God am glad...

neas

I didn't buy a house 5 months ago... I decided to rent with my fiancee first before purchasing... we had 20k deposit on a 130k 2 bedroom FTB house... and could 'afford' the monthly repayments (around 700 quid)... but decided we could do with less hassle if we rented while we planned for our wedding.

I can only imagine the grip of fear that a FTB or somenoe who has just moved property will fear now.... the uncertainty... its a little unfair .

Thats the sorry state of capitalism isn't it? For me to benefit from lower house prices... I have to see others misery?

But also during the HPI I have had misery added to me through overvalued houses.... while the homeowners have seen their houses double.

Swings and roundabouts comes to mind...

I'm hoping.. and yes in a selfish way that this crash reduces prices to a more managable level, that lenders don't lend to those that can't afford and that more control is placed on stopping this "Boom and Bust" kind of economics.

pinkshoes

Not really.

Those FTBs that have bought a sensible home, where mortgage interest was less than rent, and they plan to stay put for a long time, then it doesn't matter what happens to prices.

My parents bought at the peak before the crash in the late 80s for £80k, and 20 odd years on, their 5 bed detached house is now "worth" around £350k.

And personally, if I'd have to have spent another 12 to 24 months in rented accomodation, I would have gone nuts! It hurts coughing up £800 a month when I know the mortgage interest was much less! The flat I lived in has since been sold, so I would have had to move again too.

So there's no need to feel sorry for FTBs Neas, as some of us are very content!

Good luck with the wedding though! Probably a wise decision holding off buying if you're getting married, as it always cost double what anyone ever expects it to!

I think wedding prices have increased more than house prices!!

shaaark

Aww man, I'm getting a bit down in the dumps about buying my first house now. I have the number for a financial advisor that I need to ring and see how much I could borrow but everyone's telling me not to bother and to wait. We could easily live in our accomodation for another year, but we're just running out of space and getting quite antsy.

Guess I'll just see what the FA has to say and if he recommends to wait then I'd take his advice. BAH!

JonnyBravo

neas wrote: »

I'm hoping.. and yes in a selfish way that this crash reduces prices to a more managable level, that lenders don't lend to those that can't afford and that more control is placed on stopping this "Boom and Bust" kind of economics.

Stop Boom-Bust?? Has ever been thus.... don't see any reason to assume it will be, let alone can be stopped.


So long as someone, some company etc somewhere is trying to do better than the average (egs an individual with their wage demands or a company with their yearly profit) then boom-bust is the inevitable outcome.
The only variations are the sizes of the booms and the sizes of the busts!! (oo-eerrr mrs)

neas

Im managing to save for a house will paying for a wedding. Total wedding cost+ hoenymoon for myself and the partner comes to about 3k + honeymoon spending money.

I know of a couple people who took the leap half a year ago.. and they appear really sensitive about house prices... its tough trying to not sound happy about dropping prices when i can see it in their eyes that they are !!!! scared of the future.

dannyboycey

neas wrote: »

Im managing to save for a house will paying for a wedding. Total wedding cost+ hoenymoon for myself and the partner comes to about 3k + honeymoon spending money.

Good for you! You sound like your head is screwed on the right way. :cool:

neas

its got to be in these climates, thankfully my partner and I are of a similar mindset, she doesn't waste money at all... We saving money with coupons, switched bills etc... and neither one of us use a credit card...

Were contemplating getting a tesco credit card for the extra points and paying the bill at every month.

pavlovs_dog

neas wrote: »

Were contemplating getting a tesco credit card for the extra points and paying the bill at every month.

i applied for one to

1. build up a credit rating. getting credit with no rating is almost as hard as getting credit with a bad one!

2. take advantage of the extra clubcard points.


i clear the balance in full each month, manage the account responsibly, and other than the online account being slow to update i have no complaints

bunnydrumming

Well I share your gladness glad as I have just sold my house after it has been on the market for 11 months. I paid 52K for it 11 years ago and sold it for 138K so not bad going.

:beer:

I have moved to a new city and so I am happy to rent for a year or so until the property market settles down - also by signing to rent for 12 months instead of 6 months the landlord will drop rent from £575 to £525 saving me £600 over the year.

After 11 months of worry about selling my house I feel so relived! YEAH!!!!:T

Zammo

pinkshoes wrote: »

Not really.

Those FTBs that have bought a sensible home, where mortgage interest was less than rent, and they plan to stay put for a long time, then it doesn't matter what happens to prices.

Horsep1ss.