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Keefter

Why A Ftb Should Not Buy Now

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Easy. FTB's shouldn't buy now because they can't buy now. Priced out for the most part. That's the main reason.

Other reason for those that can afford to buy - Bad investment in the current state of the market, unless you are prepared to hang on to the property for the next 20 years, just in case the market does crash. It could take that long to make your money back.

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I would say that if you want to buy a place to live in for the next 10 years, then you should buy when you can afford to.

What I mean by afford to is;

1, The repayments on the mortgage are well within your means. (i.e. if interest rates increase by 3-4% you could still afford to pay them)

2, You can suffer a 20% loss of value on the property without becoming trapped and unable to move. (should the need arise)

3, If buying works out cheaper than renting. Really think hard about this and do the sums. Think about all the costs and benefits.

If you want to buy as an investment, then do some proper and independant analysis of the potential returns. Don't just listen to one or two sources. Especially don't listen to people that only have an interest in the initial purchase. (e.g. estate agents, mortgage companies)

I know this doesn't sound very bearish on the face of it. But I think these rules apply regardless of where you think the market is going.

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What happened to thr sticky full of FTB advice I don't see it?

Basically i'm looking for a sensible laymans terms paragraph or two which is very bearish.

Why?

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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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