Is anyone still buying?

andycorleone

annetheman said:

I'm pushing ahead for 2 reasons: 1) low interest rates; 2) this is a long-term home for me.

I'm not *too* concerned if the value of the house goes down during the very probably global recession ahead, because it is intended to be a place for me to keep for at minimum 10 years, probably more.
Assuming there is a massive drop in house prices over the next 1-5 years, I am hopeful that in 10-15 years, I will still have built up some equity through my purchase so if I do wish to sell, it won't be at a loss.

Sorry but this is very hard to believe.  What are you so in a hurry in buying a property now? you don't need to be a magician to understand what is coming. Who on this earth don't want to buy something better or Cheaper? Every single economic forecast point to that direction 

annetheman

andycorleone said:

annetheman said:

I'm pushing ahead for 2 reasons: 1) low interest rates; 2) this is a long-term home for me.

I'm not *too* concerned if the value of the house goes down during the very probably global recession ahead, because it is intended to be a place for me to keep for at minimum 10 years, probably more.
Assuming there is a massive drop in house prices over the next 1-5 years, I am hopeful that in 10-15 years, I will still have built up some equity through my purchase so if I do wish to sell, it won't be at a loss.

Sorry but this is very hard to believe.  What are you so in a hurry in buying a property now? you don't need to be a magician to understand what is coming. Who on this earth don't want to buy something better or Cheaper? Every single economic forecast point to that direction 

It depends on your WHY - WHY are you buying a house?

The place I am buying is not a money-making move, I'm not buying it to sell in a few years or even ten years, and make money from. This is a long-term home for, hopefully even a generational investment that I will pass on to my currently non-existent children.

I've spent >£40,000 on rent in the last 4 years, and I can't pass any of what that bought me on to my loved ones.

If you're buying to make money from it, then please by all means continue to cower in your cave and hope nothing else goes wrong - you know, besides Brexit, COVID-19, the market crash, who knows what else is around the corner *shrieks in terror*

Chavy89

Sorry but this is very hard to believe.  What are you so in a hurry in buying a property now? you don't need to be a magician to understand what is coming. Who on this earth don't want to buy something better or Cheaper? Every single economic forecast point to that direction 

I dont see whats hard to believe im in the same boat im also pushing ahead with my buy as i aslo plan to stay in the property for a long time.

GixerKate

Chavy89 said:

Sorry but this is very hard to believe.  What are you so in a hurry in buying a property now? you don't need to be a magician to understand what is coming. Who on this earth don't want to buy something better or Cheaper? Every single economic forecast point to that direction 

I dont see whats hard to believe im in the same boat im also pushing ahead with my buy as i aslo plan to stay in the property for a long time.

Same here, hopefully get a good fixed mortgage rate and stay in the house long term. Fingers crossed everything goes ahead, am waiting for the solicitors to do their thing and then can exchange :-)

OldMusicGuy

andycorleone said:
Sorry but this is very hard to believe.  What are you so in a hurry in buying a property now? you don't need to be a magician to understand what is coming. Who on this earth don't want to buy something better or Cheaper? Every single economic forecast point to that direction 

Typical scaremongering. Nobody knows what is coming. It may be a period of lower growth followed by a strong recovery, it might be a recession, it may not be as bad as everyone predicts. If you need a house, the time to buy is now or over the next few months. We got a great deal on ours and it's a long-term purchase. 

It's probably not the time to buy if you are doing BTL or plan on flipping within 2 to 3 years but even having said that there will be some bargains to be had.

YoungDebtFreeWannabe

I am still buying, first time buyer but did re-negotiate my offer due to the economic uncertainty. 1st offer accepted at £255k but re-negotiated to £240k. 

onthemend88

We are still going ahead as FTB. We are buying this house as our forever home as we are both in our 30's with 3 children. 

We reserved the property last year at £249k, the builder we are buying from had them valued a few weeks ago at £296k so I am thinking this will work in our favour if house prices do crash in the fact that we have already purchased at a much lower amount than valued? Please feel free to correct me if I am wrong

mrsmsebastian

FTB here and we are still going ahead. I had email and text from Nationwide yesterday that an offer has been granted. I am just waiting for it to receive and hopefully exchange contracts with the seller as all searches has now completed.
We are so excited as this will be hopefully our lifetime home hence we chose a bungalow. We got it at bargain price as it has been in the market for quite sometime and the seller just want to get rid of it (their parents home I suppose).
Our future monthly payment for the mortgage is just the same as our current rent now but the difference is the house we are buying is way bigger, better and a lot of room to extend. 

ConfusedSeller

Completing next Friday. House is the cheapest on the street by significant numbers, the mortgage is very affordable and it's a project house anyway, so absolutely fine with our decision. My sale has fallen through, but am going to remortgage as a BTL which will cover me for now and reassess in a couple of years. 

akorn77

My residential purchase is at conveyancing stage - due to exchange end of April. If property prices drop more than 15% then I will pull out. 

I think a price drop up to 15% is sustainable, as it will gradually creep back up once the economy recovers. During the 2008 financial crisis they dropped 16%, but you cannot compare that crisis to Covid because this time round the government is providing huge stimulus and there is a chronic shortage of homes (coupled with growing population) which will only get worse as people remove their properties from the market due to Covid.