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House Price Crash Forum


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Everything posted by scimus

  1. Yes selling will always an option, when it makes more sense than renting out. At the moment the mortgage payment is 500 while the house could be easily rent out for 750, which is why we're not considering selling
  2. Yes, we've been looking at long-term plans and we agreed it would be much easier for him to find a satisfactory job in my area once he finishes his fixed term contract in academia in a years time than it is for me to go back to his place. Plan A is for him to come working here with me in a bit and rent out our old place, which is right next to a big uni and a town centre. Plan B is for both of us to move to London in 2 - 4 years time where there're plenty of jobs for both of us, but the imminent hike in cost of living would mean a long time before we could afford to buy a house again which is why we're trying not to go down this route. He would also have to change to a high pressure sector, as I'm currently in, which would probably do more damage than the commute. If we buy we'll again buy in a high yielding area to make sure if we have to leave it can't be rent out.
  3. I have low budget and need access to public transport (especially to Whitlocks End/Wythall and London) hence considering city centre 2 beds now. Please advise if any other options available. We saw a repo last week, in a recently built city centre block, for 40% of it's sold price at peak. But strangely the rooms seem smaller than the stated measurements and there's a crack visible from ceiling to floor. Been told it's surface crack and nothing to worry about as still in the 10 year warranty period. Any thoughts?
  4. We bought our first home 2 years ago but I've since changed job and has worked in a different city from my husband's for the last 1.5 years. For a year I committed to 2 hours commute each way every single working day before finally deciding that I've had enough. Then I tried renting and staying in hotels during the week, but it was like my life had reduced to 2 days a week and I spent the rest of the time missing it, and wasting my evenings in a place that I don't really care. So now we're looking at the option of buying a 2nd home - a place that I could love and we (including our pets) could visit each other every other weekend. We saved quite a bit during the last 2 years such that we're very close being debt (including mortgage) free even though we're only in our 20s. But buying a 2nd home would mean moving away from this safe situation. It would mean taking at least 150k debt between the two of us, which is totally serviceable given the current mortgage rates but might get slightly dangerous if the rates go up to say, 6% and if at the same time one of us loses our job. Our parents and friends think we shouldn't be worried since we're at the start of our careers and therefore salaries should rise and even if one of us looses our job we could simply rent the other house out as we've taken precautions and bought in a student area. One colleague recommended that I seek advise from this forum so here I am. Any suggestions?
  5. This shows how powerful governments are nowadays in preventing an HPC. Back in China, almost everybody is confident that gov will manage a soft landing, I.e.through inflation. The society has changed that the ordinary person has lost all hope of ever owning a house and life goes on. The UK has a long way to go before it crashes.
  6. In 1998 it was 3 times main income plus 1 times second income. 3 x 17k plus 1 x 8k = 59k same as the average house price. If avg house price/avg income ratio is supposed to be around 4, the avg flat in Beijing should cost around 20k in Sterling. In reality it's 300k and rising. This makes London look very cheap.
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