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Elizabeth

Waiting For The Tumble

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Well I have started to notice a new pain that was not there before.

:( I went through the anguish as house prices rose out of my reach while my visa steadfastly stopped me buying

:o I went through the anguish as I became borrowing eligible but the prices were out of my reach

:blink: I did my personal work on myself (with a lot of help from my friends on the forum!)

-_- I found my centre of calm in the chaos of an unhoused life...

BUT NOW...

I used to check out the prices and find that I would need seven by my income to buy anything even half way decent... Now I'm looking and its "hey, I could do that on a 5 x morgage" ... and the number of places that are dropping into the 5x bracket is accelerating :D ... but I'm waiting...

I've never had a lot of patience... its probably the hardest thing I will ever do... but I'm waiting... I'm not going to jump in at the start... I'm not going to jump in at the first plateau... I'm waiting till house prices are reasonable to the point that I can have a DECENT house and still have a life... I've waited this long, I can wait a bit longer... it doesn't matter... I'M WAITING :angry:

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if i could get a 2 bed flat in Bristol for £100k i would be a very happy lady! when and wether that ever happens we'll just have to wait and see :)

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if i could get a 2 bed flat in Bristol for £100k i would be a very happy lady! when and wether that ever happens we'll just have to wait and see :)

FLAT :o You want a nice little semi-detached 2 bed terrace in a goodly neighbourhood with a southface courtyard for 92K Rachel! I was following Bristol prices at one stage ;)

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As the late George Harrison observed: all things must pass.

I'm sure that it would only take a bit of work to rewrite GH's "Piggies" to be about various VIs in the housing industry.

Billy Shears

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With average rises now getting low it means there are plenty of areas where prices are falling (admittedly some other areas rising). But if your area is falling and you fancy waiting, then a typical scenario might be:

Now

Average price £200,000

Your 20% deposit of £40,000

You can put aside savings of £250 a month

You are getting 3% net on your savings

6 months later

Prices dropping by 5% per annum

Average price £195,000

Your deposit is plus savings and interest is about £42,000

You have just saved yourself £7,000. That's £7,000 less you need to borrow.

Hang in there, friend. When the corner turns you'll be making fictional money as quickly as property owners have been making fictional money in the last few years.

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FLAT :o You want a nice little semi-detached 2 bed terrace in a goodly neighbourhood with a southface courtyard for 92K Rachel! I was following Bristol prices at one stage ;)

hehehe, i don't think prices will ever drop that far! or will they...? :ph34r:

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As the late George Harrison observed: all things must pass.

"while the Pope owns 51% of General Motors

then the Stock Exchange is the only thing he's qualified to quote us"

class. God bless you George.

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hehehe, i don't think prices will ever drop that far! or will they...? :ph34r:

You've got to treat it as a dynamic and watch the progress. They started well below that, so there is nothing to say they can't drop back to that level, or to say that they won't drop back quite that far but there are always a few bargains in any market if you play the quick or the dead game! (but you have to wait until the market reaches the point where that flexibility is possible before getting into the killer mode... actually its better wait till their dead of natual causes and just pay the rele's B) )

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You have just saved yourself £7,000. That's £7,000 less you need to borrow.

You are actually saving nearer £14k over the 25 year period of the mortgage!!

Using your figures on moneyextra.com,

Buy NOW and the total repayable over 25 years would be £305K

WAIT six months and the total repayable over 25 years would be £291k!!!

The above is using your figures and assuming annual HPI of -5% and waiting only six months.

Now, imagine annual HPI of -10% and saving and waiting for two years

Now

Average price £200,000

Your 20% deposit of £40,000

You can put aside savings of £250 a month

You are getting 3% net on your savings

2 Years Later

Prices dropping by 10% per annum

Average price £162,000

Your deposit is plus savings and interest is about £48,617

Buy NOW and the total repayable over 25 years would be £305K

WAIT two years and the total repayable over 25 years would be £203K!!!

These figures are very conservative and yet you can still save over £100K, for instance falls of 10% per annum is hardly a crash more of a correction, play around with the figures for example savings put aside £1000 per month!

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6 months later

Prices dropping by 5% per annum

While we're in fantasy mode...

Prices dropping by 50% per annum...

Gosh! You can save yourself a million!

Do some reasearch.

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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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