We haven't quite reached the turning point yet. House prices in the UK are still going up. According to Land Registry data, prices rose by 0.7% in May, giving an average house price of £180,594. However, the annual change dipped below double digits and came in at 8.9 per cent. As anticipated, the region with the highest annual price change was London with an increase of 15.3 per cent.
Nevertheless, the tide is turning. Those interest rate hikes will spike this bubble. The optimism that has fueled this speculative madness with change. Sentiment will turn, fear will rear its ugly head, then panic will set in. Frantic activity will precede desperation. Then comes comprehension, followed by despair, leading on to the resignation.
The time to sell has passed. If you own a home that you can't afford, you are trapped. That overbearing mortgage will drag you down to the dark depths of bankruptcy.
You are doomed, doomed I say, dooooomed, doooooooommmmmmeeeeddddd.