Sod it - Im buying!

Banderman

Jules100 wrote: »

I am very confused about the mortgages and take your point about being locked into a high rate. But surely the 5 year one is being locked in for longer at an even higher rate? eek!

Mortgages are for 25 years though. What about the other 20 years?

anniecave

i would go for the 5 year fix.

but hey what do I know?

gabyjane

To me regardless of whether prices are high, low, inbetween, IF you can afford to buy and want to then who cares what the future brings?? does anyone have a crystal ball that they think 'ah in 6 months things will be better' or 'oh in 6 months things will be worse' etc..NO ONE knows and it is pointless sitting around waiting if you are in a position to buy. We bought in 2007 and are really pleased we did, the houses are not much lower than when we bought despite the big crash and tbh i don't like many either! We have had almost 2 years of paying this house off instead of sitting around 'wondering'..sorry just a vent as i get sick of all the know it all's on this site who actually know...well nothing!!

maryotuam

It is a lovely feeling having a home that you have control over, that you can call your own. Your circumstances seem stable so congratulations. I still live in my first home after 22 years and still love the place.Every day of your life is precious so enjoy the many days of happines having your own place will bring.

But for many people, waiting another 12 months for house prices to drop further, will give them extra money in their pockets due to repaying smaller mortgage loans.

lostinrates

gabyjane wrote: »

To me regardless of whether prices are high, low, inbetween, IF you can afford to buy and want to then who cares what the future brings?? does anyone have a crystal ball that they think 'ah in 6 months things will be better' or 'oh in 6 months things will be worse' etc..NO ONE knows and it is pointless sitting around waiting if you are in a position to buy. We bought in 2007 and are really pleased we did, the houses are not much lower than when we bought despite the big crash and tbh i don't like many either! We have had almost 2 years of paying this house off instead of sitting around 'wondering'..sorry just a vent as i get sick of all the know it all's on this site who actually know...well nothing!!

I agree: nobody knows. But a lot of people do look at the forecasts and data and spend time making for themselves some fairly reasoned decisions based on their views, wheher they are optimistic or pesimistic.

I'm genuinely thrilled for you that you are hapy in your home, congratulations, but of course some one in no rush to buy could buy that cheaper today: showing you didn't know either! But you've done what you feel is right for you. Good!

A lot of people are making huge financial decisions with less or no investigaton into the wider economic picture. I don't think its wrong for others to suggest that whether or not they buy they look into the available information and predictions...not by random MSE contributers, but by more traceable financial pundits.

Ultiately for many now will be the right time, if not finanically but circumstantially to buy. For many to wait will cause no harm and possible benefit.

My personal positon has been, since joining MSE re crash, I will buy when I find the right place, and we've had a few disappointments, but our budget has been guided by information from MSE HP links and in our circumstance what we can buy for our budget really HAS changed significantly. We would buy the right long term place, but we dropped out of feeling we needed to buy quickly to get on the ladder, and personally, I would strongly advise against many people, especially younger people, buying properties which give the no room to grow with life at this pint: in case they get stuck for a while should recoery be longer term.. but you are right I don't KNOW this to be a likelihood, its just something I personally feel is a good risk avoidance strategy should it be

To those buying now, good luck, and to those waiting, good luck!

themanbearpig

Turnbull2000 wrote: »

So we've gone from 'pay over the odds as houses prices only go up', to 'pay over the odds as a house is a home'. I'm not sure which is worse. I don't understand the OP's "doom and gloom" remark either, as this "doom and gloom"; is by and large homes becoming more affordable. I have a sneaking suspicion the OP falsely believes that rising prices help you you upsize to something greater, when in reality the gap becomes larger.

Good post, spot on.
It's a shame the general public are unable to comprehend basic arithmetic!


There is absolutely no need for 2 pages of people congratulating the original poster about buying during a rapidly falling market (the biggest crash in history). He/she has made the worst financial decision of his/her life. But you'll can't see it because you have been brainwashed into thinking that a pile of bricks are actually worth a lifetime of debt enslavement.

The sooner the masses, especially naive first time buyers, realise we have been manipulated by the media and governement for 10 years into seeing housing a money tree, the better.

gabyjane

There is absolutely no need for 2 pages of people congratulating the original poster about buying during a rapidly falling market (the biggest crash in history). He/she has made the worst financial decision of his/her life. But you'll can't see it because you have been brainwashed into thinking that a pile of bricks are actually worth a lifetime of debt enslavement.

The sooner the masses, especially naive first time buyers, realise we have been manipulated by the media and governement for 10 years into seeing housing a money tree, the better.[/QUOTE]

Oh no god forbid there is a slight bit of happiness on here hey!! I don't see working throughout my life 'enslavement' i see it as doing what is 'right'. If we rented still we would have to work as much prob harder actually as rentals where we live are around £100-200 per month more than our mortgage now! For those of you who are choosing not to buy because it is a 'bad time' then well done to you save your money! for those who have let us enjoy it..i am anyway!

socrates

fatpig wrote: »

gabyjane, wait until your new build falls down and then you'll be wishing you stayed renting.

Sorry .. but I had to laugh at that one!

brit1234

Prices are still going to fall a large way. The only reason now to buy is if you can obtain a massive discount to counter the future loses.

The argument that its a home and not an investment looks at you gain being a better quality of life rather than financial gain. Still on the basis you would have a better quality home by waiting with these rapid falls.

I'm waiting at to Christmas and even then I will be wanting a significant discount to counter the falls after that.

alexlyne

There's a good graphic on the BBC website somewhere that shows land registry prices over the last 5 years showing the rise and fall in house prices by region, some areas are still rising, some have been slowly dropping since 2005. the places with the biggest rises will have the biggest drops, but where I'm looking, modest gains are followed by modest drops. Prices will fall another 5% in the next year I reckon. This isn't an awful lot and doesn't make me want to hold out for another year. I'm sure other areas expect bigger drops, but as it's region by region, it's impossible to be exact