High Gas > Housing Price Crash?

[JP_]

Around my way there's now quite a few big houses (million plus) on the market that I've never seen on the market before.
Wondering if people can no longer afford to heat and power their huge, and often old, houses.

Anybody seeing similar trends in your local areas?

 

[noseall]

Around my way there's now quite a few big houses (million plus) on the market that I've never seen on the market before.
Wondering if people can no longer afford to heat and power their huge, and often old, houses.

Anybody seeing similar trends in your local areas?

I doubt heating costs would be a reason to sell for wealthy homeowners. Rather, they are probably uncertain of the future and down-sizing seems sensible.

 

[gant]

Serco will be along shortly with their cheque book to get 20 to 30 asylum seekers bedded in, should keep the locals on their toes.

 

[Notch7]

It could be an increase in mortgage costs.

 

[noseall]

It could be an increase in mortgage costs.

We've had two mortgage related job cancellations and other financially related cancellation/postponements. Not good out there at the mo'.

 

[motorbiking]

I have a few builder contacts who 9 months ago were looking at 4-6 months lead times even for small jobs who are now getting back in touch. But for house prices, in the SE at least prices have gone up 10-15% in the last 18 months and some areas that is close to 20%. We will likely see a natural easing off and prices may well drop a little. I'm not convinced that we will see drops of more than 2 or 3%. Perhaps the odd seaside town which boomed while people work from home. A lot of companies are pushing hybrid now, which may well explain why small extensions for home office are off the table.

With mortgage rates heading towards more normal levels rather than the last 10-15 years of very low rates, people simply wont be able to afford the 500k mortgages that were affordable 3 years ago.

 

[JP_]

I doubt heating costs would be a reason to sell for wealthy homeowners. Rather, they are probably uncertain of the future and down-sizing seems sensible.

I think some are not wealthy, just inherited a large family home. I know of one family, certainly not rich.

 

[gas112]

on rightmove an ever increasing number of houses now being advertised as reduced , example seeing stuff that was around 250k 4/5 months ago now with 20 and 30k off them .

 

[Deleted member 18243]

Many large pubs have closed because of rising energy bills, and many of those that remain are using only one room. The sales of a few barells of beer a week can no longer sustain these buildings. This was not always the case, there used to be pubs galore.

We still have the same beer and the same buildings, so what has happened?

Answer: Government interference.

 

[securespark]

We've had two mortgage related job cancellations and other financially related cancellation/postponements. Not good out there at the mo'.

Sorry to hear that