How do I get my Dad off my back?

Ron2256

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).

I think most people are still stuck in the past and because they see prices go down, they believe property is cheap. It's not cheap, it's just cheaper but still overvalued in my eyes.
The pace of the crash is so fast that people don't have the time to get used to the new price level. By the time they accept the new price point, the market has moved on (down) and they see bargains instead of normal going price.

geoffky

JMW77 wrote: »

My dad buys houses to let 3 months ago he bought a house for £140,000 that was for sale for!£160,000 and just last week bought a house For £120,000 which was onj the market for £145,000.

The key is not to be too keen they will try to push you up n but stand your ground tell them what you can afford and you will get a great deal.

On top of that get a mortgage where you can overpay ,pay it off as quick as you can because of the probability that interest rates will rise

They will not look like good deals in a few years time..i would want a lot more off but there again i am not in the market because i believe it has a hell of a lot more to fall and buying now will wipe out some peoples deposits especially ones with 10% or 15%...

geoffky

duchy wrote: »

Once the market DOES lift there's going to be a surge of FTBers like you pushing the market up again at an acelerated rate.
!

DO you people not understand that 70% of the money that has financed the mortgage markets for the last ten years has GONE never to appear again..this money was causing prices to go up but it will never come back to the market so we have a little problem with the amount of money available for mortgages because we will never see the amount of money again available...i think this gives the normal market a little problem..not everyone who wants a mortgage is going to get one simple as that.. and the problem of risk is too great for many banks..

the_ash_and_the_oak

basically feeling FTBs not really got enough in the way of deposits to be supporting market any time soon imo

inspector_monkfish

does anyone have a graph of average earnings V average house prices, over say last 10 years?

would be interested to see it

theoretica

I fail to see any problem here: Looking isn't buying! Why not contact estate agents, go visit houses (especially nice ones a bit above your price range!) and get interesting brochures to send your dad. Talk to a free mortgage broker about what you could comfortably borrow. None of this commits you to buying now and will put you in a much stronger position later when you do want to do so. When I started house hunting I felt really awkward and couldn't remember the right questions to ask- being more relaxed once you are looking in earnest might help, and having seen enough properties to know what attracts you. You might even find something you want to put an offer in on, even if it is a very low one- worth a try!

dazeruk

First of all I'd like to thank all you posters for taking time out to reply to my question.

I thought a bit of background info might be useful.

Regarding some of the things said about my Dad (you know who you are )

I think my Dad comes from the old school where owning a house is the status symbol for how well you are doing. He and my mum got married and bought a house very young, as did my brother. Whereas me, I left home at 18 to go to University and have rented ever since. Also they live the North of England where house prices still seem to be affordable and I live in London where they aren't. I think he feels I've lagged a bit in my home owning desires and now that I've got a reasonable amount of deposit saved wants me to get a home ASAP.

I don't think he feels I'm going to waste the money. He's already seen me give up things to get the £15,000 I'd saved myself together. He knows that I will buy at some point, I've even given up smoking as I know I'll need every penny I earn when that point comes. It's just we disagree on when that point should be.

The 'biggest' problem I have is my job. I'm a civil servant and must admit that most of the crisis just doesn't affect me. I have a job I enjoy, on a reasonable salary and I'm good at what I do. I'm pretty much protected from the grief of job loss and money worries that a lot of people are suffering from today. I feel a bit cut off and find it difficult to judge the 'real' state of the nation. I therefore rely on the news and forums like this to work out what is happening 'out there'. Based on what I read and hear I feel that house prices are on there way down and have still some way to fall. I'm therefore in quite a luckly situation compared to most, a sizeable deposit saved at a time when houses are becoming more affordable.

Deciding where I wanted to live was quite easy. I currently live in the city centre (I can see St Pauls dome from my window :j) and know I can't buy around here. South London is a no go area, although cheaper I'd be really cut-off from my friends. I remember from when I first moved here how lonely London can be, and don't fancy going through that again. So I've decided to look in North London in some of the areas where I already have friends living. I agree with some of the other FTBs and that it's good to get a feel for what is on the market and how the whole house buying routine works. So I'm going to register with a few estate agents and go on some house viewings. This will probably pander to my nosey streak also.

I agree that a lot of people have failed to recognise that the value of their home is not what they think it is. Looking at some of the property websites a lot of prices are still at the same level as when first placed on the market, even properties that haven't sold for 12 months. I think I'm going to find it difficult to judge what a fair price for a property is.

Again, many thanks for all your replies and sorry for such a long post.

Also I didn't mean to be so harsh on my Dad, SORRY DAD!!!

Darren

Entertainer

Explain to him that if a £200,000 property falls by 15% this equals £30,000. Ask him if he is in the habit of voluntarily, knowingly giving away £30,000 of your/his/the family's money. If the answer is that he is (and therefore he doesn't like money) then I will be happy to take his money from him if he doesn't want it in the future.

Personally, I work hard for my money and value it accordingly. I know this obviously doesn't apply to everyone given how keen many people seem to be to give their money away.:money:

giggity

Congrats on getting the deposit. You could also go and visit a financial/mortgage advisor to see what products are available. For sure prices are dropping, consideration would also need to be given to the availability/lack of lenders at present....

joolsybools

I have nothing further to add except WAIT especially as you are in London. I'm in NW6 and prices in my local estate agent have not gone down yet. You can be sure as s hit that they will do in the next 12 months though. I've not seen a sold sign in my road for ages and it's a long long road (with a few 'for sale' signs in it!)