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I've been looking at this website for about 6 years and have, and still do believe, that property is very overpriced. During this time I have saved hard and have a reasonable amount of money to put towards a property, with the aim of entering the market at the right point and setting myself up well for years to come (i.e. having little mortagage to pay off). Problem is, property prices haven't crashed in time for me. I'm expecting a baby this autumn and have seen a house that will be very good for my family. Buying with a fixed mortgage is going to be about half the cost per month of my current rent.

I know this is housepricecrash.com, but really since I've been looking, the opposite has pretty much been the case! Are house prices ever, in the forseeable future, going to crash significantly enough to make it worth waiting whilst paying rent, or should I cut my losses, buy a house and maybe do something a bit more constructive with my time than looking at this website and waiting for things to change?

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I've been looking at this website for about 6 years and have, and still do believe, that property is very overpriced. During this time I have saved hard and have a reasonable amount of money to put towards a property, with the aim of entering the market at the right point and setting myself up well for years to come (i.e. having little mortagage to pay off). Problem is, property prices haven't crashed in time for me. I'm expecting a baby this autumn and have seen a house that will be very good for my family. Buying with a fixed mortgage is going to be about half the cost per month of my current rent.

I know this is housepricecrash.com, but really since I've been looking, the opposite has pretty much been the case! Are house prices ever, in the forseeable future, going to crash significantly enough to make it worth waiting whilst paying rent, or should I cut my losses, buy a house and maybe do something a bit more constructive with my time than looking at this website and waiting for things to change?

We are on the point of a new crash in house prices. All and every sign is now present! If you have waited all this time, I do think it is worth your while to wait a bit longer. Do you want to take on a mortgage only to find that you could have paid a third less in two years time? Interest rates are already rising, with or without the BoE. Variable rates are about 4% now and will go much higher during the next year. What is wrong with renting in these circumstances? The mortgage you think is half the rent will not stay that way for very long. I was sold up in 2006 and thank god. Been in AUD and gold/silver - now USD. Made much more than any house over the last few years.

IF YOU HAVE THE CASH, then you are in for a treat. If you buy now, it is more than likely the wrong time. You are just weary of waiting and I can understand the temptation with the baby coming. It's your choice, but I think it may be the worst moment to buy for a very long time.

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For me I was waiting for the crash since around 2006 when I decided I had enough money for a deposit. I spent the next 4 years fighting the HPC battle alone, until I found this site in Dec 2009. I rode out the fall and the subsequent rise.

It got to early febuary this year and I'd all but given up on HPC in the next 5 or 10 years, although I knew it would come at some point. I convinced myself that mine and my partners deposit was big enough to protect us from negative equity when the fall came and that our house was a home to live in, not an investment. I found a perfect although small house in an idyllic village near to work. I made a low openinng offer which was rejected, I then upped it slightly buy couldn't bring myself to go anywhere near the asking. This was rejected also.

I'm now feel I have had a very lucky escape. If I had bought and could still pull out now I would. If not I would be panicing. Since then the evidence for HPC has increased almost daily and is now overwhelming. Even the mainstream media are now resigned to the fact that falls will come.

6 months ago I can understand why people gave up hope. But now it amazes me that anyone could think buying to be a good idea. I agree with PE you have waited so long, don't give up now. Rent another 6 months at least to watch how the recent price falls progress.

For me the champagnes on ice :D

Edited by Pent Up FTBer

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For me I was waiting for the crash since around 2006 when I decided I had enough money for a deposit. I spent the next 4 years fighting the HPC battle alone, until I found this site in Dec 2009. I rode out the fall and the subsequent rise.

It got to early febuary this year and I'd all but given up on HPC in the next 5 or 10 years, although I knew it would come at some point. I convinced myself that mine and my partners deposit was big enough to protect us from negative equity when the fall came and that our house was a home to live in, not an investment. I found a perfect although small house in an idyllic village near to work. I made a low openinng offer which was rejected, I then upped it slightly buy couldn't bring myself to go anywhere near the asking. This was rejected also.

I'm now feel I have had a very lucky escape. If I had bought and could still pull out now I would. If not I would be panicing. Since then the evidence for HPC has increased almost daily and is now overwhelming. Even the mainstream media are now resigned to the fact that falls will come.

6 months ago I can understand why people gave up hope. But now it amazes me that anyone could think buying to be a good idea. I agree with PE you have waited so long, don't give up now. Rent another 6 months at least to watch how the recent price falls progress.

For me the champagnes on ice :D

Thank God! I was reading your second paragraph and thought you'd been sucked in. You never will be with the mother of all crashes just gathering pace. It is like a tsunami, when the water has disappeared and some people actually consider walking out into the horizon to find out where the sea went! The sea is just going out and a few are still calling it the 'tide'. But Many have realised it's much more than that. As each moment passes it will be clearer.

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Thank God! I was reading your second paragraph and thought you'd been sucked in. You never will be with the mother of all crashes just gathering pace. It is like a tsunami, when the water has disappeared and some people actually consider walking out into the horizon to find out where the sea went! The sea is just going out and a few are still calling it the 'tide'. But Many have realised it's much more than that. As each moment passes it will be clearer.

I nearly was sucked in! Thank god my HPC beliefs kept my offers 'laughable' Interestingly the house I offered on is still on the market and the zoopla valuation has dropped by £5k already :D

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Well, here's a different perspective to what has already been said: we are just about to exchange on a house purchase. We both realise that house prices may well fall a lot, but we have managed to find a "forever house" after 3 years of looking and really couldn't care if we could by the same thing for half the price in two years time (or whatever the crash scenario is).

The fact is, we want a place to settle and can bring up our family - where we are renting is terrible for schools and our child has just turned 3 years old. We also want to have a second child. As long as we can afford to live in the place, it's paper value is quite immaterial.

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Well, here's a different perspective to what has already been said: we are just about to exchange on a house purchase. We both realise that house prices may well fall a lot, but we have managed to find a "forever house" after 3 years of looking and really couldn't care if we could by the same thing for half the price in two years time (or whatever the crash scenario is).

The fact is, we want a place to settle and can bring up our family - where we are renting is terrible for schools and our child has just turned 3 years old. We also want to have a second child. As long as we can afford to live in the place, it's paper value is quite immaterial.

Fine. I'm all in favour of buying IF

1. You (both) really, really like the house

2. The neighbourhood is at least OK (& schools, if relevant)

3. You have sufficient job security to be 90% certain you won't need to move for 10 years (these days, moving costs near enough £10K by the time you've done with fees, taxes, removals & incidentals - everything from new curtains to putting the cat in kennels for 3 days)

4. You will still be able to meet the mortgage repayments if they go up to (say,) 9%

and

5. you are p$ssed off with renting for whatever reason - wanting to keep dogs/chickens/pigs, plant mulberry trees - whatever.

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Fine. I'm all in favour of buying IF

1. You (both) really, really like the house

2. The neighbourhood is at least OK (& schools, if relevant)

3. You have sufficient job security to be 90% certain you won't need to move for 10 years (these days, moving costs near enough £10K by the time you've done with fees, taxes, removals & incidentals - everything from new curtains to putting the cat in kennels for 3 days)

4. You will still be able to meet the mortgage repayments if they go up to (say,) 9%

and

5. you are p$ssed off with renting for whatever reason - wanting to keep dogs/chickens/pigs, plant mulberry trees - whatever.

Yeah, your points make sense Cartimandua. Here's the answers too, as they might be useful to the OP:-

1. Yep, definitely and completely.

2. Neighbourhood is good and the schools are good too.

3. It's 20mins drive from a big town, and <90mins on the train to central London. I prefer to work local, but there's enough employment options to bring in the bread if needs must.

4. We're taking a 5 yr fix, so obviously hoping in that that things have settled down in 5 years when it's time to remortgage. I am adamant there will be a notable rates spike in the next 3 years. We also have a big deposit as a result of STR, so we are less likely to be impacted by poor LTVs when it's time to remortgage.

5. Very pi$$ed with renting: the house is crap, the landlord is dead, the neighbours are fab to be fair, but the neighbourhood is bad.

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Fine. I'm all in favour of buying IF

1. You (both) really, really like the house

2. The neighbourhood is at least OK (& schools, if relevant)

3. You have sufficient job security to be 90% certain you won't need to move for 10 years (these days, moving costs near enough £10K by the time you've done with fees, taxes, removals & incidentals - everything from new curtains to putting the cat in kennels for 3 days)

4. You will still be able to meet the mortgage repayments if they go up to (say,) 9%

and

5. you are p$ssed off with renting for whatever reason - wanting to keep dogs/chickens/pigs, plant mulberry trees - whatever.

+1

Like Mulder, I want to believe in a crash, and I think the chances are not bad. It doesn't stop me looking, because we want to move and if I find the house we would love to live in for 10 years then it's a goer.

Flicking through the archives in this forum can provide a bit of counterpoint - lots of posts with very high levels of certainty of an imminent crash in virtually any month or year you care to choose. That's not to say it isn't different now...maybe.

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  • 259 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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