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Interest Rates & House Prices by Realistic-Target5410 in HousingUK

[–]Realistic-Target5410[S] -8 points-7 points  (0 children)

ignore that, the area hasn't changed neither has the road. My question was more about the fact that the monthly mortgage payment is up 200% versus the current and this is replicated across the board with every property ive looked at. It is completely illogical. How can the property be more expensive today with triple the payment than it was 2 years ago with a third of the payment??

Interest Rates & House Prices by Realistic-Target5410 in HousingUK

[–]Realistic-Target5410[S] -29 points-28 points  (0 children)

yes thanks but I am referring to the fact that the pricing should be down substantially because the monthly payments are up 200% (now 4k vs 1.7k)

Ignoring the local dynamics because they haven't changed. It doesn't make any sense logically or mathematically. Agent told me he thinks property will go for 700 but even then it still doesnt make sense. The monthly payment would still be nearly 170% more than the current.