Renting vs buying in 2017

qwert_yuiop wrote: »

I wonder what the reason for that could be? Something to do with the experience of the last decade in the property market, I'd say. Once bitten etc.
I bought a few years back (post crash) because I wanted the property. What's it worth? Whatever someone will pay for it. Could be more, could be less than I paid for it.

Are you really saying you're expecting another MASSIVE market adjustment DOWNWARDS like we saw in 2007? :eek: Because if not, why does it really matter what happened 10 years ago?

The last decade has been interesting, but not devastating for those who hadnt bought on the sharp rise - which is the vast majority of people.

If you were to look outside that 10 year window, prices were going crazy from around 2004 upwards, peaking 2007/2008. When they dropped sharply, some people got badly burnt. For the vast majority of people it was a paper loss as it was money they never had in the first place.

Those who bought say, pre 2004 and are still merrily paying away at the mortgage wont have cared one jot.

Those who bought say, from 2010 onwards might have seen a little decline, but have seen that recover and are perhaps up a little.

We have seen a very slow, gradual recovery here and prices are still relatively low - maybe 55% of what they were at that massive peak.

If you're buying pretty much in a trough of prices anyway, then if you're buying a home not an investment it matters very little whether we see some movement upwards or downwards in the market between now and when you're mortgage finishes.

Because I would imagine paying a mortgage of £1000 a month is preferable to one of £2000, particularly to those who frequent a money saver website. It'd matter to me, anyway, even if you apparently don't care.
Those who bought within your little bracket, and there must be many, since the turnover in houses then was massive, have been pretty much slaughtered. Still paying double what they would be if theyd hung on for a year or two.
I don't particularly expect anything, I'm just saying there's no reason why we couldn't get another dive. Have I contradicted some law of nature or something?

As I say, I'm not particularly expecting anything. There might be a downturn, there might not. Is it impossible? I can't think of any reason why it would be. OK..?