tell me I haven't "missed the boat"

tek-monkey

Yes, repayment fixed for 10 years at 5.3%. I could get cheaper if fixing for a shorter period, but this is something I can afford and I know it wont go up - worth more to me than saving a few quid now but having to worry when things go pete tong.

To me, if its cheaper than renting its worth the risk. Although as I'll only consider fixed rates its less of a risk, but also possibly a lot less to gain. But after a dozen years of renting and gaining nothing, this makes sense to me. Plus my current house has a flat roof and single glazed sash windows, costs a fortune to heat so I want to move before the winter!

Running_Horse

Sold signs are going up around here, but mainly on those houses realistically priced. There are still houses unsold from before the crash at silly prices. Even if prices rise in the short term, there is simply not the wish or credit available for another boom. Hang on in there and keep saving.

not_loaded

Running_Horse wrote: »

Sold signs are going up around here, but mainly on those houses realistically priced. There are still houses unsold from before the crash at silly prices. Even if prices rise in the short term, there is simply not the wish or credit available for another boom. Hang on in there and keep saving.

I agree that a boom is highly unlikely. I think it goes without saying that in order to sell in this climate we’re talking realistically priced here. Interestingly, all of the unrealistically priced houses round here are no longer on the market. I don’t know how to interpret that, sold, sold lower, or given up?

There was one house, very distinctive, but with very strange extensions, that went on at what we considered very silly money having done a lot of homework on the area. It went sstc within two weeks!

mlz1413 wrote: »

I second this I earn a reasonable wage but I can only get a flat for my money alone at 3.5 multiple. My fella is on a similar wage so 3 x highest + 1 of lower salary means we could get a large flat in nice area or a house in a area miles from where we want we live.
I feel for FTB and sellers of houses bought in the last 5 years at this moment in time.

I feel for FTBers as well, but there’s nothing I or other sellers can realistically do about it. You can currently take advantage of whatever drops there have been (greatly varying across the UK) or not.

OR, simply wait for the phenomenal drop that some on here predict.

the.ciscokid wrote: »

Your mortgage and maintenance costs, fees, stamp duty, insurance etc. are WAY more than rent on a property.
Consequently, you wont be able to save as much money as you would when renting.

My younger daughter bought a fixer-upper a few months ago. When we initially talked about the property at the viewing stage I had my concerns, but when spreadsheeting all the costs it was clear they’d be quids in on all issues compared to continuing to rent.

Following an uneventful survey the sellers accepted a bit more of a drop for a prompt exchange. Their lives have been changed exponentially by having their own place, at a reasonable price, for far less than renting.

Clearly, for tek-monkey and my daughter, now was the time to get on with life instead of waiting for the revolution.

the.ciscokid

tek-monkey wrote: »

Yes, repayment fixed for 10 years at 5.3%. I could get cheaper if fixing for a shorter period, but this is something I can afford and I know it wont go up - worth more to me than saving a few quid now but having to worry when things go pete tong.

To me, if its cheaper than renting its worth the risk. Although as I'll only consider fixed rates its less of a risk, but also possibly a lot less to gain. But after a dozen years of renting and gaining nothing, this makes sense to me. Plus my current house has a flat roof and single glazed sash windows, costs a fortune to heat so I want to move before the winter!

not_loaded wrote: »

My younger daughter bought a fixer-upper a few months ago. When we initially talked about the property at the viewing stage I had my concerns, but when spreadsheeting all the costs it was clear they’d be quids in on all issues compared to continuing to rent.

Following an uneventful survey the sellers accepted a bit more of a drop for a prompt exchange. Their lives have been changed exponentially by having their own place, at a reasonable price, for far less than renting.

Clearly, for tek-monkey and my daughter, now was the time to get on with life instead of waiting for the revolution.

Well fair enough, hope it all works out for you (sounds like it has already). I have to say it is the polar opposite where I live, since deposit (LTV) and asking prices are (still) ludicrous.

tek-monkey

not_loaded wrote: »

Clearly, for tek-monkey and my daughter, now was the time to get on with life instead of waiting for the revolution.

TBH the projected house market crash will be irrelevant to me, as long as its stabilised again within 10 years. Even so, I'm buying a house at a price I can afford (for 10 years anyway!). It would take something major to get me to move, and the house has the potential to see me through to retirement if needed. Its not an investment for me, its a home.

the.ciscokid wrote: »

Well fair enough, hope it all works out for you (sounds like it has already). I have to say it is the polar opposite where I live, since deposit (LTV) and asking prices are (still) ludicrous.

Mind if I ask where you are? 15 miles north of me you can still buy a 2 bed place for £50k

geoffky

when the interest rates rise the carnage will begin...so many are three months behind with payments now wait until the rate rises...

danielanthony

Who would want to rent when they could buy? I've rented several properties over the last few years and its crap having property inspections every few months, not being able to decorate, wondering if your tenancy is going to be renewed and the joy of having people view 'your' flat when the LL wants to sell.

Renting in this country is for those who CANNOT buy, in Europe you can have 10+ years tennancy agreements so it is easier to put down roots. How can you get your kids settled in an area where you might be kicked out after 12 months?

ess0two

geoffky wrote: »

when the interest rates rise the carnage will begin...so many are three months behind with payments now wait until the rate rises...

Any proof or a link to this 3 months behind business ???????

tek-monkey

geoffky wrote: »

when the interest rates rise the carnage will begin...so many are three months behind with payments now wait until the rate rises...

If this is through job losses and the recession, I feel sorry for them. If its through bad money management and stretching themselves too far, I feel nothing. Buying a house is a bigger commitment than marriage, not something to take lightly and definately not something I'd do unless I was sure I could afford it.

lyndasharp

There's a lot more houses in my area (SW) with sold signs up too. It seems to be the bigger houses that are most popular, 3 or 4 bed semis and detached, but the smaller 1/2 bed terraces aren't selling as well. Having said that, I bought a 3 bed as a FTB in January, just because the price drops meant I could afford somewhere that would be a longer term home.

Incidentally, I was incredibly lucky with timing and got a tracker before they got rid of the good rates, so currently my mortgage is half the amount it would cost to rent, based on the cost of the house opposite! I know it won't be as good when interest rates start going up, but the figures still add up for buying rather than renting round here, even with the current mortgage rates.