Buyers Are Rushing To Buy Properties Now - Times Newspaper Today

boomerangs

breadlinebetty wrote: »

Rent is dead money, you'll never get it back. Whereas with a repayment mortgage part of your monthly payments is going towards you BUYING and eventually owning the place. After 25 years of paying rent the property will NEVER be yours, but after 25 years of paying a mortgage (which will be peanuts with inflation compared to rents) you will own the house ouright! It will be yours!:j

Betty, with your rather limited understanding of finance, it's little wonder you're still on the breadline

tomstickland

My recent experience is that estate agents seem very keen to help. Does this mean a lack of work for them, so they are chasing every opportunity?
There are some reasonably priced properties around and some things are selling.
I really wonder about selling now and then renting for a year or so.

chequers10

Rented out my house a year ago as I didn`t want to sell it for the £360,000 the estate agent said it would fetch. Got it back to A+ condition after tenants left & have now let it for £1400 a month in 2 days with 3 couples wanting to rent it & one offering £50 more than the asking rent. Also got it valued by 2 estate agents who both said they would market it for £390,000 as there is nothing decent on the market and people are desperate for good properties. It`s a lovely house so I`m going to rent it out for a few more years as most decent large houses in Bournemouth have been turned into flats & it`s hopefully going to be my pension.

Turnbull2000

breadlinebetty wrote: »

Rent is dead money, you'll never get it back. Whereas with a repayment mortgage part of your monthly payments is going towards you BUYING and eventually owning the place. After 25 years of paying rent the property will NEVER be yours, but after 25 years of paying a mortgage (which will be peanuts with inflation compared to rents) you will own the house ouright! It will be yours!:j

You mean the inflation we're experiencing where pay is getting lower and cost of living getting higher?

I think your mindset is trapped in another decade.

ThrowingStonesAtYou

breadlinebetty wrote: »

The Times Newspaper today reports that properties are moving really fast, even though Christmas is upon us.

http://property.timesonline.co.uk/tol/life_and_style/property/article6925244.ece

They say that one of the reasons people are rushing to buy now is that they've spent a big chunk of their savings on dead rent, and with the low interest rates they're seeing their savings diminish.

Most of the properties doing well are those in London and the South East, typical that.

Interesting that, I rent and my savings increase every month

So you are saying the people buying are those who need to spend their savings to exist, ie the ones without jobs?

breadlinebetty

boomerangs wrote: »

Betty, with your rather limited understanding of finance, it's little wonder you're still on the breadline

Are you serious matey? Do you think I'm on the breadline? You must be a bit dim if you took my username seriously!:rotfl:

sukey13

I think BreadlineBetty means in the long run. i.e. if you buy now a place for £150K then in 25 years time that amount will seem like peanuts. A bit like my mum and dad's house, now worth about £300K ish. When they bought it for £44K about 20 years ago that seemed like a fortune. But now that seems cheap?

breadlinebetty

PasturesNew wrote: »

I've just rented for the past 2½ years. I could have bought one of these for £75k then, if I had done that I'd be selling it now for £50k. Add on the cost to buy/sell (£2k) and service charges over that time (£1k)... and I'm quids ahead.

Not everybody can stay in one place for 25 years, life's too changeable.

You couldn't have bought your place PN, you've been on benefits for the last few years. And as for not staying in one place for 25 years, vendors sell up and move. Ya know? They usually trade up too. To a better area, better place, or a bigger place. Some people sell up and retire and go and buy a smaller place outright and keep some money in the bank so they have a decent retirement.

The rent that's been paid on your small pad has gone into your landlord's pocket, it's making him rich for the future. Not you. I don't believe either that 2 years ago it was 75k and now it's only 50k! You must either be living in a rabbit hutch, or somewhere a million miles from anywhere.

Are you moving now then?

breadlinebetty

Turnbull2000 wrote: »

You mean the inflation we're experiencing where pay is getting lower and cost of living getting higher?

I think your mindset is trapped in another decade.

Look love, you don't understand economics do you?:money:

A fixed rate mortgage will stay FIXED. A £1000 repaymrnt now will be the equivelant to about £100 in 25 years! But RENTS will RISE! I thought everyone knew that!

breadlinebetty

sukey13 wrote: »

I think BreadlineBetty means in the long run. i.e. if you buy now a place for £150K then in 25 years time that amount will seem like peanuts. A bit like my mum and dad's house, now worth about £300K ish. When they bought it for £44K about 20 years ago that seemed like a fortune. But now that seems cheap?

Exactly Sukey! At last, someone with some sense!

But not just that, when your parents bought their house for £44k 20 years ago, besides it being worth £300,000 now, the repayment on their mortgage 20 years ago probably seemed quite high, whereas now it's probbaby a tiny proportion of their salary. If they were renting that house, the rent on it now would be much much more than what their mortgage now is.

Thnk you!