Questionably Bad Advice Given on here!!!!!! FTB Look HERE!

kev_pecker

What are you trying to say?

brit1234

kev_pecker wrote: »

What are you trying to say?

If you wait for the bottom it is highly unlikely you will miss the boat because we will have years of stagnated prices followed by years of low rises.

There are people in the media encouraging people to buy now and putting fear into them not to wait.:mad:

TTMCMschine

kev_pecker wrote: »

What are you trying to say?

:rotfl: :rotfl: :rotfl:

Pandamonium,

I do think you are a little too wound up about this. If people want to buy now, they probably have it in their heads that's what they're going to do and that's that, no matter how sound the advice. While we're clearly only at the very beginning, and who knows where the bottom is, people don't just buy houses based on getting the market right. I think many people buying are well aware this isn't anywhere near the bottom. As this forum is based on opinion, those saying "yes - buy now", have just as much right as you. The beauty of a forum is you can get several different opinions. I clearly haven't seen as many yes people as you, but if you'd have been on here long enough you'll have seen plenty of people warning about the market. As others have said, if it stacks up financialy i.e. they can afford it and they want to - why not? If they are talking silly figures it usually turns racey and then they sulk off.

Carolt - how many ftb's have you saved exactly?

TTMCMschine

brit1234 wrote: »

If you wait for the bottom it is highly unlikely you will miss the boat because we will have years of stagnated prices followed by years of low rises.

There are people in the media encouraging people to buy now and putting fear into them not to wait.:mad:

I think kev was being a tad sarcastic - due to the huge and repetative text, oh, and the big picture of the boat maybe did it as well.;)

JimBlizz

Well I'm confsed then.

Due to a new job I currently work over an hour from where I live. I'm desperately trying to find a one bed flat near work but after many viewings I simply can't find a suitable one within my budget. However I can get a mortgage to the value of some local new build flats within budget (~3x salary, 85% LTV).

My plan is essentially to make silly offers (50%-60% of asking price) on new builds until I get a deal.

What should I do? I need some place to live in the long term... :sad:

woody252506

If a FTB has there sights on buying and like somewhere they will go ahead anyway, no matter what they are told.

For some it will be safe, others will be taking a big risk. It boils down to personal circumstances too I feel.

Me and my partner are looking at the minute and have a 10% deposit. We have been saving for just over a year now. We have seen some round where we live reduced by around £15k - £20 k as people are realising they need to really drop what they thought there property was worth otherwise no one will buy.

We both have reasonable salary's (18.5k and 21k) are looking at a mortgage of no more than £100k. Even on the propertys that have dropped by a lot ill be starting with bids of at least 15% lower than the lowered price.

We feel safe doing this, especially as a year from now my car loan will have finished and so we will have an extra £200 a month left to play with.

:cool:

chewmylegoff

no doubt pandamonia and its colleagues at hsbc provided similar advice to prosective buyers borrowing unsustainable multiples of their annual salaries in the lead up to the price peak.

hethmar

Jim, is there any chance you could get a 2 bed as 1 beds are so difficult to sell later on.

SandC

We only now know when the top of the market was because we've gone past it. Therefore you only know when the market has bottomed out after the event. There is no 'expert' who can know when this will be.

Having said that I also think right at this moment isn't a good time for FTBs but for anyone who is selling to move up the ladder I can't really see why any time is better than another. Unless prices of smaller places have fallen less than the prices of somewhere you are going to upgrade to. I am not sure just how long I would wait if I were a FTB though - it's dependent upon more than one thing. If you are in a position to save a much larger deposit then waiting a year might be good. There is also the jobs situation at the moment and the threat of redundancy.

I don't think there is any one straight answer.

For instance, my ex did not want to sell the house he bought with his ex cos he didn't think his half of the equity was enough so he kept waiting, waiting, waiting......... now, of course he has missed the boat entirely. That's what the greed of the last few years has done to people.

carlsberggal

I believe in the aadage 'you do what's right for you'.

Everyone has their own opinions on the market and none have a crystal ball so who's right and whose wrong?

I agree with the others who commented on rental values, you can't get anything to rent in my area for £400 pcm unless it's an ex council flat or the like.

If you want to buy you buy, it's going to be your home for goodness sake and the market will not always be like this. You should always look at it in my opinion as a long term investment.