Help me - I'm weakening! (cant face renting anymore)

TT1_3

Paul_N wrote: »

Ah, so you've just bought a house and are now trying to talk everyone else into doing it.

Not at all, I'm in the process of buying it, i can pull out if i like.
I've been watching the market and and bought at less than 2004 prices because i negotiated the seller down.
I think thats the best thing to do, thats why i did it. All this talk of a massive crash is :rolleyes:

Lotus-eater

TT1 wrote: »

Not at all, I'm in the process of buying it, i can pull out if i like.
I've been watching the market and and bought at less than 2004 prices because i negotiated the seller down.
I think thats the best thing to do, thats why i did it. All this talk of a massive crash is :rolleyes:

I'm glad you bought at a cheap price, I am also happy for you that you that you are content having your head in the sand and don't want to believe that houses prices will go down.
You don't sound old enough to remember the last crash, so if you excuse me, I'll remember what people were saying just before the last crash.......oh, its exactly the same as you are saying.

TT1_3

Lotus-eater wrote: »

I'm glad you bought at a cheap price, I am also happy for you that you that you are content having your head in the sand and don't want to believe that houses prices will go down.

You keep renting son, wait for the MASSIVE CRASH! We're all going to die, don't panic, don't panic!

PS I didn't say prices wouldn't go down, i think they will.

Lotus-eater

TT1 wrote: »

You keep renting son, wait for the MASSIVE CRASH! We're all going to die, don't panic, don't panic!

PS I didn't say prices wouldn't go down, i think they will.

I don't rent, I own my house and have enough money in the bank to pay off my mortgage.
I have no vested interest really whichever way prices go.

TT1_3

Lotus-eater wrote: »

I don't rent, I own my housequote]

QUICK...SELL IT!

Lotus-eater

TT1 wrote: »

Lotus-eater wrote: »

I don't rent, I own my housequote]

QUICK...SELL IT!

As I said before, some things are more important than money. And sell it now? If you are trying to sell your house now to get the top of the market, I think you are too late.

ruggedtoast

mr.broderick wrote: »

And there are tens of thousands like you and hence prices will rise steeply again in the not too distant future...

Tens of thousands of people with my purchasing power arent going to make prices do anything of the sort! Not unless someone turns on the credit taps again, raises our wages massively or gives us big cash hand outs, and theres no sign of that happening for the foreseeable.

geoffky

IF you were like me and came out of the last crash still owing 50k to the banks and being chased for ten years for it. i am sure you would not be looking to jump into a market that is only going one way and thats not up..hang on in there your time will come....

zippygeorgeandben

Getting back to the OP and their predicament, my partner and I are fed up of renting. We live in East London, in a horrible area (oh how I miss my leafy suburbs back at home) and live on the corner of a junction which is 2 minutes away from the local police station, hospital and fire station...cue constant sirens, and are desperate for a garden (if i hear one more person tell me about a barbeque they are having when they get home, I think i'll strangle them)

Anyway back to my point, if it will make you happier, you can live with the repayments financially just go for it. Life is for living, yes you could wait but if you have the house of your dreams, plan to live in it for a long time, just buy it and be happy.

Good luck in what you decide to do but keep us all informed as sooner or later, I'm probably going to be in the same boat as you.

Ben

mr.broderick

bjm81 wrote: »

yes thats right! what with all the inflation going around - food up 30% this year, fuel prices up - folk are going to have even more money to go spending on even larger mortgages! hahaha what a joke! Do you work for Gordon Brown, Nationwide or the Express?!

And then there is the economy...... uh oh. Yes GDP is expected to fall off a cliff this year so cant exactly see lots of jobs being created/big pay rises for the employed.

And then there is the small matter of credit tightening! Gone are the 95%+ LTV loans.

Demand has to be realised if prices are to skyrocket. This can only happen if the credit is available in ever increasing quantities (see above). No one is arguing that there is not demand for housing - ask anyone if they would like to own a house i'm sure they would! but in order for this desire to become reailty they need credit and the means to service it. Both look to be on a shakey foundation at the moment and for the next few years at least.

bj ... i'll remind you of this post in 12 months if you're still around.