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Became A V.i. Yesterday

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Finally took the plunge and completed yesterday.

In recent months I have become more and more frustrated with the lack of a significant correction countrywide.

The home I have bought last sold for £115k - managed to get for £60k. (but requires £2-3k).

It's in a good location and neighbours are pretty good (know some of them already).

Even IF prices fall, it is a home which I am happy to stay for as long as I'm in -ve equity.

I'd just like to thank everybody for their intelligent insight and views whilst I have been a member.

I'll probably get slated but, I felt that this was the right place, right price, right time and have capitulated!

I sincerely wish everybody here all the best and that justice prevails..

Very best wishes everybody.

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Mr. Bo,

No need to say goodbye. I completed at the exact peak in 2007 (Doh!) in London (Phew..) and I'm still here.

It's an addictive sort of place, here.


Mr. Smith

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No not in Tottenham - it's in grim old Northern England.

I intend to stay on the site - some very knowledgeable people on here.

If only the rest of the country were enlightened!!

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I wouldn't worry what others think. I bought a reposession in 2009 for £205k, peak price was probably £275k. My first buy, right at the limit of what I *thought* I could afford after reading this site for a few years and holding off and off.

A few things I can say in hindsight:

- Someone on here once said (I can't remember who) it doesn't matter when you buy but how much you pay. It's probably one of the few valuable things I ever read on here.

- Turns out the bank did know best, I probably could have afforded another 50k. I thought they were insane offering me a mortgage that big! Perhaps their more recent mortgage offers are sensible ones.

- Once you have paid for the house (with a mortgage) you probably aren't going to care that much about how much it is worth over the next few years as long as you want to live there and can cover the costs of doing so. My 1k a month repayment mortgage doesnt seem so bad compared to the neighbours £950 a month rent.

- House prices have nothing to do with economics and everything to do with politics. Forget every economic argument on this site for lower house prices, they're just air! Often they're well thought out and may be true, but it's not about economics. Especially now a small drop in house prices leads to our state owned banks and our government balance sheet going under water.

- Waiting isn't all it cracked up to be. You're gambling that prices will fall enough to compensate for compound inflation + anything you would have paid off the balance of the mortgage. Even if you bought at peak at a fair price, within perhaps 5 years you might find that the nominal price has risen back to what it was. And although interest rates might change and you mortgage may get more expensive, your rent will very likely go up with inflation. The absolute balance of your mortgage isn't going to go up!

Oh and one more thing. Enjoy your new home. I know I love mine. I never felt I had a home when I rented, because there's no security and little you can do to make it yours. Nothing gets fixed promptly or well. The decor gets neglected as long as the rent keeps coming in. And if there's a gap between what it's worth in a few years and what you paid, well at least you've got something for that gap in price.



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Me too, offer been accepted and all plodding along nicely. It was a scary leap, but my mortgage is only £60 more than my rent and I won't be kept awake by the banging pipes that my landlord won't fix. Nor will I pay a small fortune in heating this Winter to remain absolutely freezing as the heat pours out of the poorly insulated house.

I've been an avid reader for years and I wouldn't be in a position to buy had it not been for the banking collapse restoring a slight sense of normality back to the market. I don't think we will ever return to 3 times salary unfortunately.

However, i do hope house prices remain at the same level for many years to come so that normal people have a reasonable chance of getting somewhere to call their own.

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  • 337 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% +
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