Go Back  British Expats > Living & Moving Abroad > Moving back or to the UK
Reload this Page >

Interest rates and house prices

Interest rates and house prices

Old Sep 8th 2007, 11:47 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Location: Chichester, England, Auckland, NZ, Gold Coast, Oz. Going back to UK 17th Oct
Posts: 123
DebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud of
Default Interest rates and house prices

Can anyone tell me what is the current state of the housing situation in the UK.

We've heard interest rates are about to go up again!!

We're moving back next year and OH is starting to panic he'll be living with in-laws forever!!

We'll be moving back to the south /south coast

Any help will be appreciated
DebiE is offline  
Old Sep 9th 2007, 9:38 am
  #2  
Ping-ponger
 
dunroving's Avatar
 
Joined: Jul 2002
Location: Dreich Alba
Posts: 12,004
dunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond reputedunroving has a reputation beyond repute
Default Re: Interest rates and house prices

Originally Posted by DebiE
Can anyone tell me what is the current state of the housing situation in the UK.

We've heard interest rates are about to go up again!!

We're moving back next year and OH is starting to panic he'll be living with in-laws forever!!

We'll be moving back to the south /south coast

Any help will be appreciated
They are holding off raising interest rates currently, something to do with all the economic problems lately and the fact that inflation has dropped slightly (at least my understanding; I'm no economist).

Many of the Money pages in the papers, though, seem pretty sure there will be another rise (to 6%) by the end of the year.

Ballpark figure, on a basic 25-yr tracker mortgage you'll be paying approximately 70 GBP per 10,000 borrowed.

House prices are very regional, although you're unlikely to get much for under 100k anywhere in the UK (I mean a 2BR or 3BR house; small flats can be had for less than 100k in places). The south is generally more expensive than the north.

Rightmove.co.uk is a good site for looking at house prices. You can see asking prices, and also look at "Sold prices" (upmystreet.co.uk is another one, and it is a bit more up to date than Rightmove). You can also "save" propoerties so you can check in now and again to see how quickly they sold and for how much.

I won't witter on about my situation, but if you search for my recent posts you'll see that UK house price rises have essentially led to me being in a much worse financial situation than I was in the US. I really got caught out by how quickly prices rose and by how much. It's made me pretty unhappy, though I'm getting over the initial shock a little better these days. I've been back 12 months and don't feel settled at all due to money worries.

Unless you are bringing back a chunk of change, or are under 40 (thus having time on your side to pay off a mortgage before retirement), I recommend you look very, very carefully at your potential financial situation before you make the big move back to the UK.
dunroving is offline  
Old Sep 9th 2007, 5:42 pm
  #3  
HCJ
Forum Regular
 
Joined: Nov 2006
Posts: 108
HCJ is a jewel in the roughHCJ is a jewel in the roughHCJ is a jewel in the roughHCJ is a jewel in the rough
Default Re: Interest rates and house prices

Originally Posted by DebiE
Can anyone tell me what is the current state of the housing situation in the UK.

We've heard interest rates are about to go up again!!

We're moving back next year and OH is starting to panic he'll be living with in-laws forever!!

We'll be moving back to the south /south coast

Any help will be appreciated
If you want an affordable house you should be praying for interest rates to go up in my opinion. The UK property bubble is driven by low interests rates and lax lending criteria. It's about 2 or 3 interest rises away from total meltdown. 6% by the end of the year is very likely.

You can also use www.propertysnake.co.uk to find motivated sellers (possibly some trying to emigrate!) and put the b@stards under pressure with an insultingly low offer.
HCJ is offline  
Old Sep 10th 2007, 2:25 am
  #4  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Location: Chichester, England, Auckland, NZ, Gold Coast, Oz. Going back to UK 17th Oct
Posts: 123
DebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud of
Default Re: Interest rates and house prices

Thanks for the great info guys.

It'll be a struggle I'm sure, but no worse than the Gold Coast at the moment. Same thing is going on here!!
DebiE is offline  
Old Sep 10th 2007, 2:37 am
  #5  
Account Closed
 
Joined: Jun 2007
Posts: 8,913
Nu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really nice
Default Re: Interest rates and house prices

Originally Posted by DebiE
Thanks for the great info guys.

It'll be a struggle I'm sure, but no worse than the Gold Coast at the moment. Same thing is going on here!!
Hi DebiE.
What don't you like about the Gold Coast?
Nu-Shooz is offline  
Old Sep 10th 2007, 3:15 am
  #6  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Location: Chichester, England, Auckland, NZ, Gold Coast, Oz. Going back to UK 17th Oct
Posts: 123
DebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud of
Default Re: Interest rates and house prices

Originally Posted by Nu-Shooz
Hi DebiE.
What don't you like about the Gold Coast?
It's not that we don't like the GC...we just know it's not where we belong!!
DebiE is offline  
Old Sep 10th 2007, 10:23 am
  #7  
Gold Coast and Loving it.
 
nick72's Avatar
 
Joined: Oct 2005
Location: Gold Coast !
Posts: 830
nick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond repute
Default Re: Interest rates and house prices

Originally Posted by DebiE
It's not that we don't like the GC...we just know it's not where we belong!!
Would be interested to know your feelings on that one Debie.

We have been here a year now and moved from Worthing.

I wouldn't go back to the UK now, we love the Gold Coast.

Before someone starts a war on me, I know not everyone enjoys where they move to so just wanted to know why Debie would move back ?



Nick
nick72 is offline  
Old Sep 10th 2007, 11:52 am
  #8  
BE Forum Addict
 
singingringingtree's Avatar
 
Joined: Mar 2007
Location: Near Colchester, Essex hoping to go to Port Moody, BC
Posts: 1,007
singingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to beholdsingingringingtree is a splendid one to behold
Default Re: Interest rates and house prices

Originally Posted by DebiE
Can anyone tell me what is the current state of the housing situation in the UK. We'll be moving back to the south /south coast
This link might be of interest to you:http://news.bbc.co.uk/1/shared/spl/h...ml/region9.stm
singingringingtree is offline  
Old Sep 11th 2007, 1:27 am
  #9  
Forum Regular
Thread Starter
 
Joined: Aug 2007
Location: Chichester, England, Auckland, NZ, Gold Coast, Oz. Going back to UK 17th Oct
Posts: 123
DebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud ofDebiE has much to be proud of
Default Re: Interest rates and house prices

Originally Posted by nick72
Would be interested to know your feelings on that one Debie.

We have been here a year now and moved from Worthing.

I wouldn't go back to the UK now, we love the Gold Coast.

Before someone starts a war on me, I know not everyone enjoys where they move to so just wanted to know why Debie would move back ?



Nick

Everyone has a different reason to emigrate. Everyone has a different reason to return.

For us I'd say it has a lot to do with change of priorities. We've been away from the UK for 16 months now and as time goes by it is becoming more and more apparent that the UK is the place for us to be.

There are many reasons why we have decided to go back. There are not so many reasons to stay.

Life for us is basically the same, if not worse than it was in the UK. The sun maybe shinning, but we value our family and friends more than sunny days. I guess we had to go through this to appreciate things more.

I hate not being able to pick up the phone and call my mum for a chat whenever I feel like. It's hard to maintain a proper relationship with everyone back home. We're not happy communicating via webcams, once a week phone call, or sending/receiving video footage once in a while. For us that's not what family life is about.

We had expected to 'go home' every year to visit. But expensive airfares have put a stop to that. The thought of only seeing our parents and our children only seeing grandparents once every five years just seems harsh on all of us and on the folks back home.

I went through the same with my grandparents when they emigrated to NZ before I was born...it's not a nice feeling not having that close bond with grandparents and we don't want that to happen with our children. A grandparents love is irreplaceable and unsurpassed...of course we knew this before we left the UK, but as we intended to have frequent visits back it wasn't an issue. Family coming to see us is not that easy either with work commitments as well as other matter to contend with. It may be easier to keep in touch now a day, than it was when my grandparents moved in the 60's but it is still very hard to stay close...times haven't moved on that much!

As I've already said there are many, many more reasons for us to return and obviously can't say them all. We just know we're not happy here and never will be.
DebiE is offline  
Old Sep 11th 2007, 5:38 am
  #10  
Gold Coast and Loving it.
 
nick72's Avatar
 
Joined: Oct 2005
Location: Gold Coast !
Posts: 830
nick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond reputenick72 has a reputation beyond repute
Default Re: Interest rates and house prices

Originally Posted by DebiE
Everyone has a different reason to emigrate. Everyone has a different reason to return.

For us I'd say it has a lot to do with change of priorities. We've been away from the UK for 16 months now and as time goes by it is becoming more and more apparent that the UK is the place for us to be.

There are many reasons why we have decided to go back. There are not so many reasons to stay.

Life for us is basically the same, if not worse than it was in the UK. The sun maybe shinning, but we value our family and friends more than sunny days. I guess we had to go through this to appreciate things more.

I hate not being able to pick up the phone and call my mum for a chat whenever I feel like. It's hard to maintain a proper relationship with everyone back home. We're not happy communicating via webcams, once a week phone call, or sending/receiving video footage once in a while. For us that's not what family life is about.

We had expected to 'go home' every year to visit. But expensive airfares have put a stop to that. The thought of only seeing our parents and our children only seeing grandparents once every five years just seems harsh on all of us and on the folks back home.

I went through the same with my grandparents when they emigrated to NZ before I was born...it's not a nice feeling not having that close bond with grandparents and we don't want that to happen with our children. A grandparents love is irreplaceable and unsurpassed...of course we knew this before we left the UK, but as we intended to have frequent visits back it wasn't an issue. Family coming to see us is not that easy either with work commitments as well as other matter to contend with. It may be easier to keep in touch now a day, than it was when my grandparents moved in the 60's but it is still very hard to stay close...times haven't moved on that much!

As I've already said there are many, many more reasons for us to return and obviously can't say them all. We just know we're not happy here and never will be.

Thanks for the informative post Debie.

Glad that you didn't make any sweeping statements, they were all your own experiences.

Good luck with your move back if you do decide to go, and say Hi to West Sussex for me !!

Nick
nick72 is offline  
Old Sep 11th 2007, 5:54 am
  #11  
Account Closed
 
Joined: Jun 2007
Posts: 8,913
Nu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really niceNu-Shooz is just really nice
Default Re: Interest rates and house prices

Originally Posted by DebiE
Everyone has a different reason to emigrate. Everyone has a different reason to return.

For us I'd say it has a lot to do with change of priorities. We've been away from the UK for 16 months now and as time goes by it is becoming more and more apparent that the UK is the place for us to be.

There are many reasons why we have decided to go back. There are not so many reasons to stay.

Life for us is basically the same, if not worse than it was in the UK. The sun maybe shinning, but we value our family and friends more than sunny days. I guess we had to go through this to appreciate things more.

I hate not being able to pick up the phone and call my mum for a chat whenever I feel like. It's hard to maintain a proper relationship with everyone back home. We're not happy communicating via webcams, once a week phone call, or sending/receiving video footage once in a while. For us that's not what family life is about.

We had expected to 'go home' every year to visit. But expensive airfares have put a stop to that. The thought of only seeing our parents and our children only seeing grandparents once every five years just seems harsh on all of us and on the folks back home.

I went through the same with my grandparents when they emigrated to NZ before I was born...it's not a nice feeling not having that close bond with grandparents and we don't want that to happen with our children. A grandparents love is irreplaceable and unsurpassed...of course we knew this before we left the UK, but as we intended to have frequent visits back it wasn't an issue. Family coming to see us is not that easy either with work commitments as well as other matter to contend with. It may be easier to keep in touch now a day, than it was when my grandparents moved in the 60's but it is still very hard to stay close...times haven't moved on that much!

As I've already said there are many, many more reasons for us to return and obviously can't say them all. We just know we're not happy here and never will be.
Very good post. So much you said rings truth for me.

Hpe you get where you want to be soon.
Nu-Shooz is offline  
Old Sep 11th 2007, 7:17 am
  #12  
Lost in BE Cyberspace
 
emmals's Avatar
 
Joined: Nov 2004
Location: the land of make believe
Posts: 10,528
emmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond reputeemmals has a reputation beyond repute
Default Re: Interest rates and house prices

Originally Posted by DebiE
Can anyone tell me what is the current state of the housing situation in the UK.

We've heard interest rates are about to go up again!!

We're moving back next year and OH is starting to panic he'll be living with in-laws forever!!

We'll be moving back to the south /south coast

Any help will be appreciated
interest rates arn'nt going to rise any further and neither are the housing prises...(acording to a vg source I have)...Depending on what you are going to do once you return to the UK you may be better renting short term?......Or there is the option of an interest only mortgage which will keep your payments down..The North and South devide has become smaller but do expect to pay upwards of 150k for a 2 bed down there.
emmals is offline  
Old Sep 12th 2007, 7:46 pm
  #13  
 
Joined: Apr 2006
Posts: 1,656
or4ngecrush is an unknown quantity at this point
Default Re: Interest rates and house prices

Originally Posted by DebiE
Everyone has a different reason to emigrate. Everyone has a different reason to return.

For us I'd say it has a lot to do with change of priorities. We've been away from the UK for 16 months now and as time goes by it is becoming more and more apparent that the UK is the place for us to be.

There are many reasons why we have decided to go back. There are not so many reasons to stay.

Life for us is basically the same, if not worse than it was in the UK. The sun maybe shinning, but we value our family and friends more than sunny days. I guess we had to go through this to appreciate things more.

I hate not being able to pick up the phone and call my mum for a chat whenever I feel like. It's hard to maintain a proper relationship with everyone back home. We're not happy communicating via webcams, once a week phone call, or sending/receiving video footage once in a while. For us that's not what family life is about.

We had expected to 'go home' every year to visit. But expensive airfares have put a stop to that. The thought of only seeing our parents and our children only seeing grandparents once every five years just seems harsh on all of us and on the folks back home.

I went through the same with my grandparents when they emigrated to NZ before I was born...it's not a nice feeling not having that close bond with grandparents and we don't want that to happen with our children. A grandparents love is irreplaceable and unsurpassed...of course we knew this before we left the UK, but as we intended to have frequent visits back it wasn't an issue. Family coming to see us is not that easy either with work commitments as well as other matter to contend with. It may be easier to keep in touch now a day, than it was when my grandparents moved in the 60's but it is still very hard to stay close...times haven't moved on that much!

As I've already said there are many, many more reasons for us to return and obviously can't say them all. We just know we're not happy here and never will be.
Yeah it's true that we have our own reasons for moving (and moving back) and it's really interesting to see differences in people's families, for example I am only an hours car drive from most of my family and I haven't seen them for years, and it doesn't bother me.

Maybe it might change when I move maybe it won't but good luck in whatever you do.
or4ngecrush is offline  
Old Sep 15th 2007, 6:49 am
  #14  
Forum Regular
 
Joined: Sep 2007
Location: Denia (Alicante)
Posts: 244
Joe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud ofJoe King has much to be proud of
Default Re: Interest rates and house prices

Originally Posted by emmals
interest rates arn'nt going to rise any further and neither are the housing prises...(acording to a vg source I have)...Depending on what you are going to do once you return to the UK you may be better renting short term?......Or there is the option of an interest only mortgage which will keep your payments down..The North and South devide has become smaller but do expect to pay upwards of 150k for a 2 bed down there.
Bank Of England interest rates don't need to go up for mortage interest rates to go up - as we have seen this week with Abbey and Halifax. It's all down to the bank's own cost of borrowing. When that goes up, repayments go up.

Interest only mortgages - yes payments are less but you don't pay off a penny of what you have borrowed! If prices fall you will be badly out of pocket. Renting could well be the answer short term.

In fact, look at the rental price for a house in an area you look. Then find a similar house for sale and see what the monthly interest only repayments will be. Often you'll find renting is actually cheaper - and you don't have to maintain the place!
Joe King is offline  
Old Sep 15th 2007, 7:15 pm
  #15  
Forum Regular
 
Joined: Oct 2006
Posts: 196
jobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to alljobart is a name known to all
Default Re: Interest rates and house prices

Another option is shared ownership, although I don't know if this option is available in all areas.

I'm in an area where there's quite a few about, and once one is put on the market it's snapped up straight away. Waste of time looking in the paper or online for one as they're gone, but you can view what prices they fetch by doing a search online. They seem to go for anything between £18k and 150K depending on the percentage of the share and the rent payable on the remaining is a fraction of the cost of a mortgage for the same amount.
jobart is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.