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Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.I am a cash buyer. Buy now or buy later??
Comments
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Only a small mortgage here.
Didn't cross my mind to come off the market and rent when I last sold/bought.
I've done well over the years - it's swings and roundabouts. I've certainly not tried to play the market and sell high and buy low. It's usually gone in my favour. If I've sold low, I've bought low and bigger. Didn't matter if the market fell a bit more. I'd have wasted far more on rent.
If you were maxed out on a mortgage, I could understand your concerns. But a cash buyer? How can renting be cheaper? I'd be paying around £1500 a month for the equivalent property in rent vs £300 for my mortgage (zip if 100% cash buyer).2023 wins: *must start comping again!*0 -
Everyone here says prices are falling but is this the same everywhere?
No it is not.
According to the latest data house prices in the West and East Midlands rose by around 3% during the same period that London was experiencing a drop of 0.2%.
The UK housing market has never reacted as a single unit. It is made up of hundreds if not thousands of "micro climates" that each react differently with regards house pricing.
Different areas in the same city for example will see different degrees of pricing change, so it is clear that different areas of the UK will react differently as well.
Too many people are fixated on London and the South East.0 -
Only a small mortgage here.
If you were maxed out on a mortgage, I could understand your concerns. But a cash buyer? How can renting be cheaper? I'd be paying around £1500 a month for the equivalent property in rent vs £300 for my mortgage (zip if 100% cash buyer).
He is a troll and just fishing for arguments.
He has no intention of buying a property.0 -
Are you looking for a home to live in, or an investment to live off?
For many people, owning their own home is far more preferable to renting it, almost completely irrespective of the price they paid for it and its present value; whereas a purely financial investment can take a more dispassionate approach.0 -
ReadingTim wrote: »Are you looking for a home to live in, or an investment to live off?
For many people, owning their own home is far more preferable to renting it, almost completely irrespective of the price they paid for it and its present value; whereas a purely financial investment can take a more dispassionate approach.
I am looking for a home, but I am thinking that it is silly to buy now, when I could get something better for my money or pay less by waiting 6 months or a year. It would be unpleasant to discover with time that I had settled for something that was sub-standard and prices had continued to fall. That way I would not only have lost money on my purchase, but I could have bought something nicer if I had I waited. As it is I haven't found anything I much like yet.
It's very good to get an insight into the thinking of the few other cash, first time buyers here. But I am amazed buyers are so few on the ground here. I think that speaks volumes.0 -
Where are you looking OP and what are you looking for ??0
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Diocletian_II wrote: »I am looking for a home, ... by waiting 6 months or a year.
So you are going to keep paying your landlord's mortgage for 6 months or a year when you could be living rent free?Every generation blames the one before...
Mike + The Mechanics - The Living Years0 -
My only advice is to find something you like that's cheap for its type and buy it, especially as I think you're looking for something not run-of-the mill that might be many months turning up again if you miss it.
We bought bang at the bottom of the last recession, but we didn't know that at the time. Nobody, apart from the clairvoyant earlier in the thread, does. All we knew was that the place ticked difficult boxes and it was being sold cheaply by an extremely motivated seller. The last one like it, which we lost due to our own sale collapsing, came up a whole year and a bit before.
Even then it was a compromise, though fortunately, with hidden charms!
I bought for the first time in April 2009 with cash from inheritance, until this point we were poor and on benefits. This was at a time during the height of recession when many were unsure about the economy including house prices. However we knew the local market and the house we bought was solid if unspectacular a 3 bed ex-council semi that we felt was excellent value after having a hefty price cut by a motivated seller, so we bought it.
10 years on we lived in it for 5 years saving rent (£30k), have seen its price increase from £100k to £160k (£60k) and have rented it out for the past 5 years for a net income of £35k. It has more than paid for itself. Now we were in many ways lucky and past performance certainly should not indicate future performance.
Now if you ask me should i buy a BTL in 2019 the answer is NO due to the mooted legislation changes for landlords in the near future and for me it has been a firm no since 2016. However if you want to buy a home to live in for a minimum of 5 years then it is almost always YES.
Sadly the OP doesn't post to seek real advice.When using the housing forum please use the sticky threads for valuable information.0 -
PasturesNew wrote: »I am one.
Strangely, most of the houses I view turn out to be people who have inherited a lot of money and are moving to a bigger/nicer house. Some have so much money they have a fixed price for their empty house and are quite happy to wait. e.g. one I viewed, £300k in January 2019. It did go down £10k, then up £10k. It's just changed from its 2nd and 3rd agents back to its original agent, still £300k.
The market and buyers are made of all sorts.
Is their house worth £300k? Clearly not as others around theirs have sold in recent months.... I'd say theirs was worth about £280-288k when I viewed it 5-6 months ago.
If it drops to, say, £290k again - has it dropped? No, it was always overpriced.
I, and probably a lot of other buyers, tend to be put off houses that languish on the market for years, because I think there must be something wrong with the house that makes nobody want to buy it. Even if I liked it, I tend to think that nobody would want to buy it off me if I was the owner, and I would be buying a very expensive chain round my neck. In reality, it is probably just the price that is wrong, and puts people off, but you just don't know if there is not something else that you can't quite grasp.0 -
I know. I'm just trying to show the flaws in his argument. I don't mind playing along, but it's frustrating when people like this never ever want to see or consider another POV. They just repeat the same ol' crap like a broken record without listening to what you're actually replying with. I've agreed the market is static/slow/dropping, I predicted it too, but it's not a black and white argument - people still need homes. I'm more than happy to pay for that luxury. I'm savvy enough to buy clever and add a bit of value anyway.RelievedSheff wrote: »He is a troll and just fishing for arguments.
He has no intention of buying a property.2023 wins: *must start comping again!*0
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