A question for the regulars planning to buy houses

Afriend_2

Pobby wrote: »

I respect your view but where is this demand coming from to shoot house prices up , certainly in my area, by 300%. Strange to say, I do follow these arguments, divorce, immigrants, just two of the reasons, but 300% in about 10 years?. I need a lot of convincing.

Hi Pobby, my thinking it this; home ownership is close to being an essential item, especially with council waiting lists as long as they are, people are doing what they can to secure a property.
It's not the same, but if there were a shortage of food, the price could easily four fold. Of course if supply were to increase, or the number of people requiring housing decrease, home prices would crash.

Afriend_2

Dan: wrote: »

i would pop across to Redhill if your taking Mewbs out.

Hi Dan: Can you make it the extra couple of miles to Reigate? Redhill's a bit chavvy for my liking.

Dan:_4

Afriend wrote: »

Hi Dan: Can you make it the extra couple of miles to Reigate? Redhill's a bit chavvy for my liking.

I would prefer Reigate, I think mewbs would be more comfortable in Redhill.

Thrugelmir

Cleaver wrote: »

This was a period from 2002 to 2004, when houses just seemed to go upwards. It never occured to me, for one second, that that house would ever go down in value as that had never really happened in my adolescent or adult life. Then we sold it this year for a 10% loss.

You neatly sum up the view that so many people still hold. That property is a one way bet. As its all they've ever known.

Just like other financial bubbles over the centuries this ones yet to deflate. Most likely by stagnation as unlike other assets classes, houses have a secondary purpose besides being an investment.

Pobby

Afriend wrote: »

Hi Pobby, my thinking it this; home ownership is close to being an essential item, especially with council waiting lists as long as they are, people are doing what they can to secure a property.
It's not the same, but if there were a shortage of food, the price could easily four fold. Of course if supply were to increase, or the number of people requiring housing decrease, home prices would crash.

Interesting take but still not convinced.

System

It seems to me you're screwed whatever happens Graham, if prices are rising faster than you can save a deposit now then then they'll be falling faster than you'll be able to buy your way out of negative equity as well.

SingleSue

Begger, another thread I can't take part in.....

Hang on, I will buy when I win the 85 million on Friday....but then I will be so busy spending money (knowing me...not!), that I won't have chance to tell you all.

lemonjelly

I'm waiting to see something that is value for money. Yes I have a wish list (ie would like a garage, decent area etc etc), but when I buy, I'd like to feel that what I've bought is worth a) what I paid for it, & b) the amount of sweat it took to gather the hard earned to buy my home.

I'm very focussed on the fact that what I'm buying will be my HOME, so will be less flexible in compromising on my needs for the home. This means I do accept that certain desires I have will have their costs. But at the same time, whatever I buy, where-ever I buy, it has to be worth it.

All I really want is somewhere I'll be happy, and to not feel ripped off.

Unfortunately, for years I have watch escalating prices, & been repeatedly thinking that properties which are selling simply aren't worth it. When I first started saving, this was mainly due to a)meanness and b)not having a sizeable deposit. However as time went on, & HPI really kicked in it started to seem almost surreal. Homes genuinly did become unaffordable in the real world.

Because it will be a HOME, I'm not prepared to accept some of these pokey new build tiny places which I've been seeing.

I appear to be rambling, without actually answering your question Cleaver. I'll shut up & say (again) when I see something that is worth it.

IveSeenTheLight

Cleaver wrote: »

Which I think is partly what we did in 2004. I suppose compared to some people our age, who were borrowing 5x salary we didn't borrow that much (we borrowed 3x our joint income and our borrowing was down to 2x income by the time we left), but we bought an expensive house for the road because we got excited and loved it and should have been more thoughtful and, well, cold and calculated I guess.

My grandfather once told me

"Always buy the worst house in the best street, not the best house in the worst street"

To be honest, I've never really put it in practice as I've never been in a position to buy in the best street but I do understand the anology.

Geeves1980

Joeskeppi wrote: »

It seems to me you're screwed whatever happens Graham, if prices are rising faster than you can save a deposit now then then they'll be falling faster than you'll be able to buy your way out of negative equity as well.

I guess he has no choice then but to find himself a rich, bored, older lady and become her 'play thing'.

He gets his house paid for, she gets her 'needs' met, win-win as far as I can see.