Defaults, demand falling, mortgage availability increasing

Generali

chucky wrote: »

these bad news stories arent as good as they used to be :eek:

Well hopefully that's the way things are moving. I confess I have my doubts still, I think we're still papering over the cracks. As ever I hope I'm wrong and time will tell.

fimonkey

I got quite lost reading all that.... In simple terms, based on the news above would you jump in to buy now or continue to wait?

- Yes I know its a very open question, if you want it to be more specific I'm asking: As a potential FTB in an expensive area but with a decent deposit, - would you buy a smaller 1 bed leasehold flat with no garden with a mortgage interest rate of about 5.5% (repayments £650pm) or continue to rent (which is cheaper (£300pm) and save in an ISA and hope the bigger place you want (2 bed freehold with garden) will come into your reach?

Thrugelmir

Generali wrote: »

Well hopefully that's the way things are moving. I confess I have my doubts still, I think we're still papering over the cracks. As ever I hope I'm wrong and time will tell.

I prefer to take the few that the cracks are slowly being filled. Though the polyfilla needs time to set.

Really2

fimonkey wrote: »

I got quite lost reading all that.... In simple terms, based on the news above would you jump in to buy now or continue to wait?

- Yes I know its a very open question, if you want it to be more specific I'm asking: As a potential FTB in an expensive area but with a decent deposit, - would you buy a smaller 1 bed leasehold flat with no garden with a mortgage interest rate of about 5.5% (repayments £650pm) or continue to rent (which is cheaper (£300pm) and save in an ISA and hope the bigger place you want (2 bed freehold with garden) will come into your reach?

Save money, there is no point owning if the difference is £350pm.
In stagnation house prices will deflate in real terms (but to benefit you need wage inflation) your savings in reality will be what gets you closer to a better property.

Personally I would not buy a 1 bed flat at all unless it was to have as a BTL.
If your circumstances change you are forced to move.

Thrugelmir

fimonkey wrote: »

I got quite lost reading all that.... In simple terms, based on the news above would you jump in to buy now or continue to wait?

- Yes I know its a very open question, if you want it to be more specific I'm asking: As a potential FTB in an expensive area but with a decent deposit, - would you buy a smaller 1 bed leasehold flat with no garden with a mortgage interest rate of about 5.5% (repayments £650pm) or continue to rent (which is cheaper (£300pm) and save in an ISA and hope the bigger place you want (2 bed freehold with garden) will come into your reach?

Buy when the time is right for you. Its a personal decision.

ruggedtoast

This is a plucky thread Graham. I had thought you'd given up on bearism but you're right back in there.