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mwcf

To Buy Or Not To Buy In Whitby Area......

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Hello all. My first post here on this forum although I've read it as a guest quite frequently.

I'd appreciate your views. Let me explain. I am a Chartered Building Surveyor living and working in the Whitby area of North Yorkshire. The housing market here is a little atypical in that over half of transactions are cash. Whilst house prices overall in the Whitby area have over the last 2 years fallen about 12.5%, prices for houses in the more-sought-after micro-localities have only dropped by about 5% or so if at all and such houses are still selling albeit more slowly and the heady days of readily achieving 10-25% over ask are long gone.....

My situation is that I currently rent and would really like to (once again as I have typically in the past) own my own home. I am looking to spend around £350K or so and have £250K as a deposit. Borrowing £100K does not worry me particularly as interest rates of 10% on that would not cause to me to break out in much of a sweat. What unnerves me is the obvious possibility of paying £350K for a house now that would cost me significantly less (like 50K less) in another year's time. But given as aforementioned that prices for houses in good addresses here have only dropped a small amount, I don't really (want to, maybe!) see that they will drop a great deal more in the next year or two. I base this on the basis that the UK housing market is conglomerate of many smaller markets and that it is the more homogeneous semis and flats that will take the brunt of further drops than will houses the like of which I will be looking to buy.

The big question is – and bearing in mind that I place a significant value in owning my own home (i.e. I could take a £20K drop as paying for the pleasure of having my own house for the next year or two rather than renting, but not £50K for the same privilege!) – should I buy now or wait another year or so? I'm sure that there must be quite a few other folks in the same situation as I and whom will also likely be similarly interested in the views put forward here.

Regards to all,

mwcf

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Hello all. My first post here on this forum although I've read it as a guest quite frequently.

I'd appreciate your views. Let me explain. I am a Chartered Building Surveyor living and working in the Whitby area of North Yorkshire. The housing market here is a little atypical in that over half of transactions are cash. Whilst house prices overall in the Whitby area have over the last 2 years fallen about 12.5%, prices for houses in the more-sought-after micro-localities have only dropped by about 5% or so if at all and such houses are still selling albeit more slowly and the heady days of readily achieving 10-25% over ask are long gone.....

My situation is that I currently rent and would really like to (once again as I have typically in the past) own my own home. I am looking to spend around £350K or so and have £250K as a deposit. Borrowing £100K does not worry me particularly as interest rates of 10% on that would not cause to me to break out in much of a sweat. What unnerves me is the obvious possibility of paying £350K for a house now that would cost me significantly less (like 50K less) in another year's time. But given as aforementioned that prices for houses in good addresses here have only dropped a small amount, I don't really (want to, maybe!) see that they will drop a great deal more in the next year or two. I base this on the basis that the UK housing market is conglomerate of many smaller markets and that it is the more homogeneous semis and flats that will take the brunt of further drops than will houses the like of which I will be looking to buy.

The big question is – and bearing in mind that I place a significant value in owning my own home (i.e. I could take a £20K drop as paying for the pleasure of having my own house for the next year or two rather than renting, but not £50K for the same privilege!) – should I buy now or wait another year or so? I'm sure that there must be quite a few other folks in the same situation as I and whom will also likely be similarly interested in the views put forward here.

Regards to all,

mwcf

This raises some interesting issues. Are there any areas which will be immune (or almost) to price drops over the next year?. I would repost this on a more populated forum like the reigional one, or even the main one. Edit to add in how long you intend to stay in the house you buy.

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Hello all. My first post here on this forum although I've read it as a guest quite frequently.

I'd appreciate your views. Let me explain. I am a Chartered Building Surveyor living and working in the Whitby area of North Yorkshire. The housing market here is a little atypical in that over half of transactions are cash. Whilst house prices overall in the Whitby area have over the last 2 years fallen about 12.5%, prices for houses in the more-sought-after micro-localities have only dropped by about 5% or so if at all and such houses are still selling albeit more slowly and the heady days of readily achieving 10-25% over ask are long gone.....

My situation is that I currently rent and would really like to (once again as I have typically in the past) own my own home. I am looking to spend around £350K or so and have £250K as a deposit. Borrowing £100K does not worry me particularly as interest rates of 10% on that would not cause to me to break out in much of a sweat. What unnerves me is the obvious possibility of paying £350K for a house now that would cost me significantly less (like 50K less) in another year's time. But given as aforementioned that prices for houses in good addresses here have only dropped a small amount, I don't really (want to, maybe!) see that they will drop a great deal more in the next year or two. I base this on the basis that the UK housing market is conglomerate of many smaller markets and that it is the more homogeneous semis and flats that will take the brunt of further drops than will houses the like of which I will be looking to buy.

The big question is – and bearing in mind that I place a significant value in owning my own home (i.e. I could take a £20K drop as paying for the pleasure of having my own house for the next year or two rather than renting, but not £50K for the same privilege!) – should I buy now or wait another year or so? I'm sure that there must be quite a few other folks in the same situation as I and whom will also likely be similarly interested in the views put forward here.

Regards to all,

mwcf

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Hi there!!!

Well if it is any consolation, we have been renting for 6 years within the Whitby area and so far cannot afford a decent house in Whitby within a desirable location. Admittedly, our budget does not stretch as far as yours, but I can honestly say the the house prices have not really dropped all that much over the last 6 years and if we really are at the botton of the recession pit and house prices are set to rise - then there can't be all that much to lose!

We have decided that we are fed up of renting (it seems common in whitby to rent - especially in the lovely vilages just surrounding whitby!! Perhaps because few can really afford to buy! :( ) so we are now having to look at buying a house in Redcar/Cleveland areas - for a similar house price, you can get a much larger property and admittedly whilst I accept you don't always get the moors views - to be fair, Whitby is fairly overcrowded anyway - so tranquility and getting away from the tourism costs a packet otherwise! As a surveyor, I am certain you are in the best position to negotiate a good deal on whatever house you decide to go for - just be quick as Whitby remains ever popular - especially with second-home owners!!!!

Good luck in your search - I am sure you will make the right decision :lol:

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