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Would You Buy A House Now ?


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No I would certainly not consider buying now. I have waited the best part of 10 years for prices to come down to sensible levels and I'm not about to give up at what seems to be the very peak of the bubble. I am more determined not to give in now than at any time in the past despite the constant nagging of friends and relatives who say that I'm mad and that I should be 'getting on the housing ladder while I still can'. Now would be an utterly stupid time buy not only because we're so far into bubble territory but also because the global economy looks to be on very shaky ground. I plan to hold out until 2017 at the very earliest. My hope is that the bubble bursts and that prices fall quickly and when property reached a sensible price level I would buy. If we go into a long Japanese style deflation, however, I will have to consider other options - basically continue to live very cheaply and continue to invest my disposable income in the hope that by the time I reach retirement or prices have bottomed out, whichever comes soonest, I would be in a position to buy a property outright.

Edited by Priced_Out_GenXer
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15 would????!!! What f'g planet are you on???

Wouldn't you, at the right price? I certainly would, but the price would need to be at least 40% less than the current asking prices so it's not even worth viewing, let alone making an offer. My guess is that many of the yes votes reflect that sentiment.

I abstained, but had I voted it would have been yes for the above reason. It's a bit like "Do you still beat your wife, yes or no?"

I didn't vote as I prefer not to give a false impression.

Would I buy now? Yes, if the price represents value for money.

Likelihood of me buying now? Pretty much zero.

Edited by Bruce Banner
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Having already bought in 2012. A place which took me 5+ years of working with 20% deposit, and which by now has magically pushed me to the 65%+ LTV bracket (due to the further inflation of the bubble, more than my own repayments). A place which was at a discount due to needing lots of work (approx 15% compared to the next door neighbour ..)

And even believing in the "buying is better than renting" thing, especially as renting is equally silly money, and you get treated as a second class citizen on top of that... (the key assumption to this is that you absolutely *must* stay in the same area for 20+ years -- then it is always better to buy than rent I suppose since both are expensive..)

.. I am still voting NO.

Even if I had a crystal ball back in 2000 when I moved to this country and bought then (because of the "foresight")... and probably would be mortgage free by now, I would STILL not buy in 2016 (second property or whatever).

If I had to move here in 2016, I'd be renting and trying to get out of the country as soon as ... (probably to the USA).

.. (back to reality) Even having bought now, I am still thinking about leaving. After all I now have a son and.. how is he supposed to have a place to stay in 18 years? At least if I cash in that 40% now, I may be able to buy something outright or with a small mortgage, and enjoy my life with the salary instead of throwing it to the never ending debt hole ..

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I'd buy a house now - if they'd drop the price by £100k.

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.

The nine most terrifying words in the English language are, 'I'm from the government and I'm here to help.'

- Ronald Reagan, 40th president of US

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If I was a first time buyer I would be extremely limited in what I could afford. With our current wages we wouldn't be able to afford to buy our first house let alone the over priced property we are in now.

I think in 2000 we bought our first home which needed renovating for about £36k, thanks to the magic of HPI it's value increased by a mere 350%+ in 6 years and my wages did not. It's amazing there isn't a housing crisis. People on low wages are out of the housing market.

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Depends - if you cannot wait any longer and can really negotiate a bargain, or if circumstances force things (kids into nearby schools etc.), then maybe but the markets look a bit Lehman Brothers-y and in danger of a big collapse. Delay any exchange as long as possible into the spring would be my advice in case.

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Erm no, even if I could. Far too much negativity now in most MSM about the looming situation, I really struggle (HPC bias aside) to see things getting better all of a sudden. Only house prices seem to be going up, the classic delayed effect of HPI vs economic decline. Question is will all the props this time ease the potential falls.

When homes I looked at around the 300k mark in Greater London back in 2012 are now going for near 500k, doesn't take a genius to realise this is unsustainable. Yes prices go up over time like everything else but not 200k over 4 years!

Hoping to have a 30k deposit together by late 2017 so fingers crossed things pan out the way they seem to be heading. If not then I'm out of the SE forever, back up North, but debating whether to return to Edinburgh or settle in NW England. Even in many parts of those two destinations house prices are looking a bit daft right now vs wages.

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There is an auction property in my search area see below

http://www.rightmove.co.uk/property-for-sale/property-57456161.html

Now i know it is priced to get people interested and bidding, but if i was given the opportunity to buy at the £220K price which is a 30K or 60K drop from similar houses which sold in 2011 then in the situation i am in with almost enough to buy outright but unable to work for a couple of years thus savings will soon start getting depleted it is certainly something i'd have to consider.

My plan is to wait and see what happens with Gidiot in his budget speech next month and see if he brings forward the BTL tax, see what happens with the new stamp duty and see if the global economy but most importantly the UK economy does turn for the worse (or better if needing a crash).

Can't see Carney doing anything about BTL lending as he's a useless bought and paid for c*** whose only use is to make Gidiot look clever, so despite his talk that one is never going to happen.

One last item of policy which could enable a HPC is that from April the state will no longer be paying people mortgages after 12 weeks any longer it will be going back to 39 weeks as it was before Gordon Brown done everything he could to stop a HPC, Surprised i've never read about this on here.

http://blog.shelter.org.uk/2015/07/changes-to-support-for-mortgage-interest-mark-fundamental-shift-in-welfare-provision/

SMI will also be a loan from 2018, placed on peoples property.

And if after all whats supposed to be happening doesn't knock prices down by 2017 then it's time for me to bite the bullet.

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Can't see Carney doing anything about BTL lending as he's a useless bought and paid for c*** whose only use is to make Gidiot look clever, so despite his talk that one is never going to happen.

He took BTL lending out of the FLS accounting for loan growth and his BoE have been lobbying fiercely for powers of recommendation so the facts don't really support your contention. (And the FPC soft-cap on owner-occupier mortgage LTIs.)

Also he is a G10 banker and the BCBS is a committee of G10 bankers and the latest BCBS consultation on risk-weights looked like a sword in the heart of interest-only BTL.

Compared to Mervyn King, Carney is a BTL-hating Angel of Wrath with a hard-on for bankrupting BTL [email protected]

A penny for your thoughts?

Edited by Idlewild
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He took BTL lending out of the FLS accounting for loan growth and his BoE have been lobbying fiercely for powers of recommendation so the facts don't really support your contention. (And the FPC soft-cap on owner-occupier mortgage LTIs.)

He created FLS which was the greatest gift to Buytolet .. and i was under the impression FLS is used for business loans of which BTL is classed as.

BTL lending has been on steroids under his watch so the facts do support my contention.

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He created FLS which was the greatest gift to Buytolet .. and i was under the impression FLS is used for business loans of which BTL is classed as.

BTL lending has been on steroids under his watch so the facts do support my contention.

Yes because people and their business are a higher risk than bricks.....people will invest 50% cash into a BTL but not into a SME......bricks and mortar, financial services make up most of the economy.

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Ok I will come clean, I've put a yes down.

terrible I know - it's defintinetly not that I think this is a wise financial choice - and I see all the downside risks and no upward pressures other than fierce inflation (which would rise IR). If I could live my life without having to ever to enter this ponzi scheme I happily would. Don't really know why but it feels I have thrown in the towel in the fight (against stupidity )and decided to go on with life and in that I would like to have a nice family home.

Having said that we've been looking for a year and within that timeframe we've seen only 2 houses we liked (and were sort of reasonably priced against the utter crap out there) - and didn't get either. In other words we remain relatively diligent and unwilling to compromise. I suspect that in effect having criteria against a budget means we're not really buying because for 99.5% of houses you need to be pretty stupid to buy in this market.

Edited by thejaksie
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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.

This.

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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 Arithmetic . 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 would and am

Life goes on... Wife wants to make a home and kids want stability ..... This site has been waiting for a crash for ten years longer than it should have been.... Could easily be another ten years ,... Might be dead by then

Not trolling:

Part exing my 8 year old 3 bed detached for a brand new over priced 5 bed detached in catchment of the best school in the area and 10 mins from work

But then again prices aren't as bad in teesside and my wife and I work on a national pay scale

Regards

Ps... Making 45000 on the part ex on the house I bought in the little dip in 2013

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Easy call for you, of course Aberdeen is going to blow hard when the oil industry starts to face facts that the north sea is over.

Was talking to a colleague last week who said, "The property market in Aberdeen is quite buoyant in Aberdeen right now." He expected me to agree and reply, "Oh yes, bricks and mortar etc." But instead I pointed out the stats showing rental prices dropping and sale inventories on websites rising, estates full of unsold executive McMansions etc.

He apparently has 3 rental flats and actually said that he hopes the prices drop so that he can buy more for when the oil prices rise again, because the US will foment a war in the East to cause it. I politely backed away smiling and noddibg.

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