are heading for one there are fewer tower cranes going up on jobs, But in Brighton on thursday I counted at least 14 tower cranes and another just being put up, I have not seen that many in Brighton for many years, I need to start remembering to take my camera with me!

That and piling ,rigs all out at the moment struggling to get men,as long as hs2 keeps going,I reckon it will,london-birmingham will still be flat out,judging by recent times, continued low interest rates,reaction to covid reckon we're in much different place to early 70's,late 70'searly80's,early 90's,08,could all come to grinding halt but I don't reckon it will,not saying the alternative is going to be good

 

[Maxus]

So we're looking at rising prices and less work opportunities down the line? I'm always amazed how much money people have, and I'm completely inundated with enquiries for landscaping projects.

 

[Lynchy]

So are we're looking at rising prices and less work opportunities down the line? I'm always amazed how much money people have, and I'm completely inundated with enquiries for landscaping projects.

Dunno bout rest of you on here,but I'm making more now,than even heady days of 7day a week rail jobs,just doing mon to Fri?

 

[TiltyShaun]

I plan to shift the refurb as quick as possible as prices in the particular area in Gloucester are still creeping up at the moment due to lack of supply. The other property we purchased before Xmas is now tidied up and rented out.Waiting on the decision for planning in the garden which hopefully will be through shortly. Will happily build that one whatever happens as effectively the plot is free. If we build and cant sell will add it into the rental portfolio. Kobelco is nearly paid off so will probably keep that long term now it is set up with the Engcon and EC-Oil. It has crossed my mind that it could go but not there yet!!