Should I continue with house purchase?

Bossypants

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

graphs

Bossypants said:

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

I hope things work out. Buying at the peak is always a very dangerous game. You have my sympathies.

Crashy_Time

Ozzuk said:

The impact on house prices as a result of QE is well documented.  Low interest rates have certainly helped the market but are you suggesting that is the only factor?  Clue...it's not.  I've haven't encouraged any, I've no agenda, I said the government will need to QE, I didn't say if that was good or bad (the impact on inflation is a strong negative for instance).  I agree we are heading for choppy waters, but in my non-professional opinion the impact to the housing market will be a pause in sales (of course) then it will likely bounce quite quickly.  Of course it may not, but people need places to live - renting could even be less attractive going forward, and with rates at historic low people could rush to secure 5 and 10 year fixed rate mortgages, which will reduce risk and reduce housing stock.

There is a lot to challenge in your post, but can you tell us why the "pause" in sales from peak transactions before the original crisis took over ten years, sales now are half what they were back then?

JayRitchie

Crashy_Time said:

There is a lot to challenge in your post, but can you tell us why the "pause" in sales from peak transactions before the original crisis took over ten years, sales now are half what they were back then?

Lower volumes due to the massive increase in buy to let. Twenty years ago if you looked at a block of 100 flats there would always be several for sale, now there are likely none at all but plenty of signs for rental.

Crashy_Time

Bossypants said:

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

If things get bad that will give you exactly zero advantage over anyone else, and if it turns out you did buy at the peak could also be a very costly financial decision.

Bossypants

Crashy_Time said:

Bossypants said:

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

If things get bad that will give you exactly zero advantage over anyone else, and if it turns out you did buy at the peak could also be a very costly financial decision.

I don't need 'an advantage over everyone else'. If I could give everyone else on the planet a cosy place to make a home of their own, I would. Not everything of value can be bought and sold on the open market, and personally I place value in being able to spend at least part of my limited time on earth in surroundings which bring me pleasure.

Thrugelmir

anonymous12124 said:

 If banks want 40% deposits now, that shuts off a vast majority of people from the market, 

Did you read the full article or simply take the headline at face value? 

Bossypants

graphs said:

Bossypants said:

Crashy_Time said:

Bossypants said:

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

If things get bad that will give you exactly zero advantage over anyone else, and if it turns out you did buy at the peak could also be a very costly financial decision.

I don't need 'an advantage over everyone else'. If I could give everyone else on the planet a cosy place to make a home of their own, I would. Not everything of value can be bought and sold on the open market, and personally I place value in being able to spend at least part of my limited time on earth in surroundings which bring me pleasure.

Until it's taken away because you bought at precisely the wrong time.

Even if it is 'taken away' (pretty extreme language there btw) tomorrow, that doesn't erase the pleasant time I spent here. Most good things in our lives will eventually come to an end one way or another, be it homes, relationships, careers or our good health. Are you not going to pursue those things in your life just because you can't be guaranteed they'll last as long as you might want them to?

noddynoo

I've just pulled out after taking advice from someone in the city who works in property and insurance. I was planning to go ahead but even when seller offered 5k of he said no as thinks prices will be 20% down at least by Christmas and as this is not a forever home I decided to wait 

JessJ23425

Bossypants said:

Crashy_Time said:

Bossypants said:

graphs said:

Those saying go ahead have just gone ahead themselves before the virus hit and are deaperately trying to justify their badly timed decision. Pull out now!

Actually, I was just sitting here thinking how pleased I am that I was able to buy my house just under a year ago. Sure, the value may tank temporarily, but in the meantime I am far, far more comfortable in my space than I would have been otherwise, my own little house with my own little garden to potter in while riding out these difficult times. Wouldn't change that decision for the world, I can tell you!

If things get bad that will give you exactly zero advantage over anyone else, and if it turns out you did buy at the peak could also be a very costly financial decision.

I don't need 'an advantage over everyone else'. If I could give everyone else on the planet a cosy place to make a home of their own, I would. Not everything of value can be bought and sold on the open market, and personally I place value in being able to spend at least part of my limited time on earth in surroundings which bring me pleasure.

Completely agree, of course no one *wants* to have a house worth less than they paid in 6 months time, but for many of us on this forum it's not all about money. Lots of investor / business people on this forum scaring FTB and others recently.

Seriously @Crashy_Time talking about someones house being repossessed, come on!! You've no idea of his circumstances and I'm sure they haven't just completed a house purchase if they thought there was a risk of this. Get a grip!!