Frustration of a market on a knife edge!

mrstinchcombe

I feel like I'm taking crazy pills!

I'm in an annoying situation and just venting my frustration. I'm 25 now, did the whole uni thing and now I'm in a job thats as recession proof as any other. Problem is I'm living with the folks still, thinking I can't sponge off them forever and because things are going well at work ideally its time for me to move out as a FTB.

Unfortunately for reasons everyone knows about now would appear a silly time to be buying a first home (which would be a 1 bed pokey flat in a crap area of Bristol), but thats no consolation cos I want to move out!

Anyone else in a similar situation?

chappers

plenty I should think, keep saving that deposit maybe house share if moving out is essential.Hold on for another few years and then jump in.

mrstinchcombe

Yeh cheers but I'm at an age where my folks want me to leave as much as I want to.

Although if I do move out now it means I'll have no social life as I would have bought a pokey place for a ridiculous amount of money eating most of my salary!

Griptool

mrstinchcombe wrote: »

I feel like I'm taking crazy pills!

I'm in an annoying situation and just venting my frustration. I'm 25 now, did the whole uni thing and now I'm in a job thats as recession proof as any other. Problem is I'm living with the folks still, thinking I can't sponge off them forever and because things are going well at work ideally its time for me to move out as a FTB.

Unfortunately for reasons everyone knows about now would appear a silly time to be buying a first home (which would be a 1 bed pokey flat in a crap area of Bristol), but thats no consolation cos I want to move out!

Anyone else in a similar situation?

Ehhh how about renting?

Got to be a no brainer

Gambler

mrstinchcombe wrote: »

Yeh cheers but I'm at an age where my folks want me to leave as much as I want to.

Although if I do move out now it means I'll have no social life as I would have bought a pokey place for a ridiculous amount of money eating most of my salary!

rent for 12 months or so?

pinkshoes

Do what most post-uni young people do - move into a house share, meet some new people, have fun, save money for a deposit, and buy a house when you've met the person of your dreams.

mrstinchcombe

Griptool wrote: »

Ehhh how about renting?

Got to be a no brainer

Nice pad in a nice area, without mentioning the obvious clcihe of dead money (although I just have) the £725pcm would look a lot better in my pocket than a strangers.

Renting just puts the saving for a deposit back too much for me to consider it.

pinkshoes

mrstinchcombe wrote: »

Nice pad in a nice area, without mentioning the obvious clcihe of dead money (although I just have) the £725pcm would look a lot better in my pocket than a strangers.

Renting just puts the saving for a deposit back too much for me to consider it.

It's not dead money if the interest on a mortgage is more than it'd cost you to rent...

1 bed flats aren't a good buy, as it's a really limited market. If you HAVE to buy, buy a 2 bed flat.

southernscouser

Mortgage interest is dead money aswell.

And it's not dead money if it's putting a roof over your head.

You could argue all the food and drink you buy is dead money. You only crap and pee it out.

It all depends on what you want. I'm in the same position as you. Would much rather pay my own mortgage than someone elses. But, I can't afford it. Simple as.

Lets just say you pay £8,500 in rent over the next year. If a pad costing £100,000 drops 10% you're effectively gonna be financially better off than buying now. Plus you've had a year to buy all the possesions you need for a house/flat! :think:

TBeckett100

renting isnt always dead money.

option 1 rent 2 bed house for 750pcm. after 12 months you have spent 12 x 750

option 2 buy 2 bed house, spend 12 x 750 on interest payments and realise you have lost some capital or even worse negative equity

Gonzo

I agree with the house share comment.

I used to pay £200 a month all in, (albeit 7 years ago) in a nice old house with a variety of people of a similar age. Made some friends, had a good time and it was cheap. Some housemates were good, some weren't, but as long as they're all young professionals etc there shouldn't be too many problems. There was always someone to go out with, or drink wine with whilst watching telly. Much better than living with the olds, and much cheaper than solo renting! I don't personally think Armageddon is coming house price-wise, but it makes sense to ride it out a bit until it settles. Either way, the prices sure don't look to be going UP anytime soon!