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nudge44

Here We Go Again

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I have lurked here for many years reading with interest topics of many different themes. The most interesting for me are the threads which give me insight into when and of the hpc is coming,these tend to get me excited as it's something I have hoped for for many years. The financial threads whilst informative can unfortunately go over my head in a blur of figures and jargon I have no understanding of. I have rented for years and four years ago moved for London to Shakespeare country due to work. Although it was an adjustment at first I feel I would never move back. Me and my partner rent a house in town which the ll has decided to put on the market. We had a little boy last year and so really don't want the upheaval of moving into rented accommodation again. We have a relatively tidy sum saved... £100,000 for a deposit but I still can't let it go that the crash is almost here and don't want to get burnt as I did after buying in the late 80s. Maybe that episode has scarred me as I have rented ever since....although it also pushed me into a massive career change which has made my life so much happier. What to do now.?..bite the bullet and buy...it almost 50 ! When j went into our local estate agent today and remarked that the London market seemed to be past its peak she put ten folders on the desk and told me " These are the offers I am having to deal with and that's only me ". We immediately took a dislike to her. So it seems the market here is buoyant for now unfortunately. The fall can come quick enough for me...time is running out and I just want my own home.

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Toss a coin and if you don't like what you see there's your answer.

Sounds to me like you want to make the plunge, so if I were you I would buy.

I too waited around from 2008 - 2013 until I thought well life is now, it's not a waiting game to see if the market changes and I wanted to live in my own house, so I bought.

I am glad I did as the property ran so high where I am I would probably struggle now to get a house.

There's next to no house building going on in relative terms and banks still have plenty of cards to play on the mortgage market, then there's the government who always have the next move planned to bounce it all back if it starts to fall.

Whenever it has seemed certain it still somehow does not happen, it's just mathematical, there's too many people in the country for the amount of stock.

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I read this, and though here we go again....... is this another troll tread! :rolleyes:

Always the same pacing through the post.... I have lurked..... Hope for crash...... Love renting...... But... oh my, now I need to buy because of x, y, z..... is the crash going to happen tomorrow, because I have no choice but to buy.......

Advice is; there is always a choice. Make it and don't cry about it.

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Nobody can tell you what to do, especially not on an internet forum. Think of home ownership in the same light as any other long term proposition, i.e. you say you have a son: some days you may regret having him, other days you cannot even imagine not having children and love him to bits.

But since you wanted advice... If I were you I'd wait another few months (maybe til Aug/Sep) , see where the market is and then buy if it feels right. It could go either way at this point. There are a few positive signs though, mainly the BTL death knell, the manipulation of the MSM into carrying crash-ist propaganda, etc etc. At minimum wait until June 24th.... It's only 6 weeks.

Edited by spunko2010

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Yes....thought I might get the negative troll remarks....some things have never changed in the eight or so years I have Benn viewing the site....but anger has to be directed somewhere. I suppose it was others opinions I was looking for really so thanks for those that gave it.Will wait for a while I think and hopefully things will break or become clearer at least.

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If you've lurked here for many years you ought to understand that there's no point asking that question on the forum. Anyone who tells you a crash is just around the corner is an idiot, as is anyone who tells you it couldn't happen. And the biggest idiot of all is the one who listens to either of them.

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If you find a house you want to spend the rest of your life in, it might be worth it.

this. I only bought one property that wasn't a 25 year happy place in my mind - and regretted it. The others were such that if someone had said I had to stay there for 25 years on pain of death, I would have been very happy.

So - their value was much less relevant.

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Guest

If you could avoid negative equity despite a 30% drop, you feel the house is value for money, you can afford repayments if mortgage rates go up by 5%, and you wouldn't mind staying in the house for 25 years, then go for it.

For me the houses I would pay £200k ish for are £275k, so bad value plus I'd be too stretched financially.

Edited by Guest

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I agree Hiace....sound advice and will have a think over the next month or so and see how the land lies.

Sorry if it wasn't clear in the first post. I live in Stratford upon Avon.

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I'd go a step further and say if it's the right house and you can live there for 25 years then not to worry about negative equity. After all if you're not selling, negative equity isn't a big issue.

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Yes....thought I might get the negative troll remarks....some things have never changed in the eight or so years I have Benn viewing the site....but anger has to be directed somewhere. I suppose it was others opinions I was looking for really so thanks for those that gave it.Will wait for a while I think and hopefully things will break or become clearer at least.

Actual, if you have been a lurker for so long, you would know that I have defended many a first poster from the troll hunters!

And the best advice by far is from spunko ^^^^^. This is how buying a home should be.

Edited by renting til I die

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Guest

I'd go a step further and say if it's the right house and you can live there for 25 years then not to worry about negative equity. After all if you're not selling, negative equity isn't a big issue.

Actually I disagree... Say I take out a 2 yr fixed mortgage. After that time price drops have taken me into negative equity. I try to take out a new fixed rate mortgage... My LTV has gone from 90% to 101% (or worse)... The banks could decline re-mortgage requests so I'll be stuck on SVR.

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If it's a home to live in for decades rather than a financial transaction then a slight change in costs shouldn't be a huge issue. It wouldn't be for me anyway.

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