Bloor Homes

SquatNow

sarah500 wrote: »

I never actually said I was buying now - I said i'd been looking and am interested in other peoples findings. I could wait 7 months and then they shoot back up - it could go either way. It's a gamble on both sides.

No I'm sorry it's not. Prices are NOT going to "shoot back up again" it just isn't mathematically possible. Even the government admit that average prices will drop AT LEAST 10%. That means 10% OR MORE, not UP TO 10%.

You are wise for waiting until your carreer is stable enough to buy, but like me you are now in a position where to buy would be absolute folly.

You may as well borrow £20,000, put it in a basket and set fire to it.

If you're really convinced by the estate agents that prices will "bounce" then wait 7 months and see what happens. You know prices will drop over the next 7 months. Wait, save up a bigger deposit, and see what's happened over 7 months.

Also worth noting that to buy a £200,000 new build, you'll need £40,000 deposit. So unless you have £40,000 deposit handy, the entire argument is irrelevent.

sarah500

SquatNow wrote: »

No I'm sorry it's not. Prices are NOT going to "shoot back up again" it just isn't mathematically possible. Even the government admit that average prices will drop AT LEAST 10%. That means 10% OR MORE, not UP TO 10%.

You are wise for waiting until your carreer is stable enough to buy, but like me you are now in a position where to buy would be absolute folly.

You may as well borrow £20,000, put it in a basket and set fire to it.

If you're really convinced by the estate agents that prices will "bounce" then wait 7 months and see what happens. You know prices will drop over the next 7 months. Wait, save up a bigger deposit, and see what's happened over 7 months.

Also worth noting that to buy a £200,000 new build, you'll need £40,000 deposit. So unless you have £40,000 deposit handy, the entire argument is irrelevent.

I'm not having an argument - i'm simply asking for other views. It's funny that i'll need £40k deposit when i've already had a mortgage agreed on £200k with a deposit for less than that!

what i'm saying is there are fluctuations either way - you don't know whats going to happen for sure. Again i'm not buying now simply looking at my options and gathering advice.

I'm here to get advice and discuss with other people - you are simply asserting the fact that what you think is going to happen. I hope they do drop a bit more so I can get more for my money. But for me buying a house is long term investment so i'd expect to take the rough with smooth. I just have to time it right thats all.

Once again - thanks for your advice and i've taken it onboard. Being an accountant i'm trained to look at the risk and return of any investment or expenditure, so believe me I have already thought of the worse case scenarios and for people that know me I do not part with cash unless I've weighed up all the pros and cons!

Again, i'll reiterate, i'm gathering opinions - I am not buying house tomorrow -I am going to see what happens. I'll more than likely wait another 9 months and save up some more money as the site i'm looking at his half way through anyway with another 4 of the house type I like left to be built - with another 2 as stock houses. So hopefully when the time is right I'll buy one!

Your lecture has well and truly been noted - thankyou.

Treadmill

sarah500 wrote: »

Where are you looking at?

Hampton Hargate, Peterborough.

I'm looking at a few developments with different builders, I want to keep my options open.

Treadmill

SquatNow wrote: »

Also worth noting that to buy a £200,000 new build, you'll need £40,000 deposit. So unless you have £40,000 deposit handy, the entire argument is irrelevent.

Not true, my bulding society will loan 90% LTV on a new buld and there are lenders that will loan 95% LTV.

The fact you are grabbing figures out of the air doesn't make your argument any more credible you know...

sarah500

Treadmill wrote: »

Hampton Hargate, Peterborough.

I'm looking at a few developments with different builders, I want to keep my options open.

i've looked at lots around where I live - my boyfriend is a plumber so he's worked on most of the sites. He won't have a wimpey one which is also on the site we're looking at . Miller homes are good builders.

It's him thats insisting on a new build - I don't mind either way as long as they layout is what I want. He's insisting on an integral garage which for older houses is a little bit harder to come by! I insist on being near a train station as i work in Manchester.

I'll probably wait another 6 months and see what happens on the Bloor estate, i'm fed up of looking now!

sarah500

SquatNow wrote: »

No I'm sorry it's not. Prices are NOT going to "shoot back up again" it just isn't mathematically possible. Even the government admit that average prices will drop AT LEAST 10%. That means 10% OR MORE, not UP TO 10%.

You are wise for waiting until your carreer is stable enough to buy, but like me you are now in a position where to buy would be absolute folly.

You may as well borrow £20,000, put it in a basket and set fire to it.

If you're really convinced by the estate agents that prices will "bounce" then wait 7 months and see what happens. You know prices will drop over the next 7 months. Wait, save up a bigger deposit, and see what's happened over 7 months.

Also worth noting that to buy a £200,000 new build, you'll need £40,000 deposit. So unless you have £40,000 deposit handy, the entire argument is irrelevent.

Is your advice from personal experience? I'm not being funny! - or do you work in finance?

Treadmill

sarah500 wrote: »

i've looked at lots around where I live - my boyfriend is a plumber so he's worked on most of the sites. He won't have a wimpey one which is also on the site we're looking at . Miller homes are good builders.

It's him thats insisting on a new build - I don't mind either way as long as they layout is what I want. He's insisting on an integral garage which for older houses is a little bit harder to come by! I insist on being near a train station as i work in Manchester.

I'll probably wait another 6 months and see what happens on the Bloor estate, i'm fed up of looking now!

Funny thing that, its me insisting on a new build too, anything to avoid decorating :rotfl:

SquatNow

Treadmill wrote: »

Not true, my bulding society will loan 90% LTV on a new buld and there are lenders that will loan 95% LTV.

I totally accept that SOME building societies will offer quite high LTVs on New Builds. The terms a f***ing appalling though.

Treadmill wrote: »

The fact you are grabbing figures out of the air doesn't make your argument any more credible you know...

Even if the figures are accurate? There are very few mortgage companies offering 95% mortgage. Maybe one or 2 willing to offer 95% on a new build. But most of the mainstream lenders are asking for 15%+ deposit, and even then the terms are not worth thinking about.

Add on top of that the fact the most banks surveyors are pricing new-builds down heavily. They are now pricing in the fact that new-builds normally drop in price by 20%+ on the day you move in.

wymondham

what a differing of opinions!

If people want to buy something which they know is about to fall in value then that's fine - as long as people go into it with their eyes open then nobody can knock them for that......

Treadmill

New builds have always dropped the day you move in, because they become second hand and are obviously worth less, thats not a new phenomenon.

A friend of mine bought a house at the peak of the market in 2007 for six grand less than it went for new in 2004...

Its personal choice, there are advantages with a new build... The main one being its new :j

I personally plan to live in mine for at least 15 years so I will not see a loss other than a paper one, I can afford the mortgage so thats not an issue.