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twinkle

Capitulated

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Sorry guys but I have also gone to the other side. We put a cheeky offer in on a nice Victorian semi this week, and after a bit of flannel from the agents over the price, we've decided to go for it.

Before you all scream at me, we've got a 10 year fixed rate mortgage at 4.65%. Wish I hadn't left the negotiating to my other half though as they squeezed him up to 94% of the asking price (started at 89%) but as I am deaf and can't use the phone I had no choice.

It ticks most of the boxes - brimming with period charm but a bit on the small side but definitely the best we've seen at that price and we've been looking since February. It's ten minutes from a tube station and very attractive, so should hold some of it's value in a downturn. Enough space for a kiddy or two, so we plan on being there 5-7 years anyway.

I await your chorus of disapproval! :ph34r:

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Sorry guys but I have also gone to the other side. We put a cheeky offer in on a nice Victorian semi this week, and after a bit of flannel from the agents over the price, we've decided to go for it.

Before you all scream at me, we've got a 10 year fixed rate mortgage at 4.65%. Wish I hadn't left the negotiating to my other half though as they squeezed him up to 94% of the asking price (started at 89%) but as I am deaf and can't use the phone I had no choice.

It ticks most of the boxes - brimming with period charm but a bit on the small side but definitely the best we've seen at that price and we've been looking since February. It's ten minutes from a tube station and very attractive, so should hold some of it's value in a downturn. Enough space for a kiddy or two, so we plan on being there 5-7 years anyway.

I await your chorus of disapproval! :ph34r:

10 year fixed at 4.65 sounds cool to me! Now pray for high inflation and watch the amount you owe erode.

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Bless you! Don't know about popping back in again - won't do my blood pressure any good, and I've been a bundle of nerves since they accepted our offer this morning!

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Bless you! Don't know about popping back in again - won't do my blood pressure any good, and I've been a bundle of nerves since they accepted our offer this morning!

Life is all about freedom to choose and make mistakes. Remember that it's not too late to change your mind. Whatever, I wish good luck twinkle.

Edited by KickThemInThePant

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Best of luck with it.

Where is this property? London? Which area?

6% discount isnt bad. 8% is the average in London I believe.

Not a personal dig about your situation but I'm just thinking about the growing number of posters here who have bought and why this has happenened:

If you are committed to the idea of a HPC or prices falling I think there is a real danger in even looking at the market at the moment. Why? Because of the temptation of seeing something 5% cheaper than a year ago and thinking that this is a bargain. Compared to a year ago it is but in a years time?

Each to their own but I'm happy to be committed to the principle of not even looking seriously for a year. Why tempt yourself?

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Sorry guys but I have also gone to the other side. We put a cheeky offer in on a nice Victorian semi this week, and after a bit of flannel from the agents over the price, we've decided to go for it.

Before you all scream at me, we've got a 10 year fixed rate mortgage at 4.65%. Wish I hadn't left the negotiating to my other half though as they squeezed him up to 94% of the asking price (started at 89%) but as I am deaf and can't use the phone I had no choice.

It ticks most of the boxes - brimming with period charm but a bit on the small side but definitely the best we've seen at that price and we've been looking since February. It's ten minutes from a tube station and very attractive, so should hold some of it's value in a downturn. Enough space for a kiddy or two, so we plan on being there 5-7 years anyway.

I await your chorus of disapproval! :ph34r:

Interesting. We too have been looking at the 10 yr fixed deals. (whispering) I've actually booked an appointment to view a property Fri. I'm nervous and I havn't even looked at it yet.If I could neg -15% we could manage the repayments no probs....how long can I go on renting???? This week I am feeling tired of it.

I must admit I would never pay 94% of asking price, not in todays climate, but good luck anyway.

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Best of luck with it.

Not a personal dig about your situation but I'm just thinking about the growing number of posters here who have bought and why this has happenened:

If you are committed to the idea of a HPC or prices falling I think there is a real danger in even looking at the market at the moment. Why? Because of the temptation of seeing something 5% cheaper than a year ago and thinking that this is a bargain. Compared to a year ago it is but in a years time?

Don't forget, some of us may not be looking at the market, but our other halves are. :ph34r:

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Don't forget, some of us may not be looking at the market, but our other halves are.

You could always get divorced and hire hookers with the 100k of negative equity you don't have from not buying :).

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whenever i have bought a house in the past i have always tried to imagine me having to sell it again. i soon change my views and move on. in the present market it is difficult to find one that you know will sell in a pinch. not sure that i would buy anything at the moment, the market hasn't yet really shown its hand. i'm happy to wait & see. if they take off again, i'll buy, if they don't, i won't.

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You are absolutely right Donnie. I was very committed to the idea of a crash and still believe a correction may be on the cards, but hanging around for another 3/4 years waiting for the bottom is not for me. My partner is a quite a bit older than me and I need to have a child within the next five years. I will most probably hate myself this time next year if prices have dropped but we love the house and feel we will be happy there for several years. In this area (Uxbridge) prices haven't dropped YOY yet - believe me I've tried to make the LR figures look bad! There have been reductions of £5-15K but only on properties that were ridiculously priced to start with or horrendous exLA rubbish.

We haven't signed anything yet, so it may all be in the lap of the gods!

However, I would like to say, I won't ever come back here gloating if prices don't drop. If anything, I believe they will be flat for some time. This site has been brilliant for my financial education!

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Don't think I haven't thought of that... :P

Speaking of spending money on hookers..... you may find this post interesting:

http://www.housepricecrash.co.uk/forum/ind...showtopic=17711

Apologies for wandering off topic

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Back in 2002 we left the house we had rented for 6 months after selling our flat, and bought a house. The local market had clearly peaked and we ended up paying 97% of asking so we knew it was no bargain and would probably fall substantially when the crash eventually arrived.

However, for personal reasons it was right for us to buy (including the fact that we had made so much money on the flat it would provide a large cushion against neg equity).

Three years later prices are falling and we have been happy in our home throughout the period. We are looking at spending another 5-10 years in the same place.

Sometimes the 'home' bit of the decision takes precedence over the 'investment' part.

Of course I haven't stopped following the property market even for one month in last three years. I'm praying for a crash if only to end my HPC addiction!

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Just remember, If you have just had the offer accepted.........wait till you get the survey done before you think you have no room for further negotiation.......in a Southerly direction of course.....

Good Luck

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Sometimes the 'home' bit of the decision takes precedence over the 'investment' part.

All I want is a home, not an investment, but where we currently live, that is still impossible at the moment, although prices are very slowly dropping, there is very limited availability.

:(

Good luck Twinkle, I hope all goes well for you. :)

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10 year fixed rate mortgage at 4.65%.

I await your chorus of disapproval! :ph34r:

I think you have made a mistake! – Not with buying but with getting a fixed rate mortgage. The likely hood of the reduction of interest rates is quite high especially if the banks of England are correct and inflation is not a problem.

In 2 years time you may be paying 4.65% when every one else is getting a fixed rate at 2%

I cannot see the BOE not having to bail the borrowers out and us having a European rate for a while until it all goes really pear shape (I think 6 years before then)

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Sorry guys but I have also gone to the other side.

I await your chorus of disapproval! :ph34r:

It’s not all doom and gloom buying in a falling market. As long as you have

positive equity you will be able to trade up, if you desired.

Something a lot of people won’t be able to do later on.

Still time to squeeze them for a further discount later on before exchanging contracts. ;)

good luck.

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You are absolutely right Donnie. I was very committed to the idea of a crash and still believe a correction may be on the cards, but hanging around for another 3/4 years waiting for the bottom is not for me. My partner is a quite a bit older than me and I need to have a child within the next five years. I will most probably hate myself this time next year if prices have dropped but we love the house and feel we will be happy there for several years. In this area (Uxbridge) prices haven't dropped YOY yet - believe me I've tried to make the LR figures look bad! There have been reductions of £5-15K but only on properties that were ridiculously priced to start with or horrendous exLA rubbish.

We haven't signed anything yet, so it may all be in the lap of the gods!

However, I would like to say, I won't ever come back here gloating if prices don't drop. If anything, I believe they will be flat for some time. This site has been brilliant for my financial education!

Noone here can say "you have made the wrong decision". That would be patronising and ill-informed. I suppose what I am trying to do is say that from my point of view I would do things differently (I might be wrong).

The reason I am hanging on is for the following.

I too can't wait 3-4 years before buying and whilst I acknowlege that the bottom may not arrive for 3-4 years I am anticipating heavier falls in 2006. For me, 2005 will be the year sentiment turned and it will take at least as long for it to turn round again.

I am happy to wait for the next year and keep saving without being committed to the market. It is far too volatile at the moment for me to commit to it.

Having said that I can't wait until I do buy and I will be looking to buy (assuming I still have a job) in 12-18 months time. I'm antipcating falls in my part of London to be another 4%+ over next year. The bottom may not come until 2009 but I am doubtful that property in desirable areas is bountiful in the bottom. I would assume everyone has battened up the hatches.

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I think you have made a mistake! – Not with buying but with getting a fixed rate mortgage. The likely hood of the reduction of interest rates is quite high especially if the banks of England are correct and inflation is not a problem.

In 2 years time you may be paying 4.65% when every one else is getting a fixed rate at 2%

I cannot see the BOE not having to bail the borrowers out and us having a European rate for a while until it all goes really pear shape (I think 6 years before then)

Exactly. I was looking to see if someone had said it.

Don't know about 2% but yep 3.5% seems about right.

FP

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From the Land Registry:

April-June 2005

UB8 1 Transactions: 8

UB8 2 Transactions 42

UB8 3 Transactions 47

April-June 2004

UB8 1 Transactions: 28

UB8 2 Transactions 84

UB8 3 Transactions 112

So activity in Uxbridge has only dived around 57% in a year then.

Move along, people, nothing to see here...

Edited by CrashedOutAndBurned

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Exactly. I was looking to see if someone had said it.

Don't know about 2% but yep 3.5% seems about right.

FP

The difference it makes to me of each 1% rise/drop will be £50 pcm - not really enough for me to be losing sleep over. Also, my building society is ending this offer at the end of the month, which I take to mean that they think rates are going up. Furthermore, if rates do drop to 3.5% we WILL have another boom on our hands, but that's another story.

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  • 301 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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