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House Price Crash Forum

When Will You Buy ?


BXLONDONMAN
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Me too. I will wait and see how it develops. If there is any 'strained optimism' and 'talking things up' around, it will be too soon for me.

I'm happy to miss the bottom by a year or two. (Did people who bought in '97 really do much worse than those that pipped it in '94/5?)

Good point...equally, those that put a decent deposit down in 93 would have done OK too.

I shall buy when prices aren't plain stupid. Selling prices may have a whiff of slight reality about them, but asking prices are still (on the whole) plain stupid.

Give another 2 x years I reckon...but lets see.

When the time is right for me...i'll know.

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Christmas 2010 is looking good for me, if prices are sane and I'm settled. If not, a decent rental is no problem, and the added ease of moving around is helpful for chasing promotions. If the Tory Government doesn't (well, it won't, will it) fix the boom and bust addiction to housing debt, or the tax breaks for landlords, then I might rent for myself and buy somewhere good value to rent out. My turn to be BTL scum, and all that. Should be able to get a decent place in the Midlands for cash by then.

I love the bit about BTL scum its not a bad place to be..... :lol:

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When renting is like for like the same or more expensive than buying.

When the said saving adequetely compensates me for giving up the interest/gains on my STR fund

Still around 40% to go then - in London.

I would happily sell my london flat based on what it is renting for now.

Monthly rent = 1450

Monthly interest payment on mortgage = 1125 based on full paid price in 2004 with interest rate of 4.5% (more than what I am paying now).

I think buying will become a lot cheaper than renting very soon in the future when it comes to london flats if they are anything like mine.

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I'm going to start looking seriously next April.

Yes I'm sure I'll be diving in slightly early but if I stay where I am then I'll be spending another 8k just renting for the year. I've already seen houses I like the look of at an extremely tempting price.

Edited by Bug16
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I am changing my mind. I thought I'd be buying in 2011-2012... but now I'm thinking prices will just bob along until 2020, so I'll wait until then. I will buy when interest earned on savings + increased savings is less than the effect of HPI on the house I am after.

If houses are going up £10k/year and I can save £12k/year, it's worth waiting. If they're going up £15k and I am saving £3k, it's time to buy in again.

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I will start looking to buy when the yield on the sort of property I would want to buy is 5% above the real interest rate. I would expect the real interest rate to go up in the medium term after everyone has finished their monetary splurge, and thus would expect to buy at a nominal yield of ~ 8%. It's worth pointing out that the type of places I would be looking at are currently offered (asking prices) at yields below the market average, at around 4%. So I'm expecting a 50% reduction from current asking prices, perhaps additional 30% from current achievable prices.

This may be optimistic, so an alternative would be if I saw a quarter of solid, inflation adjusted growth on the house price indices.

http://www.rightmove.co.uk/viewdetails-198...p;mam_disp=true

http://www.rightmove.co.uk/viewdetails-201...p;mam_disp=true

Is the type of thing I would look at.

Edited by auk
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How many people will admit to wanting to buy say now ?

how many peoply will buy next year ?

or how many people will buy in the next 2 or 3 years ?

or do you never want to buy ?

just want to see how many people on HPC know what they want to do....?

RENT will it keep going down,,or will it go up next year ?

When the cost of an interest only mortgage (using 5% as a guide) is a little less than rent... (we are renting a house just like the one we want to buy) so if renting is cheaper why would a rationale person buy????

In our area that means we need a 50% fall from peak, and we are probably around halfway there.

We are guessing we will buy in 2-3 years - although we would be enticed to buy earlier if we got a good deal esp if the interest on our STR was minimal.

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I STR'd, but I'm back in the market now. Looking at Hampshire and West Sussex, offering 30% or more below the 2007 high for detached four/five bed properties. Judging from the dramatically increasing willingness to negotiate from both EA's and sellers, my guess is that someone will accept on these terms within the next year.

I'm really looking for a period property with a larger plot, but it's clear that new builds are leading the market down. I'd be pretty confident of achieving 30% off today for a newly built property, where as with period properties the negotiations tend to break down at about 20% off the 2007 high water mark. No problems, I'm a patient man and time's on my side.

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I don't think I'll ever buy. Not because I don't want to but because I can't see us ever being able to.

I just find it hard to believe that prices really will come down with GB offering to help out people with arrears and continuing to prop this madness up.

I feel such dispair at the whole situation that I really think I have to accept that home ownership will always allude me.

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This thread is a tiny oasis of sanity. No-one waiting for the 95% drop from peak?

Anyway, 35% off peak is in my mind. We're halfway there - will belooking in the summer, although thisngs may have changed by then.

My landlord and mate has just offered me the house I am renting for 250 (5 bed large townhouse) he had it on for over a year at 320

Mortgage would be about 1400 a month (ish) I guess but I am only paying 950 rent a month so can't see any value in buying it even at 250. I would be worse off and down at least 15k deposit to put my head down in the same bed :blink:

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I have sold up. (Yes I know, late to the game, but so what.) I will rent for perhaps a year, perhaps a lot longer, while I review the market in a town that is new to me. I will then buy.

The criteria will be the availability & price of a property I wish to live in. My purchase will have much to do with emotion and less to do with optimum financial gain. Its quite possible I will knowingly buy before the "bottom".

Edit : spelling

Edited by Jadoube
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I will buy as soon as I find a 'spacious' Victorian/Georgian 3/4 bedroom semi for £350k or less within a 10 mile radius of where I live now. Why £350k? it's the exact amount of money I will have when a bond I have with NR matures in March. Having said that, I think my chances are pretty slim given that 'my area' seems so so very resistant to the pressures which seem to affect every other area in the UK!

Edited by housespider
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I will buy as soon as I find a 'spacious' Victorian/Georgian 3/4 bedroom semi for £350k or less within a 10 mile radius of where I live now. Why £350k? it's the exact amount of money I will have when a bond I have with NR matures in March. Having said that, I think my chances are pretty slim given that 'my area' seems so so very resistant to the pressures which seem to affect every other area in the UK!

really..... :unsure:

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I don't think I'll ever buy. Not because I don't want to but because I can't see us ever being able to.

I just find it hard to believe that prices really will come down with GB offering to help out people with arrears and continuing to prop this madness up.

I feel such dispair at the whole situation that I really think I have to accept that home ownership will always allude me.

don't give up all this funny money being pumped in,,will be only a very short term fix,,by the end of next year you will see the light for you at the end of the tunnel.

after the next election which i reckon will be by summer,,all the bull s**t free money being pumped will stop.you will see big drops ,,bribes for the sheepies liar loan takers.etc

the liar loan takers are *******d the prices will not go up ther propertys will become repo's..

happy xmas

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