Is it stupid to buy a house right now?

Splatfoot

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Exactly. As long as it's not just a short term property. I bought not long before the last crash and have certainly not lost. If I'd been renting for the last 13 years though, that definitely would have been around £160,000 down the drain. As well as the money aspect, there is also the security aspect. Being able to decorate, personalise and make a house a home without fearing in a few months time, you might have to leave. That's worth a million. 

Unicorn_cottage

Splatfoot said:

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Exactly. As long as it's not just a short term property. I bought not long before the last crash and have certainly not lost. If I'd been renting for the last 13 years though, that definitely would have been around £160,000 down the drain. As well as the money aspect, there is also the security aspect. Being able to decorate, personalise and make a house a home without fearing in a few months time, you might have to leave. That's worth a million. 

@Splatfoot - 100% this! I don't want anything to do with scummy landlords who won't fix anything and let the property go to rack and ruin. 

Crashy_Time

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Two years ago people still thought that if the remainers kept shouting the democratic will of the country was going to be over-turned, many people no doubt made daft debt decisions off the back of this sentiment....fast forward to now and the sentiment/economic situation is vastly different to two years ago, so why would a decision you made two years ago be relevant in any way to someone buying now? To be fair there are posters who bought in the 90`s who constantly try to extrapolate that experience to now, and hopefully most people see that for the woeful advice it is, so you are not a worst offender, it`s just that you make the mistake of thinking that a decision that was good for you in the past will automatically be good for someone now.

Crashy_Time

Splatfoot said:

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Exactly. As long as it's not just a short term property. I bought not long before the last crash and have certainly not lost. If I'd been renting for the last 13 years though, that definitely would have been around £160,000 down the drain. As well as the money aspect, there is also the security aspect. Being able to decorate, personalise and make a house a home without fearing in a few months time, you might have to leave. That's worth a million. 

Actually it isn`t, and most people don`t move rental every few months, that is just a myth people with big mortgages peddle to make themselves feel better.

dani17

@Crashy_Time. In that case, you think that landlords are stupid people and losing money for several years without noticing?

Crashy_Time

dani17 said:

@Crashy_Time. In that case, you think that landlords are stupid people and losing money for several years without noticing?

Many are total mugs losing money every month, some are obviously not, but how does that relate to the points I made?

Splatfoot

Crashy_Time said:

Splatfoot said:

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Exactly. As long as it's not just a short term property. I bought not long before the last crash and have certainly not lost. If I'd been renting for the last 13 years though, that definitely would have been around £160,000 down the drain. As well as the money aspect, there is also the security aspect. Being able to decorate, personalise and make a house a home without fearing in a few months time, you might have to leave. That's worth a million. 

Actually it isn`t, and most people don`t move rental every few months, that is just a myth people with big mortgages peddle to make themselves feel better.

Not where I live it isn't. Unless you're in council housing, which there is a 10 years long wait for, many of my friends have been in rented and had to move numerous times. In fact, one of them was so fed up after her and her family ended up in hostels (landlords do not like people with lots of kids and she had 4), that they bought a van and lived in that for over a year.  The only people in rented I know, who are secure, are those with a council house. When this house I live in, is sold, and we buy our next, I will be mortgage free and own a property outright. That's peace of mind for my old age. How about you?

Splatfoot

Crashy_Time said:

Splatfoot said:

Moxley said:

Why is there a certain faction on here that takes it completely as read that homeowners are all desperately afraid of a price crash? I bought my home two years ago, and intend to live here for at least another decade. It makes zero difference to me whether prices go up or down in that time, as long as I continue to earn enough to keep paying my mortgage.

The HPC gang make the mistake of thinking everyone else is as obsessed with prices and getting the best deal possible as they are.

To the OP, I just echo the advice of others on this thread. As long as you feel secure in your ability to keep paying the mortgage, and expect to want to live there for a decent amount of time, it’s absolutely not silly to buy right now.

Exactly. As long as it's not just a short term property. I bought not long before the last crash and have certainly not lost. If I'd been renting for the last 13 years though, that definitely would have been around £160,000 down the drain. As well as the money aspect, there is also the security aspect. Being able to decorate, personalise and make a house a home without fearing in a few months time, you might have to leave. That's worth a million. 

Actually it isn`t, and most people don`t move rental every few months, that is just a myth people with big mortgages peddle to make themselves feel better.

Also, I didn't say every few months.  I said a few months after decorating. Being in somewhere for 5 years and having to move when your kids are settled, is even worse.

robbiebgc

The perfect house for us came up during lockdown and while I was on furlough. Although the timing wasn't great we decided to go for it, managed to get an offer accepted at slightly below valuation and we then listed our house. We were unsure of the demand but managed to sell for over the valuation within 5 days. I am now back to work tomorrow, new mortgage has been accepted and move in date early August. Couldn't have worked out any better and planning to make this our forever home. 

Scotbot

The BoE money and credit release is out for May.  https://www.bankofengland.co.uk/statistics/money-and-credit/2020/may-2020. Households saved a record £26 billion in May, the total deposited including businesses was £52 billion. Consumers paid off more than they borrowed. In April consumers saved around £20 billion. So not everyone is struggling as much as the price crash brigade thinks they are.