| Comment | I personally think (as do a lot of economists btw) that the UK housing market is poised for a major correction. Which makes sense as obviously a 10%+ annual growth is not sustainable or even sane. This is not necessarily an issue if you intend to be in your property for 10 year or so but for shorter term it could be a bad call to buy right now. Many people in America who bought right before 2008 only got back above water during the covid property boom. WAY too many people are over leveraged on their mortgages just now and with interest rates doing what they are it is a recipe for disaster. Borrow with a BIG cushion. Property values shot up over 10% over covid with people needing to borrow to their absolute limit and with rising interest rates, inflation, and cost of living, we are likely to see a lot of people unable to afford their properties and looking to offload quick. Might be a good time to grab a deal but the property market might be real volatile for a while. Borrow well with in your means in a place you can stay put in and you should be OK, might even get a bargain, but don't over borrow. |
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