House prices up or down?

[questionname]

OK I've name changed for this sorry.
Having a really bad time trying to buy somewhere to live, soaring prices (by my maths recent buy to letters are loosing money) very little available and problems with what is. Have had several places under offer this year and vendors keep pulling out 'cos they can't find (?afford) the next place and we don't know what to do. We can't move to cheaper area right now (various reasons) so that's out. I know none of you have a crystal ball but would value some opinions, are prices going to keep soaring? Should we just get interest only mortgage? (no big wage rises in the offing!)or is everyone feeling the pinch? do you reckon prices might fall? How many interest rate/council tax/fuel rises will it take? Any estate agents out there who know the answer?

interest rates up another 25bps today

so... poss a slowdown ahead???

Yeah they had to really. What only another ?2% to go.
Same here pacinofan we just don't think we can "lower our requirements" anymore.

And, pacinofan, I bet when something suitable does comes on the market, there will be loads of demand from other people in the same position. Demand simply exceeds supply at the moment, whichever way you look at it, and there are more and more products coming onto the market to help people get their foot on the property ladder which effectively artificially inflates the demand, if you see what I mean...

Am feeling particularly deflated today - this is the THIRD house purchase to fall through for us. We are over £3,000 out of pocket and utterly hacked off. We are not stupid people, in case you're wondering, 2 of the 3 properties had subsidence/incomplete paperwork in place. The final property actually fell through last night after the valuation we had done was way beneath the agreed purchase price. The vendor had given us assurances that if this happened he would re-negotiate. Guess what? He changed his mind, refuses to accept our survey/valuation and we are another £1000-ish out of pocket.

Sitting here this afternoon looking at my gorgous kids trying not to get too disheartnened and count my blessings, as my mum would tell me to do!

Very very sound advice from Justaphase imo.

oh pacinofan I really do sympathise same thing keeps happening to us, now I'm sitting here thinking about another winter with mould on the ceiling and taking 5 days to dry a t-shirt, thinking about my poor kids with no where to play and not being able to have anyone round. Keep meaning to write and give Gordon a piece of my mind but it wouldn't do any good. I'm bloody miserable about it, even more so when I think of at least 4 of my childless friends who live in 4 bedroomed houses! (Only 1 in London though).Cheshire can be v.expensive too.

Why do people pay £300k or more for a terrace anway? If I could afford it I certainly wouldn't pay it. A small 2 bed terrace where I live used to cost £50k ish about 9 years ago, now they are £235k ish. What do I get for my extra money then?!

Surely these houses are at these stupid prices because people pay these stupid prices?!

Just reread my thread, pacinofan, and sorry if it was a bit tactless. There are loads of people who have sold and are in rental accommodation at the moment...

Mumfor1, i don't know what else people can do if that is what houses cost in the area they need to live in? They might be stupid prices but rental prices here are just as stupid, not much diff to mortgage payments. Okay, people could choose not to pay for a bigger house but I just need to buy somewhere for us to live.

granarybeck, I know that people need to live somewhere. It is very hard to stay where you have grown up and buy a house.

I certainly know all about this as I can't afford to buy where I live.
I am renting with a Housing Association. I certainly will never get onto the housing market, not unless someone leaves me money or a house!
I am so priced out of it that it hurts me every day. I have to watch my little boy cry because he has to go indoors after he gets out of the car. We have a driveway at the rear of our new build house, but no garden and no boundaries. But at least the 'open plan, modern feel'looks great hey!