I wanted to Buy a House In Cash for £600k but am not sure after brexit

iantojones40

What's the difference between the o.p. "wanting to buy at a future value" and many, if not most, vendors attempting to sell at a future value? i.e. having an asking price 20% more than what other comparable properties have recently sold for.

It seems to me that one of these people would be routinely vilified and castigated for their approach whilst the other would be broadly encouraged and wished the best of luck.

jimpix12

I'm not convinced this is a genuine post... But benefit of doubt etc, it doesn't sound like this is your "forever home" (hate that term) and you're looking at it from a financial investment perspective.

So assuming that is true, if it were me, I'd wait. I know other people have said you can't predict the market, which you can't, but your £600k might go so much further soon. It might not, but a lot of the ducks are aligning now, a lot of factors that haven't been seen since 2007/2008. People here will get angry and say they aren't, but do your own research. What you could have bought for £600k during that downtime would probably be worth closer to £1m now in Sutton Coldfield, although I don't know the area. In terms of investments, never buy at the top.

Crashy_Time

lush_walrus wrote: »

Why would prices fall? It's looking positive for post brexit deals with others. New Zealand China US Australia are keen to mention a few. Doors close and new ones open. If everyone stays employed prices stay high. 30 percent is highly unlikely there hasn't been a recession that has made a dip that great.

It wasn`t people having jobs that created the bubble in property though, it was a wave of cheap money made available to the public during the biggest credit binge in history, and the problems related to that unwinding are still there, Brexit (although a healthy sign that people are waking up to how they have been manipulated IMO) is just one factor among many other things that have to work their way through the system.

hazyjo

I wish I could have a go on their crystal ball - I'd be a millionaire


I'll hopefully be buying a house for cash (£400k-ish) next year. That cash is currently tied up in my current home. Makes no difference to me as both would go down. If I buy now and it's worth less in six months' time, or a couple of years' time, I don't think I'd be worried. No negative equity to worry about, and presumably it's a home not an investment.


In 10 years' time it'll probably be worth double what it is now (as is common). I tend to look at the bigger picture. I hate buying in a rising market as people can get greedy. A flat or slightly falling or uncertain market suits me fine.


Jx

Crashy_Time

iantojones40 wrote: »

What's the difference between the o.p. "wanting to buy at a future value" and many, if not most, vendors attempting to sell at a future value? i.e. having an asking price 20% more than what other comparable properties have recently sold for.

It seems to me that one of these people would be routinely vilified and castigated for their approach whilst the other would be broadly encouraged and wished the best of luck.

Well many on here were cheering them on until recently it seems........:D

Crashy_Time

hazyjo wrote: »

I wish I could have a go on their crystal ball - I'd be a millionaire


I'll hopefully be buying a house for cash (£400k-ish) next year. That cash is currently tied up in my current home. Makes no difference to me as both would go down. If I buy now and it's worth less in six months' time, or a couple of years' time, I don't think I'd be worried. No negative equity to worry about, and presumably it's a home not an investment.


In 10 years' time it'll probably be worth double what it is now (as is common). I tend to look at the bigger picture. I hate buying in a rising market as people can get greedy. A flat or slightly falling or uncertain market suits me fine.


Jx

Did you see a future buyer at 400k in your own personal crystal ball? Having cash and having cash "tied up" in a property are two different things.

Grenage

Crashy_Time wrote: »

Did you see a future buyer at 400k in your own personal crystal ball? Having cash and having cash "tied up" in a property are two different things.

But it's relatively quick to convert one to the other. If property goes down in value, the onward purchase is cheaper; if property goes up in value, the extra you'll pay is likely met by the extra you made.

Money in property is a good thing if you need somewhere to live.

If I'd left my money in the bank over the years, I'd be a relative pauper by comparison.

thesaint

Grenage wrote: »

But it's relatively quick to convert one to the other. If property goes down in value, the onward purchase is cheaper; if property goes up in value, the extra you'll pay is likely met by the extra you made.

Money in property is a good thing if you need somewhere to live.

If I'd left my money in the bank over the years, I'd be a relative pauper by comparison.

You are "debating" with someone with the moniker "Crashy Time".
I think it's fair to say they have predicted a HPC for a number of years, and are doubling down.

Crashy_Time

Grenage wrote: »

But it's relatively quick to convert one to the other. If property goes down in value, the onward purchase is cheaper; if property goes up in value, the extra you'll pay is likely met by the extra you made.

Money in property is a good thing if you need somewhere to live.

If I'd left my money in the bank over the years, I'd be a relative pauper by comparison.

Not for everyone, some people have been trying to "convert" their bricks for years with no luck.

Crashy_Time

thesaint wrote: »

You are "debating" with someone with the moniker "Crashy Time".
I think it's fair to say they have predicted a HPC for a number of years, and are doubling down.

Just glad I didn`t "double down" on BTL....