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Ftbers - What's Your Plan?


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Unfortunately I have no doubt that I'll not be buying my first home for at least another 5 years as there is no way I'm buying into a falling market. However, on the plus side I've calculated that I'll have saved a minimum £60K by then and potentially a lot more.

With this I plan to buy a 2-bed flat in SW London, rent out a room, work in London 3-4 days a week and my main residence in the Westcountry, minimum £30K deposit on each. In 5 years time I will know it was worth waiting!

Edited by munimula
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I will wait for at least the rest of the year and see how it pans out. In the meantime I'm shoveling money away wherever I can. I would guess it'll be somewhere in the region of 2 years from now before I actually think about buying again unless the situation changes more rapidly.

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Well put it this way if I can't afford a decent (small) house in a decent area of London on 50k pa soon I'm emigrating. Oh well I'm sure they won't have problems replacing a person with a 1st class redbrick degree in engineering with a few immigrants!

Londons losing about 100k natives (net) a year alone in internal migration, in 50 years there won't be any of us left!

http://www.statistics.gov.uk/STATBASE/Expo...heets/D7674.xls

http://www.statistics.gov.uk/STATBASE/Expo...heets/D8949.xls

Edited by mescalinemonkey
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I honestly dont see prices being anywhere near affordable in the next few years where i live (Surrey), so im happy to sit it out and hopefully build up a small deposit in the form of stock options and probably go for something like a 95% mortgage when i do buy (ill be nearly 30 by that time). By that time the loans ive taken out right now will be close to completion and i can buy a house in with a positive net worth ... instead of putting my extremities on the chopping block

For the time being, im happy to spend the next few years not worrying about interest rates, buildings maintainance, DIY and other matters, and hopefully getting a few years of pay rises and being able to do what i want, where i want and whereever i want ....

Sounds negative, but the whole housing market situation has actually made it clear that there really are more things to life than bricks and mortar, despite what your parents and peers tell you.

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My "plan" if you like is to try and buy somewhere in the next 18 months in a nice part of London. I'm not talking West Kensington, but am talking about somewhere that is within my affordability and offers enough safety to start a family, should I wish.

I don't have the patience or inclination to wait much longer than that, but assuming prices keep stagnating I and partner are saving £10K a year that we wouldn't be if we were forking our for the mortgage.

In the meantime the plan is SAVING.

So...started seriously looking in July 04. Would like to buy somewhere by Dec 06.

By the time we buy we'll have savings between us of approx £120k.

We'll put down 15% deposit on a 250kish place. (2 bed flat).

The advantage of waiting and saving is that we are building up a decent amount of cash (£20kish) that we can use for refurbishment. That's going to give us the added buying power of purchasing flats that need work done to them.

Previously we were looking for flats in good order. Not buying and saving is allowing us to build up reserves of cash that can be used to completely re-do bathroom, kitchen etc.

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Brid - could not agree more! There is so much more to life and being able to enjoy it while you're young is far more rewarding than waiting til you're 70 and retire to do all those things you always wanted to do -- but now are too full of arthritis.

I made it a principle to travel and see as much of the world as i can as i go along. Anyway you might not be here when you're 70 and what do you have to show for it? A pile of bricks?

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Guest Priceslide
Unfortunately I have no doubt that I'll not be buying my first home for at least another 5 years as there is no way I'm buying into a falling market. However, on the plus side I've calculated that I'll have saved a minimum £60K by then and potentially a lot more.

With this I plan to buy a 2-bed flat in SW London, rent out a room, work in London 3-4 days a week and my main residence in the Westcountry, minimum £30K deposit on each. In 5 years time I will know it was worth waiting!

My plan is to give it a couple more months and if things are the same as they are now I am going to stretch myself and buy. I am not waiting for more years.

Not sure I agree with your plan munimula you are saying if the market falls in 5 years or so you are going to buy 2 properties and rent a room out ie become a BTL.

Surely as FTB we should not be planning to be BTL when we can or buy two properties ?

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its not like i have a choice really. the prices dictate how long i have to wait. i dont see how putting myself in extreme debt is going to make m efeel happy to own an overpriced house.

everytime i crack and go view somewhere its either a pile of ex public house sh1te, or it was 1 third of the price on nethouseprice 18 months ago.

until this feeding frenzy stops i dont care to be involved. i just want to buy a home - not be a speculator. every where i turn people are playing the housing games. until this merry go round stops i cant see myself buying. as hard as i try.

ill give it 2-3 years max and then i will seriously look at moving out of here. i dont want a life of this !!

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its not like i have a choice really. the prices dictate how long i have to wait. i dont see how putting myself in extreme debt is going to make m efeel happy to own an overpriced house.

That's pretty much it for me too. I can just about afford to buy, provided I don't mind being up to my eyeballs in debt for years on end, living in a tiny teeny little hellhole of a place. And if interest rates go up or prices drop I will end up in an even worse position very quickly. It's simply a matter of risk, and currently the risk is just too high. For now I will wait.

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Unfortunately I have no doubt that I'll not be buying my first home for at least another 5 years as there is no way I'm buying into a falling market.

"What's your plan" is a very good question really. The answer is that "it depends".

At the moment I have £30K saved and living with my parents means that I'm saving just over £1K a month. However, I don't see me being able to stay with my folks forever.

If house prices are still too high in 18 months, then I will probably move out and get the best value-for-money rental I can. I will definitely buy when the time is right, but it surely can't be now. I do feel that in the next Parliament something nasty will happen economically.

The frustrating thing is that £30K is a lot of money (to me) and that in 2001 that would have been more than enough to get on the ladder quite comfortably around here.

At the moment even if I blew all of that on my deposit, I'd still need a £100K mortgage to get what I want. :(

Edited by warks_lad
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My plan is to wait until October to see how the market pans out. If it is still falling significantly, i will stay out until i feel i am getting value for money. If the market is levelling off, i will probably buy even if i don't think i am getting value for money.

I any case, i am hoping that houses currently priced at £150k will be down to around £120k by the end of the year. Not sure what the chances of this are though.

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My plan is to give it a couple more months and if things are the same as they are now I am going to stretch myself and buy. I am not waiting for more years.

Not sure I agree with your plan munimula you are saying if the market falls in 5 years or so you are going to buy 2 properties and rent a room out ie become a BTL.

Surely as FTB we should not be planning to be BTL when we can or buy two properties ?

I'll buy 2 properties and I'll be living in both and I'll be able to do this in 5 years time because of the money I will have saved.

A 2-bed flat in London to work in the city, required because I work in investment banking and that's where the work is.

Main residence in Westcountry

I'll rent out a room in the 2-bed flat to help towards the mortgage.

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It's interesting to see the talk of 'seeing what happens this year' or 'what happens in the next couple of month'. It seems many of you aren't convinced that there will be a massive HPC - as far as I'm concerned the writing is on the wall - it's all around us.

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Unfortunately I have no doubt that I'll not be buying my first home for at least another 5 years as there is no way I'm buying into a falling market. However, on the plus side I've calculated that I'll have saved a minimum £60K by then and potentially a lot more.

With this I plan to buy a 2-bed flat in SW London, rent out a room, work in London 3-4 days a week and my main residence in the Westcountry, minimum £30K deposit on each. In 5 years time I will know it was worth waiting!

Plan to buy a 4 bedroom+ house when things return to 3.5x and rent out all the other rooms... By that time i should have 50k+ in savings

Edited by moosetea
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What happens to plans if month on month the papers are reporting housing stats that indicate MOM and YOY falls?

Under those conditions will you be buying then when it is almost certain a significant proportion of your deposit could be chewed up in a few months?

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Guest Priceslide
Plan to buy a 4 bedroom+ house when things return to 3.5x and rent out all the other rooms...  By that time i should have 50k+ in savings

Another FTB planning to be a sort of BTL.

Come on guys as FTB surely we should be the last ones to be buying 1 large property or 2 properties with the view to renting out rooms etc.

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Another FTB planning to be a sort of BTL.

Come on guys as FTB surely we should be the last ones to be buying 1 large property or 2 properties with the view to renting out rooms etc.

Ive always said i would only do the most economical thing, at the moment its economically sensible to rent a room for 225 all inclusive in a shared house, in the future i want to pay less per mounth on my accomodation/bills/coucil tax,preferabbly i dont want to pay anything, or i want to be paid for living in a house.....

Oh and it makes life so much more interesting ;p

Edited by moosetea
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Another FTB planning to be a sort of BTL.

Come on guys as FTB surely we should be the last ones to be buying 1 large property or 2 properties with the view to renting out rooms etc.

We live in a free market.

I'm anti BTLers for their greed and pushing up house prices to the ridiculous levels they are today. Investing is all about yield and even when the yields didnt' stack up they still bought in the thousands. These guys deserve to burn. I've got nothing against BTLers buying in a sensible market, if the yields are decent then the house prices aren't too high. It is the banks that are at fault - constant relaxing of lending criteria, that and the government for fixing inflation rates so interest rates went too low.

I don't think there is anything wrong with an FTBer today becoming a BTLer in the future if they are making a sensible investment decision based on real facts, decent yields and not on TV shows like Property Ladder and Lies Lies Lies. Afterall there are people that need rental accomodation.

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We live in a free market.

I'm anti BTLers for their greed and pushing up house prices to the ridiculous levels they are today. Investing is all about yield and even when the yields didnt' stack up they still bought in the thousands. These guys deserve to burn. I've got nothing against BTLers buying in a sensible market, if the yields are decent then the house prices aren't too high. It is the banks that are at fault - constant relaxing of lending criteria, that and the government for fixing inflation rates so interest rates went too low.

I don't think there is anything wrong with an FTBer today becoming a BTLer in the future if they are making a sensible investment decision based on real facts, decent yields and not on TV shows like Property Ladder and Lies Lies Lies. Afterall there are people that need rental accomodation.

dont worry i dont think i will be able to charge much for a room, and it helps people save money living together, it just makes sence ;p

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My Plan

To secure work as a Paramedic in a large(ish) rural town that has a university and hospital (preferably with a psych ward).

I plan to try and save as much as I can and I will buy when I find the right place at the right price. What is the right price? -> One that is payable on one income and leave a livable wage left over. That way if my missus is working it will be going towards getting that monkey (mortgage) off our back ASAP (I don't like owing money to the bank). If she 'aint working then we'll still be OK

My view is that the crash will occur and housing will not be the flavour of the month for a long long time. By the time the market would have normally recovered the boomers will be retireing or just about to which would put further pressure on the market. Then I get to pick and choose at reasonable prices. :)

FOOD - CLOTHING - SHELTER ----> these are the staples of our lives. Why should we pay so much for essentials? :angry:

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Guest pioneer31

I earn below the national average despite being fairly well qualified.

I have developed a pessimistic attitude towards the job market (ie I don't envisage ever earning a great deal, far too many jobs are fiddled these days, sadly I've seen it happen first hand)

Anyway, my solution is to wait until the market is ON IT's KNEES then buy a small to modest property. At the moment I'm saving 75-80% of what i earn. I'm still living at home.

If it doesn't work out, I'll rent forever and use my savings as an earnings boost. Hopefully we will have half decent IR's by then to enable me to do so.

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I'm holding out until sensible income multiples return based on one salary in a family. What I'd really like is when all this froth has blown off, to get a plot or a derelict place with some land and build/fix up my own. I used to be an organic grower but sold my soul to the rat race to suport my growing familly in the mistaken belief that we would be able to buy a house with 3 beds (we have 3 kids).

If there's enough drop and land/ property goes off everybodies 'to buy' list then I may be able to go back to it because of the deposit sum I'm building up.

C.P.

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SAVE SAVE SAVE :)

I'm in no rush to buy at the moment as I live rent free in my parents house saving 75% of my wage a month. I hate it and want my independence but wont support the property pyramid with my hard earned cash. While im waiting im taking a night course in brick laying so one day should have the skills to help building my own home.

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Rough plan for me is to continue renting and working in the UK for the next two years. Should have c70k in the bank by then. Girlfriend and I will then pack jobs in and go travelling. Whilst traveling we will try and find a country we love enough to want to stay in for the considerable future. Sadly, we both can't really see a long term future in the UK and we can't see ourselves wanting to bring children up in the UK either, so why stay. We're thinking of maybe Singapore, Canada, China, New Zealand...but not really too fussed as long as we like it there.

Only problem with plans is they have a habit of not turning out as planned! :lol:

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  • 442 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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