seb197 Posted June 22, 2009 Share Posted June 22, 2009 Well, I was at the point of thinking, ''i've seen some good reductions, got the deposit and can get a good fix on a mortgage, let's go buy a house!'' but having spent the last few months looking at what is on offer in my area I have now decided to not buy a house. This bounce has got everyone obsessed with rasing prices, the agents seemingly lie through their teeth to me about places and don't get me started on what has been on offer! I've seen terrace houses split front to back... tired old victorian terrace houses needing gutting for money of a house that should be perfect. It is still wildly ridiculous. So, i thought to myself, bugger it, was stressing me out house hunting, didn't realsie it wuld be so bad. As I do on my daily basis I check rightmove for price reductions etc. Came across in the rental section of the flat opposite my old one (as in across the hallway!) has come up to rent. It has been empty for several months and the rent has gone from £575 to £500 a month. To me that is a bargain so it looks like I will be moving back to pretty much my old flat! I'll give it at least another year and reassess the market again, in that time i should be able to scrap together and 8-10k for the fund (So should be approaching 40kish FTB deposit) and as far as i can see i won't be in a worse position as the worst that can happen prices are just going to bump along, perfect scenario is further drops. Anyhow, ephiphany time, i'lm looking forward to a time of stress free living! Quote Link to comment Share on other sites More sharing options...
50%deposit Posted June 22, 2009 Share Posted June 22, 2009 Personally I think the biggest problem is that there arn't really that many places available. You might be interested in buying a house, but its not like going to a shop and buying a mobile phone where they have the whole range in stock, you might approach the market and find that they have nothing in stock, or nothing in your size. Thats the biggest problemt for me. As a result I think you have to 'always be looking' in order to get the right place. The gun is loaded (deposit) but its just sitting there gathering dust as theres no one to shoot. Quote Link to comment Share on other sites More sharing options...
Normal Posted June 22, 2009 Share Posted June 22, 2009 To me that is a bargain so it looks like I will be moving back to pretty much my old flat! You'll come home late from the pub one night and forget that you've moved across the hall, try to get into the old flat, get annoyed that the key doesn't work and get nicked after kicking the door down. Quote Link to comment Share on other sites More sharing options...
SMAC67 Posted June 22, 2009 Share Posted June 22, 2009 My brother did something similar. He moved out of one flat into another for a period of six months. Then, just to confuse me, he moved into the old block of flats and into the same flat, except it was one floor below the previous one. I never could remember which floor he was on at the best of times, especially after a few beers. I knocked on the wrong door a number of times. Quote Link to comment Share on other sites More sharing options...
seb197 Posted June 22, 2009 Author Share Posted June 22, 2009 yeah, i totally agree with the lack of houses on the market. there is just nothing available, and what there is available is either a problem house so no one is buying or the house is nice and seller doesn't need to sell so the price is unreasonble in my opinion. i guess it doesn't help as in the ideal world i was looking for a house with no chain (deceased old person for example) and needed some work. the criteria i had for house just weren't coming on the market. yeah it probably will be a bit odd miving ot the flat opposite at first, but i guess i am lucky as the area was down the end of a quiet cul de sac and parking was easy etc. the falt in question was built on the state as housing for docotrs and nurses ot the hospital down the road so are actually really big. two big double rooms, seperate toilet/bathroom and a big lounge so really it ticks the boxes. i would like a garden but i can live without that for £500 a month. Quote Link to comment Share on other sites More sharing options...
MrB Posted June 22, 2009 Share Posted June 22, 2009 Yeh, this all rolls up into the 'pent up supply' argument. Quote Link to comment Share on other sites More sharing options...
seb197 Posted June 22, 2009 Author Share Posted June 22, 2009 Yeh, this all rolls up into the 'pent up supply' argument. do you mean ''pent up demand?'' or have i got confused? Quote Link to comment Share on other sites More sharing options...
smiffy1967 Posted June 22, 2009 Share Posted June 22, 2009 Yeh, this all rolls up into the 'pent up supply' argument. I've given up the dream of wanting to have my own home, instead i got lucky after years of persitance and got a council house on a nice estate in a town near hereford. £265 monthly rent and £5 a week if i lose my job. How can any young person take a personal risk today of borrowing monies from banks charging massive interest on a property that when oil and Gas depletion issues really hit us 2 or 3 years from now will be in deep deep shite wondering how they pay? The UK has entered a perminant decline now, one many of us will not see the end of in our lifetimes There seems to be a lot of young people on this site and even people i work with who envisage there kids driving round in volvos, Audi's and Polo's buying houses and living the dream we have lived for the past 40 years aint gonna happen Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted June 22, 2009 Share Posted June 22, 2009 Well, I was at the point of thinking, ''i've seen some good reductions, got the deposit and can get a good fix on a mortgage, let's go buy a house!'' but having spent the last few months looking at what is on offer in my area I have now decided to not buy a house. This bounce has got everyone obsessed with rasing prices, the agents seemingly lie through their teeth to me about places and don't get me started on what has been on offer! I've seen terrace houses split front to back... tired old victorian terrace houses needing gutting for money of a house that should be perfect. It is still wildly ridiculous. So, i thought to myself, bugger it, was stressing me out house hunting, didn't realsie it wuld be so bad. As I do on my daily basis I check rightmove for price reductions etc. Came across in the rental section of the flat opposite my old one (as in across the hallway!) has come up to rent. It has been empty for several months and the rent has gone from £575 to £500 a month. To me that is a bargain so it looks like I will be moving back to pretty much my old flat! I'll give it at least another year and reassess the market again, in that time i should be able to scrap together and 8-10k for the fund (So should be approaching 40kish FTB deposit) and as far as i can see i won't be in a worse position as the worst that can happen prices are just going to bump along, perfect scenario is further drops. Anyhow, ephiphany time, i'lm looking forward to a time of stress free living! My green shoot of hope: properties like these, while over-priced, are at least now coming onto the market. 2 years ago, they just weren't there. It used to be that the developers had such a good relationship with the EAs that they would be spoken for even before the vendor had signed up with the EA. They might still be unrealistically priced (although things are improving in my neck of the woods) but the developers aren't/can't buy/ing - giving people that want a home to do up a chance. Quote Link to comment Share on other sites More sharing options...
seb197 Posted June 22, 2009 Author Share Posted June 22, 2009 My green shoot of hope: properties like these, while over-priced, are at least now coming onto the market. 2 years ago, they just weren't there.It used to be that the developers had such a good relationship with the EAs that they would be spoken for even before the vendor had signed up with the EA. They might still be unrealistically priced (although things are improving in my neck of the woods) but the developers aren't/can't buy/ing - giving people that want a home to do up a chance. See i am Bury St Edmunds. The victorian houses are lovely and some of the roads they are on are so quiet, but my god the prices... But there we go. I used to live up in Norwich and so i have a look about every once in a while on the prices. Quote Link to comment Share on other sites More sharing options...
stu2006 Posted June 22, 2009 Share Posted June 22, 2009 Ive seen a lovely place for me in lancs. 3 bed semi was on the market for 122,000 12 months ago (thats when i first looked at it) It is now on the market for 89,950. Only problem is at the mo I only have about 4k deposit which is not enough..I wouldn't bother but I have no debts and earn just above the so called average 25k per year..Was thinking of putting a cheeky offer of 79,000 but think ill be wasting my time Quote Link to comment Share on other sites More sharing options...
happy_renting Posted June 22, 2009 Share Posted June 22, 2009 (edited) yeah, i totally agree with the lack of houses on the My brother did something similar. He moved out of one flat into another for a period of six months. Then, just to confuse me, he moved into the old block of flats and into the same flat, except it was one floor below the previous one. I never could remember which floor he was on at the best of times, especially after a few beers. I knocked on the wrong door a number of times. In my yoof I visited a friend (after a few beers). While he was in the kitchen, nature called, so I nipped upstairs to his bathroom. On my returning, he asked me where I had been. When I explained, he said 'I haven't got an upstairs, this is a flat' Edited June 22, 2009 by happy_renting Quote Link to comment Share on other sites More sharing options...
MrB Posted June 22, 2009 Share Posted June 22, 2009 do you mean ''pent up demand?'' or have i got confused? he, no, that is what I mean. For every buyer who "puts off buying", by definition, a seller has to "put off selling" (evidenced by the low volumes). Thus there is some kind of equivalence in these 'pent up' forces. Those waiting to sell when the 'market picks up' (lol) will offset those who have waited to buy when the market bottoms. As an aside, I don't understand the 'waiting to sell' bit. What are they waiting for? The market will only pick up when prices are low enough for people to buy. So they are waiting to sell ........ at a a lower price. Dumb if u ask me, but I don't have the mind of an EA. Sibley can u explain pls. Quote Link to comment Share on other sites More sharing options...
winkie Posted June 22, 2009 Share Posted June 22, 2009 Well, I was at the point of thinking, ''i've seen some good reductions, got the deposit and can get a good fix on a mortgage, let's go buy a house!'' but having spent the last few months looking at what is on offer in my area I have now decided to not buy a house. This bounce has got everyone obsessed with rasing prices, the agents seemingly lie through their teeth to me about places and don't get me started on what has been on offer! I've seen terrace houses split front to back... tired old victorian terrace houses needing gutting for money of a house that should be perfect. It is still wildly ridiculous. So, i thought to myself, bugger it, was stressing me out house hunting, didn't realsie it wuld be so bad. As I do on my daily basis I check rightmove for price reductions etc. Came across in the rental section of the flat opposite my old one (as in across the hallway!) has come up to rent. It has been empty for several months and the rent has gone from £575 to £500 a month. To me that is a bargain so it looks like I will be moving back to pretty much my old flat! I'll give it at least another year and reassess the market again, in that time i should be able to scrap together and 8-10k for the fund (So should be approaching 40kish FTB deposit) and as far as i can see i won't be in a worse position as the worst that can happen prices are just going to bump along, perfect scenario is further drops. Anyhow, ephiphany time, i'lm looking forward to a time of stress free living! Don't let the barstaff get you down...you have all the time in the world, house prices are NOT going to go anywhere fast. Be liquid, save your cash, rent for a while...it will all become apparent and worth it. Quote Link to comment Share on other sites More sharing options...
seb197 Posted June 22, 2009 Author Share Posted June 22, 2009 he, no, that is what I mean.For every buyer who "puts off buying", by definition, a seller has to "put off selling" (evidenced by the low volumes). Thus there is some kind of equivalence in these 'pent up' forces. Those waiting to sell when the 'market picks up' (lol) will offset those who have waited to buy when the market bottoms. Ah, i get you know! cheers. Don't let the barstaff get you down...you have all the time in the world, house prices are NOT going to go anywhere fast.Be liquid, save your cash, rent for a while...it will all become apparent and worth it. yeah, it just seems crazy how much you have to pay for a house. I probably think of it all in simple terms, but every £1000 i save towards a deposit is actually worth more than that as paying off capital on the purchase rather than financing it through the banks. so the bigger the deposit the better to be honest. Quote Link to comment Share on other sites More sharing options...
Guest happy? Posted June 22, 2009 Share Posted June 22, 2009 Well, I was at the point of thinking, ''i've seen some good reductions, got the deposit and can get a good fix on a mortgage, let's go buy a house!'' but having spent the last few months looking at what is on offer in my area I have now decided to not buy a house. The number of transactions is minimal. When the press pick-over the latest figures for evidence of 'a recovery' and everyone here then comments on it they're both missing the central point - that the number of transactions is minimal. QE has put a break on the collapse of the market and now only forced sellers are in the market. And round the corner is an election, and whoever is elected has to make some tough decisions - which means there are lean times for several years to come. Why anyone wants to buy now is beyond me. Carry on renting, carry on saving. Quote Link to comment Share on other sites More sharing options...
ArthurHon Posted June 22, 2009 Share Posted June 22, 2009 Not enough people have been turned into paupers for a recovery. Quote Link to comment Share on other sites More sharing options...
waitingandsaving Posted June 23, 2009 Share Posted June 23, 2009 See i am Bury St Edmunds. The victorian houses are lovely and some of the roads they are on are so quiet, but my god the prices... But there we go. I used to live up in Norwich and so i have a look about every once in a while on the prices. Have faith and hold hard! The problem with Bury is that people that can't afford Cambridge/Newmarket have moved there. There never used to be all those pointless over priced tat/gift shops (there are only so many scatter cushions/Cath Kidston mugs/bunting/hanging all year round ornaments that need to be sold) in Bury. Eventually the Cambridge folk will be able to afford Cambridge, and those houses on the lovely quiet streets will be yours for the taking, and the vast number of expensive tat shops will go with them. Quote Link to comment Share on other sites More sharing options...
nohpc Posted June 23, 2009 Share Posted June 23, 2009 In a years time there will probably be more rubbish properties available and no great properties unless you want a new build half scheme barratts flat. I have been keeping a keen eye on the property market in leicester and have not found one property that seems to be even near fair value. And this is leicester FFS. Of course I am only looking in a select few areas. If I wanted to buy a semi in little mumbai I could snap up a bargain. Quote Link to comment Share on other sites More sharing options...
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