Is this buyers remorse?

seashore22

I thought "what have we done?" when I entered our current home on the first day.

I loved it before and I love it now.

It's a normal response to seeing all your packed up belongings in somewhere that isn't yet home. When you consider how stressful buying and selling houses can be it's not at all surprising that you have a slump at the end of that process. A bit like post wedding blues.

bertiewhite

Tiners wrote: »

I honestly can't see how any ftber could feel anything other than buyers remorse when buying into this current market, never before have people had to commit such large proportions of their income for quite possibly their entire working lives in order to buy a house and service the mortgage.

'

But if they'd stayed in rented accommodation they'd probably be paying more in rent and for the rest of their lives, well into retirement.

seashore22

Tiners wrote: »

I honestly can't see how any ftber could feel anything other than buyers remorse when buying into this current market, never before have people had to commit such large proportions of their income for quite possibly their entire working lives in order to buy a house and service the mortgage.

It must be truly gutting when you look at just one generation ago, when you could buy typical ftber house for only 2x average income and have the mortgage paid off by middle age and/or be able to move up the ''property ladder''

I'm sure the op will love that cheery little post.

I am the previous generation and the idea of 2 x salary houses is laughable. It was more like 3 1/2 times, which admittedly isn't as bad as today, but then we had to live through 17% interest rates too. Somehow we survived and still loved our houses.

Hope the move goes well op and it will all feel so much better when you are in and unpacked.

Edit - I think it's safe to ignore the quoted post. He/she seems to be a crashy clone and is intent on spreading doom and gloom and bitterness about the housing market.

moneyistooshorttomention

Tiners wrote: »

I honestly can't see how any ftber could feel anything other than buyers remorse when buying into this current market, never before have people had to commit such large proportions of their income for quite possibly their entire working lives in order to buy a house and service the mortgage.

It must be truly gutting when you look at just one generation ago, when you could buy typical ftber house for only 2x average income and have the mortgage paid off by middle age and/or be able to move up the ''property ladder''

Some of us got there 40 years ago to that position! Decided to buy starter house 40 years back. Wasnt able to buy it until 30 years back and then had one heck of a burden (courtesy of a Terrible Trio - of single, poorly-paid and in a dear part of the country). Single was the killer one. The starter house would have turned up on time (rather than 10 years late) and the housing ladder climbed as per plan if I'd been married - despite the poor pay and dear area.

Then the interest rates (at normal level - rather than the extremely low level they are still at at present) shot up within months of buying the starter - and OhMyGawd!

Crashy_Time

Tiners wrote: »

I honestly can't see how any ftber could feel anything other than buyers remorse when buying into this current market, never before have people had to commit such large proportions of their income for quite possibly their entire working lives in order to buy a house and service the mortgage.

It must be truly gutting when you look at just one generation ago, when you could buy typical ftber house for only 2x average income and have the mortgage paid off by middle age and/or be able to move up the ''property ladder''

And then suddenly the media stops banging the "Prices are going to the Moon" drum as well. All very strange and unsettling....


http://www.independent.co.uk/voices/housing-market-property-london-south-east-burst-bubble-inflation-home-owner-a7918556.html

Crashy_Time

moneyistooshorttomention wrote: »

Some of us got there 40 years ago to that position! Decided to buy starter house 40 years back. Wasnt able to buy it until 30 years back and then had one heck of a burden (courtesy of a Terrible Trio - of single, poorly-paid and in a dear part of the country). Single was the killer one. The starter house would have turned up on time (rather than 10 years late) and the housing ladder climbed as per plan if I'd been married - despite the poor pay and dear area.

Then the interest rates (at normal level - rather than the extremely low level they are still at at present) shot up within months of buying the starter - and OhMyGawd!

Doesn`t change the fact that the present debt/credit bubble on property and cars among other things is FAR bigger than back then with many more people stretched to the limit, and the fallout is going to be far more damaging as well, IMO.

chelseablue

Yes its normal and in my case no it doesn't pass :rotfl:

I only moved to my house in February 2016 and I'm already looking at Rightmove for the next one.

But realistically I'll be in my current house about another 5 years

Tiners

seashore22 wrote: »

I'm sure the op will love that cheery little post.

I am the previous generation and the idea of 2 x salary houses is laughable. It was more like 3 1/2 times, which admittedly isn't as bad as today, but then we had to live through 17% interest rates too. Somehow we survived and still loved our houses.

Hope the move goes well op and it will all feel so much better when you are in and unpacked.

Edit - I think it's safe to ignore the quoted post. He/she seems to be a crashy clone and is intent on spreading doom and gloom and bitterness about the housing market.

Not laughable at all,

I'm also from that generation, bought a nice 2 bed terrace in a lovely market town on the edge of the Peak District in 2001 on a single, part-time, unskilled wage,
Paid the mortgage off in 12 years and the house is now worth over 3x what I paid for it and I could no longer afford to buy it at today's prices, even though I'm now on a full-time, skilled wage.

I'm not offering any kind of case for renting v buying, all I am saying is that anyone who isn't despondent at having to pay current govt/BoE policy driven inflated prices for a house must be a bit dim or at least very ill-informed.

(You'll have to explain how any of that makes me a ''crashy clone'')

ReadingTim

Tiners wrote: »

I'm not offering any kind of case for renting v buying, all I am saying is that anyone who isn't despondent at having to pay current govt/BoE policy driven inflated prices for a house must be a bit dim or at least very ill-informed.

Being despondent at having to pay current govt/BoE policy driven inflated prices for a house is "being bit dim or at least very ill-informed" if you fail to consider whether the alternative (renting) is any better. Many consider that it is not.

Crashy_Time

bertiewhite wrote: »

But if they'd stayed in rented accommodation they'd probably be paying more in rent and for the rest of their lives, well into retirement.

They won`t be caught out, and financially ruined, if interest rates rise or the property market properly crashes though? Many mortgage holders will ride it out, they just won`t have the choice of moving to get on with their lives, but many (esp. London and the South) will have borrowed amounts that they just can`t service in a recession or rates rising environment? The problem with being attached to big debts (500k for a London shoebox in a sketchy area anyone?) is that you are stuck with that debt whether the market or interest rates go North or South. (And interest rates can`t go much further South can they?)