pallyslean

The only reason for doing it is indeed the £50k on the table. Will prices slide? And by how much? Well, those are the big big questions... Wish I knew.

I am definitely wanting to move (to london) in 18 months time. It is fair to say my willingness to own somewhere for such a short period is most probably a result of the property market's activity in recent years. In normal circumstances, I wouldn't choose to buy now. But we have this £50k available now. AND the place we are in the process of buying is NICE. Is adhering to cold financial sense worth sacraficing 18 months in a poor rental property ESPECIALLY when you factor in the £50k available today?...

The 'contributors' are not in the business of giving away such sums of money for miscallaneous investment. They are in the business of assisting loved ones in buying their first property. There are reasons why I don't think the money would be there further down the line. Not least of which being a recent divorce and a few other things not worth mentioning.

Fair point Sinking Feeling. My doubts about buying were initiated by me spending too much time on here.

Thanks for the comments. It isn't an option to take the money and hold onto it until the time is right to buy. As someone rightly pointed out, the contributors would want it for their own use (interest, investment etc.). I actually have the money at the moment in my bank a/c, but would have to give it back should I pull the plug on this purchase. I think some of it would be available further down the line, maybe 20k, but not the 50 that is on offer today. We have been looking to buy since last summer, and have had a couple of purchases fall through since then. In response to the question 'why buy now if i know the market has peaked': Once you start looking for a place of your own, generally you keep going until you get somewhere. Our offer was accepted on this place back in late March. Its only recently, looking at the figures, that I have realised the market is definitely slowing and that its probably going to slow exponentially from here. The other thing about buying now is that it feels hard on the missus to call off the move when she is looking forward to it, and the place we are renting at the moment is not adequate and so another 18 months here is not an attractive option. I suppose we could move to improved rented accommodation, but the big upheaval to move to somehwere we don't own is also an unnattractive option. The missus don't care about market conditions! She just wants a nice pad! Anyway, as many have said, its a close call. (Although, the sellers have been f**king us about with the whole purchase and it would be satisfying to call the deal off at the last minute! (I'm mean).)

Hi. First post. I am unashamedly seeking advice/thoughts on my personal situation. Am in the process of buying a house with my g-friend in the Sussex area for £240k (offer accepted etc.). I thinks its a fairly good deal, but we are really going to be stretching ourselves with the mortgage repayments and that is only @ interest only for the first two years. Although my salary will improve significantly within two years, which will ease the burden on what will probably be a higher IR rate when our 2 yr deal runs out. I plan for it to be a short term purchase (probably sell up in 18 months) because I plan to move away from the area then. With high costs of selling/purchasing property these days, we would therefore be relying on decent capital growth over that period to make money or simply break even - yet I think the Sussex area has just about reached a peak. FURTHERMORE, we are currently renting, with a good deal and in a good location. So... why don't we hold out on the purchase for a while and see where the market goes?.... Well, here's the crux of the issue: For the purchase, we are very gratefully receiving financial suport from our respective families to the tune of £50k. This is a fair slice of equity and probably wouldn't have to be paid back... brilliant! The thing is, if we delay purchasing, it cannot be guaranteed that this money will be available at a later date for various reasons. If we don't buy now, we won't get this money. (This is sounding a bit selfish, aint it?)... So do we buy now, and take the opportunity to use this money to get on the ladder? Though we risk an unprofitable sell-on in 18 months times if the market has indeed frozen/reversed. OR Do we hold out, be sensible, and get onto the ladder at a later date? Though, in this case, we'd possibly have to use all our own money for deposit etc... which would be a struggle. ANY thoughts welcome. Thats if people are interested in my little dilemma! If not, no matter, its been good to thrash it all out. I know everything boils down to if/when a/the crash happens and how severe it might be.