Are high interest rates affecting your plans to move house?

[Homestead2]

Are the high interest rates putting you off moving house?

My house went on the market yesterday, we were pre-warned it’s a buyer’s market but we have 8 confirmed booking for this week. The market doesn’t seem to have slowed down. I am now looking at bigger properties at a higher price point and wondering whether those are impacted more but they are still priced very high. Even more so than Covid prices!

I agree with a lot of PP, interest rates our very low and have been for many years now.

DH & I have been buying & selling since 1989, our first mortgage was called a low start, at 12% and went up in year 2 & 3 by around half a percent. It was very tough for people then, we had friends that had their properties repossessed, I hope we don’t ever see that again.

We managed to keep hold of our tiny studio flat, in Brighton, despite being plunged into negative equity, we purchased our first flat for £42k bought at the peak of the market, it was valued 18mths later at £26-£28k, we did move but had to keep hold of the flat, by renting it out, we sold it in 2000 and made £500, it took that long for the market to recover.

I think you are correct to act with caution OP.

I can only see interest rates going one way and that’s up sadly.

I think its going to be significantly challenging to sell over the next couple of years. This Zoopla report confirms what I thought seemed to be happening in my area.
https://www.mpamag.com/uk/mortgage-types/residential/nearly-half-of-listed-homes-fail-to-sell-due-to-overpricing/574873

Savers won"t be sad.