Jump to content
House Price Crash Forum

I've Bought A House


Recommended Posts

We've had an offer accepted on a house today :) It's a 3 bed end of terrace with a massive workshop in an ok'ish area of south east London.

I'm absolutely certain house prices will keep falling (definitely real falls, and some nominal falls too), but frankly I'm fed up with renting and not having anywhere to work on my cars, and my wife also needs a photography studio. This house came along at a price we could afford, and it's got enough space for now and scope to extend into the loft in the future. I'm worried about inflation eating into our deposit, with rising wage inflation, so we decided to take the plunge...

Interest on mortgage will work out about 150 quid more than we're paying in rent on a 5 year fix, but hopefully we'll be able to clear about 7-8% of the outstanding balance in in overpayments in year one, and hopefully by the time we come to the end of the 5 year fix we'll be well on the way to clearing the mortgage. Target is 10 years, and the mortgage is 2 times joint income, or 3 times my salary, so it's not a huge stretch (hopefully).

Ok, time for everyone to call me stupid ;)

Link to post
Share on other sites

We've had an offer accepted on a house today :) It's a 3 bed end of terrace with a massive workshop in an ok'ish area of south east London.

I'm absolutely certain house prices will keep falling (definitely real falls, and some nominal falls too), but frankly I'm fed up with renting and not having anywhere to work on my cars, and my wife also needs a photography studio. This house came along at a price we could afford, and it's got enough space for now and scope to extend into the loft in the future. I'm worried about inflation eating into our deposit, with rising wage inflation, so we decided to take the plunge...

Interest on mortgage will work out about 150 quid more than we're paying in rent on a 5 year fix, but hopefully we'll be able to clear about 7-8% of the outstanding balance in in overpayments in year one, and hopefully by the time we come to the end of the 5 year fix we'll be well on the way to clearing the mortgage. Target is 10 years, and the mortgage is 2 times joint income, or 3 times my salary, so it's not a huge stretch (hopefully).

Ok, time for everyone to call me stupid ;)

Well, I won't. If it's right for you, and you're happy with it, that's all that matters.

Good luck. :)

Link to post
Share on other sites

Ok, time for everyone to call me stupid ;)

Not at all, there is not a "one-size-fits-all" solution to existence.

A new non-rented home, a blank canvas, is one of life's greatest pleasures. I have had two myself and will have a third before my time is out.

Have fun!

Link to post
Share on other sites

We've had an offer accepted on a house today :) It's a 3 bed end of terrace with a massive workshop in an ok'ish area of south east London.

I'm absolutely certain house prices will keep falling (definitely real falls, and some nominal falls too), but frankly I'm fed up with renting and not having anywhere to work on my cars, and my wife also needs a photography studio. This house came along at a price we could afford, and it's got enough space for now and scope to extend into the loft in the future. I'm worried about inflation eating into our deposit, with rising wage inflation, so we decided to take the plunge...

Interest on mortgage will work out about 150 quid more than we're paying in rent on a 5 year fix, but hopefully we'll be able to clear about 7-8% of the outstanding balance in in overpayments in year one, and hopefully by the time we come to the end of the 5 year fix we'll be well on the way to clearing the mortgage. Target is 10 years, and the mortgage is 2 times joint income, or 3 times my salary, so it's not a huge stretch (hopefully).

Ok, time for everyone to call me stupid ;)

Congratulations, its what many on here want and truly deserve(if that is their desire) an affordable decent home ! :D

Link to post
Share on other sites

Cheers for the comments :)

Fairies wear boots: No, not really, only 7.5k off. Similar looking houses on the same road have recently sold for 30k more, though, so whilst it wasn't as cheap as I'd have wanted it to be, it's not massively overpriced (well, I don't think it is).

Davetolbooth + RichB: yes, it's the largest one I've seen here in the UK... Not sure about the actual dimensions, but it fits two large jags with room to spare. I reckon you could park three cars in there, but I'm only planning on having my current project in there with the rest of the space taken up by, err, not sure yet :)

Plans are afoot to offer small custom parts to other car-nuts doing similar projects to me, but it's a very small market, obviously, so will never be a big earner. So far I've sold one part for 20 quid :lol: Still, might pay for the electricity for the lathe :)

Link to post
Share on other sites

Nice one, congrats.

i jumped in and have been in the house a month, rear extension walls up but living in chaos with dust etc....

I do feel better in one way knowing I made a decision and we love where we are (a very pretty village) on the other hand I know as prices fall the devil in me will be p*ssed off. One thing I would say is once the decision has been made then you seem to worry about it all less in funny sort of way.

We paid about 10% off peak, athough at peak the house was not in great condition. Attached neighbours house who is in good condition and a larger extension but no off rd parking like ours recently went for 50-60k more than we paid.

We are lucky that the house is a nice size period semi, with 180-200 ft garden (with workshop), its not a place we would have to move from...providing we can afford to stay :)

Good luck with your move.

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...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 415 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.