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camem'

Why Buying Is Silly

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hadn't thought of it this way, but I find this a succinct summary of why potential FTBs wouldn't buy now, or anytime while we're falling at 1% a month or more, even if they could.

On an average FTB rent of £700 PCM (I made this up) average prices have to fall to £70k (if still falling 1% a month), a nominal fall of 55% before the tables turn, even without the mortgage interest !

http://www.thisismoney.co.uk/mortgages/hou...8&in_page_id=57

For example, with the average first-time buyer property of £157,000, a price fall of 1% in a month would wipe £1,570 off its value. This is more than most first-time buyers would spend on a month's rent.

Add to this the £600 or so mortgage interest you would be paying each month, and it's hard to see any point in buying while prices continue to fall.

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  • 302 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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