'We've reached a tipping point' Signs of house price weakness

Blooloo

wotsthat wrote: »

If paying a mortgage is the biggest headache for the future then isn't paying rent of mortgage +30% an even bigger headache?

both are headaches if you pay to the hilt.

For me though, lifestyle is more important than the theoretical wealth I could be building up.

So, would you buy in London today? or will it be cheaper to buy in 6 months, a year, maybe 5 years?

maybe our estimator can give us some professional calculated insight?

If past history was all there was to the game, then the richest people would be Librarians.

chucknorris

blahblahblah85 wrote: »

Ahhh STR...this is what the family who sold us our flat did, 2 years later they can't get back into the market and are waiting for a even more substantial crash. Why a family with only 1 home and not that much in savings or earning will take such a big risk I do not know!
Oh and this was not in the UK either, there is a housepricecrash equivalent website for every country I think :P

To be fair I don't think a lot of people did this purely on price speculation, some STR where selling for different reasons, like moving to another part of the country or buying a larger property, and they merely delayed buying while the market was falling. This of course makes sense, given that they were already going to incur all the expenses of selling and buying back into the market.

ukcarper

Blooloo wrote: »

both are headaches if you pay to the hilt.

For me though, lifestyle is more important than the theoretical wealth I could be building up.

So, would you buy in London today? or will it be cheaper to buy in 6 months, a year, maybe 5 years?

maybe our estimator can give us some professional calculated insight?

If past history was all there was to the game, then the richest people would be Librarians.

Who knows but the one thing you can say for sure is that if you keep up your mortgage payments there will come a time when you will own outright and have no mortgage or rent to worry about.

Blooloo

blahblahblah85 wrote: »

Ahhh STR...this is what the family who sold us our flat did, 2 years later they can't get back into the market and are waiting for a even more substantial crash. Why a family with only 1 home and not that much in savings or earning will take such a big risk I do not know!
Oh and this was not in the UK either, there is a housepricecrash equivalent website for every country I think :P

A person who never made a mistake never tried anything new.

wotsthat

Blooloo wrote: »

your logic astounds...you bought so that you could guarantee ownership...amazing insight.

Glad its worked out for you.

I have no idea on whether you guys are correct about dances with sheeples timings, dates, costings, decisions.

none of that has anything to do with the London Market tomorrow.

Thanks - I can tell you're really pleased for me.

My journey to rent and mortgage freedom continues whether or not I'm lucky enough to be able to predict tomorrow's prices.

Blooloo

ukcarper wrote: »

Who knows but the one thing you can say for sure is that if you keep up your mortgage payments there will come a time when you will own outright and have no mortgage or rent to worry about.

...and make sure the mortgage is repayment or you have some plan to pay it off.

Many dont...I read that some long term IO holders are today getting their mortgages converted to repayment late into the thing, or at maturity.

Not everyone has the discipline you assume...I also read Housing equity withdrawal is slightly up...thats a second mortgage on a mortgaged home or some other equity withdrawal scheme for example for pensioners.

Nothing is guaranteed.

Therefore the decision to buy isnt always a no brainer.

Blooloo

wotsthat wrote: »

Thanks - I can tell you're really pleased for me.

My journey to rent and mortgage freedom continues whether or not I'm lucky enough to be able to predict tomorrow's prices.

good on yer! I hope it works out.

ukcarper

Blooloo wrote: »

...and make sure the mortgage is repayment or you have some plan to pay it off.

Many dont...I read that some long term IO holders are today getting their mortgages converted to repayment late into the thing, or at maturity.

Not everyone has the discipline you assume...I also read Housing equity withdrawal is slightly up...thats a second mortgage on a mortgaged home or some other equity withdrawal scheme for example for pensioners.

Nothing is guaranteed.

Therefore the decision to buy isnt always a no brainer.

Those are really week arguments the vast majority of mortgage holders complete there mortgage at sometime. I took equity release for some home improvements I still completed my mortgage on time and I am now living rent free in a nice house as are most of my friends.

chucknorris

ukcarper wrote: »

Those are really week arguments the vast majority of mortgage holders complete there mortgage at sometime. I took equity release for some home improvements I still completed my mortgage on time and I am now living rent free in a nice house as are most of my friends.

I took equity release on my investment properties (I was remortgaging anyway to get a better mortgage deal) because I was about a £100k short to buy my current home for cash. Being a cash buyer (as far as the vendor was concerned) allowed me to strike a good deal on the price, and also avoid valuation and mortgage arrangement fees.


I'll pay off that part of the loan when the base rate goes back up as it isn't tax deductible, but it would be madness to pay it off now with a low margin tracker mortgage.

wotsthat

Blooloo wrote: »

...and make sure the mortgage is repayment or you have some plan to pay it off.

Many dont...I read that some long term IO holders are today getting their mortgages converted to repayment late into the thing, or at maturity.

Not everyone has the discipline you assume...I also read Housing equity withdrawal is slightly up...thats a second mortgage on a mortgaged home or some other equity withdrawal scheme for example for pensioners.

Yes to pay off a mortgage a plan is needed to err.. pay it off.

You don't know what HEW is by the way.