>also forgot to add most people who bought over Covid are also likely to be on 3-5 years fixed term so their financial situation won’t be affected for some time.
Inflation is up 18% this time last year. Everyone is already being affected financially albeit by factors outwith their mortgage. I know several people looking to sell flats they have bought recently and downgrade a bit as their outgoings are no longer compatible with their mortgages. It won't be 2008 but it will be a correction. Wages in Glasgow are still relatively low for the value of the properties. The days of a 2 bedroom in Govanhill being £234K will come to an end in my opinion. Now is a good time for a cautious purchase within ones means but I would caution to borrow to the hilt. |