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halebop

Time To Buy?

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after selling my house last year at the peak{my area}

and renting for the last year

i have now found a house to buy

was on originally for 145k been told vendor will accept 130k

similar houses to 1 im thinking of buying sold in this street for near this price

in 2001 start or just before our boom

have got a good deposit from last house 50% of purchase

intrest only will cost me 250 a month repayment about 370

am currently paying 450 a month on rent in a sh@thole

if i buy this house i will not be moving again very good area

house prices im not doubting could come down more

but i have a good cushion i think and the money wasnt mine to start with

please dont slate me

but renting just so pi@@es me of

my lifes on hold as is many on this forum i would guess

thoughts please!

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Sounds like your happy to buy a HOME and you have lots of money to put down and can afford to lose a bit of the equity that you made on your last house what i do not understand is so why you need the opinions of strangers on such a personal decision ?

Edited by Loanshark

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Just got back from Holiday, a house I had my eye on has just been sold :(

It’s in the same street I live, £250k 4/5 bedroom extended corner plot (plenty of land)

Only last year. 3 bedrooms semi detached in ‘this street’ were going (were going! )

for £250k. what a difference a year makes!

I am not too worried if the sale goes through because there are a lot of similar properties on the books in the estate agents windows.

And I’m tracking the prices dropping :)

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Guest Bart of Darkness
please dont slate me

Wouldn't dream of it mate.

Given all the factors you list, I personally would buy (for two reasons mainly: 1. better quality of life and 2. reduced monthly expenditure).

Good luck.

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after selling my house last year at the peak{my area}

and renting for the last year

i have now found a house to buy

was on originally for 145k been told vendor will accept 130k

similar houses to 1 im thinking of buying sold in this street for near this price

in 2001 start or just before our boom

have got a good deposit  from last house 50% of purchase

intrest only will cost me 250 a month repayment about 370

am currently paying 450 a month on rent in a sh@thole

if  i  buy this house i will not be moving again very good area

house prices im not doubting could come down more

but i have a good cushion i think and the money wasnt mine to start with

please dont slate me

but renting just so pi@@es me of

my lifes on hold as is many on this forum i would guess

thoughts please!

I would buy it considering your position. It does not sound like you are as money hungry as some around here and having a home is your priority.

But I would pay 500+ a month and pay t off as soon as poss. But thats just me.

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buying a house is the biggest purchase /decision of anyones life

im not sure im doing the right thing

thats why i ask loanshark

if i put of buying for a while it could be that i will have a smaller mortgage

if only i had a crystall ball!

thanks everyone for replying

im more confused now i thought you would all say dont buy now wait!

as for my life on hold i consider owning my own pad number 1 priority

and have also been saving accordingly

i would not be happy till its paid for

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after selling my house last year at the peak{my area}

and renting for the last year

i have now found a house to buy

was on originally for 145k been told vendor will accept 130k

similar houses to 1 im thinking of buying sold in this street for near this price

in 2001 start or just before our boom

have got a good deposit  from last house 50% of purchase

intrest only will cost me 250 a month repayment about 370

am currently paying 450 a month on rent in a sh@thole

if  i  buy this house i will not be moving again very good area

house prices im not doubting could come down more

but i have a good cushion i think and the money wasnt mine to start with

please dont slate me

but renting just so pi@@es me of

my lifes on hold as is many on this forum i would guess

thoughts please!

Do it, if buying your own place that you really like in a nice area is cheaper than renting a craphole then there isnt much contest.

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If i put of buying for a while it could be that i will have a smaller mortgage

if only i had a crystall ball!

thanks everyone for replying

im more confused now i thought you would all say dont buy now wait!

as for my life on hold i consider owning my own pad number 1 priority

and have also been saving accordingly

i would not be happy till its paid for

You have provided more info !

I would now say wait and you will be able to buy the house with a smaller mortgage.

Wait 2yrs (maybe less) and you could buy it for close to cash then it would be paid for (then it is YOUR house not the banks)

A 25% fall over the next 2 yrs should take the price to around 100k

so with the cash you already have + some savings you could be close to having a very small mortgage indeed for the rest of your life.

in the meantime while you wait why not rent a better house for an extra £100 - £200 a month and enjoy life a bit more.

Edited by Loanshark

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New to the site, but have been predicting the bursting of this particularly ludicrous bubble for quite a while.

There are two crucial characteristics of a 'bubble'. Firstly, being that they always overshhot at the top and secondly, they always undershoot at the bottom. Thus I predict that we are in the formative stages of a 50% correction, when probably prices are "only" overvalued by around 35-40%.

It's all falling into place rather neatly. The consumer's all tapped out, house prices have stalled before the crash and burn and unemployment is starting to rise, and it's this final factor which will scupper the whole economy. I graduated from university in '03 and very few of my contemporaries are in 'real' jobs, and some are being laid off right now. I was lucky that I could start my own business in bookmaking, but for the ever increasing amount of graduates pouring from HE establishments the future is bleak; unless they happy to use their degree for some employment agency!

Furthermore, why is there seeming unanimity that low inflation is a good thing? Inflation erodes debt which considering how much the British consumer has spent over the past 8 years, would seem a good thing! No, we're heading for the worst thing of all *DEFLATION*. An era of low interest rates, low inflation, depressed asset prices, mass unemployment, general malaise etc awaits us. I believe we're already witnessing it. It'll be like Japan all over again and will condemn us to the worst depression since the 30s.

So, though house prices have undoubtably come off their peak, IMHO there's a whole lot further to go, so just sit back and watch these greedy property folks, who've been making hay for too long, lose all their money. The amount of greed has been in excess of anything in the 80s.

I'm renting and am taking great joy in seeing the slow deflation of the bubble in London, which will envelop the UK. This ain't the end, it's just the beginning.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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