Given your current circumstances are houses

wolfman

Still to expensive for me in London.

Or at least I couldn't get a mortgage for a flat (one at a reasonable rate that I can afford, and continue to afford if interest rates go up).

So I have to keep saving and wait for:
a) lending to improve, so I can borrow more at a better rate without needing such a large first payment. 20-30% first payment in London means around 30-50k for me.
b) prices drop further so I don't have to borrow as much, nor require such a large first payment.

Ideally I'd like prices to drop further, rather than lending to improve. I'd prefer to borrow less, than have easier borrowing conditions.

Either way I'm just gonna keep saving. If things don't come within reach then I'll hold on to the money and consider moving abroad. Hopefully they should, I'm above the average earning in London, although not as extreme as a solicitor or banker.

Saving is gonna take me some time though. Just to save 10k alone would take me a year, and I think I need to save quite a bit more than that.

Really2

Cannon_Fodder wrote: »

Your poll says "are homes"...

This implies "generally", not what each person might do in relation to their own home.

Its no better, nor worse, snapshot than Devs poll.


Don't complain about us quibbling over your poll, when you were among the first to quibble over Devs...if there was less quibbling and more straight answers, this might be a more enjoyable forum.



Hope you enjoyed the taste of your own medicine...

Well I thought even you could work out the meaning of the word circumstances.

EG £30k wages and 6 children = 5 bed at least in working distance (so likely unfordable)

Totally unleading it just surprises me how dumb some want to act.

My own medicine? I blatantly stated on GD poll what i had done and why.
The results are different, kind proves a point between reality for US and what we actually believe for others.

Cannon_Fodder

Really2 wrote: »

Sorry I just remembered you can afford to buy buy are waiting for the bottom:)

Sort of. The real bottom is near impossible to judge.

15% off what I nearly bought in Q4 2007 is now easy. Exact same house still on market, finally reduced...but we went off that one, due to survey.

The problem will be finding the right house. Its not totally dried up, but there is less fresh choice in the mid-range. Lots have been there for 2 years, often small price changes, not interesting to us - not because of the money, just not the "right" house.

Low prices may put off some sellers of the nicest properties, which leaves me possibly having to wait for after the bottom and carry the cost later, or compromise on the property if the other half insists she's bored of renting.

The fact I was prepared, able, and comfortable about buying at the peak means this is all a bonus.

I am one of those £200k+ deposit people...through pure luck, but I'd have to be mad not to try and make the best deal, for the long-term, that I can now I'm in this position.

wolfman

Heh, not really sure what all the fuss is about. I found it quite straight forward.

People being difficult, or a lack of common sense?

Really2

Cannon_Fodder wrote: »

Sort of. The real bottom is near impossible to judge.

15% off what I nearly bought in Q4 2007 is now easy. Exact same house still on market, finally reduced...but we went off that one, due to survey.

The problem will be finding the right house. Its not totally dried up, but there is less fresh choice in the mid-range. Lots have been there for 2 years, often small price changes, not interesting to us - not because of the money, just not the "right" house.

Low prices may put off some sellers of the nicest properties, which leaves me possibly having to wait for after the bottom and carry the cost later, or compromise on the property if the other half insists she's bored of renting.

The fact I was prepared, able, and comfortable about buying at the peak means this is all a bonus.

I am one of those £200k+ deposit people...through pure luck, but I'd have to be mad not to try and make the best deal, for the long-term, that I can now I'm in this position.

Thanks,
Not irrelevant then is it:), you can afford and are choosing to wait so affordability is OK for you but you prefer to wait, I respect that.

i never said i am trying to get some national kind of opinion, just the situation of the people on here.

baileysbattlebus

Yes, affordable. We could still afford our house today - we'd be worse off 'cos the mortgage would be bigger.

fc123

House we own; affordable (because we bought it a long time ago)

House we rent; rent OK but to buy unaffordable if sold above.

House I really really want; unaffordable and probably always will be

fc123

Just had a thought. If we had a 10% deposit and bought our house today, it would be unaffordable.

We had 5% deposit many years back, no problem getting a simple repayment mortgage at all.

PasturesNew

Houses in most areas are unaffordable for single people in normal everyday jobs.
Rents in many areas are expensive for single people in normal everyday jobs.

Couples get an easy ride.

PasturesNew

I can afford to buy the sort of small house I'd be after, in an OK area, in several places. But I don't know where I'd buy and I don't have a job, so I am waiting until I have a job and know where to buy (could be 2+ years).