house prices are apparently falling quicker

Cat695

FungusFighter wrote: »

I's my girlfirend and I actually:A

It's..........;)

carolt

Harry_Powell wrote: »

Yes, I think so. Still, dreams are free.

Seriously though, the inflation threads have given me a lot to think about. We can afford to buy now and a mortgage would be cheaper than our current rent, but we're obviously waiting while prices continue to fall as it means that we get a better 'bang for our buck'.

Though if interest rates do go up significantly, we'll be back in the situation where a mortgage would cost more each month than our rent and so, financially, it doesn't make sense to buy. We could stay renting and watch our deposit increase due to higher saving rates. Though if mortgage rates go up significantly then maybe rents will follow suit?

There is also the consideration that me and my gf are looking to settle down and start a family and neither of us want to do this in rented property, we've had to move a couple of times when the landlord sold up, which isnt a big deal for a couple but would be with a baby. If we wait a year for prices to fall and then interest rates go through the roof and stay there for a year or so, we'll never start a family!

Argh!! Why did I ever come into this board?? I was happy waiting in ignorance for the market to bottom out and now my head is all over the place. :rotfl:

Do remember, that if interest rates shoot up, you won't be the only person making the calculation that it is therefore now too expensive to buy - others will too, with the effect that house prices will fall further and faster.

Remember the effect that putting interest rates had on house prices in the last recession?

Interest rates may not rise. I think they will, but time will tell.

But whatever you do, don't put your life on hold - having a family is far more important than buying at exactly the right moment or at all. Financial cycles should always take second place to biological cycles.

mewbie_2

carolt wrote: »

Financial cycles should always take second place to biological cycles.

Typical bloody woman.

No offence meant, but it's a good summary of the difference betwen the species.

Him "Can we afford it?"
Her "Stop oppressing me".

chucky

mewbie wrote: »

Great position to be in, renting, watching, waiting and saving. 1-2% a month drop equals 1-2k in your pocket. That's worth a little bit of 'hassle', a couple of thousand a month, surely.

Mewbie - get that Bear outfit off!!

You don't work out house prices over 1 or 2 years.
You work it out over the time that you own a property.

Some people live in their houses for over 20 years and may have one or two recessions - will you tell them to sell then so they can save money when the house price drops over one month to save £1-2k?

Oblivion

FungusFighter wrote: »

I's my girlfirend and I actually:A

What the 'eck is a 'girlfirend' and is it dangerous when it back-fires? :rotfl:

Dave.

dervish

Dan: wrote: »

.....Is it?

..... ..yes

Cleaver

Quote:
Originally Posted by Dan:
.....Is it?

dervish wrote: »

..... ..yes

Blimey, this is what it must have been like to observe Jean-Paul Satre and Friedrich Nietzsche having a debate.

Harry_Powell

some really funny comments here, especially from Oblivion. I've no idea what a girlfirend is either. Perhaps it's something to do with lighting farts? I don't tend to go with girls that 'classy', but it gives an insight into Fungus Fighter's tastes

To FF - I'm quite a literate person and did know that the correct form was 'Girlfirend and I', but I'm not the Queen and it sounds a bit poncey.

To carolt - I totally agree with you. Even though we're only in our 20's, and some would say we have all the time in the world, I know that conceiving children isn't normally a case of 'right, we've bought our house and have savings in the bank, let's make a baby and then go out for Dinner'. It can sometimes take a long while, and in fact could never happen at all. I guess we'll cross that bridge when we get to it.

Chucky - That logic doesnt work, I dont currently have a house and neither does my GF, so it's not the case of going through the hassle of selling in order to buy again a few months later. That wouldnt save any money anyway. All we see is that as each quarter passes, we can afford a slightly nicer and larger home. Well worth the wait.

mewbie_2

chucky wrote: »

will you tell them to sell then so they can save money when the house price drops over one month to save £1-2k?

No. That would be stupid. But for anyone who doesn't currently own then my advice would be to wait if possible. Opportunities like this crash do not come along very often.

I will not be adding to my BTL portfolio for a couple of years at least, probably more like five.

pickles110564

mewbie wrote: »

I will not be adding to my BTL portfolio for a couple of years at least, probably more like five.

:rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: :rotfl: