Currently living rent-free with my parents - should I buy or wait until a "better" time?

BikingBud

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

Woolsery

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

The 'recovery' since 2008 has been a fantasy, with interest rates artificially held down, money printing and various cunning ruses  to increase access, but now the bankers seem to be out of options, the macroeconomic landscape has changed significantly and the future from the ordinary person's view looks worryingly hazy. We've come to expect growth, but it's not just the UK that's finding it elusive.

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now? They're helping to bolster our financial resilience, too. It's what families have always done in times of crisis.

MobileSaver

Woolsery said:

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now?

If them living with you is so great why would they ever want to buy their own place? Why not just live in your home permanently?

Woolsery

MobileSaver said:

Woolsery said:

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now?

If them living with you is so great why would they ever want to buy their own place? Why not just live in your home permanently?

You're misrepresenting my meaning. I didn't say it was 'great,' though we're lucky enough to have enough space. I'm saying it's a prudent measure, given the parlous economic times. Until things become clearer, nothing's being lost by waiting to see how the dice fall, particularly with regard to employment.

MobileSaver

Woolsery said:

MobileSaver said:

Woolsery said:

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now?

If them living with you is so great why would they ever want to buy their own place? Why not just live in your home permanently?

You're misrepresenting my meaning. I didn't say it was 'great,' though we're lucky enough to have enough space. I'm saying it's a prudent measure, given the parlous economic times. Until things become clearer, nothing's being lost by waiting to see how the dice fall, particularly with regard to employment.

It was a tongue in cheek comment to highlight that the right time to buy is when they need their own home rather than trying to time the market. Of course it's great that you can temporarily put them up while they continue saving for a deposit.

However, conversely, it's false economy waiting several years for boom times to come or house prices to fall if, for example, in the meantime your daughter's marriage falls apart because hubby is increasingly resentful about living with in-laws or your own relationships become strained for the same reason.

Woolsery

MobileSaver said:

Woolsery said:

MobileSaver said:

Woolsery said:

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now?

If them living with you is so great why would they ever want to buy their own place? Why not just live in your home permanently?

You're misrepresenting my meaning. I didn't say it was 'great,' though we're lucky enough to have enough space. I'm saying it's a prudent measure, given the parlous economic times. Until things become clearer, nothing's being lost by waiting to see how the dice fall, particularly with regard to employment.

It was a tongue in cheek comment to highlight that the right time to buy is when they need their own home rather than trying to time the market. Of course it's great that you can temporarily put them up while they continue saving for a deposit.

However, conversely, it's false economy waiting several years for boom times to come or house prices to fall if, for example, in the meantime your daughter's marriage falls apart because hubby is increasingly resentful about living with in-laws or your own relationships become strained for the same reason.

Every case will be individual, but returning to the OP, there was no suggestion of any strain in relations and there's none here. I dare say there might be if nothing were to change in a year or more. After all, we know even a few weeks can be a long time at certain addresses; there's one in London that comes to mind!

Gycraig

MobileSaver said:

Woolsery said:

MobileSaver said:

Woolsery said:

BikingBud said:

Gycraig said:

MobileSaver said:

Gycraig said:

MobileSaver said:

Gycraig said:

There is a massive difference between my bank stress testing me up to a 1200 pound a month on my mortgage and me and others actually wanting to pay that. 

You may not want to pay that but most people will prioritise paying for a roof over their head above paying for many other non-essential things.

Gycraig said:

Plenty of people I know who where ready for “the next step” are now staying at where they are. Only time will tell but I don’t see how it’s gonna be sustainable long term to have these interest rates / energy prices before everything crashes around us.  

It would appear that people you know are not representative of the general public. The latest official housing stats are out and just last month 100,000 people bought a house which is roughly the same number who bought a house every month for the last ten years.

It always amuses me when people predict "everything crashes around us" rather than the more likely and more obvious that prices will probably just stagnate, going up a little and down a little over the next few years.

Aren’t people buying a house now still likely to be on 2% ish mortgage offers ?/ likely to have offered a fair amount of time ago on the property ?

Possibly, who knows? Don't forget that a third of all property purchases are for cash, no mortgage involved and these people are happily putting their money where their mouth is.

Gycraig said:

People may still move but it will be to cheaper houses in general,

Where are all these cheaper houses going to come from?

Further down the housing pyramid ? When I was a first time buyer I bought a nice 2 bed for 138k at current rates I would have probably bought a 80k house and done some work or something, the higher up the ladder you go the more these interest rates are a kick in the face. 

The next level of house for me is going to cost triple what my current mortgage is costing me. I can’t afford that comfortably and I don’t think many families can. I’m possibly wrong but I don’t see how energy bills can quadruple, mortgages can go up 50-60 percent and house prices stay the same or go up. 

The property ladder is a fallacy, if the gaps are extreme there is no upward motion. 

One of my children was evicted by a landlord, keen to sell before the drop. She's returned home with her husband, and together they're saving at an even greater rate than the OP, knowing they won't be evicted again. Why on earth would they rush out and buy right now?

If them living with you is so great why would they ever want to buy their own place? Why not just live in your home permanently?

You're misrepresenting my meaning. I didn't say it was 'great,' though we're lucky enough to have enough space. I'm saying it's a prudent measure, given the parlous economic times. Until things become clearer, nothing's being lost by waiting to see how the dice fall, particularly with regard to employment.

It was a tongue in cheek comment to highlight that the right time to buy is when they need their own home rather than trying to time the market. Of course it's great that you can temporarily put them up while they continue saving for a deposit.

However, conversely, it's false economy waiting several years for boom times to come or house prices to fall if, for example, in the meantime your daughter's marriage falls apart because hubby is increasingly resentful about living with in-laws or your own relationships become strained for the same reason.

I can’t see it taking “years” most landlords forums / groups seems to have record amounts of people selling up as they just can’t make btl work on the current interest rates. 

Regarding becoming “resentful” it depends what the parents house is like really, my wife’s parents had a “spare” bedroom with an en-suite and a spare front room. Only thing we shared was kitchen.

Woolsery

tomsmithwrinch said:

If you're bored of living with your parents, yet you don't want to take the burden of mortgaging a property by yourself,

I don't think either of these thoughts were expressed in the OP.

 

user1977

Woolsery said:

tomsmithwrinch said:

If you're bored of living with your parents, yet you don't want to take the burden of mortgaging a property by yourself,

I don't think either of these thoughts were expressed in the OP.

I wouldn't expect a spammer to read the thread too carefully.

Woolsery

Having been 'on holiday' for a while, I was choosing my words very carefully!