Is buying a house a good idea?

buggy_boy

dunroving wrote: »

I just need to take a 10-minute walk around my area to see abundant evidence of this. Lots of people are building out, up, back, because local houses get snapped up so quickly (and often for such daft prices) that they've just decided to stay put and extend.

There has also been a relaxation of planning permission you can now build out something like 3-3.5m without needed planning permission...

Cars don't usually fit well in garages any more so this is usually a prime extension candidate if attached to the house.

PokerPlayer111

buggy_boy wrote: »

Cars don't usually fit well in garages any more so this is usually a prime extension candidate if attached to the house.

Do you or anyone know the approx cost of this idea:


Here is floor plan: https://imgur.com/a/l2m8WzE


- Single garage to be converted into a kitchen and former kitchen to be changed to a bedroom.



- Wall from living room smashed through to the garage with double doors put in to connect living room and kitchen.


- Velux windows in the new kitchen garage and patio doors from kitchen garage out on to garden.


Want to do as much work myself but im a learner DIYer right now. Cost thoughts?

Crashy_Time

buggy_boy wrote: »

Sales volumes mean nothing if there are not an increase of properties for sale... Just like with renting people are staying put for longer, probably because of the high cost of moving, also more people are extending rather than moving...

Sales volumes are an indication of the number of property sales that have happened rather than any sort of indication of price, there can be lots of reasons for low sales volumes but the only time it will have a knock on effect ...

http://www.rightmove.co.uk/news/wp-content/uploads/2018/04/Rightmove-House-Price-Index-16th-April-2018-Final.pdf

The number of properties per agent is exactly the same month on month as last year.... The average time to sell is pretty much exactly the same as last year. You are so blinkered with the headline of sales volumes falling as you are so desperate for a crash you ignore all other information which would give you the full picture..

Low sales volumes + emergency interest rates + stupidly high asking/headline prices just equal a broken market, and a market that won`t be able to take even the smallest of rate rises


https://www.cnbc.com/2018/05/21/goldman-dont-worry-about-rates-until-the-10-year-yield-nears-4-percent.html


Don`t panic!

dunroving

PokerPlayer111 wrote: »

Do you or anyone know the approx cost of this idea:


Here is floor plan: https://imgur.com/a/l2m8WzE


- Single garage to be converted into a kitchen and former kitchen to be changed to a bedroom.



- Wall from living room smashed through to the garage with double doors put in to connect living room and kitchen.


- Velux windows in the new kitchen garage and patio doors from kitchen garage out on to garden.


Want to do as much work myself but im a learner DIYer right now. Cost thoughts?

You might want to start a separate thread in the In My Home forum. Nothing to do with buying and renting (though doubtlessly someone will relate it to the impending house crash)

buggy_boy

Crashy_Time wrote: »

Low sales volumes + emergency interest rates + stupidly high asking/headline prices just equal a broken market, and a market that won`t be able to take even the smallest of rate rises


https://www.cnbc.com/2018/05/21/goldman-dont-worry-about-rates-until-the-10-year-yield-nears-4-percent.html


Don`t panic!

Your drop in sales volumes is less than the increase last year....

https://www.aol.co.uk/news/2018/03/06/report-reveals-increases-in-house-prices-and-sales-volumes-in-20/

Your so called emergency rates have been unchanged for the last 10yrs and looks unlikely to massively increase any time soon.

https://www.telegraph.co.uk/business/2018/05/17/interest-rates-could-stay-rock-bottom-another-decade/


Property prices are at an affordable rate because of the low mortgage costs and forecast to keep increasing...

https://www.propertywire.com/news/uk/house-prices-uk-forecast-increase-18-next-five-years/

I would add that at any time making such a large purchase as a property should not be taken lightly.... But trying to gamble and play the market has left a lot of people sad and bitter (Crashy time), even Crashy time will not tell you when a crash will happen and has been forecasting this for years...

Look at all evidence and your own situation as there is a massive variation, London has been overheated in years gone by and is now cooling however outside the south east we have not seen that overheated nature so a crash there is much less likely. There can even be massive variations from town to town for various reasons.

Crashy_Time

https://www.gov.uk/government/publications/uk-house-price-index-summary-march-2018/uk-house-price-index-summary-march-2018#sales-volumes


Sales volumes continuing their downward spiral.

hazyjo

Obviously not bothering to read any of buggy's post.


Less sales, but price increases over the last year. What the .... are you trying to say Crashy?!


It's a sickness, it must be :wall:


===================================


3.3 Average price by property type
Average monthly price by property type

Property typeMarch 2018March 2017DifferenceDetached£342,722£325,5395.3%Semi-detached£210,283£201,0564.6%Terraced£180,941£172,9904.6%Flat or maisonette£200,157£196,2472.0%All£224,144£215,0784.2%

jimbog

Crashy_Time wrote: »

https://www.gov.uk/government/publications/uk-house-price-index-summary-march-2018/uk-house-price-index-summary-march-2018#sales-volumes

From your link:

Mar-18 Mar-17 Difference

£224,144 £215,078 4.20%

Crashy_Time

hazyjo wrote: »

Obviously not bothering to read any of buggy's post.


Less sales, but price increases over the last year. What the .... are you trying to say Crashy?!


It's a sickness, it must be :wall:


===================================


3.3 Average price by property type
Average monthly price by property type

Property typeMarch 2018March 2017DifferenceDetached£342,722£325,5395.3%Semi-detached£210,283£201,0564.6%Terraced£180,941£172,9904.6%Flat or maisonette£200,157£196,2472.0%All£224,144£215,0784.2%

Do you understand how price (and credit availability) affects volumes?

Crashy_Time

jimbog wrote: »

From your link:

Mar-18 Mar-17 Difference

£224,144 £215,078 4.20%

Number of sales volumes by country

Country January 2018 January 2017 Difference


England 50,583 57,498 -12.0% N I 4,545 5,187 -12.4% Scotland 5,909 6,380 -7.4% Wales 2,834 3,056 -7.3%