Have I made a mistake purchasing a London new build?

tom9980

bobbymotors wrote: »

^^^^^^THIS^^^^^ALL^^^^DAY^^^^^LONG


Crashy...who has saved tens of thousands in mortgage payments by paying out more than tens of thousands in rent and has nothing to show for it except a tenancy agreement has no idea whatsoever. The simple fact is that our population is growing, we have a fairly benevolent democracy, money is, and will remain relatively cheap (ie <5%) for the foreseeable future, and since we are an island...
they cant therefore make any new ground.

There WILL be ups and downs in the property market. However I bought my first house in the 70s and to the best of my knowledge there has never been a time in modern history where houses have not gone up over a 10 year period - any 10 year period you like, be it 1972-82 76-86, 88-98 etc.

So...sell tomorrow, yes you will lose out
sell in 5 years you might lose out but doubtful
sell in 10 years never

Never? Are you really that sure? That seems as irresponsible as crashy and his antics to me.

glasgowdan

Its5more a case of taking advice from people who have knowledge of housing markets. Crashy knows a flat zero about it yet constantly gives out bad advice which isn't helpful to anyone

DaftyDuck

Well, I'd say more like a broken clock tells the correct time twice a day, Trashy is probably right, just only once every other decade.

He's. Corporal Jones' anti- doppelganger.... " Panic, panic..."

But he is our Trashy, and he should be nurtured.. Um neutered!

martinsurrey

Crashy_Time wrote: »

Basically you bought at the very peak of the biggest property bubble in history, which has been further pumped up by government/central bank intervention that is no longer politically or economically viable. Just pay down the debt before interest rates shoot up, and accept that you are going to lose money.

https://forums.moneysavingexpert.com/discussion/5029003

Crashy is a broken record, there is a thread from 3 years ago

Crashy_Time wrote: »

It`s value will be low soon enough. Just hold on a while longer.

Eventually there will be a correction, and Crashy will claim to have been right all along, but forget that they predicted the crash wrongly once a week for years, and the houses that have "crashed" are still above the price Crashy claimed was too high years ago.

armchaireconomist

Post-Brexit London is going to see a large downturn in yearly value increase due to foreign investors slowing down and a majority selling up. The market is already astronomically inflated.

You'll probably get your money back <5 years, but I wouldn't expect it to be increasing in value 10% year on year.

leslieknope

i don't know what the housing market is going to do but 460K for a 1 bed apartment makes my eyes water!!!

ReadingTim

london1990 wrote: »

...I was sick of living in rental accommodation in London which can be quite dire and I've put unthinkable sums of money into various landlords' pockets after years of living in London. So I was over the moon and very much looking forward to moving in somewhere safe, reasonably central in a good zone 2 neighbourhood.

However, I'm starting to fear that I may be stuck with this apartment for the rest of my life....

So you hate renting, but have got cold feet over buying. What then would your ideal solution be?

Sometimes you just have to choose the least worst solution, rather than the "best" one.

CM66

OP if it makes you feel better i brought a new build 7 years ago, its now valued at apx 80k more than i paid.

This whole fear mongering for buying a new build is completely unfounded. Of course there is always a risk but that's the same with any property.

Enjoy your new house!

gycraig_2

What's the alternative keep paying 15k a year into someone else's mortgage or whatever the rent was in London.

Even if it doesn't go up you will have thousands and thousands of pounds of equity

Mr_Costcutter

OP, in your situation I would have no regrets. Congratulations on what you have achieved to date - no mean feat at such a relatively young age.