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Chriso

Gutted, Being Edged Over A Cliff.

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Hello! :D

Feeling a bit cak at the mo due to some pretty massive pressure being put on me. Basically I am looking to move in somewhere with the good lady in March or April and I want to rent saying as rent is cheaper then IO mortgages at the mo plus fully furnished, no repairs, etc etc. :)

Problem is, the good lady would rather buy, my olds are putting serious pressure on to buy and so are the in laws. All I get are the usual phrases like 'houses cant drop in value', 'we live on a small island?!?!', 'rent is wasted money', blah blah blah, despite debt being highest ever, IR pressure from Japan, nowt selling up here, and people can only pay mortgages by remortgaging or borrowing off cards. Plus its not like times gone by where most survived a drop by owning a big % of their property. Most of these BTL seem to own about 5-10% then buy somewhere else with the income!! A small drop they lose the lot, flood of housing on market, houses plunge, etc etc etc etc etc. :huh:

So the question is, do I resist and continue to be called a twit by all around me, or bite the bullet and buy to save the earache? I'm damned if I do and damned if I dont!! :o

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Hello! :D

Feeling a bit cak at the mo due to some pretty massive pressure being put on me. Basically I am looking to move in somewhere with the good lady in March or April and I want to rent saying as rent is cheaper then IO mortgages at the mo plus fully furnished, no repairs, etc etc. :)

Problem is, the good lady would rather buy, my olds are putting serious pressure on to buy and so are the in laws. All I get are the usual phrases like 'houses cant drop in value', 'we live on a small island?!?!', 'rent is wasted money', blah blah blah, despite debt being highest ever, IR pressure from Japan, nowt selling up here, and people can only pay mortgages by remortgaging or borrowing off cards. Plus its not like times gone by where most survived a drop by owning a big % of their property. Most of these BTL seem to own about 5-10% then buy somewhere else with the income!! A small drop they lose the lot, flood of housing on market, houses plunge, etc etc etc etc etc. :huh:

So the question is, do I resist and continue to be called a twit by all around me, or bite the bullet and buy to save the earache? I'm damned if I do and damned if I dont!! :o

damned if you do.

google forr the comments made by the International Monetary fund about the UK housing market.

also those by Mervin King.

Have your family read them.

would that help..

the thought of your position terrifies me,.... good luck.

but when the chief econonomists of the worl poweres and your own guv of the bank of england are telling you that it would be a terrible idea it is your role to explain this to your family..

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So the question is, do I resist and continue to be called a twit by all around me, or bite the bullet and buy to save the earache? I'm damned if I do and damned if I dont!! :o

You know you want to, get that footontheladderandfulfil your dreamsofpropertyownership. Only every body I know who has done it recently is skint and depressed. The glow only seems to last for about a month after they move in before the prospect of 25 years with no money and a heap of worry takes it's toll. Look around you and ask yourself if it looks like fun.

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You know you want to, get that footontheladderandfulfil your dreamsofpropertyownership. Only every body I know who has done it recently is skint and depressed. The glow only seems to last for about a month after they move in before the prospect of 25 years with no money and a heap of worry takes it's toll. Look around you and ask yourself if it looks like fun.

Good God, are you a man or a mouse!?! Tell your other half how it's going to be, tell your parents they don't know what they are talking about! It's your life...tell them to get off your back! You're old enough to make your own mistakes.

Not that it will be a mistake - you have obviously been putting some thought into the situation, and have arrived at a different conclusion to your girlfriend and parents (who, no offence, would appear to know jacksh1t about economics or property). Good for you.

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I'm in a similar position and would suggest going along with your wife's house buying plans. Just sound enthusiastic but find some showstoppng fault with each house. It's a difficult balancing act but might just get you past the point when the consensus feels fear and forgets greed. :unsure:

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get rid of the "good lady"

and find yourself a new bird.

:lol::lol::lol::lol::lol:

I quite like the being very picky route, so picky that I never pick anywhere! :D

If anyone can be bothered, could someone give me a comparison or renting to buying (monthly rent vs interest repayments) for a £150000 house in Newcastle (so I can show the family), as I don't know the exact maths myself.

Ta!

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Hello! :D

Feeling a bit cak at the mo due to some pretty massive pressure being put on me. Basically I am looking to move in somewhere with the good lady in March or April and I want to rent saying as rent is cheaper then IO mortgages at the mo plus fully furnished, no repairs, etc etc. :)

Problem is, the good lady would rather buy, my olds are putting serious pressure on to buy and so are the in laws. All I get are the usual phrases like 'houses cant drop in value', 'we live on a small island?!?!', 'rent is wasted money', blah blah blah, despite debt being highest ever, IR pressure from Japan, nowt selling up here, and people can only pay mortgages by remortgaging or borrowing off cards. Plus its not like times gone by where most survived a drop by owning a big % of their property. Most of these BTL seem to own about 5-10% then buy somewhere else with the income!! A small drop they lose the lot, flood of housing on market, houses plunge, etc etc etc etc etc. :huh:

So the question is, do I resist and continue to be called a twit by all around me, or bite the bullet and buy to save the earache? I'm damned if I do and damned if I dont!! :o

what kind of property would you be looking at?

My sister and her boyfriend are about to exchange. I finally conceded that if they were so desperate to buy they should go ahead but only by doing the following;

- 10 year fixed mortgage

- buying a 3-bed house so that whatever happens they've still got room to grow into the house, have kids.

I don't see any point these days buying 1 or 2 bed properties because the costs of buying/selling are now very high and if you only buy a 1 or 2-bed you could be stuck in this and that could effect your decisions to have family etc in a few years time. 1 - 2-bed flats are OK for 20 somethings living in urban environments but they aren't any good for anyone over 30 with any desires to have kids. I will only buy when I can buy a 3-bed at least. Most of thos buying today in their late 20's and 30's probably haven't considered how they are going to move 'up the ladder' and in 5-10 yrs time when it starts to dawn on them that they can't they are going to start to feel pretty stupid for feeling so desperate to buy that 1-bed shoebox in the ghetto flats of tomorrow.

Sad thing is however, to buy the 3-bed property my sis is buying in a very undesirable area in Bristol and apparently Bristol has the worst schools in the country anyway so I can't think how bad they must be in that area!

Personally I'm happy renting and waiting. Renting does not bring any financial worries, it is very flexible. You can leave within 1 month, all repair costs are covered and the flexibility also give you the chance to move in with family periodically if it becomes necessary and you save more.

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So the question is, do I resist and continue to be called a twit by all around me, or bite the bullet and buy to save the earache? I'm damned if I do and damned if I dont!! :o

Maybe try holding out for a year? Anecdotals are powerful - One of the factors that convinced this bear not to buy (and stop the VI heffalumps stealing my hunney pots) was the stories Christopher Robin told me about Japan - Some members here also posted links to stories from the japanese bubble, where there was a crash of up to 60%, despite living on an economically rich, crowded island. There were stories of japenese salarymen who paid insane amounts of money for tiny flats in not very good areas, and are now in huge negative equity for a long time. Can't find these articles - Maybe if one of the members here would be kind enough to post a link to these articles, you can print them out and show them to your family?

If you combine these stories with the facts from this thread that show the UK is more in debt than Japan was at the peak of their bubble, together with the fact that the Japanese economy is way better than the UK economy, you may buy yourself a bit of time?

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:lol::lol::lol::lol::lol:

I quite like the being very picky route, so picky that I never pick anywhere! :D

If anyone can be bothered, could someone give me a comparison or renting to buying (monthly rent vs interest repayments) for a £150000 house in Newcastle (so I can show the family), as I don't know the exact maths myself.

Ta!

I tried this a while ago and it only buys you some time until you're sussed!!

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why not just tell the in-laws the truth - you cant afford it.

then ask them if they could ?

Best advice yet. Also what happens if you have to take a paycut of say 5K - still afford it?

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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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