House prices are ridiculous over here. I don’t as yet have a mortgage and although I wish I owned a house, I am very glad that I don’t have a mortgage. Things went crazy here for a while – house prices literally soared and kept soaring for years. People went mad applying for amazingly high mortgages to pay for amazingly small homes.
Suddenly the prices stopped soaring. The market dipped. The prices began to fall. Some say rapidly although that is a matter of opinion right now. They could keep falling. Nobody has any idea of what will happen next because people have stopped buying. People are afraid to purchase, everyone wants to sell and nobody can. Those people who received huge mortgages for tiny homes have now discovered that they don’t have the room for a family and need to move on. It isn’t happening for most of them.
I know a lot of people who are now stuck with worthless homes that they can’t shift and yet will be paying off for a very long time. It’s a shame but I feel that foolish purchases were made. It was as if the country was suddenly in a race to buy a home. We drove the prices up so high that it seemed to click with the entire nation that it was just too much. So the purchases stopped and the values fell. There are no guarantees, there are no assurances. Things can go very well or very badly. It’s all down to timing and luck in the end.
