r/Glasgow Tools

Take this as subjective as you can. I’m not an expert but Ive got a fair bit of experience with tracking the markets. Housing prices are pretty much at their peak, no one truly knows this for sure but the economists are suggesting/suspecting central banks will orchestrate a housing market collapse to get inflation under control, people can’t spend what they can’t afford. They suspect housing pricing will decelerate by 2% over the next 12 months.

If this is the peak, you’ll have landlords flooding the market with 30-40% over priced housing trying to get them sold at the crescendo of this free money madness. Evictions (some illegal) are everywhere as landlords try to get shot of assets that will now reduce in value.

If you are renting, time is the only solution. If your selling, renting a place for £1100-£1200 a month following sale is going to be painful but is still a better solution than being trapped in an asset that’s reducing in value by more than that a month. If your trying to buy with no collateral and you now face a 6% Morguage your also fucked. Essentially a sharp change to the market is needed to get out of this stalemate and it’s tragic to read every day there are posts about housing associations on this sub.

My heart breaks for anyone trying to get a house right now. There’s a reasonable chance buying now could lead you into negative equity within 1-5 years, depending the speed and depth of this recession.

I wish you the best of luck my friend. The world needs more empathy right now.