Has anyone taken their house off the market due to mortgage rates?

53 replies

Amtheyest17 · 10/05/2023 18:15

We are currently on the market and having trouble finding somewhere to buy. Looks like we may have a couple of offers coming our way but I’m getting cold feet and considering taking it off the market and staying put. Really doesn’t seem like a good time to move!

anyone else in the same position or thinking the same?

OP posts:

rainingsnoring · 12/05/2023 11:03

Grapefruittea · 12/05/2023 10:35

I am by no means an expert. However, I am waiting to sell until next year. I listen to a lot of political commentary shows (for my sins) and the general consensus is that this will be the last interest rate hike and then things will start to fall. According to 'experts' we should also start to see the lower food costs coming back in by the end of the year too! The other thing to consider is that there is a general election next year... true to form I expect the Tory party to pull a rabbit out of the hat when it comes to buying and selling properties in the hopes it will help paint them in a more positive light! Could be wrong, but it makes sense! Whether people like it or not, this country relies on a booming property market and many millions don't want to see it coming crashing down!

I think it's very unlikely that we have seen the last interest rate rise. In fact, the BOE have essentially confirmed that they will raise to 4.75%. The interest rate rises take a long time to feed into the system because of fixed rates so it's likely that the impact of rate rises will be significantly greater in another year. If inflation doesn't come down significantly, interest rates will likely rise more and stay there. The only other scenario is in which I see short term rates going down would be if 'something breaks' and that would have to be pretty huge as The Fed have continued to raise despite 3 large American bank failures.
I agree with you that the UK economy is ridiculously dependent on high house prices and that millions do not want to see them coming crashing down. How much the government can actually do in current circumstances is another matter though!

mathis2006 · 12/05/2023 11:06

I am not sure what the government can do much against rising interest rates. Their last trick was stamp duty, but stamp duty doesn't matter if you can't borrow enough for your mortgage.

socialmedia23 · 12/05/2023 11:18

mathis2006 · 12/05/2023 11:06

I am not sure what the government can do much against rising interest rates. Their last trick was stamp duty, but stamp duty doesn't matter if you can't borrow enough for your mortgage.

didnt they have mortgage interest relief in the last housing crash?

government can offer loans to the indebted households to pay their increased mortgage or heavily restrict banks from repossessing homes. So people would be trapped in their homes but they wouldn't be on the market which would reduce price falls to a certain extent.

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