First time buyer – should I continue with my purchase?

ruelle

have you seen this? http://www.rightmove.co.uk/property-for-sale/property-55098376.html

personally i think prices will drop slightly in the next few months and you'd be better off waiting to see if you can afford a 2 bed but purely because of what you said about your future plans.

paisted

Hi Everyone,

Firstly, thanks so much to all those that took the time to read and to contribute.

My wife and I spent yesterday evening and all of today considering very carefully the excellent comments we received. We have discussed and made very clear to ourselves our goals for the short to mid-term and also visited the property area. Having done so, we feel that on balance the flat is very well suited to us, that we would feel gutted to lose it and, crucially, that we can see ourselves living there for at least five years, possibly longer if we need to. This includes if we have a baby in tow, the timeline for which may have been lengthened a bit.

We have decided to go ahead with the purchase, and not to seek a reduction as we are concerned that it is too late in the day to do so and that we are unlikely to achieve a material reduction without risking losing the property - further comments on this point very welcome!

Thanks once again to everyone who contributed. Any additional thoughts are most welcome.

Kynthia

paisted wrote: »

Hi Everyone,

Firstly, thanks so much to all those that took the time to read and to contribute.

My wife and I spent yesterday evening and all of today considering very carefully the excellent comments we received. We have discussed and made very clear to ourselves our goals for the short to mid-term and also visited the property area. Having done so, we feel that on balance the flat is very well suited to us, that we would feel gutted to lose it and, crucially, that we can see ourselves living there for at least five years, possibly longer if we need to. This includes if we have a baby in tow, the timeline for which may have been lengthened a bit.

We have decided to go ahead with the purchase, and not to seek a reduction as we are concerned that it is too late in the day to do so and that we are unlikely to achieve a material reduction without risking losing the property - further comments on this point very welcome!

Thanks once again to everyone who contributed. Any additional thoughts are most welcome.

If you like the place, can afford it, and believe it will meet your needs for five years then that's not a bad thing. The good thing is that you've given it serious thought and discussion, having taken on board many different views and tested your own assumptions. Good luck.

indianabones

I'm a FTB with a young daughter. Me and my wife have been looking at homes serious for 12 months and overall for almost 2 years. I'm getting very very desperate to get my own place. But despite this desperate situation, I'm holding off a little while to see what happens with the market.

You are going to be spending a ton of money, please don't proceed without forcing a reduction. If you lose the property so be it. These prices are not fair for us FTBs and if we keep going with them, aren't we slapping ourselves in the face?

Davesnave

indianabones wrote: »

You are going to be spending a ton of money, please don't proceed without forcing a reduction. If you lose the property so be it. These prices are not fair for us FTBs and if we keep going with them, aren't we slapping ourselves in the face?

As your own 12 month boycott of the housing market had no effect, how will the OP's decision have more influence?

Individual decisions obviously drive overall sentiment, but the OP owes nothing to you, nor are they responsible for ensuring 'fairness,' whatever that is.

The OP, having carefully considered their options, now has you attempting to drop a guilt trip on them. Nice!

Harper123

indianabones wrote: »

You are going to be spending a ton of money, please don't proceed without forcing a reduction. If you lose the property so be it. These prices are not fair for us FTBs and if we keep going with them, aren't we slapping ourselves in the face?

You can't force a reduction. You can ask for one. They can say yes or no.

peter_we

I think you will find the post Brexit boycott of the housing market will have just the effect predicted. Houses are worth less, just as the £ is -10% and our entire wealth is -10% because of it.

However, prices were falling before Brexit. Chelsea and Nine Elms had falls last year, Battersea vendors started cutting at the beginning of 2016.

Anybody who is buying now needs a minimum 5 year timescale, I am.

glasgowdan

OP i think you'll hate having a 1bed place with a kid, no matter how much you've tried to talk yourself into it.

A rightmove search within 3 miles of Lee throws up some frankly lovely semi detach and end terrace 2-3 bed houses with real gardens for kids to be kids in.

ukcarper

glasgowdan wrote: »

OP i think you'll hate having a 1bed place with a kid, no matter how much you've tried to talk yourself into it.

A rightmove search within 3 miles of Lee throws up some frankly lovely semi detach and end terrace 2-3 bed houses with real gardens for kids to be kids in.

Are you sure you are looking in right place. I had a quick look and didn't see much apart from those homewise properties.

indianabones

Davesnave wrote: »

As your own 12 month boycott of the housing market had no effect, how will the OP's decision have more influence?

The OP, having carefully considered their options, now has you attempting to drop a guilt trip on them. Nice!

Judging by the OPs situation it doesn't appear they've actually weighed the options up carefully enough. Seems pretty obvious to all of us that he's not gaining anything by proceeding. The property is not suitable for a family and it definitely is overpriced.

I'm not in a 12 month boycott lol. I'm a FTB looking for a suitable property and at the right price, unfortunately everything, absolutely everything is overpriced.

Had it not been for Brexit I may well have been forced into buying one these overpriced properties because the rents right now are even more absurd.

But Brexit has come and it gives us a bit of hope that the prices will come down.