How do I get my Dad off my back?

JayScottGreenspan

JMW77 wrote: »

To RON2256

You did'nt read my post properly ,i said a house worth £140,000 in todays market not 2007 where did you get that from .
If i see a house on the market it IS priced at todays market value so £20,000 of that i would be happy with , it allows the property to fall further .

Hmm, if it's worth £140,000 it's probably on the market for £160,000.

But they'll sell it to you for £120,000...? What do you do - send the boys round?

Max_Headroom_3

JMW77 wrote: »

I actually disagree with most of the posters on here ,you have a great deposit there are lot of bargains out there you could get a really good deal.

For example you could buy a house worth £140,000 for probably 120,000 or 127,000 whatever,prices may drop a little further but not much,and then the housing market will recover again probably very slowly but in the right direction.

If a house is "worth" £140K it'll sell for that. If it'll only sell for £120K then £120K is all it's worth.

This is going to be the big mistake so many people make, looking at a house that mighth once have fetched £140K and assuming that much less than that is a bargain. The situation that existed that allowed that house to attain those price heights doesn't any more, and nor will it again any time soon.

The UK has to seriously re-calibrate what houses are really worth, as distinct from what they would have once fetched (not the same thing at all).

inspector_monkfish

Max_Headroom wrote: »

If a house is "worth" £140K it'll sell for that. If it'll only sell for £120K then £120K is all it's worth.

This is going to be the big mistake so many people make, looking at a house that mighth once have fetched £140K and assuming that much less than that is a bargain. The situation that existed that allowed that house to attain those price heights doesn't any more, and nor will it again any time soon.

The UK has to seriously re-calibrate what houses are really worth, as distinct from what they would have once fetched (not the same thing at all).

not to mention just how cheap it is to actually build them

chucky

Max_Headroom wrote: »

If a house is "worth" £140K it'll sell for that. If it'll only sell for £120K then £120K is all it's worth.

i don't have a problem with this statement at all and agree with it.

i would like to see this same argument being applied and agreed with if that house does sell for the £160k asking price. as we all know the UK housing market is not rational and logical.

davilown

chucky wrote: »

that was my point about the graph it skews it a bit but in saying that it's better than having no information at all; our views don't differ very much - mine is just under 10% which ever index we choose.

Just out of interest, what do you see the average house price being at in, say, 18 months? Only asking as I intend to buy at around that time.

obsessed_saver

dazeruk wrote: »

What do I say to my Dad to get him off my back?

First of all, you have to find out what is the real reason your dad is asking you about it every time he talks to you.

Here are a couple possibilities, and how to address them:

1) Your dad is concerned you are going to spend the 20k on silly things - you just have to find a way to reassure him that you are a responsible adult and financially savvy. The easiest way to do this is to tell him your plans to put the money away until the time is right to buy (when the economy is recovering).

2) Your dad is just looking for a method of connecting with you, and having just given you 20k (a happy event), he might be trying to connect with you via the happy event, thinking that you are excited to buy a house with the money. Acknowledge the happy event with him, then explain your decision not to buy right now due to the economic situation, and tell him you love him. You can share with him your cunning plan to grow the money in the mean time.

3) Your dad knows something about the housing market that you don't.

chucky

take a look at Post 67 - national average will be down around 10% whichever index you choose.

if you're buying in the next 18 months - you should only worry about your own area. national averages are becoming increasingly less relevant. my point here is that there are some areas that have increases in the Land Registry numbers for the last couple of months i believe.

the next 6 months will show more areas already increasing.

an example and again i'm not a 100% believer in the numbers is that the Housetrack March numbers has 30% of post codes that had an increase in asking prices compared to 50% the month before.

it's not trying to make a point about there being a recovery but that potential buyers should focus their attention on their local area as it may have little correlation with a national average that is based on mortgage approvals like the Halifax and Nationwide are.

mortgages rates area very important factor too by the way...

Tozer

izzybusy23 wrote: »

Why is that an unfair quote? Why should he have to rush in and buy just because of pressure from his dad? Who knows how much money he could lose if he bought now.. nobody has called the bottom yet and I feel it still has some way to go.

I think the OP is after advice about the state of the housing market not his relationship with his dad!

mbga9pgf

dazeruk wrote: »

What do I say to my Dad to get him off my back?

Give him a pamphlet for one of these.

He will get the idea.

http://www.shelteredhousing.org/

Gorgeous_George

izzybusy23 wrote: »

Why is that an unfair quote? Why should he have to rush in and buy just because of pressure from his dad? Who knows how much money he could lose if he bought now.. nobody has called the bottom yet and I feel it still has some way to go.

So the OP should take advice from t'Internet strangers but not from his dad?

:cool:

GG