Russia/Ukraine

Lyd00

I know there are bigger things going on in the world, much of it I can't understand. Selfishly I'm worrying about being mid house purchase....is now the time to be skinting myself? (FTB, offer accepted, survey done and lots of maintenance needed within a very tight budget). 

Oil and gas prices going up, increasing our defence spending etc? Our we going to be badly affected?  

canaldumidi

You're going tohave to pay higher gas oil etc wherever you live.

And as no one can predict the future, just make your decision based on where you want to live.

Now - my oil tank's about 1/4 full which should last till end of spring, but do I top it up before the war pushes prices up further.....?

Vegastare

I feel there are many who will be concerned and will also turn the concern to what effects them....certainly for me it was the thought of petrol and heating ....then of course my thoughts came back down and I think of the folk in Ukraine.

I think these last few months have seen so much increase, but I would just feel your way and do what is urgent and take small steps with what budget you have.  While I have not been in your shoes for over 20 years I hope someone who is experiencing what you are will post soon.

Lyd00

Vegastare said:

I feel there are many who will be concerned and will also turn the concern to what effects them....certainly for me it was the thought of petrol and heating ....then of course my thoughts came back down and I think of the folk in Ukraine.

 

I know, I feel so selfish when I think about the bigger picture 🥺

boxer234

Your still going to need somewhere to live so renting or buying costs are going up.  

Lyd00

boxer234 said:

Your still going to need somewhere to live so renting or buying costs are going up.  

True, however at the moment I have a really good house share arrangement. The owner is in the army based abroad and rents his whole house to me and my dog for £550pm bills incl. He returns infrequently and when he does our dogs get along great as do we. I can afford a mortgage which is why I want to get on the property ladder otherwise I'd be more than happy staying here as it's a good set up. 

I worry I'd be outpriced if I wait any longer to get on the ladder, unless we think a crash is coming? 

canaldumidi

Lyd00 said:

boxer234 said:

Your still going to need somewhere to live so renting or buying costs are going up.  

...., unless we think a crash is coming? 

Yes but not till 23rd November 2023.....

easy

Lyd00 said:

I worry I'd be outpriced if I wait any longer to get on the ladder, unless we think a crash is coming? 

Personally,  I don't think there is a crash imminent,  but I do expect price stagnation now interest rates are starting to rise.  

boxer234

Lyd00 said:

boxer234 said:

Your still going to need somewhere to live so renting or buying costs are going up.  

True, however at the moment I have a really good house share arrangement. The owner is in the army based abroad and rents his whole house to me and my dog for £550pm bills incl. He returns infrequently and when he does our dogs get along great as do we. I can afford a mortgage which is why I want to get on the property ladder otherwise I'd be more than happy staying here as it's a good set up. 

I worry I'd be outpriced if I wait any longer to get on the ladder, unless we think a crash is coming? 

The crash will happen the day after I complete I should imagine.  On a serious note as long as you can afford the repayments and it’s a long termish move it will be ok.  My friends bought a house in 2008 the market crashed they ended up in negative equity stayed put now its worth double.  

Stubod

..I'm buying more toilet paper just in case....

[Deleted User]

Lyd00 said:

I know, I feel so selfish when I think about the bigger picture 🥺

It's natural to be concerned about how the situation will affect you, while having compassion for the people who are directly affected.

I am in a similar position to you, as a FTB in a very reasonably priced rental property. I wonder if now is the right time to buy. Certainly, we may be questioning that at ANY time, but now seems to be particularly challenging. Interest rates are rising, the stock market is low, energy prices are going up and the global situation is very strained. However, it is always the case that the future is uncertain. Things may (hopefully) improve, but equally, they may not.

Case in point, I was interested in a house back in 2020 but reckoned it wasn't the right time, with the pandemic at the forefront of everyone's minds. The house I was interested in then is back on the market and the sellers are looking for almost £30k more than they purchased it for in 2020. It is crazy, but who is to say in another two years, things will have improved? If you feel it is right for you and your budget will allow for mortgage repayments etc, it may well be the right time for you.