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Now or never

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Posts posted by Now or never

  1. I’m currently renting, have been for 10 years from a good landlord who’s given us a home without a single rent rise in all that time. As things stand I’m in a very fortunate position from a renting perspective, with house prices near me dropping each year by more than my annual rent, but even though I think house prices will drop over the long term, if our landlord was to terminate our tenancy, I feel I have no choice but to buy.

    To rent an equivalent property I’d be looking at a 50% increase, the same as the monthly mortgage repayments for the same property, plus the risk of adopting some arseh0le landlord.

    It’s this scenario keeping house prices at mental prices, feels like the market’s rigged, with the drip feeding of any new decent properties to the market and mortgages rates making them attainable for a household with two average incomes; what’s going to be the straw that breaks the camel’s back?

    I feel like I can only let fate decide as I haven’t got a clue where things are heading, even though logic tells me falls are a certainty. At least this way I won’t have the regret of feeling that I made a wrong decision, if that turns out to be the case.



  2. So house price falls are everything to do with Brexit and elections?

    How will properties become more affordable when/if Brexit certainty is established?

    People are maxing or maxed out, Brexit is masking a lot of other issues which aren’t going to disappear because it does. 

    Brexit has been on the cards for three years now, project fear has risen from the increased probability of a real no deal and it seems to be having the desired effect.

  3. Assuming sellers can increase the house price and buyers absorb the cost in this way then the significant losers are the first time buyers for less than £300K, this becomes an additional cost currently unaccounted for.

    Would be interesting to see if this affects property sales as you are requiring more money from those already stretched to their limits, slowing the market from the bottom of the chain. I appreciate it’s a relatively small amount of money but could still be enough to have a knock on effect; I could see the sellers taking the hit in this situation.

  4. And what percentage of those 5% deposits used HTB?

    And of those that used HTB the percentage drop on the value of their (mortgage provider’s) ex-new build property is how much larger than the reported average?

    With the additional HTB repayments due in a few years, these lot are royally screwed!

    I get this horrible feeling these buyers are going to receive more ‘help’.

  5. Been keeping an eye on prices down here on the south coast. Bit of a mixed bag, some properties with multiple reductions others hanging around forever. I’d say around 40% of listings are reductions, albeit small, but very reassuring to see multiple ‘price reduced’ listings on RM. This has to feed in to sentiment soon,  combined with Brexit, looming recession and all the talk of closures/Job losses.

    I’m in a fortunate position with regards to renting, nice property with very good landlord, fixed rent since 2010. Recent reductions on most properties are larger than my annual rent, so in no rush, but next move needs to be a purchase as I know I’m not going to get it this good, and I’m really uncomfortable with that right now. I know whatever turn I take will be the wrong one so hoping to hang it out renting as long as the landlord can.

  6. 35 minutes ago, MattW said:

    I watched another YT video recently about the four square method. It is very confusing.

    I always considered a bank loan to be a better way of financing. Get the finance in place and then deal with the car purchase. That way you can at least legally own the car. Perhaps if buyers started doing that than car salespersons can go back to selling actual cars rather than finance products. :rolleyes:

    Or use credit card with zero percent interest on purchases for every possible daily transaction/living cost, saving the money in your bank account that would normally be spent to cover these costs.

    Ive just done this to buy a second hand car for 6K, a private purchase which would have cost me 9K from a forecourt and that’s before any finance. I’ve now got 24 months to save 6K before the zero percent rate switches to standard.

    Surprising how quickly you can add a few grand to your bank balance this way and effectively get a 0% bank loan.

  7. Same situation as you, same age (43 in July), married but three kids.

    Been renting in current place since 2010 with no increases (£800 per month), Landlord is absolutely brilliant, lives in Bahrain and kept the house for sentimental reasons (stinking rich), only last week replaced the cooker (£600) after showing her a replacement seal cost for £25; even sends us £100 at Christmas! 

    If we we're forced to move, I would without doubt buy; I just can't see us ever living in a house like this for same cost and same landlord. As it stands  with my current set up I think I would be mental to buy, houses around here (SE) are dropping more per year than I'm paying in rent, so for now I am saving money.

  8. 2 hours ago, Wayward said:

    Why would a 'slow down' in prices tempt FTBs into the market??? Wouldn't this make them think it might be better to wait and see if they fall and better value be had next year?  This does not stack up.

    Besides there is no denying the reality that now is the worst time ever to buy a house. Only question is whether it will get even worse.

    I agree is the worst time to buy, I am seeing reductions and still no takers. However, Once FTBs are in a position to buy , the current costs on a monthly basis are cheaper; thats the temptation.  This is without bringing the whole renting is dead money in to the equation.


    FTBs are buying houses to live in at a cost they can currently afford, unfortunately they do not understand they are paying for somebody’s pumped investment, for which there are no longer any investors. 


    • EnglishinWales
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    All those saying just leave and settle elsewhere what if the OP does that and the same thing happens again after the 6 months are up in a new property? There's only so much someone can take. 

    It might be better for the OP's mental health to try and stay put as long as possible. The LL might give up after 6 months of it being on the market £100K more than it's worth and withdraw it.

    A previous agent I had, offered £50 off the rent for every month they wanted to conduct viewings in. I'd say £50 PER HOUR of viewing is more reasonable. The agent can show several prospective buyers round at the same time.



    Maybe so, but that’s one might, another might will leave you making more compromises with less time.


    Each to their own in this situation, different people in different situations (family with kids) have different options/limitations; I for one would not hang on a might once a landlord has expressed an interest to sale. The situation for the landlord has changed and if (and probably) for financial reasons, they’re only going to get worse from their perspective.


    My approach may not Provide the best outcome in the end, but I would feel more in control taking steps to secure a home for my family than leaving it in the hands of an EA and landlord both with an interest to sale - there’s only so much someone can take.


  10. OP, look after number one and get something lined up ASAP. Now you’re over the initial news/shock and the realisation of having to move has settled in, you need to focus on getting a property that fits the bill.


    Personally I wouldn’t care too much for creating charges for this and that, there’s enough stress and things to think about with securing a new tenancy and everything that goes with moving. I’d play dumb to the letting agent, give the impression I have no understanding of tenancy agreements and the eviction process, lead them to believe that you’re not going to look for another rental until they get a buyer, just in case there’s no sell.


    As previous posters have suggested, both the agent and landlord only care for themselves and trying to limit losses/make more money. I would get great satisfaction leading them to believe they can manipulate the situation and making the landlord feel at ease until the point I hit them with my notice.



  11. 14 hours ago, Discustard said:

    That might be so, it would depend on the wording of the lease.  But in any event the landord is going to want his money and could well say to the tenant 'Pay me and go chase the agent for your money, otherwise here is your Section 21, have a nice life".  In case you were not aware most tenants don't have a lot of legal protection in this country.

    If I was a landlord, that’s  exactly what I would do after losing a months rent and the tenant’s deposit through no fault of their own; first thing that would come to mind is, how can I make my financial situation any worse? ?

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