Property market fiasco

dwsjarcmcd

wymondham wrote: »

Cats are pretty smart, but this one sounds exceptional!

Compared to the OP, I'd agree!

Raveboy

as Jay-z said in song
'its a hard knock life' and i think that sums up life real horrorshow.

Raveboy

wymondham wrote: »

Cats are pretty smart, but this one sounds exceptional!

yeah, mine can open windows and doors and treat my home as an obstacle course!

dwsjarcmcd

Raveboy wrote: »

as Jay-z said in song
'its a hard knock life' and i think that sums up life real horrorshow.

Sorry, still no idea what your on about! Not a hard life for this homeowner

dad-of-4

Raveboy wrote: »

as Jay-z said in song
'its a hard knock life' and i think that sums up life real horrorshow.

if life for anyone is a horrorshow then the sooner they realise there life situation is their own creation, the sooner they will address it.

if people cant afford to buy at todays prices then its nobody's fault but their own. i have as little sympathy for thoes too poor to sit at the table as thoes about to be burned.

but i still dont wish hard times and bad descisions on anyone.

duckman

May be tagging onto the wrong thread but would appreciate some advice anyway
We have just put an offer (just before Lehmans went under) on a lovely new build house in the area which was originally £240K+ reduced to 200K recently. our silly offer our of 175K offer was amazingly accepted.
We are delighted with this, but should there still be this element of doubt in the back of my mind?
ie although this is a great deal at present will it still be a great deal in a years time? in other words will this big saving potentially soak up the worst of any crash that may ensue?

we dont mind losing a bit of our `apparent` gain as the house is great for us. Should we embrace this chance. p.s. new build house competition is v. high in our area, ie lots are not selling and are sitting as unsold stock.
Am I correct to be wary or should I just enjoy the fact that we have potentially saved over £65K

many thanks
Duckman

Cleaver

duckman wrote: »

May be tagging onto the wrong thread but would appreciate some advice anyway
We have just put an offer (just before Lehmans went under) on a lovely new build house in the area which was originally £240K+ reduced to 200K recently. our silly offer our of 175K offer was amazingly accepted.
We are delighted with this, but should there still be this element of doubt in the back of my mind?
ie although this is a great deal at present will it still be a great deal in a years time? in other words will this big saving potentially soak up the worst of any crash that may ensue?

we dont mind losing a bit of our `apparent` gain as the house is great for us. Should we embrace this chance. p.s. new build house competition is v. high in our area, ie lots are not selling and are sitting as unsold stock.
Am I correct to be wary or should I just enjoy the fact that we have potentially saved over £65K

many thanks
Duckman

If you can comfortably afford the payments, love the house and are buying it to live in then just get it.

If you're worried about whether your 'investment' will be worth more or less in 'x' years time I wouldn't advise you to buy any house. Not now or ever really.

duckman

Ok thanks for the reply. I appreciate the advice about house as an investment Vs to live life in and I do get that. However i really just want to know if this deal we have struck is as good as it appears. I have not seen anything approaching this saving on other posts on other threads...Is this offer being accepted just the vanguard of the market in the near future as far as price re adjustments on the UK market go?

Cleaver

duckman wrote: »

Ok thanks for the reply. I appreciate the advice about house as an investment Vs to live life in and I do get that. However i really just want to know if this deal we have struck is as good as it appears. I have not seen anything approaching this saving on other posts on other threads...Is this offer being accepted just the vanguard of the market in the near future as far as price re adjustments on the UK market go?

Without knowing things such as how much the house cost to build, and not having a crystal ball it's impossible to say. It also depends on the financial situation of the housebuilder, or their opinion of how house prices will move in the near future. All variables and unknowns.

As I said before, if you can easily afford the repayments and love the house if it does fall in value at least you have a home you can pay for and you enjoy living in. If you live in it between now and retirement it could be worth 70k, 180k, 300k, 140k all at different points of different cycles. Unless you sell it, it doesn't really matter in the long term. If you're buying with one eye as an investment, I guess it does matter.

Can you afford it? What type of equity would you be putting in to it?

Not really helping am I?

Cleaver

Actually, I probably can be more helpful. It's a new build and they are obviously accepting offers of £175k (as they accepted yours). If the property market falls, for example, 15% over the next 12 months they will probably be accepting offers of around £150k on similar houses in a years time. Seems a likely scenario.

So you could wait a year. But then the house you love may have gone. Or property prices may have gone up 15% (hmmm...). Or we just have one national bank by then that don't do mortgages. Or you've won the lottery and can afford to buy HBOS.