homeowners: worth selling up?

[peester]

Its come as a bit of a shock to read that the house market is apparently 'cooling'- even starting to fall for this month for the first time in 7 years.. The 11 year boom could be over..
I thought it would, but not quite yet...
Im not a homeowner so for me and may others im sure; a little faith in life has been reinstalled if indeed this is the way its going...
Im 26 now and plan to start soonish rather than laterish but may as well hang fire see if these prices go down a tad.
Must have been difficult for people, what - aged 20+ as they would be old enough to remember what you used to be able to buy for the money..
Round here a decent first-time house (2 or 3 bed terrace or semi) would used to have cost ?80,000 odd 7 years ago. Now theyre around ?125,000..
Those with homes - sounds like its an idea to sell up? live at home for a bit then move out again - when houses are cheaper?? keep the change?
Anyway.. for those who give a toss.. discuss.

[draper]

its a tough call, ive heard some 'market experts' say its falling what with borrowing going stupid. ive also noticed a few house prices round here are creeping down but im looking at the bottom of the market anyway (upto ?100k max)

me personnaly, im waiting another year or two, gonna keep renting and see what happens

[Jack]

I'm 25, and much to the chargrin of my parents, I'm still living at home lol

I have no immediate plans to buy a house - I earn ?21k a year, and have a loan to finish paying off (which should be done and dusted in <18 months), and want to get that at least 90% out the way before I think about even renting a property, let alone loading myself up with a mortgage - the latter of which I can't afford on my own, and don't have anyone to spread the cost with.

My sister however is 27, divorced after being married a year, and does nothing but move house every 6-12 months - of the two properties she's owned in the past, she's had nothing but trouble due to problems with partners whom shared the mortgage (and is currently still trying to sort out the mess of the second one). Hence why I'm not too keen to get into the same situation!

[wisewood]

7 years ago i bought a 2 bed ground floor maissonette for ?27,000. Sold it 2.5 years ago for ?56,000 and now that same flat is worth ?85,000. In that time the house we bought 3 years ago for ?140,000 has only gained in value by about ?10,000.

It's all about the area - some areas have already peaked, while others are still running to catch up. If you can find somewhere that is still running to catch up and bag something that needs some cleaning up, there is still a bargain to be had.

If you sit around and wait for the prices to fall, and/or settle at a reasonable level you will be waiting a very long time.

When you think about it sensibly - on a 25 year mortgage, and most these days take 30 or 35 years instead - you pay back something like ?2 for every ?1 you borrow... as a rough example.

If you wait another couple of years for the market to cool off, is it really worth it? It might not - and might climb again by another couple of percent leaving you worse off again.

Sooner or later you just have to bite the bullet and get on with it.

Everyone who gets a mortgage pays more for their house than its actually worth - and the only time a drop in values is an issue is if you want to sell up and move on. So put simply - buy the right house in the first place.

Get somewhere big enough to accomodate you for the next 10 years. After 10 years you'll have paid a portion of your borrowings off, meaning if the house has lost any value, that can be accomodated by what you've paid off the mortgage anyway :D

[draper]

yeah i agree with the 'buy somewhere for the next 10years' but going from ?330 a month rent to a ?750 a month mortagage is **** scary !! plus me and the missus are going through a rough patch so i dont want to tie us up in debt for 35years

[wisewood]

well yeah obviously you've gotta take your circumstances into account. I'm not suggesting EVERYONE just buy a house TODAY lol

but if you're in a position to buy, dont muck about waiting - just do it.

[draper]

im alos planning on leaving this country in the next 5-6years so i cant see the point in skinting myself - id rather party lol

[novabex]

Im never moving out.

lol

[draper]

Im never moving out.

lol

i said that, but when i did nearly 2years ago it was the best thing ive ever done, no having to explain myself to anyone, can come home in any state i want, with whoever i want :thumb:

and dont have my dad moaning about oil on the drive lol

[novabex]

I've done it once draper.

Never again.

Its easier living at home. My mum is sound. I do what I want when I want with whom I want.

[hendrix]

I'm considering buying at the moment, but I'm biding my time for now. Happy renting and personal circumstances mean buying now is not the right time. My mum works at an estate agent so when the time comes I'll be enlisting her help!
Moving out was the best thing I have ever done. Been technically moved out for 2 years but I was at uni for 3 years before that so only really spent holidays at home. I have recently just been abroad with the 'rents, the first time I have spent more than a couple of hours with them for more than 4 years. complete nightmare haha, couldnt go back to living under someone elses rules, also where would I put 4 cars lol

[Jack]

I can't wait to move out - not because i don't like living at home, I love the magic washing fairy lol, but just would prefer to support myself. Just want to make sure I'm in a decent financial situation before I do.

[peester]

but if you're in a position to buy, dont muck about waiting - just do it.

but i thought - this was the jist of the thread - if house prices are going to stabilise, or possible drop - then why the rush?? after this months news..?

[hendrix]

I see no point in rushing, its probably one of the biggest decisions you will ever make.
I earn a relatively good wage for round here probably 10k more than most my friends who live at home. However they are far better off financially than I am as most of my money goes on bills and rent whereas they only really have to pay 25 quid a week to there parents. However I wouldn't trade being skint for being better off any living at home

[Dpnova]

I would say if you can afford it do it,

I moved in with my missus, we remorgaged to 85k and our flat is now work 142k within 4-5yrs and it is a tiny 1 bed flat in a nice area

I dont think they will ever really slow that much, but i have noticed alot of people seem to be selling up

[Kickingriffin]

I have been looking to buy a house for the last six months or so, this only being due though to my nan (who bless her passed away last year) she has left me and my mum half of her house (if it wasnt for her i would be in such a strong position, i owe it to her as she will enable me to get on the property ladder) the house is still to be sold, but around where i live the houses are generally around 145k for a 2 bed and 170 for a 3 bed, i will have to get a mortgage of around 80-100k ideally depending on if id like to push the boat out abit.
But as i said if it wasnt for my nan id still be renting etc as i have no deposit. Bless her!!

[Kickingriffin]

The house prices round here have just stabilised at the mo.

[peester]

I've done it once draper.

Never again.

Its easier living at home. My mum is sound. I do what I want when I want with whom I want.


hmm.. as sound as im sure your mom is - there will be a day you'll move out, dont worry. Maybe by then cars will fly and houses will be poppup jobbies can be bought for a weeks' wages. Or summat.

[Stuart]

its stabalising, but i doubt very much tis gonna "crash" also the whole "dropping" thing is down to what?

people asking too much money being greedy and then getting ?10K less (which is still say ?30K more than they paid a few years back) or the genuine sales prices... meh.

we purchased in feb (mortgage rates from november though :) ) and suffice to say i dont give a funk what happens lol. If it all goes bad ill get a job in the tescos that is 500M from my front door.
As w00dy said buy somewhere you would be happy in for 10 years and stsick with it lol.


Ive never felt so smug/proud as the day me dad came round to look at my house and then when he left i could legitimately tell him to "ger orf moy laaand" lol

[Kickingriffin]

Ha ha, thats class....Yeah i think i need to buy something that i could settle in for quite awhile...

[wisewood]

in todays housing market there is no point buying something to tide you over for now, until something better comes along. Stretch yourself as much as you can and get the absolute best you can afford - that will be suitable for at least your current situation plus one person :D No problems with space should something unanticipated happen that way.

Also - what seems to be a struggle now, will in a few years time seem more comfortable as you 1. get used to it and 2. earn more money (in theory).