Jump to content
House Price Crash Forum
Sign in to follow this  
cypher007

Should We Wait Any Longer?

Recommended Posts

ive waited about 3 years for the HPC, and round here in Boston at least it aint happening. weve got raging net migration, BTL, and shortage of decent properties comming onto the market, as people take there properties off the market. plus with this latest budget seemingly designed to keep the merry go round going for at least another two years, ive just about had enough. weve got the following:

about £50k saved, and falling due to crap interest rate.

house paid for worth say £105k.

want four bed detached, currently selling for say £160k.

so do we wait another year to see if the gap will close up any, or just sell and buy this year?

Share this post


Link to post
Share on other sites

ive waited about 3 years for the HPC, and round here in Boston at least it aint happening. weve got raging net migration, BTL, and shortage of decent properties comming onto the market, as people take there properties off the market. plus with this latest budget seemingly designed to keep the merry go round going for at least another two years, ive just about had enough. weve got the following:

about £50k saved, and falling due to crap interest rate.

house paid for worth say £105k.

want four bed detached, currently selling for say £160k.

so do we wait another year to see if the gap will close up any, or just sell and buy this year?

Go to the casino, place all your deposit on a roulette bet with odds that would payout the current price of the house you like and see what happens.

If you win you can afford the house and not worry about mortgages or losing hard-earned equity in the future. If you lose you'll have no deposit left so there'll be no point asking these stupid ******ing questions anymore.

There is no charge for this advice.

Share this post


Link to post
Share on other sites

ive waited about 3 years for the HPC, and round here in Boston at least it aint happening. weve got raging net migration, BTL, and shortage of decent properties comming onto the market, as people take there properties off the market. plus with this latest budget seemingly designed to keep the merry go round going for at least another two years, ive just about had enough. weve got the following:

about £50k saved, and falling due to crap interest rate.

house paid for worth say £105k.

want four bed detached, currently selling for say £160k.

so do we wait another year to see if the gap will close up any, or just sell and buy this year?

Every time I read one of these I find myself wondering why nobody that I meet is remotely able to run even a half baked lifestyle and save £50k at the same time.

Share this post


Link to post
Share on other sites

Every time I read one of these I find myself wondering why nobody that I meet is remotely able to run even a half baked lifestyle and save £50k at the same time.

+1

Share this post


Link to post
Share on other sites

Go to the casino, place all your deposit on a roulette bet with odds that would payout the current price of the house you like and see what happens.

If you win you can afford the house and not worry about mortgages or losing hard-earned equity in the future. If you lose you'll have no deposit left so there'll be no point asking these stupid ******ing questions anymore.

There is no charge for this advice.

And yet it still seems poor value for money.

Edited by man o' the year

Share this post


Link to post
Share on other sites

ok then smart arses, tell me this: why is it i still cant get a decent place at a HPC price? it just aint happening, and i havent got 10 years to wait for the prices to reach 40% off peak, due to inflation. i either sell this year or next, which would be the best?

Share this post


Link to post
Share on other sites

Put your house on the market now and 'if' it sells you'll be in a stronger position for either buying this or next year as you'll have no chain and that's artractive. Rent in the mean time.

General Inflation isn't necessarily a bad thing IMHO for the man sitting on a £50k+ fund as house prices are and will continue to fall.

Share this post


Link to post
Share on other sites

Put your house on the market now and 'if' it sells you'll be in a stronger position for either buying this or next year as you'll have no chain and that's artractive. Rent in the mean time.

General Inflation isn't necessarily a bad thing IMHO for the man sitting on a £50k+ fund as house prices are and will continue to fall.

hmm rents round here arnt cheap. i recon id loose money after about 2 or 3 months. example a decent sized 3 bed semi like mine would be about £550 per month.

Share this post


Link to post
Share on other sites

looking at your figures it seems as if you are not in need of a mortgage (or maybe only a small one) - correct? ;) with 50K deposit and house paid for 'worth' 105K

I would say go for it unless you are at the age when waiting a few years is not a problem. Renting is not all it is cracked up to be and if doing so will eat into your hard earned savings then I would not recommend it. Life is too short to spend time pussy footing around a landlord whose mortgage you are probably paying.

that said - your decision but I do not think the 'big drop' is just around the corner and I suspect prices will be going nowhere for the next year or so .

all the above IMO.

I sold, I rented and I bought for cash so I am biased

Share this post


Link to post
Share on other sites

looking at your figures it seems as if you are not in need of a mortgage (or maybe only a small one) - correct? ;) with 50K deposit and house paid for 'worth' 105K

I would say go for it unless you are at the age when waiting a few years is not a problem. Renting is not all it is cracked up to be and if doing so will eat into your hard earned savings then I would not recommend it. Life is too short to spend time pussy footing around a landlord whose mortgage you are probably paying.

that said - your decision but I do not think the 'big drop' is just around the corner and I suspect prices will be going nowhere for the next year or so .

all the above IMO.

I sold, I rented and I bought for cash so I am biased

I'm with you on this one. If you can afford the new house and you see a house you really like, then go for it. You may wait another 3 years and regret not geting the house you really like (it might not come to market again).

I was waiting for the crash, but I can afford a place which I intend to live in for next ten years, so will just go for it.

Of course if you need to seel you house to buy the next one, you may not really have much choice to do anything unless you find yourself a buyer!!!

Share this post


Link to post
Share on other sites

And yet it still seems poor value for money.

What can I say? This country has gone to the dogs, not even free advice from the internetz is good value any more.

Share this post


Link to post
Share on other sites

Put your house on the market now and 'if' it sells you'll be in a stronger position for either buying this or next year as you'll have no chain and that's artractive. Rent in the mean time.

General Inflation isn't necessarily a bad thing IMHO for the man sitting on a £50k+ fund as house prices are and will continue to fall.

Exactly but the OP wants to have his cake and eat it. Wants to get a good price on existing house, be in strong position to buy, get a bargain and not go through the trouble of renting in the meantime to facilitate being in a strong position, ready to move quickly if a bargain were to come up.

Jog on, sunshine.

Edited by daiking

Share this post


Link to post
Share on other sites

there maybe hope. one of the STC properties i have an inside man on so to speak, says his neighbour's sale has stalled due to part of the chain falling through. could this happen to more of the STC's? is this rally about to collapse?

Share this post


Link to post
Share on other sites

there maybe hope. one of the STC properties i have an inside man on so to speak, says his neighbour's sale has stalled due to part of the chain falling through. could this happen to more of the STC's? is this rally about to collapse?

anyone?

Share this post


Link to post
Share on other sites

Time in the market is better than trying to time the market.

You are in a strong position (providing you can sell your current home for the amount you estimate.)

If your heart is set on moving and you intend to be in your new home for many years, go for it, waiting will not make much difference, crash or no crash....

Share this post


Link to post
Share on other sites

Every time I read one of these I find myself wondering why nobody that I meet is remotely able to run even a half baked lifestyle and save £50k at the same time.

I have a half baked lifestyle & some savings. If you met me, you'd know about the half baked lifestyle but I guess you wouldn't know about the savings.

I had something of an epiphany a while back, that spending more or less half of our net income each month, if possible, would give us a healthy balance of pleasure now & freedom later . It sucked at first because we had been used to spending more like four fifths of net income. But that is not the way of the early retiree...

Gets easier, as savings and investments compound and yield a slightly bigger proportion of net income each month. In my mind, rent or mortgage interest payments are spending, and mortgage capital repayments are saving. The cunning plan is that at some point, income from savings and investments will allow us the same sort of half baked lifestyle that working does now.

Sorry to derail the thread

OP: should you wait any longer? I'd say no, as long as your income comfortably covers. but you gotta choose

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.