We saw our mortgage advisor today. She said mortgage interest rates tend to follow the trends in the SONIA rate which is why when Bank of England base rates haven't gone down, mortgage rates have.
I think it’s a more anecdotal thing - everyone I know who’s in their 50s, 60s and 70s started off in small semis and now live in four/five bed detached homes.
A global pandemic has had something to do with a recent need to upsize for many people. Our 'spare bedroom' is an office as is half of our dining table. In order to have our own spaces to work, we'd need three bedrooms and that's without us having kids. With an increase in the amount of time spent at home, the desire to have a space that isn't both work, leisure and laundry room isn't unreasonable.
Recently got a promotion at work so hoping to smash some cash into savings this year to build up our cash pot as well as looking into longer term investments so we can actually retire before we're 90 The changes in rates are worrying but hoping this next move will be our last so a hit in the short term won't be so bad down the line.
House prices vary so much depending on area that is hard to give a generic budget for what to expect to pay.
I was hoping people would say an area alongside budget to showcase the differences across the country
I’m getting my current home valued this week hoping to part ex on a new build. The turn around to move is 5 weeks of the valuation is right, it’s frighteningly quickBeen offered a part ex on another new build. Hoping there’s enough equity in my existing new build that is 18 months old to be able to afford the move
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We’re in the north west which used to have a reputation for being cheaper but as footballers colonised the local area we’ve found ourselves being priced out! We want to keep the budget below 500k, mainly so that we can look at retiring comfortably/slightly early, but everywhere here is 800k+, and that’s with full renovation needed. Jobs are remote so we’re starting to wonder if we should uproot to somewhere cheaper, but no idea where to head. Looking for family friendly, ideally fully rural with land, and not too far from a decent school, but it feels like we’re looking for a unicorn!I'm in the South East and moved from Surrey to Hampshire 4 years ago as we needed more space - you get a lot more for your money in here and we never would have got this much house for the same budget in Surrey. Bought a detached five-bed in a village for £675k in 2019. We borrowed £475k, which was the max we could get, and had a £200k deposit. I sure am going to miss that 1.68% mortgage rate when it ends in December
There really is no such thing as a "normal" budget as it depends on your deposit, financial circumstances, location, budget, etc.
Where are you looking?
Surely just somewhere else in the north west can tick all your boxes?
Rural properties are in high demand sadly
Cheshire yes. For context the only building plot currently available is 2.5mil, and the only home within a 3 mile radius of any kind is available for a bargain 3.5 mil
To be rural in this county, truly rural, comes with a hefty price tag. If we’re going to move our kids out of school and we’re remote workers we may as well look nationwide at what the possibilities areI wouldn't move truly rural with kids. It might sound attractive but do you really want to be driving ages to get anywhere or anything? The opportunities for kids will generally be much more limited in terms of structured activities than are available in or close to a more built up area.Rural properties are in high demand sadly
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Cheshire yes. For context the only building plot currently available is 2.5mil, and the only home within a 3 mile radius of any kind is available for a bargain 3.5 mil
I’m already out in the sticks and we all love it! Happy to continue being nomads we just need to find something affordable that hasn’t been snapped up by a developer already, would love to hear what the pricing is like around the country as here is a bit of a goldfish bowl and it’s nice to get a reality check