We have to move out soon and don't know whether to buy or not

Nenen

merlinthehappypig wrote: »

At only 5' 3" and no obvious redeeming physical qualities I'd say that was pretty unlikely.;)
What you lack in height is made up for in verility!

Even the surgeon reckoned that my body was saving everything up for that one remarkable effort. Apparently, one side growing back is very rare, both sides unheard of.
Obviously all the effort that should have gone into making you 6ft 5" went into joining those tubes back together!

Joking aside, at the time, it was a complete disaster. Three children is fine, but at four everything changes. You can't have a normal car for a start, unless you use the boot...........
Yes... I can undertsand that. We both desperately wanted four children but financially just couldn't do it... as you say you can manage in a 'normal' car and 3 bed semi with three children but more than that in today's society is very difficult if you haven't got plenty of money!

I can still remember the night my mother-in-law found out about number five (she had been rooting through my wife's wardrobe for reasons of her own and found the maternity dresses). I was doing a concert that night and had to perform with this sour-faced old lady glaring at me like Medusa from the second or third row.

No doubt she thought you had 'forced' her 'little girl' into having your wicked way with her and her dd had no say in the matter! My mum's sister had six children and was so worried about what her mum would say when she was pregnant with her 5th that she persuaded my mum to insist on very unfashionably full bridesmaids dresses so that she could still be matron of honour and squeeze into the dress at 6 months pregnant while hiding it from their mother until after the wedding to prevent family warfare!

PS: sorry to OP for going sooooooooo off topic... Have you made any decisions yet?

IveSeenTheLight

bigjoe wrote: »

According to ONS, "Gross incomes include income from employment, self-employment, pensions, investment income, and cash benefits. The median gross household income in 2004/05 was £24,700 per year. The mean household gross income was £31,884 per year."

Okay we are a couple of years on, but wage inflation hasn't exactly been rocketing.

Taking even a mean figure of say 35k, that's a JOINT income - banks lend less multiples on joint incomes. Even 4x that is only 140k. And you were the one who said you might only get 3x these days. And that only comes to 105k. Half of what you reckon people can easily afford to pay.

I thought I had read somewhere that the UK average wage was 30K, however from a quick search it appears that the median weekly wage (according to ONS) is 457 pounds, meaning approx 23,800 per year.
Jointly this would make approx 47,600 per year, so 4x multiple is 190,400 or 3.5x multiple is 142,800

I believe the days of easy credit are gone and we will revert to the times when families bought 3-4 bed property. This may reduce demand and in turn affect prices, but the mentality today of concentrating on careers and staying single for longer means that this may not happen.

Maybe single people will come together to buy (I think this is a recipe for big problems), or maybepeople will rent for longer as in Europe

It all remains to be seen what happens in the future.

IveSeenTheLight

IveSeenTheLight wrote: »

I thought I had read somewhere that the UK average wage was 30K, however from a quick search it appears that the median weekly wage (according to ONS) is 457 pounds, meaning approx 23,800 per year.
Jointly this would make approx 47,600 per year, so 4x multiple is 190,400 or 3.5x multiple is 142,800

I believe the days of easy credit are gone and we will revert to the times when families bought 3-4 bed property. This may reduce demand and in turn affect prices, but the mentality today of concentrating on careers and staying single for longer means that this may not happen.

Maybe single people will come together to buy (I think this is a recipe for big problems), or maybepeople will rent for longer as in Europe

It all remains to be seen what happens in the future.

BBC ran an article in 2005 for London boroughs.
Given these were 2 years ago, maybe it goes a long way to explaining London house prices

http://news.bbc.co.uk/1/hi/business/4319239.stm

carolt

IveSeenTheLight wrote: »

I believe the days of easy credit are gone and we will revert to the times when families bought 3-4 bed property. This may reduce demand and in turn affect prices, but the mentality today of concentrating on careers and staying single for longer means that this may not happen.

Maybe single people will come together to buy (I think this is a recipe for big problems), or maybepeople will rent for longer as in Europe

It all remains to be seen what happens in the future.

Sorry OP, off topic. But interesting to see you've changed your tune of late, IveSeenTheLight. Does that mean you also expect to see price falls in your neck of the woods?

I certainly hope your predictions come true. Interesting times.

fc123

Nenen wrote: »

Is there any way you could accept MIL's kind offer of 20K but just take a few months to find a suitable property and therefore benefit from both MIL's money and drop in prices?

In 6 months time hopefully prices will have come down a bit... according to Rightmove, average asking prices fell by 0.8% last month so in 6 months they might have dropped 4%+ which would make a difference of £6,000+ on the kind of house you are looking at. Every little helps

If you decide to buy now, I'd certainly go for a smaller house in a nice area with potential to extend in a few years. Hopefully, by the time the children are a bit older you will be able to be earning more yourself to afford to extend.

The thing I really don't understand is why MIL is making this a 'once only' offer and why your BIL is so sure that prices are going up and you MUST get on the ladder! Has he any real knowledge of the situation? I can't help but feel he must have some vested interest of his own to be putting you under all this pressure! Has MIL promised to give him 20K too when she gives it to your dh and you? Why is your MIL so determined to make you buy straight away and not rent for a while and wait a few months?

We have been in angst over "the right time to sell, right time to buy" issue, and thanks to all the helpful posters on this board. I read the opinions, I trawl through FT links (really trying to understand the content and message....and failing mostly) in an attempty to "guess" the market in the future.

I am concluding slowly (very slowly :rolleyes: and reluctantly) that the "right time" to buy is dictated by ones family needs. Affordability is, obviously, the most impt. factor.
If OP waits for prices to go down, she may be able to purchase MORE for the money, but MIL seems to want to hurry on the move.

We bought 1st house in 1990 (desp to leave LA high rise); WRONG time in the market but RIGHT time for our family.
If we had waited a further 2 or 3 yrs we could have purchased in a better area for schools OR got a larger house (for same ££).......but I would have gone crazy.

House 2 bought in 1996; RIGHT time. We traded up at the point where the extra debt we took on was the lowest it would be between the 2 properties.
(Had it been in 2005, we could not have afforded the trade up as the gap between sale and purchase price was too great due to HIP).

If it is the right time to settle (you mention 5 moves in 5 yrs with kids :eek: )
and the sums add up plus there is a gift from MIL.......sounds like it is the right time to purchase a home.

You sound like you can drive a hard deal and aren't going to let EA spin you any lines.
In 1990, they were convinced prices were "levelling", saw house for £70k...had just been reduced from £80k...Ea said no way is this going for less. 60 was our max, went around to chat to owner and he accepted.


Get a mortgage quote, do lots of viewings in the locations that offer the schools, facilities that you want for your family...........a 2 bed with the potential to extent into loft or out the back could be a possibility.

Financial reasons to rent look like the best option when written down.........but your own place to live in, unhassled and undisturbed (by a 20 yr old with a clipboard every 3 months) will be less stress.

Good luck with your decision:D