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oldie

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Look ive been sitting on the west London sidelines waiting for prices to go lower but its hard you know ! Is there going to be a crash or is this just wishful thinking? I dont want to just jump in only to see house prices go down say 15-20% or perhaps more :o is there somebody out there who really can predict the future,if i buy now and just rent it out for say 3% return surely this would be a good move , Somebody talk some sense into me before i pull the trigger :blink: .

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London is hard. A friend has just been gazumped on a fairly average house - he went in under asking, loads of other offers well over. Supply/demand of decent houses in London is utterly broken.

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Difficult one. I believe it is going to go down but it may take time. When Euro goes pop - which it will in some way or another - it will cause havoc here, and that will include hitting the London market. Not a lot coming on the market at the moment, and flats are proving very hard to sell - hit by mortgage squeeze for FTB's. So there are one or two bargains to be had if you are tracking price reductions. Transactions are well down now in Ealing/Hanwell area so not a lot shifting - big overhang of unsold flats - thousands - but so many sellers have convinced them selves that their property is worth what they might have been told by the agents who are toppy on price in order to get the business.

It's a tough call - if you can get a bargain (more likely if you're looking for a flat) then you would have a bit of insulation from price falls, on the other hand no-one wants to be sitting on an assett that is worth considerably less than they paid for it. Especially if prices stagnate for years.

I'm one of those who thinks that in five years time the house market landscape is going to look very different from how it is now - printing money to deal with the banking crisis has kept things afloat for a couple of years - but most people agree now that it didn't solve the problem. And the chickens are coming home to roost.

Did you see Newsnight last night? if not, downoad it, worth seeing. And IMF produced another report last week on the ecomomy that (again) said UK property prices 40% over valued - but no sign of housing bubble popping soon. But something will push it off the edge - Euro debt crisis, interest rate rise, increased squeeze on mortgages. I think the only thing propping up the outer London market is some people's conviction that property prices can only go up and think they must get in/keep in in case they miss out. Brainwashed. Other places in the UK have seen big falls - with more to come.

I am sitting it out now, after selling to rent in west London. At the end of the day, you need to make a decision based on what you think will happen - and I might be totally wrong. Who knows, when the well healed Europeans realise the game's up for the Eurozone they might all sell up and buy here to protect the value of their assetts - and prop the London market up like the rich Greeks did when they got into trouble.

And, not forgetting that for some they would rather have a roof over their head, and having somewhere to live and not pay rent is more important than taking a hit later, especially if it's for the very long term.

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I'm interested in what people would do in my situation regarding renting or buying.

I'm currently renting (family of 3) a 3 bed house in Edgware, Middlesex for £1275pcm having sold my previous property in Buckinghamshire. I started a new job in Middlesex 6 months ago and the pay is pretty good. My job is pretty safe and I can see myself here for a minumum term of 4-5 years and progressing well in that term before moving to a bigger company. Even if I were to move to a different company later on, I would look to stay in London.

I have a deposit of £210,000. I could get a mortgage of £125,000, which would be about 3x my salary, and could afford to buy a house in the region of £325-330k. There's not a lot of decent 3-bed houses in Edgware, Stanmore etc. for this price at the moment.

But, if I were to find a property at this price range in the next few months, wouldn't it be sensible to buy rather than carry on renting? I'm going to be paying £15,300/annum in rent at my current place and If I stay here for 5 years, I'd be paying £76,500 in rent over the term! That's too much imo. That's nearly half the mortgage I would need if I were to buy! My mortgage payments for £125,000 would be around £620/month (fixed for 5 years). In this term, I would be looking to at least pay off £70-80,000 or the mortgage.

The obvious worry is house prices falling during that term. But, a lot of the properties I have recently seen are selling pretty fast in these regions. Finally, i'm also interested to find out that if I were to find a property for around £350,000, what type of offer should I be putting in?

Looking forward to other people's thoughts. Thanks in advance.

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I'm interested in what people would do in my situation regarding renting or buying.

I'm currently renting (family of 3) a 3 bed house in Edgware, Middlesex for £1275pcm having sold my previous property in Buckinghamshire. I started a new job in Middlesex 6 months ago and the pay is pretty good. My job is pretty safe and I can see myself here for a minumum term of 4-5 years and progressing well in that term before moving to a bigger company. Even if I were to move to a different company later on, I would look to stay in London.

I have a deposit of £210,000. I could get a mortgage of £125,000, which would be about 3x my salary, and could afford to buy a house in the region of £325-330k. There's not a lot of decent 3-bed houses in Edgware, Stanmore etc. for this price at the moment.

But, if I were to find a property at this price range in the next few months, wouldn't it be sensible to buy rather than carry on renting? I'm going to be paying £15,300/annum in rent at my current place and If I stay here for 5 years, I'd be paying £76,500 in rent over the term! That's too much imo. That's nearly half the mortgage I would need if I were to buy! My mortgage payments for £125,000 would be around £620/month (fixed for 5 years). In this term, I would be looking to at least pay off £70-80,000 or the mortgage.

The obvious worry is house prices falling during that term. But, a lot of the properties I have recently seen are selling pretty fast in these regions. Finally, i'm also interested to find out that if I were to find a property for around £350,000, what type of offer should I be putting in?

Looking forward to other people's thoughts. Thanks in advance.

Look at colindale, mill hill and surrounding areas, you should find something in your price range. ;)

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I'm interested in what people would do in my situation regarding renting or buying.

I'm currently renting (family of 3) a 3 bed house in Edgware, Middlesex for £1275pcm having sold my previous property in Buckinghamshire. I started a new job in Middlesex 6 months ago and the pay is pretty good. My job is pretty safe and I can see myself here for a minumum term of 4-5 years and progressing well in that term before moving to a bigger company. Even if I were to move to a different company later on, I would look to stay in London.

I have a deposit of £210,000. I could get a mortgage of £125,000, which would be about 3x my salary, and could afford to buy a house in the region of £325-330k. There's not a lot of decent 3-bed houses in Edgware, Stanmore etc. for this price at the moment.

But, if I were to find a property at this price range in the next few months, wouldn't it be sensible to buy rather than carry on renting? I'm going to be paying £15,300/annum in rent at my current place and If I stay here for 5 years, I'd be paying £76,500 in rent over the term! That's too much imo. That's nearly half the mortgage I would need if I were to buy! My mortgage payments for £125,000 would be around £620/month (fixed for 5 years). In this term, I would be looking to at least pay off £70-80,000 or the mortgage.

The obvious worry is house prices falling during that term. But, a lot of the properties I have recently seen are selling pretty fast in these regions. Finally, i'm also interested to find out that if I were to find a property for around £350,000, what type of offer should I be putting in?

Looking forward to other people's thoughts. Thanks in advance.

Actually i was looking for replies concerning my situation ! You may think that the world revolves around your needs ! Try starting a post its easy !

Your reply was all about you and your needs but didnt actually add anything to the op.

:D

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I’ve been looking myself in South East London area for the past 3 months, being cautious on what I offer. I’ve realised that there’s a lot of crap rental properties out there, the type that are small new (or even conversion) flats that are like 55 square meters for like two bedrooms. Those flats are not shifting, and they are quite cheap, but then again if you’re going to be an owner-occupier, it’s not all about the price, is it? You’re buying a house to enjoy living in.

Proper 2-3 bedroom houses or flats, with over 70 square meters, are shifting rather quickly, and the really cream of the crop 3 bedroom family houses at over 90 square meters are getting lots of bids, and offers are very close to asking price. However, I have noticed that many offers are not translating to contracts being exchanged, because of buyers having difficulty shifting their own houses or getting the mortgage. A few properties we have offered on below another offer have still not completed, even after more than 2 months.

It’s a tough game, but there’s no freebies in the world, right?

Edited by Boon

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Look ive been sitting on the west London sidelines waiting for prices to go lower but its hard you know ! Is there going to be a crash or is this just wishful thinking? I dont want to just jump in only to see house prices go down say 15-20% or perhaps more :o is there somebody out there who really can predict the future,if i buy now and just rent it out for say 3% return surely this would be a good move , Somebody talk some sense into me before i pull the trigger :blink: .

You need to supply more information..what area, how much, what deposit, what type of property,how long do you plan to live there? ;)

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  • 153 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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