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pie-eater

Just Had An Offer Accepted. House Prices Are Going To Dive...

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I've just had an offer accepted, so with my luck I'm expecting a dive in prices.

I'm currently in rented, and was coerced into looking at a house by my wife after 18 months of renting as she hates having an overlord and not feeling secure. Great house, great price and just what we wanted as it could well be the last house we ever buy. She's 31 - I'm 37. It is 2 jumps along from our last house in terms of size, location etc

We then get the dreaded 2 months' notice on the same day as the viewing so put an offer in @ about 27% below peak, and it's been accepted. Bit of luck as the owner is 90 (lived there since 1947) and is moving in with her daughter.

Fukc me, am I nervous. We haven't broken the bank in terms of finance, but I'd got used to renting for peanuts and having a large chunk of money saved up.

I think I might have to wipe this site from my faves.

Edited by pie-eater

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I've just had an offer accepted, so with my luck I'm expecting a dive in prices.

I'm currently in rented, and was coerced into looking at a house by my wife after 18 months of renting as she hates having an overlord and not feeling secure. Great house, great price and just what we wanted as it could well be the last house we ever buy. She's 31 - I'm 37. It is 2 jumps along from our last house in terms of size, location etc

We then get the dreaded 2 months' notice on the same day as the viewing so put an offer in @ about 27% below peak, and it's been accepted. Bit of luck as the owner is 90 (lived there since 1947) and is moving in with her daughter.

Fukc me, am I nervous. We haven't broken the bank in terms of finance, but I'd got used to renting for peanuts and having a large chunk of money saved up.

I think I might have to wipe this site from my faves.

Good luck go for it , you know you have not pushed yourself to the limits of debt that would make it hard if things changed in a big way where your finances are concerned.

If you are there for the next 20 + years and can pay for it the value does not matter in the same way it would if you were forced to sell.

If im right i think you live in London ? if so from what i am seeing you will be ok. London seems now to be a mecca for the worlds wealthy and this is going to stop prices crashing .

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Good luck go for it , you know you have not pushed yourself to the limits of debt that would make it hard if things changed in a big way where your finances are concerned.

If you are there for the next 20 + years and can pay for it the value does not matter in the same way it would if you were forced to sell.

If im right i think you live in London ? if so from what i am seeing you will be ok. London seems now to be a mecca for the worlds wealthy and this is going to stop prices crashing .

Cheers. My thoughts are like yours re longevity.

London/Surrey borders where prices dropped and are now back to peak, (asking prices at peak) but we got this at around 2004 prices and it needs minor work to match similar houses that are going for 15% more than we have had accepted.

We could have borrowed about 30% more than this is costing us, so hopefully all will be well.

I'd got used to the freedom of renting and its cheapness, so a big sea change in terms of financial security for me. The Mrs seems oblivious to my concerns.

Also - got a 5 year fixed rate mortgage at less than 30% of our joint earnings. I could cover it if my wife was out of work, as could she if I was.

Edited by pie-eater

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Cheers. My thoughts are like yours re longevity.

London/Surrey borders where prices dropped and are now back to peak, (asking prices at peak) but we got this at around 2004 prices and it needs minor work to match similar houses that are going for 15% more than we have had accepted.

We could have borrowed about 30% more than this is costing us, so hopefully all will be well.

I'd got used to the freedom of renting and its cheapness, so a big sea change in terms of financial security for me. The Mrs seems oblivious to my concerns.

Also - got a 5 year fixed rate mortgage at less than 30% of our joint earnings. I could cover it if my wife was out of work, as could she if I was.

Great . And if you stay on here don't change the pic you use , l love it

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27% below peak is a very precise valuation.

Most my estimates are to the nearest 5 or 10%

Good luck, anyway.

Just my estimate on what next door and others sold for recently. I like precise numbers... We were prepared to offer a sub peak 22% offer, but got lucky. Old woman, moving to her boomer daughter.........

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Fukc me, am I nervous. We haven't broken the bank in terms of finance, but I'd got used to renting for peanuts and having a large chunk of money saved up.

Good luck - 27% off peak doesn't sound appalling

What are you nervous about though? If it's the lack of a money cushion, will you be able to build one back up?

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Good luck - 27% off peak doesn't sound appalling

What are you nervous about though? If it's the lack of a money cushion, will you be able to build one back up?

Nervous about our deposit being eaten by NE, and about owing again

Having rented for nearly 18 months you get used to it and its ease, coupled with the lack of care of maintenance. I have a great LL who will get someone here in 24hrs of anything goes wrong.

The payments are fine. We still have savings - no way would I spunk our money without a fat cushion!

The figures I was quoted as mortgage offers were stupid. No wonder people are still buying £80k houses for £200k. Mad.

Having a clean credit history opens you up to all the horrors of today's lending frenzy that still exists.

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Nervous about our deposit being eaten by NE, and about owing again

Having rented for nearly 18 months you get used to it and its ease, coupled with the lack of care of maintenance. I have a great LL who will get someone here in 24hrs of anything goes wrong.

The payments are fine. We still have savings - no way would I spunk our money without a fat cushion!

The figures I was quoted as mortgage offers were stupid. No wonder people are still buying £80k houses for £200k. Mad.

Having a clean credit history opens you up to all the horrors of today's lending frenzy that still exists

Not really thank goodness. There are good offers for people like you (who are few and far between). Good luck.

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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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