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House Price Crash Forum


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About Rawhound

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    HPC Newbie
  1. Thanks - there's some great advice coming through. I'm not set on this strategy. If I was I wouldn't have posted here. I do admit that common sense rules should apply. £300,000 for a reasonable sized 3 bed property in a decent (not great) part of London does not seem like a good deal. And completely unaffordable to except to high earners. I do forsee a fall in prices. I've never disputed that. I only challenge the sweeping generalisations that I sometimes hear. I think that certain types of property will be harder affected than other. I may seem like I am set in my ways and it's a 'don
  2. Not at all. It may sound like that but this is a discussion forum. This is a big decision for me and I'm not rushing into it. I'm not convinced I can't lose, that's why I posted as I need a balanced discussion to offset the estate agents and mortgage advisors who have nothing to gain if I sit tight. This is a discussion forum so think of me as playing devils advocate to the theory of a 30% drop in London. I suppose you could percieve this as trolling but I hope not. pre-raphaelite - thanks for the comments. I do have other options. For example I could continue to rent and pay £5-60
  3. Yes - VERY scary. But... and this is the big but.. I'm not convinced that there will be a 30% reduction. I know this is going to be contentious but I don't see it happening. I DO see big drops for newbuild developments. Who wants to live in a overpriced box with small window and tiny rooms. I also see a big drop in very high value properties. However the property market like all is supply and demand. In order to have a drop like that there must be massive oversupply (possible in this area with all the newbuilds) but the demand I don't see dropping. This area is very popular with young pr
  4. Yep - fair point. It was just a hastily written thread title. I would be lying if I said I would not expect some sort of revenue stream in the long term. The point I'm not getting across very well is I'm pretty scared about the whole thing. I really don't want to end up in sh*t creek but don't want to continue renting for ages. I like travel and would like to work abroad and don't want a bricks and mortar investment tying me down. Thats why I'm not trying to be too adventurous with my 'home purchase strategy' and for example, look at developing a run down property in my spare time an
  5. I agree this is a risk. Redundancy is going to allways be there. However I have a good CV and I think this would be just as much of a problem if I was renting. I plan on investing as much money as possible into ISA's to build up a reserve. Illness or accident - this can happen and I can buy insurance against them. These strategies were both advised by my financial adviser BTW. (can't take credit for it)
  6. I'm not a troll.. but appreciate I could sound like one. You have pretty much hit the nail on the head. I don't want any risk. As long as I can rent rooms the remaining mortgage payment I can most likely cover for the same amount as rent would be in this area (approx £500) The reason I point out that my business may not be stable is that I'm a contractor and right now have a very good contract. This makes me 'look good on paper' but contracts are always short term. However I'm fairly confident I could be employed and have enough income to cover the remaining mortgage payment, but the
  7. Thanks - the 60k reduction is only a real risk if I choose to sell and have to settle the mortgage in two years. In my opinion blanket statements like that are too vague. I would not be suprised to see huge reductions on £1,000,000+ properties but there is always demand for central london locations. I know there are lots of new properties and developments going on in the area and I think THEY are overpriced. As long as I apply common sense in choosing a good property and agree a good deal then I am not so worried about 'adjustments' in lower (if you can call 1/4 million lower) valued pr
  8. Hello, I've been lurking on here for the last few months and it's been interesting reading. I'm a FTB and am looking to buy a property in central london. I'm a single young professional and live in SW4 in London. I've reached a point in my life where right now I am 'good on paper' and can get access to a decent mortgage deal. Note - this may not be the case next year so I do have a window for arranging mortgage. (self employed) I plan on buying somewhere in Clapham ideally and I think I have a good idea of where I would like to live. Convenient for public transport, near the bars etc..
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