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 Tim Gypsy Hill '64  Stoke sub normal 28 Mar 20 10.00pm |
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Originally posted by leejaneagles
So it looks like I’d have to wait around 18 months rather than 6? That could make a big difference in my decision as I’m more than ready to move on now, hence being so close to completion. I could hang in another 6 of course, what with being on lockdown for probably 3 anyway. A year and a half is a long time though. That is all still assuming my circumstances won’t change though. Of course I’d have to kiss goodbye to everything if my Company did go under. Edited by leejaneagles (27 Mar 2020 6.07pm) If you want the property, buy it. If you are not sure, don't. If you wait now, you may never buy a property. There is always a reason not to buy. Your job, for example, is as safe now as it will ever be. Prices of property fluctuate. ALL of them. You property will be equal value to any other property of the same value if prices fall or rise. It really doesn't matter, unless you default. It seems to me that you have a secure job, so if you want to move to independence, do it. You really have nothing to lose. Be daring, ride the wave, get where you want. You have youth on your side. Good luck.
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| Jonnyg121 Tunbridge Wells 28 Mar 20 11.55pm |
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I went through a very similar predicament recently. I was close to buying a 2 bed flat, which would have been a first time buy. My offer on the property was accepted around 7 weeks ago, but earlier this week, I decided to pull out. I did try and renegotiate with the seller, but this was rejected. My advice would be, try and picture the worst case scenario in relation to the Coronavirus outbreak. If you lost your job, what would be the next steps? How long could you pay the mortgage for without a job? I think the best option for you would be to see if it's possible to pause the sell temporarily. That way you can get a better understanding of the impact of this virus on 1) your job/industry 2) the housing market. I decided to pull out because my partner is at risk of losing her job, and if property prices fall quite sharply in the short term, I would be left with a property I paid too much for, and would probably struggle to sell.
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PalazioVecchio  south pole 28 Mar 20 11.58pm |
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Originally posted by Tim Gypsy Hill '64
If you want the property, buy it. If you are not sure, don't. If you wait now, you may never buy a property. There is always a reason not to buy. Your job, for example, is as safe now as it will ever be. Prices of property fluctuate. ALL of them. You property will be equal value to any other property of the same value if prices fall or rise. It really doesn't matter, unless you default. It seems to me that you have a secure job, so if you want to move to independence, do it. You really have nothing to lose. Be daring, ride the wave, get where you want. You have youth on your side. Good luck. if you had heeded that advice in 1989, you would curse its author. You could have bought a house for, say, 100k and by 1996 the house could be worth only 55k. Meanwhile your mortgage provider still wants 100k from you. Your mate buys an adjacent property in 1996 and pays off his mortgage faster than yourself, even with your seven year head-start. nobody has a crystal ball. But the Corona will be knocking this property market harder than a Tyson Fury punch.
Kayla did Anfield & Old Trafford |
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| the.universal 29 Mar 20 12.06am |
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Originally posted by PalazioVecchio
if you had heeded that advice in 1989, you would curse its author. You could have bought a house for, say, 100k and by 1996 the house could be worth only 55k. Meanwhile your mortgage provider still wants 100k from you. nobody has a crystal ball. But the Corona will be knocking this property market harder than a Tyson Fury punch. Can I ask, what’s your interest in London house prices? You seem to be very knowledgeable and into it as a subject.
Vive le Roy! |
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| PalazioVecchio south pole 29 Mar 20 12.53am |
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Originally posted by the.universal
Can I ask, what’s your interest in London house prices? You seem to be very knowledgeable and into it as a subject. a love of all things economic history. imagine buying 2 workman's cottages in 1900. First in a Welsh mining town, second cottage in Battersea. Both for a comparable purchase price. now compare the two prices today.
Kayla did Anfield & Old Trafford |
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| Harpo Oxfordshire 29 Mar 20 10.18am |
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Originally posted by leejaneagles
So it looks like I’d have to wait around 18 months rather than 6? That could make a big difference in my decision as I’m more than ready to move on now, hence being so close to completion. I could hang in another 6 of course, what with being on lockdown for probably 3 anyway. A year and a half is a long time though. That is all still assuming my circumstances won’t change though. Of course I’d have to kiss goodbye to everything if my Company did go under. Edited by leejaneagles (27 Mar 2020 6.07pm)
Right now that is a risk I would go nowhere near. If you have a good relationship with your parents, maintain it until the market settles.
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| askyourself 01 Apr 20 10.24am |
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Another aspect:
We move in the direction of our thoughts. |
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| PalazioVecchio south pole 14 May 20 2.26pm |
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house price crash already underway ...
Kayla did Anfield & Old Trafford |
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Goal Machine  The Cronx 14 May 20 3.35pm |
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I'm no expert on property, but a mate of mine recently pulled out of his purchase due to covid and has now found a similar property with £60k knocked off the asking price. This is for a new build 2 bed flat in Croydon. Leejaneagles - since your initial post in March, what did you go for?
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| the.universal 15 May 20 9.05am |
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This article doesn’t really tell us anything except about six vendors have dropped their prices from 2 months ago. I’d wager you can find similar price drops over any 2 month period.
Vive le Roy! |
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| Badger11 Beckenham 15 May 20 9.46am |
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Originally posted by the.universal
This article doesn’t really tell us anything except about six vendors have dropped their prices from 2 months ago. I’d wager you can find similar price drops over any 2 month period. According to Zoopla my flat has dropped about 70k since I last checked which as about 6 months ago. it doesn't bother me as I don't plan on moving.
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| Tom-the-eagle Croydon 15 May 20 12.05pm |
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Originally posted by the.universal
This article doesn’t really tell us anything except about six vendors have dropped their prices from 2 months ago. I’d wager you can find similar price drops over any 2 month period. Exactly. Lazy journalism. That said, I have no doubt that prices will drop but the market won’t crash. Personally I see a drop of 15% max in South East although we of course don’t really know how this virus will pan out.
"It feels much better than it ever did, much more sensitive." John Wayne Bobbit |
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