House Buying whos pulling out

Money_saving_maniac

upoiupou wrote: »

Kudos to the people who are going ahead. A supposed "buyer's market" wouldn't happen overnight anyway. If prices drop then sellers will withdraw from selling. The whole market will stagnate. A buyer's market happens only on an upswing, when people feel it's worth buying again and it's taking time for sellers to catch up. What we're about to head into is unlikely to be a buyer's market, more likely to be what is called a recession.

I think a home is an investment as in a place to live long term. If you're viewing the investment as something else such as buy to let you're in a different category and I won't go there.

I think it's good to go ahead and buy (to live in). Even if your property price does drop a few thousand in the short term after you move in, in the medium term it's likely to still be a good purchase and in all the intervening time you won't have been paying a few thousand in rent.

Everyone has to do the maths for their own situations. All bets based on previous history are off. We have entered a new world.

Glover1862

I've just exchanged yesterday, I took the view that I've already spent £1500 and the house I'm buying is a three bed semi with a decent garden, parking and nice road for £140k (in Kettering -55 min commute to London) how much cheaper is it likely to get? A first time buyer could buy it with 10% deposit and approx cost £300 per month, surly couldn't get much cheaper for a 3 bed semi. Some parts of the country are already good value and I don't think have much further to drop.....hopefully!

daivid

A house I really like is currently under offer, is it wrong to hope the buyers pull out?

Person_one

Glover1862 wrote: »

I've just exchanged yesterday, I took the view that I've already spent £1500 and the house I'm buying is a three bed semi with a decent garden, parking and nice road for £140k (in Kettering -55 min commute to London) how much cheaper is it likely to get? A first time buyer could buy it with 10% deposit and approx cost £300 per month, surly couldn't get much cheaper for a 3 bed semi. Some parts of the country are already good value and I don't think have much further to drop.....hopefully!

£300 per month? On a £126K mortgage? Where and how so I can switch?

Glover1862

Person_one wrote: »

£300 per month? On a £126K mortgage? Where and how so I can switch?

Sorry, had my calculator set to interest only, more like £500 on repayments, still cheaper than renting which is about £700.00

dirty_magic

How long do people plan to stay in their houses? In 2008 house prices fell by 16%, and they'd recovered a couple of years ago around here to more than pre-2008 levels.

I'd be wary of buying to sell in the short term, but if you're buying a family home to live in long term the house prices are still going to rise as they always have done. It's supply and demand, brexit isn't suddenly going to remove the demand.

People are worried about something that hasn't happened yet. No-one knows how much house prices will be affected, if you read up on it there are a variety of figures being thrown around.

ixwood

Be careful about listening to "advice" or comments on here.

The HPC (House Price Crash) losers are amazingly even more desperate than usual and are making stuff up on here and elsewhere, hoping they can panic people and might finally get the economic disaster they've been wanting after 15 years of being wrong and paying a BTLer's mortgage for him:-

http://www.housepricecrash.co.uk/forum/index.php?/topic/210288-game-changer-brexit-house-prices-merged/?p=1102973274

Money_saving_maniac

ixwood wrote: »

Be careful about listening to "advice" or comments on here.

The HPC (House Price Crash) losers are amazingly even more desperate than usual and are making stuff up on here and elsewhere, hoping they can panic people and might finally get the economic disaster they've been wanting after 15 years of being wrong and paying a BTLer's mortgage for him:-

http://www.housepricecrash.co.uk/forum/index.php?/topic/210288-game-changer-brexit-house-prices-merged/?p=1102973274

Whereas you are posting this on every thread presumably in the hope of stabilising prices?
:rotfl:

All i can say is my buyer has not pulled out so far, but I am undecided whether to continue with a purchase or not. If he does pull out, or I can't get a good price on a house compared to Wednesday, I'm not going to move.

Money_saving_maniac

dirty_magic wrote: »

How long do people plan to stay in their houses? In 2008 house prices fell by 16%, and they'd recovered a couple of years ago around here to more than pre-2008 levels.

I'd be wary of buying to sell in the short term, but if you're buying a family home to live in long term the house prices are still going to rise as they always have done. It's supply and demand, brexit isn't suddenly going to remove the demand.

People are worried about something that hasn't happened yet. No-one knows how much house prices will be affected, if you read up on it there are a variety of figures being thrown around.

This is the key. If you plan staying in the house for 10 years or more, and you can manage the mortgage even if your income was cut by a percentage, then it really doesn't matter what happens in the short to medium term.

gg234

My suggestion would be think in case if you don't get the mortgage for your house in future because of mortgage companies strict rule criteria in case if you are thinking of pulling out