Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • sv722
    • By sv722 24th Mar 18, 8:20 PM
    • 13Posts
    • 8Thanks
    sv722
    Is buying a house a good idea?
    • #1
    • 24th Mar 18, 8:20 PM
    Is buying a house a good idea? 24th Mar 18 at 8:20 PM
    I've got about 4.5k saved up in my help to buy ISA and was considering a transfer into the Lifetime ISA to get the 1k annual bonus but i'm having doubts. This is because i won't be able to use that money to travel or get myself nice things. I get envious seeing my friends travelling the world.

    I'm 27 and looking to get my own place by age 35 at the absolute latest. So is house ownership a goal to aspire to or am i better off closing my ISA withdrawing the money and using it for something else?

    Thanks
Page 7
    • buggy_boy
    • By buggy_boy 9th Apr 18, 5:56 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy
    Fill yer boots!


    This is what EA`s think....




    "That "surprise" 1.5% jump in March for house prices reported by the Halifax, is not such good news, reckons north London estate agent Jeremy Leaf. He said:
    On the face of it, the Halifax figures look quite encouraging but when you examine them in more detail one appreciates that the increase in property prices is more to do with a shortage of stock, low mortgage approvals, and subdued activity rather than any great change in the market. "




    Looks like you can`t have your cake (high prices) and eat it (healthy transactions)


    Only on here would a report from VI`s who need mortgage lending to survive about a broken housing market throwing up volatile stats as it heads for the cliff be welcomed with such enthusiasm

    Originally posted by Crashy Time

    Really from the bloke that does not believe in supply and demand... You have been bleating on about the low sales volumes and I have been trying to tell you unless you see more unsold stock it makes little difference which you argue.... Now you think the only reason for the house price increase is a lack of stock...

    Make up your mind or is it a case of whatever suits your argument at the time?

    Typical HPC'r stats say house prices are rising then they are not to be trusted... stats say house prices are falling then they are the only stats to believe.
    • buggy_boy
    • By buggy_boy 9th Apr 18, 5:59 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy
    I bought a flat at 22 and had to rent it out as I moved jobs. This was a bit of a nightmare to manage and I remember wishing I hadn!!!8217;t got that ball and chain. Then things were ok for a while and I bought s nice cottage with my first husband. Then I got divorced which meant I had to buy him out. Then tge house depreciated in value oh and then, because it was an old house, not only could I not afford the mortgage, I could not afford the repairs. So I sold, in loads of debt, have been renting and hopefully will be buying again soon, this time I hope my life will be straightforward.

    I think buying on balance is a good idea but you have to be aware of things going wrong in life too. Property can be a great investment, a secure home, or can swallow up everything.
    Originally posted by lookstraightahead
    Good Cautionary tail, it is so important you can afford any borrowings you take out regardless of what might happen no matter how much or for what you are borrowing... Hope you get back on your feet, sometimes life throws you a swerve ball and you have to dust yourself off an carry on, sounds like you are doing that so well done...

    The alternative is Crashy...
    • sv722
    • By sv722 9th Apr 18, 11:17 PM
    • 13 Posts
    • 8 Thanks
    sv722
    These are my thoughts:

    1. how much money do you have in emergency savings other than your HTB ISA? Because don't forget that you can take money out of a HTB ISA if necessary without penalty. You can't do that with a LISA
    2. what price property would you be considering buying? (i.e. is it under the 250k out-of-London limit that you can use a HTB ISA for?)
    3. how likely are you to stay put in Bristol for a reasonable length of time? If for less than 5 -10 years, then buying may not be the best plan for you anyway. Do you require/desire the flexibility to move to another city/country for a job?

    If I were in your situation, I would consider keeping my money in the Help To Buy ISA at the moment, for the following reasons:
    - you can withdraw the money without penalty if you need the money in an emergency or decide not to buy and to use the money for something else instead.
    - if you want to buy a property for less than 250k, then you will get the same bonus from either ISA
    - if you decide that you definitely DO want to buy a property, then you can at a later date transfer your HTB into a LISA.

    Really consider the pros and cons of buying a property. Several years ago I was in a position to buy, but elected not to as I wanted the flexibility to move if necessary. This turned out to be the absolute right decision as my now husband moved in with me after completing his PhD and was completely unable to get a job (doing anything, shop work, bar work, graduate work). Having the ability to look for alternative work/study options without the complications of a mortgage to take into account made what could have been a majorly stressful situation only quite stressful instead!
    Originally posted by pinknsparkly
    I moved to London 6 months ago to start a graduate job and i am originally from Bristol. I really miss it and want to go back. I can see myself living in Bristol for a long time cos here transport and rent are expensive.

    I'm considering a property less than 250k outside London. I have about 1000 in savings in case of trouble, plus about 4.5k in the HTB.

    I don't have a partner and don't see myself ever getting one so i'll probably end up buying alone.
    • Crashy Time
    • By Crashy Time 10th Apr 18, 1:44 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    Really from the bloke that does not believe in supply and demand... You have been bleating on about the low sales volumes and I have been trying to tell you unless you see more unsold stock it makes little difference which you argue.... Now you think the only reason for the house price increase is a lack of stock...

    Make up your mind or is it a case of whatever suits your argument at the time?

    Typical HPC'r stats say house prices are rising then they are not to be trusted... stats say house prices are falling then they are the only stats to believe.
    Originally posted by buggy_boy

    So we agree that less and less houses hitting the market means that there is less and less demand for houses?
    • Crashy Time
    • By Crashy Time 12th Apr 18, 10:42 AM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    As I predicted.....


    http://www.bbc.co.uk/news/business-43724002
    • Aylesbury Duck
    • By Aylesbury Duck 12th Apr 18, 10:48 AM
    • 2,236 Posts
    • 3,015 Thanks
    Aylesbury Duck
    So we agree that less fewer and less fewer houses hitting the market means that there is less and less demand for houses?
    Originally posted by Crashy Time
    Fixed that for you.
    • MobileSaver
    • By MobileSaver 12th Apr 18, 12:44 PM
    • 1,425 Posts
    • 1,997 Thanks
    MobileSaver
    So we agree that less and less houses hitting the market means that there is less and less demand for houses?
    Originally posted by Crashy Time
    Crashy, I sometimes wonder what planet you are on?!?! This is another of the fundamental flaws in your and the HPC loonies thinking; you see property as a commodity to be bought and sold on a whim.

    The majority of UK households are owner-occupiers, this means the property is the owner's home. Most people don't decide to go through all the upheaval of moving home simply because other people want to buy a home. They decide to sell/move for lots of personal reasons such as moving for work or family, demand from others isn't even on their radar.

    One of the obvious reasons for fewer houses coming on to the market is the uncertainty around Brexit. Pretty much everyone now realises that, in the short term at least, we are all going to be worse off thanks to Brexit but no-one knows the degree of worse-ness; it's not surprising therefore that people are less likely to risk all the costs of moving and/or taking on bigger mortgages when there's a danger they could lose their job or be much worse off financially over the next few years.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • Crashy Time
    • By Crashy Time 12th Apr 18, 12:52 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    Crashy, I sometimes wonder what planet you are on?!?! This is another of the fundamental flaws in your and the HPC loonies thinking; you see property as a commodity to be bought and sold on a whim.

    The majority of UK households are owner-occupiers, this means the property is the owner's home. Most people don't decide to go through all the upheaval of moving home simply because other people want to buy a home. They decide to sell/move for lots of personal reasons such as moving for work or family, demand from others isn't even on their radar.

    One of the obvious reasons for fewer houses coming on to the market is the uncertainty around Brexit. Pretty much everyone now realises that, in the short term at least, we are all going to be worse off thanks to Brexit but no-one knows the degree of worse-ness; it's not surprising therefore that people are less likely to risk all the costs of moving and/or taking on bigger mortgages when there's a danger they could lose their job or be much worse off financially over the next few years.
    Originally posted by MobileSaver

    So we agree that the "Supply and Demand" and "Not building enough houses" memes were false?
    • MobileSaver
    • By MobileSaver 12th Apr 18, 1:18 PM
    • 1,425 Posts
    • 1,997 Thanks
    MobileSaver
    So we agree that the "Supply and Demand" and "Not building enough houses" memes were false?
    Originally posted by Crashy Time
    Um, no, the very opposite. How blinkered are you to extrapolate those gems from what I said?!?!

    You do realise that "Supply and Demand" refers to the price of something and that it does not mean supply is based on demand or vice versa?
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • hazyjo
    • By hazyjo 12th Apr 18, 1:40 PM
    • 10,777 Posts
    • 14,142 Thanks
    hazyjo
    I bought a flat at 22 and had to rent it out as I moved jobs.
    Originally posted by lookstraightahead
    Had to? Couldn't you just sell it?
    2018 wins: Single Malt Whisky; theatre tickets; festival tickets; year of gin(!); shoes
    • Crashy Time
    • By Crashy Time 16th Apr 18, 1:33 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    Um, no, the very opposite. How blinkered are you to extrapolate those gems from what I said?!?!

    You do realise that "Supply and Demand" refers to the price of something and that it does not mean supply is based on demand or vice versa?
    Originally posted by MobileSaver

    Fewer houses are coming to market because fewer people want them at high prices, so the previous "demand" was artificial demand, is that it?
    • buggy_boy
    • By buggy_boy 17th Apr 18, 6:32 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy
    Fewer houses are coming to market because fewer people want them at high prices, so the previous "demand" was artificial demand, is that it?
    Originally posted by Crashy Time
    Wow you really can twist anything can't you... Does everyone not get really bored with you? I'm convinced you can turn any conversation into whatever you are talking about is the reason house prices are going to crash...

    Recently viewed and offered on a property, got in quick but 10 viewings booked within 2 days, two good offers refused.. Going to see another place tomorrow but again don't think ill get it because I can't match what some people are willing to pay... Maybe its just houses im interested in but seems to be plenty of pent up demand and people willing to offer what even I consider crazy money. Im sure though you will say this is proof a crash is coming... lol
    • MobileSaver
    • By MobileSaver 17th Apr 18, 6:58 PM
    • 1,425 Posts
    • 1,997 Thanks
    MobileSaver
    I don't really understand what you are saying or what point you are trying to make?!??!

    Fewer houses are coming to market because fewer people want them at high prices
    Originally posted by Crashy Time
    Fewer houses are coming to market for a number of reasons; fewer people wanting them is not one of those reasons. Ever-increasing stamp duty is one, uncertainty over Brexit is another.

    so the previous "demand" was artificial demand, is that it?
    Originally posted by Crashy Time
    Nope, the demand is very real as proved by the 100,000 properties that continue to be bought and sold every month.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • Crashy Time
    • By Crashy Time 17th Apr 18, 7:02 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    Wow you really can twist anything can't you... Does everyone not get really bored with you? I'm convinced you can turn any conversation into whatever you are talking about is the reason house prices are going to crash...

    Recently viewed and offered on a property, got in quick but 10 viewings booked within 2 days, two good offers refused.. Going to see another place tomorrow but again don't think ill get it because I can't match what some people are willing to pay... Maybe its just houses im interested in but seems to be plenty of pent up demand and people willing to offer what even I consider crazy money. Im sure though you will say this is proof a crash is coming... lol
    Originally posted by buggy_boy

    Could be... Look up the stats on sales volumes and find out
    • buggy_boy
    • By buggy_boy 17th Apr 18, 8:08 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy
    Could be... Look up the stats on sales volumes and find out
    Originally posted by Crashy Time
    How about you look up stats on house prices.... I hear they are more of an indication of house prices than sales volumes.... Ferrari don't sell many cars, I can't see Ferrari's crashing in price any time soon.
    • MobileSaver
    • By MobileSaver 17th Apr 18, 8:16 PM
    • 1,425 Posts
    • 1,997 Thanks
    MobileSaver
    Look up the stats on sales volumes and find out
    Originally posted by Crashy Time
    I've just done exactly that; sales volumes still static at 100,000 a month, as they have been for at least the last 18 months... it seems that "fewer people want them" is fake news and only exists in your head.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • Crashy Time
    • By Crashy Time 18th Apr 18, 7:10 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    I've just done exactly that; sales volumes still static at 100,000 a month, as they have been for at least the last 18 months... it seems that "fewer people want them" is fake news and only exists in your head.
    Originally posted by MobileSaver

    Try reading the stats going back 5-10 years for a clearer picture
    • buggy_boy
    • By buggy_boy 18th Apr 18, 7:35 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy
    Try reading the stats going back 5-10 years for a clearer picture
    Originally posted by Crashy Time

    Sales volumes have been low for 5-10 years, and house prices have continued to increase...
    • Crashy Time
    • By Crashy Time 18th Apr 18, 7:38 PM
    • 6,356 Posts
    • 2,407 Thanks
    Crashy Time
    Sales volumes have been low for 5-10 years, and house prices have continued to increase...
    Originally posted by buggy_boy

    And getting lower it seems....


    https://www.gov.uk/government/news/uk-house-price-index-for-february-2018
    • buggy_boy
    • By buggy_boy 18th Apr 18, 8:02 PM
    • 525 Posts
    • 389 Thanks
    buggy_boy

    Annual rise of 4.4%?

    There have been a few small drops over the years, its better to look at the annual rate as this gives a clearer picture. a 0.1% drop in one month does not make a crash.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

485Posts Today

5,583Users online

Martin's Twitter
  • Ta ta... for now. This August, as I try and do every few yrs, I'm lucky enough to be taking a sabbatical. No work,? https://t.co/Xx4R3eLhFG

  • RT @lethalbrignull: @MartinSLewis I've been sitting here for a good while trying to decide my answer to this, feeling grateful for living i?

  • Early days but currently it's exactly 50 50 in liberality v democracy, with younger people more liberal, older more? https://t.co/YwJr4izuIj

  • Follow Martin