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Debate House Prices
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What the FTBs think.
Comments
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I'm currently a FTB and we are getting a 'vendor paid deposit of 5%' paid and my parents have reluctantly loaned us the other 5% as a deposit (which me and my boyfriend willl obviously pay them back asap).
I wouldn't have considered moving out, I had a nice expensive car, and just recently finised University and got the job I wanted (but at minimum wage) so I was just planning on working hard, saving some cash, get the car finance paid off, and use the sale of the car towards a deposit in many years to come.
But obviously things change; I'm currently living with my lad in a council house, we are unable to buy it or stay due to his dad being an !!!! (he is main tenant and hasnt lived there over 6 years) and the price of houses fell.
So I'm in the process of selling my car, have offset my savings against my only credit card and have jumped on the ladder while I can. I don't know what more I can do in all honesty!
So basically you are buying a house with effectively 100% borrowed cash at a time when it looks like that prices could fall another 20%?
Even the most optimistic forecasters are now saying 20% from peak. We've seen ~10% falls already so another fall in order of 10% or more likely at the very least.
You really should take a long hard look at the logic of that decision. Unless there is a pressing personal reason why you have to buy a home at this time it simply doesn't make sense to buy.
If nothing else, think what a 10% (at least) saving when borrowing to buy your house will mean for you. See my sig - you actually save triple the amount of the reduction in terms of salary you have to earn, when you borrow less.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
neverdespairgirl wrote: »It's weird how many more people delay having children than sell the car!
In some countries they sell their children to be able to buy a car. We just don't have our priorities right over here
A studious 14 year old will buy you a Merc in Uzbekistan.
A polite 12 year old with all their own teeth will get you 2002 Reg Mondeo in India.
An 11 year old with attitude and an ASBO will get you a 1976 Reliant Robin with a dodgy cam belt in Romania.I am a Mortgage Consultant and don't like to be told what I can and can't put in a signature so long as it's legal and truthful.0 -
neverdespairgirl wrote: »It's weird how many more people delay having children than sell the car!
But so many people outside of london need a car to get to work. Both my parents would like to give up thier cars due to spiralling costs, but they just cant ( both work funny hours) Public transport is crap in Cheshire/South manchester- they cant believe how easy ( and relitavely cheap) we have it here in london!:beer: Well aint funny how its the little things in life that mean the most? Not where you live, the car you drive or the price tag on your clothes.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:0 -
Ian_Griffiths_Halifax wrote: »In some countries they sell their children to be able to buy a car. We just don't have our priorities right over here
A studious 14 year old will buy you a Merc in Uzbekistan.
A polite 12 year old with all their own teeth will get you 2002 Reg Mondeo in India.
An 11 year old with attitude and an ASBO will get you a 1976 Reliant Robin with a dodgy cam belt in Romania.
This is simply wrong! Reliant Robins do not have cam belts.No reliance should be placed on the above! Absolutely none, do you hear?0 -
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neverdespairgirl wrote: »It's weird how many more people delay having children than sell the car!
Not weird at all IMO... Assuming we're not talking about a brand new pig ugly Mercedes that will lose £7,000 as soon as it's driven off the showroom floor. If you buy a cheap, easy to maintain car, it costs next to nothing to run (in relative terms) -- especially taking into account the cost of public transport in some parts of this country.
If money gets tight or circumstances change down the road, sell the car and if you bought wisely you'll have lost little in depreciation. Unfortunately the same cannot be said of having children
Besides, I think it's a pointless comparison, as having children is a lifestyle choice (unless you slip up that is
). Whereas choosing to buy a car is hardly a life changing event. You can change your mind on that one every 6 months if you want. Personally I wouldn't have children no matter how well sorted my finances are -- quite simply I value my own personal time and freedom way more than the cost aspect, selfish as that may sound but it's my prerogative :T. 0 -
I'm saving for a deposit and it is difficult. I'm thinking of a 3 bed place as I'm looking at it as I will be there for when I have children still and then some hopefully. That means around 10-20k in the area I'm looking at at the moment. Although a 25% deposit would be around 25k on a 3 bed place as it stands. My budget isn't likely to go up or down for a house and the bigger the deposit I can get the better. As it is it's 100k no matter what my deposit is. I have around 5-6K in savings for this at the moment (not alot I know but I'm getting there bit by bit). I am a temp and saving can be hard due to this. Currently had no work for 3 weeks :eek: but looks like I'll have work again Thursday (I hope so anyway).
I would never forgo my pets. Saying that they are but rats and if they can have my veg scrapings or something they get them. The 6 of them must cost me only £5/month including food, cleaning stuff and litter so not braking the bank are they :rolleyes: .
I hardly buy drink often. I can usually get by on what my parents get me from holidays, birthday and chistmas. Every now and then I do buy it though
Last holiday I paid for was last year to Poland. It cost £260 for the place I stayed at breakfast included, the flight there and back aswell as transport to the airport and around poland aswell as atraction costs. Rather a good deal. I did need to buy dinner but it costs all of £4 a day for that eating out :eek: . Got a gift for a day trip to France for Christmas that was for January which was fun but that's been it really. Don't plan on going anywhere soon though.
Buying clothes isn't something I do often anyway and this year a friend of mine gave me gift vouchers to buy clothes with and I got 3 tops with that. My ma gave me 7 tops when her and dad got back from Spain the other day so I doubt I'll need any more clothes this year :rotfl: . I don't shop often at all in truth.
I hardly go out. Last month spent £8 to go to the cinema. Last time I went to a club etc was over 5 months ago now I'm sure. Things like this are not a big issue for me now.
I don't have a car and do not plan on getting one . Would like a motobike though :cool: . Don't lose as much value as a car. Cost less in fuel. Insurence is usually less and road tax is only £15 a year :T .
Don't smoke so that's not an issue.
Am living at my parents paying £130/month to stay here so that's a good deal to leave me room to save everything I can. My parents are big on the buying your own home front and I'm with them and always have been.
I would like children but it's not really going to happen at the moment unless my contriceptive that still has nearly a year left on it fails me :rotfl: . I could deal with it if it happens though I think. Would give me more of a reason to buy a house though personally not less.I am a vegan woman. My OH is a lovely omni guy0 -
Personally I wouldn't have children no matter how well sorted my finances are -- quite simply I value my own personal time and freedom way more than the cost aspect, selfish as that may sound but it's my prerogative :T.
Of course it is, and I'm far from thinking everyone should have children....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Doom_and_Gloom wrote: »Currently had no work for 3 weeks :eek: but looks like I'll have work again Thursday (I hope so anyway).
.
What sort of work do you do?...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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