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TheCountOfNowhere

Would You Buy A House Now ?

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I wouldn't. However the amount of (intelligent and otherwise) people I speak to who despite me giving them the facts still think:

Prices always go up

It's better than renting

Is simply astounding. It's like a psychological blindness to reality. I might as well tell them the earth is flat.

I can't talk about it to people without getting angry. I own a house and want to see this madness stopped so my daughter can have a life unfettered by colossal debt.

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I wouldn't. However the amount of (intelligent and otherwise) people I speak to who despite me giving them the facts still think:

Prices always go up

It's better than renting

Is simply astounding. It's like a psychological blindness to reality. I might as well tell them the earth is flat.

I can't talk about it to people without getting angry. I own a house and want to see this madness stopped so my daughter can have a life unfettered by colossal debt.

Yes - normally intelligent and logical thinking people turn into jibbering property obsessed lemmings with the brainpower of a 3 year old sheep with learning difficulties.

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The cost of renting and buying is high at the moment, neither looks great if you are buying a new place or starting a new rental contract.

At the moment I would say that locally for me the rents seem to be increasing more than than the house prices.

For instance, just doing some research before posting the same property is available for rent and to purchase. £650 per month rent or £105k purchase. If I was interested in living there I would probably buy. To me that place should be renting in the £400 per month range.... It is probably a really bad example as I suspect there is something wrong with it as a purchase (so isn't worth 105k!), but the rental price is set at the maximum market rate imo and taking the p....

Found another. Purchase price 200k, rental 950. Both are too high, but if you had 20k to put down and a 30 year repayment mortgage, you are talking under 700 per month. Even with your 20k earning 5% the opportunity cost is £83 per month. It is a closer call, but I would feel really wounded forking out 950 a month.

Edited by Squeeky

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If I had enough money to buy outright (e.g. half a million - it's crazy), then yes. It's not just a financial decision - I'd like a home of my own, and I'm tired of waiting for a crash.

But there's no way I'm putting myself into a lifetime of debt for a pokey new-build shoebox and a long commute, which is currently the only form of 'buying' on offer to plebs like me.

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Only if I could buy close to the area I worked without state or any other creative financial schemes created to allow people with not enough income buy or share buy property...

HELP means manipulation, HELP means overpriced.....nobody in the past got HELP they bought with what the money they earned enabled them to buy.

Buying now with help will mean tied into something you might later regret big time.

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I would and I have. I'll probably lose tens of thousands on paper in the next few years, but I've lost tens of thousands renting over the years waiting for the crash to happen, and had to put up with all the frustrations of living in someone else's house while doing it. After being turfed out buy our landlord again, enough was enough. We're paying the same we were while renting for a nicer house. Even if interest rates go up, we could pay the mortgage twice over if we have to.

The time was right for us. I certainly wouldn't touch it as an investment, as I still believe prices will correct. I'll still be hoping for a hpc as long as we can stay out of negative equity, as it'll make the next move cheaper.

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In my area of the North West the main issue is lack of supply rather than rising prices, still don't understand what's caused the local stock numbers to reduce so drastically over the last 18 months considering asking prices and sales volumes have remained unchanged, I've not seen huge price rises so I'm not really expecting to see significant price falls either.

So yes I probably would buy now if the right property came up.

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I put an offer in just last week on a probate sale, been on since last July.

£245k asking down from £260k.

Offer was £200k.

Have found out the agent wanted to market it at £230k. Feeling my offer wasn't low enough, but it was rejected anyway.

Having been here before, feeling something was just around the corner that would drive house prices back to reasonable levels, and it never happening, I'm just inclined to just get on with it and try and get as good a deal as I can right now, so long as it will be suitable for a few decades.

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I am in Aberdeen. Still an awful lot of overpriced tulip on the local property website that's been in for months and just hasn't sold.

Another year of watching and waiting for me.

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I bought nearly 3 years ago so my answer is hypothetical. Where I live prices remain pretty low though, there's a 2 bed terrace round the corner from me up for £48,000 eg - so not much reason not to.

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It's worth waiting until at least 2017 just to see if financial apocalypse/2008 mk 2 does happen. This is especially the case in London and the South-East which are the most over-valued and most likely to see the biggest falls % wise. Elsewhere there is the possibility of temptation if somewhere is priced correctly.

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If I had cash to put at least 40-50% down and mortgage was manageable at 6-7% then yes as I would rather take the risk of losing the 50% than hang on renting for another 5 years hoping for a crash.

In reality we will struggle to raise 10% so I wouldn't buy as the negative equity risk is too great and the mortgage would become unserviceable if rates went up much.

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I voted yes. If I could find something run down that needs s lot of work that I could buy for cash. A few things have popped up in the past so it can happen. Otherwise prob not.

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It's worth waiting until at least 2017 just to see if financial apocalypse/2008 mk 2 does happen. This is especially the case in London and the South-East which are the most over-valued and most likely to see the biggest falls % wise. Elsewhere there is the possibility of temptation if somewhere is priced correctly.

I should qualify my earlier post. It was in the north, at what I considered a reasonable price, and at a 3X income multiple. There is no way on earth I'd buy in the South East... my brother did recently, and I'm shocked what he got for his money. If I were to buy my house anywhere near commutable distance to London, it would be double the price. In fact, 20 minutes down the M6 would have added 30-40% alone.

So, I should have said 'yes' in pockets of the north, 'no' to the vast majority of the country.

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