worrying news this morning

peanutnboo

lisyloo wrote: »

Sorry, because you were talking about it as an investment I assumed BTL.
If you are buying, well finance is cheap and you could find a bargain although I reckon it's a two tier market right now.
Nice stuff still has bidding wars going on whilst more "distressed" sales can be acheived for a bargain.
Head would tell me to wait, although long term I definitely believe buying is better than renting.

It would be an investment buy because we would be buying the property with my Fathers money. i am his carer and he lives with us. I have a LPA and manage his property, savings, shares and other investments. It is quite a responsibility I can tell you.

We have rented for the past 12 years and last year I calculated that given the then value of the property and the rental costs and factoring the repair and maintenance and insurance costs over 12 years we have actually been better off financially renting rather than buying this particular property.

of course the same might not necessarily be the case for other properties and other renters naturally.

peanutnboo

Linton wrote: »

Your savings are as safe as they were last week.
well that is not what the Governor of the bank of England was saying this morning

Just think about it . If you decided to invest in property and the banks collapsed what would your property be worth? Who would have the money to buy it ? Though I suppose you could exchange it for a large pack of baked beans.

had it occured to you that whatever happens globally in the financial markets and to our savings etc ,we still all need a roof over our heads ? You can't live in a baked bean can can you :rotfl:

atush

At least whatever happened I'd have a roof over my head and a property that I could sell or raise money on.

All my friends are buying investment properties. What is your advice and thinking on this

My advice is, if the banks aren't safe, you wont be able to sell or raise money on the asset as no one would lend to you or your buyer. But, you would have a roof over your head. So if you don'town, this could be a time to buy.

But, if the whole economy goes south, prices of houses will go south too.

peanutnboo

lewistye wrote: »

Look at a graph of house prices over any timescale more than 5 years... we are NOT at rock bottom.

I don't need to lewis I am a Chartered Building Surveyor, I have spent most of working life surveying and valuing properties for banks and lending institutions all over the UK.

I'm curious to know what line of work you are in that has informed your assesment of the property market

peanutnboo

atush wrote: »

My advice is, if the banks aren't safe, you wont be able to sell or raise money on the asset as no one would lend to you or your buyer. But, you would have a roof over your head. So if you don'town, this could be a time to buy.

But, if the whole economy goes south, prices of houses will go south too.

yes thats the thing isn't it. Its all a bit up in the air at the moment. We've survived several recessions over the years and eventually however bad things get they have always recovered eventually. We lost our primary business at the time of 9/11 and the last foot and mouth and had to lay off 27 employees . We barely survived .

This time though I don't ever recall such global pessimism and gloom and worrying warnings of possible global; meltdown.

If everything crashes then as you say at least we would still have a roof over our head with some sort of equity wheras if the BAnks collapse we'll have nothing and still need to find the rent.

Thrugelmir

peanutnboo wrote: »

I don't need to lewis I am a Chartered Building Surveyor, I have spent most of working life surveying and valuing properties for banks and lending institutions all over the UK.

The "investment" you refer to. Is increasingly a play on the financial health of the UK economy.

With respect to your professional status. What bearing does being a Chartered Surveyor have when the major influences bearing down on the residential market are financial?

crazyguy

peanutnboo wrote: »

had it occured to you that whatever happens globally in the financial markets and to our savings etc ,we still all need a roof over our heads ? You can't live in a baked bean can can you :rotfl:

You can if you are indeed an ant or small rodent of some kind,

peanutnboo

you was lucky ! wen I twer lad we were rite lucky to live int rolled up newspaper:D

crazyguy

peanutnboo wrote: »

you was lucky ! wen I twer lad we were rite lucky to live int rolled up newspaper:D

What language are you speaking ?

wellused

peanutnboo wrote: »

you was lucky ! wen I twer lad we were rite lucky to live int rolled up newspaper:D

A rolled up newspaper? By tho twas lucky, we lived in an old buff envelope, without a window mind!;)