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pussnboots

Taking The Plunge After 6Yrs Of Waiting

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

Please wait 2 more years. I beg you. Do not buy a house at peak prices. They have another 40% to drop minimum

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Please wait 2 more years. I beg you. Do not buy a house at peak prices. They have another 40% to drop minimum

this post needs more smileys!

B):P;)B)B)B)

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Don't be suckered into buying a house.

It's a suckers market right now.

You have to think about the 95% mortgages, how they will make everyone renting buy a New House, and how land lords will be forced to sell their 2nd or 3rd houses because No one wants to pay rent when they can get a 95% mortgage.

The government knows a crash is coming, so what do they do? sucker as many idiots in as possible before the Crash.

The aim of the game is to turn you into a Debt Slave.

So you either take my advice or go along with the rest of the sheep.

Edited by Asheron

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

what area are you looking at?

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

I would advise to wait until it drops to 2002/2003 price level. Have you checked local price history? I found most UK post codes saw a big jump somwhere around 2002/2003 which seems to be the bulk of bubble. The reason for this target is that property price around that time reflected what people can afford, if they need to pay 25% deposite and borrow only up to 3 times salary, so it's last time we saw FAIR prices.

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

Ultimately you need to make the best decision for you and your family.

I don't believe there will be and all out crash but there probably will be further falls in the market.

Saying that in many areas prices are at 2003 levels or below and many properties are significantly below RV.

If you find the right house, you have a secure job and decent deposit - buy and get on with enjoying life.

Good luck.

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Ultimately you need to make the best decision for you and your family.

I don't believe there will be and all out crash but there probably will be further falls in the market.

Saying that in many areas prices are at 2003 levels or below and many properties are significantly below RV.

If you find the right house, you have a secure job and decent deposit - buy and get on with enjoying life.

Good luck.

Emm all out? Prices are down 50% from peak, 11% in the last 12 months. We are also bang in the middle of an all out crash. Look left, look right nothing is going to improve anytime soon.

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Emm all out? Prices are down 50% from peak, 11% in the last 12 months. We are also bang in the middle of an all out crash. Look left, look right nothing is going to improve anytime soon.

You obviously disagree - but that's what's great about life and forums.

Do people want a cheap house or an affordable home?

If you've got a job, a deposit and are happy with the price on finding a home why not buy?

If not, wait it out for a future that no one can really predict and hope for a cheap house to appear.

And wait...

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You obviously disagree - but that's what's great about life and forums.

Do people want a cheap house or an affordable home?

If you've got a job, a deposit and are happy with the price on finding a home why not buy?

If not, wait it out for a future that no one can really predict and hope for a cheap house to appear.

And wait...

I disagree with your definition of "all out". Yes.

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(including signing on here as members all innocence and butter wouldn't melt in their mouths.)

Directed towards me?

If so disappointed - and totally incorrect.

If not I apologise for my sensitivity and reading too much into things.

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Hey all........l been lurking for a while and have enjoyed the info and knowledge from posters.....

i'm thinking of taking the plunge and have now put a bid in for a house, it supposely has another bidder and i went 2k more and now waiting to see what happens now,......im sure the owners and estate agent will be biting my fingers in glee of having a couple of offers in a "downturn"........ ;) ...........

The house in question which ticks all my boxes ......., cheaper when looking at nationwide quartly reports 2003 and also the RV is same price that took place in 2005...........so house has drop 50%+ from peak.......i know i should wait for further drops,but when paying 6k a year in rent it looks good and i am putting a large deposit down and have a fairly secure job at lowly wage but still have a few bob from my str fund for a rainy day left over......maybe i will try a bit of gazundering :o as i got gazumping before at the peak....

am i mad :ph34r: ????

The reference to RV makes me think that Pussnboots is based in N Ireland, hence the diveregence of opinions as to the extent of the correction. A very different market to the mainland UK.

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To the OP I would say - you have a big deposit -- good. You have a fairly secure job with lowly wages -- bad. If interest rates go up you are screwed and your deposit will disappear like snow off a dyke in summer when you are re-possessed. So do your research - stress test for different interest rates and if your job is only fairly secure think twice about committing yourself to a major financial purchase. As it stands you could move anywhere with your deposit and look for work. Tie yourself down with a mortgage and you are screwed trying to sell again without making a loss.

If interest rates go up,the whole world is fuked anyway..... i could pay it all off with my saving in one go and still have a few quid left ,but i like the thought if we'er going down the inflation route my mortage will get cheaper and savers are subsiding us debtors......i don't want to move from this area i have done that in the past and have a family settled in local schools.......p.s. im in northern ireland and i know for a fact this house is at 2003 price level under a 100k and love the location...... some other houses are better for not much more, but i don't want them......but i will not go higher on my offer and will look elsewhere if not excepted or wait for all the btl houses that will flood the market after the housing benefit cap in April,,,,, :)

thank for the replys folks and i know my head tells me to wait but the heart wants a home to live in... :blink:

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,but when paying 6k a year in rent it looks good and i am putting a large deposit down

am i mad :ph34r: ????

Possibly! 6K in rent is fairly small, you probably don't have to pay rates or repair/upkeep costs, you can move or downsize if circumstances change. By all means buy if you have the security but you will be paying for it. Gov't finances are groaning, especially here, and jobs previously thought to be secure are now being threatened.

Don't use the 'rent is throwing anyway money' argument to convince yourself, you will be throwing away alot more money by buying while prices are dropping, possibly all of your deposit and the rent to the new LL will be alot more.

You have already made the first mistake buy falling in love with the house and followed by increasing your bid, you are not in a good negotiating position. Be prepared to walk away before you get sucked further in.

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If interest rates go up,the whole world is fuked anyway..... i could pay it all off with my saving in one go and still have a few quid left ,but i like the thought if we'er going down the inflation route my mortage will get cheaper and savers are subsiding us debtors......i don't want to move from this area i have done that in the past and have a family settled in local schools.......p.s. im in northern ireland and i know for a fact this house is at 2003 price level under a 100k and love the location...... some other houses are better for not much more, but i don't want them......but i will not go higher on my offer and will look elsewhere if not excepted or wait for all the btl houses that will flood the market after the housing benefit cap in April,,,,, :)

thank for the replys folks and i know my head tells me to wait but the heart wants a home to live in... :blink:

So you have the guts of 100K savings and want to borrow money you don't need to borrow. Why would you keep fluid cash with such a secure job? Why not just buy outright and not have to worry about interest rates or getting ripped off by banks. You will be able to save more money for your rainy day by not borrowing.

The inflation you are talking about is not going to happen, prices will go up but wages will lag significantly behind, the inflate away argument doesn't really work either. Sure rents may go up but only by small amounts, in any case the changes to housing benefit actually mean rents are likely to drop.

It is fair to say a 2003 price would be good value in today's market if the house is in good order, otherwise is it just 'priced accordingly'? According to the UUJ price/wage index we need to get back to 2000 levels to normal N.I. affordability levels.

If you want to make an emotional decision do so, you don't need our opinions. You just seem to have justified your decision with cherry picked house buying propaganda.

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