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If there's people on here though who could afford to buy now, waiting for some potential 40% off crash seems a waste to me? Buy and get on with your life.

Exactly. My situation:

2007 - considering a move. Put off by these forums. The FTSE was at 6600 and I had some of my moving fund in it. If I bought then I would have paid more but be on a lower interest rate. I would have also found it easier to sell my existing house.

In 2010 I moved. Difficult to sell house. The FTSE was at 5000-ish so my moving fund was depleted. The move cost me 25-30% less than in 2007, but I could not get as good a mortgage deal as in 2007 so in the long run it will cost me more in interest if not capital repayment.

In 2013 house prices may well have fallen, but if so I expect to see a worsening economy (lower FTSE) which will make mortgages more expensive and harder to come by. If on the other hand house prices rise then mortgages will be cheaper, market's more healthy..

Regrets? None, but lesson learned - never let macro economic factors stop you getting on with your life - your time is finite and in the long run it makes little difference..

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One should choose ones landlord as one would choose the house.

I certainly agree with this, but it is a very difficult thing to do, especially as so many lettings are through agents who seem to withhold as much info as they can about the LL's.

I have resorted to questioning neighbours, before going after a property, and for once we seem to of got it right, after we did this.

The neghbours gave us the background on the LL and how fair he was, and we now find our current LL treats his property like a proper business, whilst actually respecting us as his tenants, and is apologetic and quick to fix anything that goes wrong.

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Where I am in West London it seems to cost about 2k a month to rent something you could buy for 400 -500k. My landlord has recently decided to hike my rent up to £1400 for 2 bed flat probably worth about 320k. My savings only make 2.8% for which I have to pay tax.

I can get a 150K mortgage and buy a nice little house in a good area, use up my deposit and I'll only be paying £400/month. I get less than £200/ month from bank interest right now so I'll save £800/month if I buy and have a better place to live. Yes I know there are some disadvantages like flexibility to move and maintenence etc but the monthly amount I'll save seems to make it worth it IMO. I do expect prices to fall though so yes its still a gamble.

I'd have to draw £350K (although it would have been £400K when I first moved in) out of the bank to buy the house I'm renting for £900pcm. I get close to 4% interest and pay very little tax (retired).

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Only true if the amount you save in mortgage interest is more than returns on the same money invested.

Also if you have substantial savings then that brings certain lifestyle bonuses of its own: you never have to "worry about money", about paying bills or not working (for years at a time possibly), you never have to think "oh I cant afford xyz this month, Ill have to wait till next pay day" etc etc etc. I dont know about other people in the same position think but personally I'm not desperate to swap that position to being a net-debtor and having to live month to month with no cash reserve.

It's had advantages for me being in my twenties being debt free, the reasons are obvious. Problem is I'm now approaching my thirty's and I'm finding many of my friends are 'struggling' now, whereas I saved in that time period.

Ultimately I can't live in a bank account and neither can I start a proper relationship in one either. That's why I'm not prepared to waste years waiting for a mythical house price crash that may never arrive. Considering I'd be buying with 60%-70% already paid off in the current climate I'm not interested in waiting any longer than two years and hopefully be mortgage free by the time I'm 40.

I'd even be prepared to live with a tenant for a while to shorten that time period. Needs must I'm afraid.

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If there's people on here though who could afford to buy now, waiting for some potential 40% off crash seems a waste to me? Buy and get on with your life.

Round and round in circles we go :rolleyes:.

I could buy now, cash, but am expecting nominal falls of 30% over the next few years, so I prefer to stay in liquid cash and enjoy my life to the full whilst renting.

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Round and round in circles we go :rolleyes:.

I could buy now, cash, but am expecting nominal falls of 30% over the next few years, so I prefer to stay in liquid cash and enjoy my life to the full whilst renting.

Im with you on the renting thing, till you can find a place to buy at a crashed price.

To buy in the price bracket we are looking at around £500K, you can rent for 1/3 of the price of buying. It makes no sense to buy at that price.

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I certainly agree with this, but it is a very difficult thing to do, especially as so many lettings are through agents who seem to withhold as much info as they can about the LL's.

I have resorted to questioning neighbours, before going after a property, and for once we seem to of got it right, after we did this.

The neghbours gave us the background on the LL and how fair he was, and we now find our current LL treats his property like a proper business, whilst actually respecting us as his tenants, and is apologetic and quick to fix anything that goes wrong.

its easy enough to ask the Agent for a full time landlord, enquire if there is a mortgage on the property, and you have a right to the name of the landlord on signing...it is, after all, HIM that is renting out the home, not the EA.

If they are not forthcoming, move on.

TBH, ive found most agents to be far less professional than the landlords Ive found.

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I really cannot fathom that statement. Several people have said that in this thread. The only thing 'stopping you getting on with your life', is you.

Not really, infact it makes perfect sense to me. If you've just spent X amount of years saving to buy, waiting around for a potential crash when you can comfortably buy now strikes me as an enormous waste of time.

The bottom line is not having your own house over the age of 30 is a cramp on your lifestyle, hence why I will be buying at that point or before.

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Not really, infact it makes perfect sense to me. If you've just spent X amount of years saving to buy, waiting around for a potential crash when you can comfortably buy now strikes me as an enormous waste of time.

The bottom line is not having your own house over the age of 30 is a cramp on your lifestyle, hence why I will be buying at that point or before.

Why is it a cramp on your lifestyle over 30? You want to install a stairlift? HIs and hers sex dungeons?

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As house prices rose year after year, tripling in a decade, and utilities tripled, and council tax doubled, you got steadily more anger bitter and depressed with the situation.

This seems a perfectly normal reaction to me. [And were not just talking a few years here. Its well over a decade. Murderers get less time. It has an accumulative effect.]

During that period every conversation you had with an estate agent, they would swear blind that house prices would never drop.

You could never get ahead. Doomed.

So people just ended up working for over ten years with nothing to show for it. Working 12 hours per day.

Personally I ended up feeling as though I had nothing to offer.

Binmen just a few years older than me were sitting on 300k assets, whilst I had nothing. [No offence to binmen, but you get my drift]

Id rather be shot than do that for another ten years.

I started out in my first 'proper job' around 1996 on 10k to 12k. Which was probably around the national average for a young person. [National Average wage was 16.6k]

After 18 months gainful employment, I very nearly bought an apartment for £44k, but I felt it would be stretching myself, and the bank wouldnt lend me 4x salary + [As I had some outgoings for a very small crap £1k car] [Those apartments are priced at £170k + today]

And there was small gap in my emplyment, of a few months as I moved to Leeds.

And you had to be employed for 2 years minimum to qualify for a mortgage.

Then from 1996 to 2006 the average wage increased by £6.5k whilst the average house price tripled.

So that was it. You were screwed. There was no way you ever had a chance. Forced to waste tens upon tens of thousands in rent. As house prices and everything else rose year after year.

Feeling pissed off, being ignored by your Labour MP and waiting to 'begin your life' was normal. All the so called expert economists were calling a housepricecrash as far back as 2003, [Evan Davies etc ]

It was very easy to end up like this. [A heck of a lot of people I grew up with, are in the same boat, except those who got together with their respective halves early on]

Edit: Now since 2009, my steady income for the last 10 years has dried up due to the Banking induced recession, and Ive earned next to nothing.......Living off meagre savings.

Then we had Gordon Brown bailing out the banks, making sure my taxes kept houses at their massively overinflated levels, paying for the banks assets or other peoples houses, ensuring I could never afford mine own, and calling for a Country fair for all?

Go kill yourself you utter Labourite [email protected]

Edited by Milton
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Not really, infact it makes perfect sense to me. If you've just spent X amount of years saving to buy, waiting around for a potential crash when you can comfortably buy now strikes me as an enormous waste of time.

The bottom line is not having your own house over the age of 30 is a cramp on your lifestyle, hence why I will be buying at that point or before.

Depends what you want, if you are happy with the debt you have undertaken, and have a workable repayment plan (the same thing as rent) are happy to live in a property that ticks most boxes for a long period of time (moving ie selling and buying is very expensive) are happy with the area and close neighbours.......but most importantly you are buying it for the right reasons ie as a comfortable home to live in not an investment....would you still be happy if you one day sold it for less than you paid for it, that is the clincher, if you can say yes to that.....do it, why not. ;)

Edited by winkie
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Like I said, I don't understand if your 30 and over now and can buy comfortably, why you'd want to continue living at someone else's behest, be it parents or landlord.

Because I don't want my money tied up in an illiquid, depreciating, asset.

With regard to living at someone else's behest, I am the customer and my landlord is the supplier.

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I really cannot fathom that statement. Several people have said that in this thread. The only thing 'stopping you getting on with your life', is you.

Sure, you can "get on with your life", but you're not settled.

Various things make renters unsettled:

1. Sword of Damocles hanging over them, fearing the landlord will want them out

2. Inability to decorate, make things how they want, firstly because the landlord won't let them, but also they don't want to spend money on something they may be asked to leave (see point 1).

3. Shortage of good rental property (around here) means that you may have to move your kids out of school whenever you move.

Not to mention the cost of regularly moving, and you can't vet landlords sufficiently, no matter what people say. The agents are not your agents, they are the landlords agent.

If you don't care how your house looks, can fit all your stuff in the back of a transit, and have no kids, renting (in the UK) is fine.

Edited by exiges
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Depends what you want, if you are happy with the debt you have undertaken, and have a workable repayment plan (the same thing as rent) are happy to live in a property that ticks most boxes for a long period of time (moving ie selling and buying is very expensive) are happy with the area and close neighbours.......but most importantly you are buying it for the right reasons ie as a comfortable home to live in not an investment....would you still be happy if you one day sold it for less than you paid for it, that is the clincher, if you can say yes to that.....do it, why not. ;)

Yep, I'd be fine. It's my home, not an investment. Really, the only thing stopping me from buying is the knowledge that I'm reducing my mortgage now but as a 27 year old lad my patience is nearly up. I want my own place.

Because I don't want my money tied up in an illiquid, depreciating, asset.

With regard to living at someone else's behest, I am the customer and my landlord is the supplier.

Your money is going into an illiquid, depreciating, asset, your landlords.

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Your money is going into an illiquid, depreciating, asset, your landlords.

Now you really sound like an estate agent :rolleyes:.

I am paying for a roof over my head.

We all have to pay for a roof over our heads and there are three ways of doing it. Whichever way you choose it costs money.

1. Buy a house with cash and lose the interest on the money you no longer have in the bank.

2. Buy a house with borrowed money and pay interest to a lender.

3. Rent a house from a landlord.

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How do I get this social (council?) housing then? I am fed up paying through the nose for a flat where most of the other neighbouring tenants are on HB anyway!

Can someone tattoo 'm u g' across my forehead just so there can be no misunderstanding in future. Thank you

Just apply at your local council and start bidding on properties. More chance if you are single I guess. By the way I'm not saving £60 entirely due to social. I was paying a lot for a "luxury apartment" with a gym and concierge before so not exactly comparing like with like.

Edited by "Steed"
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Does the truth offend you?

Why should it ? However, your personal circumstances, your "truth", cannot necessarily be applied to others. You're happy with your position, and I'm happy that you're happy. I'd just like to see some variety in your posts, even if it's the same message, that's all.

Edited by exiges
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Why should it ? However, you personal circumstances, your "truth", cannot necessarily be applied to others. You're happy with your position, and I'm happy that you're happy. I'd just like to see some variety in your posts, that's all.

I post lots of different things, but in a circular argument where a number of posters keep asking the same question, they will get the same truthful and accurate answer.

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I post lots of different things, but in a circular argument where a number of posters keep asking the same question, they will get the same truthful and accurate answer.

Just for fun (Sorry, Bruce :P )

81 threads

I thought it would have been more....

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Since you ask, I think the wish of some on here for a massive 30%/40%/50% overnight crash on here will never happen. I bought around 9 months ago for various reasons. Nice affordable house some £50k cheaper than the original 2010 asking price. Paying down the mortgage nicely and getting on with my life without wondering if a section 21 notice will come thudding through the door. Life is too short to write off 5-10 years sitting in a rented house somewhere hoping for jam tomorrow.

Yup

You waited for the right time and so will many others, many young people now see that there is no need to rush into a mortgage noose around their neck at the moment as prices are going nowhere and if anyway they are going down and will enjoy their pre mortgage life without the BUY NOW OR YOU WILL MISS THE BOAT fear that people like to feed into their heads.

Edited by awaytogo
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