Is this the right time to get on the property ladder?

gnvqsos

Thermidor wrote: »

Don't trust forecasts - they never get it right, and that's including the professionals!

If you're already in your 40s you need to get cracking would be my advice. For the last 4 years some wishful thinkers have been hoping property will crash, often predicting crashes of 90%:rotfl:

It ain't gonna happen. Properties have NOT crashed, and they are now steadily rising.

It's up to you if you want to hang around, but most people who do that end up missing the boat and NEVER manage to catch the next one. Remember, too - you're buying a HOME and will be living in it for some years to come. Twenty years from now your property will be at least 6 times the value it is now; is it really worth sweating and waiting a measly 2 years 'in case' you save a couple of grand (which you probably won't) - when at the end of it you'll be richer by many thousands of pounds. A HUGE amount of money in comparison to what you're worrying over now.

I am sorry but in Sheffield prices are falling.In 20 years the price of properties may have risen but not X6 as you suggest.The long run average house price is 3.5X average earnings;are you suggesting that earnings in the UK have a medien value of £150,000 by 2031?The value of a house in relation to other items may increase marginally in real terms.I do not think you are qualified i n anyway to dispense advice yet you dismiss the experts.As you seem to think you are an expert do you subject yourself to criticism?

GDB2222

timmyt wrote: »

it most certainly is, tens of thousands are in the know even now.

the media have really hurt the market but properties are most certianly selling, and at great prices.

You're reporting what's happening now, though, timmyt. The OP asked for opinions about the future.

quantic

All depends on your personal circumstances really. It would cost £272 more per month to rent my property then to it does in mortgage payments (Mortgage is £478, 3 other properties that are the same rent for £750 currently).

I would happily lose a few grand over the next 2/3 years rather then have another boss (in the form of a landlord) dictating what I can and can't do. Like others have said, property is a long term game. But I still think their is money to be made if you buy smart. When I was buying I looked for estates which had very similar properties which had all been repossessed. We ended up bidding on 3 houses in the same street at the same time.

To put this into perspective, in 2007 I was paying £182 more a month to rent a 2 bed flat (our current house is 4 bed townhouse with front/rear gardens, garage and 3 bathrooms... Renting doesn't make sense to me, unless of course, you can't buy and if you can, unless your very greedy, now seems as good a time as any.

GDB2222

quantic wrote: »

All depends on your personal circumstances really. It would cost £272 more per month to rent my property then to it does in mortgage payments (Mortgage is £478, 3 other properties that are the same rent for £750 currently).

What would a mortgage cost if you were to buy the property now, and how much deposit would you need?

Also, what do you spend on the following items which are included in the rent?
Insurance
Maintenance (include the cost of a new boiler every 10 years)
Replacing the carpets, curtains and furniture every 5 to 10 years
New kitchen every 10 years
New bathroom 10 - 15 years

Don't get me wrong. It's great to own your own place and be shot of landlords, have the security etc. I just think that you are over-egging the financial advantages a bit.

dougy432

Thanks again for everyones views.

As of yesterday, we were ready to pull out of the purchase! Put up with moving into new rented accomidation (property we currently in, is now going to someone else as we had told letting agency, we moving on to purchase)

But by the evening, we have applied for the HSBC mortgage, we're going to gamble with the tracker. Already we have fallen into a problem, as wife is 6 moths months older than me, her retirement age means we have to take the mortgage over 24yrs!

Now today, listening to the news on the radio, it's just doom and gloom for the economy! Makes you wonder if yes we should buy a home, but in another country!

Regards

Dougy

AAS

It's probably too late but Post Office are doing a 90LTV fix for 5yrs at 5.99 - it's not great but at least you know where you are for 5yrs. We're not sure either but sometimes you have to go for it!

quantic

GDB2222 wrote: »

What would a mortgage cost if you were to buy the property now, and how much deposit would you need?

Also, what do you spend on the following items which are included in the rent?
Insurance
Maintenance (include the cost of a new boiler every 10 years)
Replacing the carpets, curtains and furniture every 5 to 10 years
New kitchen every 10 years
New bathroom 10 - 15 years

Don't get me wrong. It's great to own your own place and be shot of landlords, have the security etc. I just think that you are over-egging the financial advantages a bit.

Well considering I bought the property 4 months ago, I would say the property would cost the same as then probably . Our monthly bills have been between £650-£700 each month, including everything (even things you have to pay for when renting. So no, I don't think I am over egging at all.

Everyone I know (typically people who rent as it happens) go on about how expensive it is to buy a house, but actually, the only shock we have had is that its not been as bad as renting.

I am not trying to convince people into buying like these morons who go on about economy recovering etc etc e.g sibley. Do whatever suits your needs, but personally speaking buying has worked out much cheaper and more convenient for us.

I don't really mind now, if our property doesnt go up in value either tbh, we are very happy here and will continue to enjoy it until we increase the size of our family and its no longer adequate.