Anyone buying a house right now?

Ishtar

We completed and moved in 10 days ago, so not sure whether I count! We moved from Gloucestershire to South Oxfordshire and our main reasons for moving are that we are back home closer to family and, more importantly, closer to the types of jobs in OH's field - OH in the market for another job, so it was the right time to move.

We're also in a good position where the equity from our previous house was around 50% of the value of our current one and we didn't stretch ourselves mortgage-wise, even though the temptation was there. We're not planning to move again for at least another 5-10 years (if ever!), so we're not overly concerned about any potential loss that could be made on the value of this house.

House prices have dropped in this area by around £10k since we made the offer on this house at the end of March and they are continuing to fall.

D.

Hatster

We're (hopefully) buying right now. We've been keeping an eye open for a while to see if a house with a good sized garden would come on the market within commuting distance of our jobs, and a pretty unique house came up for sale. It's had £100k knocked off the price since last summer, and we're planning to live there for the next 20-30 years, so we're not too fussed if house prices continue to fall for the next few years. We don't need to get a mortgage on it, so we don't have a worry with negative equity, and it's already the cheapest house of its type on the market (apart from one which turned out to have some pretty substantial hidden drawbacks!). Which is probably why we're now trying to fight off someone threatening to gazump us :-)

LCK73

neverdespairgirl wrote: »

Ouch - there is a real risk here you could be saddled with 2 houses that are dropping in value fast!

I might be missing your point, being new to this an all....but I own this house outright with no debt on it, so if it drops in value along with all other houses, so be it I guess. In the meantime, it can earn me money in rental......if prices drop by 25-50% over the next few years, surely they will creep upwards again at some point, maybe not to current levels, and any money I earn from the future sale of this house is a bonus in years to come.

I was only able to buy this house outright from the money gained from previous house sales, so as I see it the money has never been in my pocket other than being free of a mortgage so having spare cash every month.

I might be missing your point however, so happy to pin my ears back and listen to your logic.......

Wig

LCK73 wrote: »

How does the latest report from Guardian website that house prices might drop some 50% sit with you -
Thanks

Some prices have already dropped 50%, I can cite examples of new build flats that sold as recently as 8 months ago which are now selling for half that value.
What sold for 210K has just sold for 110K
What sold for 290K is going to sell soon for 140 -150K

puddy

im selling and buying. property just put on the market, i have seen loads of flats that i would like to view but want to wait to see how much interest there is in mine first, before getting all excited about something to buy. i notice that prices dont seem to be dropping inn the area i want to buy in, shame.

PeteMc

I'm buying at the moment, hopefully exchange this week and complete towards the end of the month.

Why? Well I need somewhere to live as I'm coming back to the UK. The house was keenly priced to begin with and managed to get another £23k knocked off when offers were put in, back in March. In addition, got a 10yr fix at 5.15% from First Direct waiting to be drawn.

Overall I'm happy and it's a home I'm buying, with no intention of moving again (hopefully) so when I pop my clogs in another 50 years, what it's worth will be irrelevant to me and the kids get it all.

puddy

that is a very good mortgage rate, do you mind if i ask what ltv that is and arrangement fee?? i thought mine was good, i got it dec 06 and its a 10 year fixed at 4.99, but considering the current climate, yours is brill

PeteMc

jenner wrote: »

that is a very good mortgage rate, do you mind if i ask what ltv that is and arrangement fee?? i thought mine was good, i got it dec 06 and its a 10 year fixed at 4.99, but considering the current climate, yours is brill

All is in this thread :

http://forums.moneysavingexpert.com/showthread.html?t=698617

As you can imagine it got over-subscribed very quickly!

My LTV is 62% and the mortgage is over 15 years with a reservation fee of £299 and an arrangement fee of £299.