These mortgage headlines… is it daft to sell now and borrow more?

[sellotape12]

We live in a small house in London, and have been trying to sell + buy to move to somewhere slightly bigger in the same area. But all this news about another mortgage rate increase makes me think this is just a bad time of year - too much turmoil. Anyone going through the same thing?

I know it’s circumstantial and everyone’s individual situation will be different, but part of me is thinking of just sacking it all off and waiting until the drama levels off a bit. That said, I know the era of almost free money (i.e debt) is over and we’re all probably looking at normal interest rates forever now. Anyone with better knowledge to me have an outlook?

@SaturdayGiraffe

Yep.

@XVGN I'm not being over sensitive, you're being rude!

no problem with adding another stream of information, but telling her to go & make her own mind up as though she shouldn't be asking for opinions, is rude.

We're delaying a relocation to see what happens. My totally uninformed feeling is that London flattened off sooner whilst other cities kept on rising. Since we're looking to move to a very expensive small city we're going to give it (another) year, but beyond that point it becomes difficult due to primary to secondary school transition and it will be either move then or forget about it.

my flat is on the market but I am in no rush, I would buy when the price for the next step is right. aka a lot lower than now.

lots of really good points here. We are not being pushed, and we are fortunate that we have an OK enough press feels suitable right now. It’s just that dire lack of supply in our part of London means we’d want to jump if something came up on a street we like.
Sadly I think a few properties will come onto the market from struggling families. It’s horrible for a lot of people.

Anyone else who’s been looking feeling massive doses of “what the F-?” when agent are sending you stuff on their mailing list? Really overpriced ugly houses that need work. I got an email yesterday from KFH asking if we wanted to buy this house in Forest Hill, London that’s over 1 million quid, looks like it’s been used as a torture chamber. It’s honestly ridiculous.
the market needs to come down. But supply is the issue.

Yea that’s great advice really and scratches at gnaws at what my instinct is saying. We missed out on a lovely property on our dream street but honestly we walked away at a certain price and stuck to our guns. Even though I feel sad, I also keep thinking another couple has massively overpaid for it, and them outbidding us (by some margin) is more fool them.
I can see from this thread it’s hitting people differently and my sympathies with everyone. I wish there was a different way to curb inflation without it hurting regular people. So much of the UK market is actually ummortgaged, ie people who’ve paid theirs off.

We weren’t planning on selling until next year as we still have a couple things to do on the house. That was until our absolute dream property came on and we rushed to get ours presentable and got it on the market.
Definitely not the ideal time to buy and sell but as long as you can afford it and it’s still doable

I agree the free money era is over, the scary part (if you have big debts) is that the BOE has limited control, they follow the U.S on rate policy anyway but now what Japan, Russia and China do (China may have already lost control of it`s economy?) matters a lot for different reasons.

We decided to stay and put a little bit of money into repairing and rejuvenating odd jobs around the house. In our situation, just started to seem reckless to take on a lot more debt for a marginally bigger house.

That said estate agents here in S.London are increasingly desperate yet refuse to accept that a shift is likely to come (and needs to happen, psychologically!)