How do you resist the urge to buy in London?

remorseless

pyueck wrote: »

Yes it's a nice flat, but I stand by what I say about the location, it's really just not a nice area of London. Personally I think the prices are unjustifiable, London is expensive but not that expensive!

There are many areas in London that are not nice the more time I spend in London the more I want to avoid Zone 1/2!

supermassive

RedheadFred wrote: »

I think it would be more accurate to ask "How do you resist buying in Grimsby" - I quite fancy revamping a £15,000 house now!

Thing is, although it won't sell for 15, it won't be too far off (definitely less than 40... DEFINITELY less than a london cupboard)...

Grimsby isn't "rough" we have alot of drugs and... well, "thicko crime" as it were. Chav stabbings and weed factories etc.

Nothing to worry about if you're just renting out a house here.

There have been houses here that've sold (in a better state than these ones) for around 25k recently, and rented out in the space of 2 months. :rotfl:

I can't understand why most of the town isn't owned by some big shot in London who's scooped them up for loose change.

makeyourdaddyproud

Cyberman60 wrote: »

Too expensive for me in London although I have a 400K house 30 miles west of it. That's from 37K to 62K in two years and 97K to 400K in 28 years tax free. A great investment and soon to release equity !! :T

Sounds like Reading-ish territory. We moved from there and enjoy our £500k estate in Thanet with no morgage too. The only downside is the high CT which has to come out of savings.

Cyberman60

makeyourdaddyproud wrote: »

Sounds like Reading-ish territory. We moved from there and enjoy our £500k estate in Thanet with no morgage too. The only downside is the high CT which has to come out of savings.

Council tax where I am is one of the lowest in the country being in a Tory area (not Reading), and we get the lowest subsidy from government at about 120 quid instead of 350 quid, or thereabouts. I deliberately moved here for that anticipated benefit. :A

Rollingstart

I have no intention to settle in London

Simple then, don't buy in London. It'll help to ensure that property prices aren't pushed up further for people that actually want to live there.

remorseless

supermassive wrote: »

Grimsby isn't "rough" we have alot of drugs and... well, "thicko crime" as it were. Chav stabbings and weed factories etc.

sounds charming! Mind you - maybe it's my fine nose but I can smell pot pretty often everywhere in the UK!!!!!!

nz83

I just bought in London and unfortunately didn't have parents to help me at all - it took about 4 years to save up the £20k 5% deposit and the £10kish stamp duty.

I just watched the amount I needed rise faster than I could save it as house prices went up 30% in 12 months in my initial desired area.

I ended up frantically just buying a place and wonder if I should have paid less, although I do love it. But I've not seen other houses in the area go for the same money yet, which is a bit disturbing!! I mainly want them to go up a bit so I can remortage at a lower rate in 18 months time...

remorseless

nz83 wrote: »

I just watched the amount I needed rise faster than I could save it as house prices went up 30% in 12 months in my initial desired area.

Well done and congrats!

I thought that was the whole point though - for people to feel as the house prices are growing and growing and growing indefinitely creating that sense of missing out if you don't jump in as well!
That's the urge I am fighting! :rotfl:

chucknorris

fairy_lights wrote: »

That's a very strange question to ask. Most people who live in London and want to buy there struggle to be able to afford it, 'resisting the urge' to buy is the complete opposite of most peoples situation.

'Resisting the urge' is exactly what I have been doing for a couple of years, I want(ed) to balance my portfolio by investing in fixed pension income and also shares both inside and outside my SIPP. So I have been and will continue to resist buying more property, and in any case I am 57 now, and with property being a long term investment, and not wanting to be a landlord beyond my late 60's, I didn't think that the timing was right.

remorseless

chucknorris wrote: »

So I have been and will continue to resist buying more property, and in any case I am 57 now, and with property being a long term investment, and not wanting to be a landlord beyond my late 60's, I didn't think that the timing was right.

57 is spring chicken still! But yeah - I don't think I can see myself living in London in my 60's either.
... especially having to change tube line at some stations up the stairs, down the stairs, up the stairs, down the stairs keep going for 4 miles keep going down!