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FTB's - don't buy now!

2

Comments

  • geoffky
    geoffky Posts: 6,835 Forumite
    lee636 wrote: »
    Same here, im buying it to live in, 5 years, 10 years, 15 years, who knows or cares at the moment, just getting on the ladder as a FTB (enjoying it - sort of!! :rotfl:).

    There is no such thing as a housing ladder..you have watched too many crap programmes...
    It is nice to see the value of your house going up'' Why ?
    Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
    If you are planning to upsize the new house will cost more.
    If you are planning to downsize your new house will cost more than it should
    If you are trying to buy your first house its almost impossible.
  • sonastin
    sonastin Posts: 3,210 Forumite
    geoffky wrote: »
    There is no such thing as a housing ladder..you have watched too many crap programmes...

    Of course there is a ladder. Don't forget ladders can be used to climb down as well as up :D
  • Running_Horse
    Running_Horse Posts: 11,809 Forumite
    Part of the Furniture Combo Breaker
    edited 5 August 2010 at 7:14PM
    Of course there is a ladder. In an ideal world my first home would have been the nice village house I live in now. But most of us need to start more modestly; in my case an old terrace in a rougher area. That's the reality of this country's overpriced poor quality housing stock. You can sit and moan about it on sites like HPC, or you can get on the ladder and get on with your life.
    Been away for a while.
  • Eric1
    Eric1 Posts: 490 Forumite
    ~moneysavingnovice~ wrote: »
    I was spending £1,400 a month on rent, and will now be spending £900 a month on my mortgage.
    a no brainer then, but highly unusual for FTBs, not counting lottery winners
  • pickles110564
    pickles110564 Posts: 2,374 Forumite
    carolt wrote: »
    House prices likely to fall by a quarter in two years



    House prices in Britain could crash by 25 per cent before mid-2010, forecasters at Capital Economics have warned. That would wipe £45,000 off the value of an average house, currently worth £180,000.

    http://www.guardian.co.uk/business/2008/mar/30/housingmarket.houseprices

    Still spreading DOOM then carol, Mid 2010 gone and prices going up! Oh dear surely you did not miss the boat this time?
  • ~moneysavingnovice~
    ~moneysavingnovice~ Posts: 302 Forumite
    Eric1 wrote: »
    a no brainer then, but highly unusual for FTBs, not counting lottery winners

    I don't think it's that unusual for a FTBs mortgage to be less than their rent was, particularly in London?
    Mortgage£148,725 Student loan£13,050 HSBC loan£12,221
    AprGC:£/£320
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Well I am holding back and enjoying the price falls. I have spent 7 years saving a deposit to waste it by buying today. 6-9 months prices will be a lot lower and my deposit bigger.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • sinbad182
    sinbad182 Posts: 619 Forumite
    500 Posts
    Keep telling yourself that Brit, who knows, by 2018 you may actually have the bottle to make a move.
  • Eric1
    Eric1 Posts: 490 Forumite
    ~moneysavingnovice~ wrote: »
    I don't think it's that unusual for a FTBs mortgage to be less than their rent was, particularly in London?
    Didn't know that, maybe I should move to London :)
    The problem around here, SE outside London, seems to be that a lot of FTBs are over 30 and don't care about that ladder anymore, while younger ones who want to get on it have no deposits. A stalemate.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    sinbad182 wrote: »
    Keep telling yourself that Brit, who knows, by 2018 you may actually have the bottle to make a move.


    Maybe.

    If prices keep going down and my deposit gets bigger it is a win win situation.
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
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