migzy Posted May 27, 2009 Share Posted May 27, 2009 All I want to do is buy a property to live in for the next 20 years, but the lack of available good property in London is driving me to despair. I'm sick of renting and just want to get on the ladder to set up my own home. Just found out the property i was going to buy has major structural issues, so that £700 survey fees down the drain, gutted. Is is going to be like this for the forseable future, I'm not condoning price increases, but sense from people that were never going to get back to 2007 prices, at least not for another 10 years. Migzy Quote Link to comment Share on other sites More sharing options...
SarahBell Posted May 27, 2009 Share Posted May 27, 2009 What major structural work? And how major? did you not notice as you walked round? Quote Link to comment Share on other sites More sharing options...
pilchardthecat Posted May 27, 2009 Share Posted May 27, 2009 Leave London? Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 What major structural work?And how major? did you not notice as you walked round? nope surveyor picked it up, roof issue's, damp issues, render covering other issues, the list goes on, they basically got the biggest cow boy builders to do work on the place and they knackered the place up. The lounge and dinning room had been knocked throught together, but they failed to put in an RSJ. The place has a tennant in it as well, proper dangerous Quote Link to comment Share on other sites More sharing options...
I'veAlreadyLeft Posted May 27, 2009 Share Posted May 27, 2009 All I want to do is buy a property to live in for the next 20 years, but the lack of available good property in London is driving me to despair. I'm sick of renting and just want to get on the ladder to set up my own home. Just found out the property i was going to buy has major structural issues, so that £700 survey fees down the drain, gutted. Is is going to be like this for the forseable future, I'm not condoning price increases, but sense from people that were never going to get back to 2007 prices, at least not for another 10 years. Migzy To be fair, if you've just found out that the property you were going to buy has major structural issues, it's probably £700 well spent. Quote Link to comment Share on other sites More sharing options...
juvenal Posted May 27, 2009 Share Posted May 27, 2009 Your £700 was money well spent. Look at it that way. Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 leaving london is something i'm considering if all else fails. All me mates are down here so it'd be a shame to leave. Quote Link to comment Share on other sites More sharing options...
pie-eater Posted May 27, 2009 Share Posted May 27, 2009 Why would you just want to buy now? Renting is saving you losing your hard fought for deposit. Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 Why would you just want to buy now?Renting is saving you losing your hard fought for deposit. renting is also loosing me 12k a year whilst someone else get's their mortgage paid. Even with further drops i'd rather own something at the end, otherwise i'll be working the rest of my life to pay off the rent. Quote Link to comment Share on other sites More sharing options...
the end is a bit nigher Posted May 27, 2009 Share Posted May 27, 2009 All I want to do is buy a property to live in for the next 20 years, but the lack of available good property in London is driving me to despair. I'm sick of renting and just want to get on the ladder to set up my own home. Just found out the property i was going to buy has major structural issues, so that £700 survey fees down the drain, gutted. Is is going to be like this for the forseable future, I'm not condoning price increases, but sense from people that were never going to get back to 2007 prices, at least not for another 10 years. Migzy Unfortunately most people suffer from greed and stupidity. One of the underlying traits of the Bulls on here is their belief that the highest valuation ever given on property is the correct valuation. Unfortunately most OOs suffer from the same delusion and would rather put their lives on hold in the hope of getting that highest valuation. As a result they will end up not moving for the next ten years. Quote Link to comment Share on other sites More sharing options...
Executive Sadman Posted May 27, 2009 Share Posted May 27, 2009 Youre standards are obviously too high. Write to that Millard wretch, shes a London Lass. Im sure she'll find you a bijou maisonette, shabby chic ex-public convenience or whatever house you London types are going for this week. Quote Link to comment Share on other sites More sharing options...
pie-eater Posted May 27, 2009 Share Posted May 27, 2009 renting is also loosing me 12k a year whilst someone else get's their mortgage paid. Even with further drops i'd rather own something at the end, otherwise i'll be working the rest of my life to pay off the rent. But the property you're likely to buy will drop by more in value than you're paying to rent it. You're falling into the buying/ladder trap. Quote Link to comment Share on other sites More sharing options...
SarahBell Posted May 27, 2009 Share Posted May 27, 2009 Send it to the building surveyor at the local council if it's dangerous. Revenge might not get you your cash back for the survey but it might be fun. Quote Link to comment Share on other sites More sharing options...
BLOW FLY Posted May 27, 2009 Share Posted May 27, 2009 Is is going to be like this for the forseable future, I'm not condoning price increases, but sense from people that were never going to get back to 2007 prices, at least not for another 10 years. Um, I may have had a few beers tonight but that doesn't make alot of sense.... You want 2007 prices back.....???? BF Quote Link to comment Share on other sites More sharing options...
ScaredEitherWay Posted May 27, 2009 Share Posted May 27, 2009 renting is also loosing me 12k a year whilst someone else get's their mortgage paid. Even with further drops i'd rather own something at the end, otherwise i'll be working the rest of my life to pay off the rent. And how much would mortgage interest, buildings insurance and maintenance going to cost over the same period? Quote Link to comment Share on other sites More sharing options...
pie-eater Posted May 27, 2009 Share Posted May 27, 2009 And how much would mortgage interest, buildings insurance and maintenance going to cost over the same period? AND Further price falls? Buy now = lose far more than just rent. Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 nope definetly don't want house prices to ever go back to 2007 levels. The purpose of me buying my house is so that when i'm at retirement age and fancy relaxing i don't have to pay the rent and my house will be paid. My standards are perfectly fine, my last property was ex-council and i had no problems with it. Quote Link to comment Share on other sites More sharing options...
AteMoose Posted May 27, 2009 Share Posted May 27, 2009 (edited) renting is also loosing me 12k a year whilst someone else get's their mortgage paid. Even with further drops i'd rather own something at the end, otherwise i'll be working the rest of my life to pay off the rent. WRONG Compare the cost of owning I/O mortgage +costs to the cost of renting IF the cost of I/O + costs is more than the cost of renting, the landlord isnt getting there mortgage paid. If the cost of owning is more than renting the LL is subsidising your rent! Most/All of London is in the situation.. All you need to do in a falling market is to save the amount you would pay the debt down by each month to put towards a deposit....Save Save Save Save.... Edited May 27, 2009 by moosetea Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 WRONGCompare the cost of owning I/O mortgage +costs to the cost of renting IF the cost of I/O + costs is more than the cost of renting, the landlord isnt getting there mortgage paid. If the cost of owning is more than renting the LL is subsidising your rent! Most/All of London is in the situation.. All you need to do in a falling market is to save the amount you would pay the debt down by each month to put towards a deposit....Save Save Save Save.... i've got a nice deposit already, just want a bloody decent property to put it into Quote Link to comment Share on other sites More sharing options...
AteMoose Posted May 27, 2009 Share Posted May 27, 2009 (edited) i've got a nice deposit already, just want a bloody decent property to put it into Obviously not if all your seeing is the same old tat, up your target and aim for something bigger... Renting for less than the I/O mortgage cost isn't throwing money away, your landlord is throwing money at you! It is saving you money! The bigger the deposit you get the bigger the property, or the shorter the term you can arrange... Why 20 years? Wouldn't a 10 or 15 year mortgage be better to be debt free after? Edited May 27, 2009 by moosetea Quote Link to comment Share on other sites More sharing options...
pie-eater Posted May 27, 2009 Share Posted May 27, 2009 (edited) i've got a nice deposit already, just want a bloody decent property to put it into So have I. But I'm not prepared to lose any of it in a decent property that is falling in value, month on month. I'll rent and wait for the market to show me it's safe to buy once the stupid prices level out. I'm letting my LL take the hit for now. Edited May 27, 2009 by pie-eater Quote Link to comment Share on other sites More sharing options...
migzy Posted May 27, 2009 Author Share Posted May 27, 2009 maybe so but how long and london prices haven't fallen anywhere near the 25 -30 % mark in my area it's a pain in the backside. I'd love to puy a property 50k cheaper than it is now, but due to the lack of availabilty it just ain't happening round here. Vendors would rather just sit on their **** than see their property go for anything less than 2007 levels, greedy sods. :angry: Quote Link to comment Share on other sites More sharing options...
pie-eater Posted May 27, 2009 Share Posted May 27, 2009 maybe so but how long and london prices haven't fallen anywhere near the 25 -30 % mark in my area it's a pain in the backside. I'd love to puy a property 50k cheaper than it is now, but due to the lack of availabilty it just ain't happening round here. Vendors would rather just sit on their **** than see their property go for anything less than 2007 levels, greedy sods. :angry: Wait and save. Or buy and lose. Or, wait and buy something you can't afford just yet. The standoff will end once realisation sinks in. Quote Link to comment Share on other sites More sharing options...
wonderpup Posted May 27, 2009 Share Posted May 27, 2009 (edited) i've got a nice deposit already, just want a bloody decent property to put it into Have you considerd pouring petrol on it and lighting a match? A lot less effort than going through the hassle of buying property to get rid of it. Edited May 27, 2009 by wonderpup Quote Link to comment Share on other sites More sharing options...
AteMoose Posted May 27, 2009 Share Posted May 27, 2009 maybe so but how long and london prices haven't fallen anywhere near the 25 -30 % mark in my area it's a pain in the backside. I'd love to puy a property 50k cheaper than it is now, but due to the lack of availabilty it just ain't happening round here. Vendors would rather just sit on their **** than see their property go for anything less than 2007 levels, greedy sods. :angry: so what, they are allowed to be greedy, some will do OK some won't..... history tells us the trough will last a couple of years so there is no rush, plenty of time to jump in when Everyman and his dog is telling you property is a bad investment.... If you want a bargain remember the asking price is just an asking price, you need to offer 15-30% below the asking price, alternative keep an eye on auctions for a real market price. Other sites to look at include home.co.uk and houseprices.uk.net to give you a clearer picture of the real market (without Estate Agent Bias and Spin) http://www.home.co.uk/guides/house_prices_...location=london Time on Market in london Median Selling price in london Qty of Sales in London Quote Link to comment Share on other sites More sharing options...
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