I always thought I'd celebrate a house price crash - but I'm putting the party on hold

And all this while the value of young people’s hard-earned savings were being instantly made worthless by property cost growth that dwarfed them. It felt like a dip in prices would never really come.House prices fell 3.5 per cent in the year to June according to Nationwide data, and– some say by more than a third – in the coming months and years.

Mortgage costs increasing are difficult for everyone of course, but it’s potentially hardest for first-time buyers and those who have recently bought homes. Those who have owned their homes for years are more likely to have built up equity and be borrowing less. So whilst the hikes to mortgages will hit them, they be dwarfed by those starting their journey from the bottom rung of the ladder.A report earlier this week from property website SpareRoom found that the average cost of renting a room in the UK has risen to more than £700 for the first time, with some cities seeing year-on-year rises of more than 20 per cent.

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Now might be the right time to buy a house – even if mortgage rates are risingIs it a good time to buy a house? With prices falling and mortgage costs rising the obvious answer would seem to be no. But the simplest financial questions are usually the most difficult – and complicated – to answer. So here goes 🖊️ HamishMcRae5
Source: i newspaper - 🏆 8. / 89 Read more »