House prices and when to buy . Feeing fed up

[flopseyR72]

I was looking at houses before lockdown. Splitting from dp so buying own house for 3. Seriously fed up with local houses just saw a house I looked at in 2016 sold for £615k ( 3 bed semi) now listed for £850k this is in Buckhurst Hill area London. It just seems like madness to me. I earn 100k but seriously I just feel like giving it up and going to live in the country. I have savings. Even if the house prices go down with Coronavirus how can a 3 bed semi have gone up to that price when the house prices in London were supposed to be stagnant. I just don’t think they can possibly be worth that much.

Nope? Lost me at "earn 100k".

Even with that much coming in from one salary you can surely work out that you can't afford the same quality of life that 2 salaries bought.

Move area, buy smaller, etc. All the things that are perfectly normal adjustments to make, wherever you live.

It’s more the insanity of the house prices and how depressing it is when your working and being a mum and just trying to give a good life to your dc.

House prices in London always on the rise

I thought they were stagnant or going down.

How can a 3 bed semi go up £250k in four years in a reportedly flat market . .

Location?

Is it an area that was less desirable that has now caught up with average market value?

Have they done work, been granted planning permission? Buvhhurts hill/Chigwell/loughton/Epping area has always been an increasing market; Central line and mainline right near to the M25 good amount of green open spaces, lots of older houses so decent sized rooms and gardens. Schools in the area are generally good too.

• Buckhurst

YANBU op - give it a couple of months as I’ve read that right now EA’s (naturally) are trying to maintain prices by listing higher as they are anticipating offers, so factoring in a discount.

Even so, that price hike is ridiculous and generally prices feel too high.

I’ve been in a position to buy for the past year - FTB, 50k salary, single & no kids... my budget is 250k and I have found very few suitable properties - prices are extortionate. And I live near Wales.

Prices in London haven't been stagnant since 2016 though, they've increased around 12% overall since 2016.

Even without them doing anything you'd expect that house to be worth 690k now, and that's without taking into account that some areas have seen higher rises than others and 12% is just an average over the whole of London.

But 690k is still nowhere near 850k, which does sound ridiculously high for a 3-bed semi there, have they done extensive renovations/extension?

Lots of reasons. Look at sold prices in the area. That will let you know whether its overpriced or not. Agents are not discounting much at the moment. But they/you don't know what things will sell for. I don't think proces will drop by much more that 5%.

I think you may be right estate agents are putting up asking price so people can negotiate down due to Covid . But really 850k for a 3 bed semi even if near a good school I mean that is so much money it’s just nonsense I think

Does anyone think house prices will crash after all we are supposed to be in for a recession

Does anyone think house prices will crash after all we are supposed to be in for a recession

Yes, if we have the worst recession in recorded UK history. No, if helicopter money or some new form of easing is employed at extreme levels.

Without intervention, absolutely. But we dont know what madness govts will engage in to keep prices high. Look to Japan and what happened there. We may see something similar in the West to stave off the inevitable.

It’s just madness. You just feel like your working for nothing or funding someone else’s retirement. I have quite a big saved deposit. I seriously feel like just quitting my job and moving to Scotland where I grew up. I could buy a normal but nice house in cash and just try to find work and live of savings for a bit. But I have to do what’s right for the kids who are both under 5.

Surely if you earn 100k you can find a suitable house.

I could find a house but would you buy a 3 bedroom semi for 650 to 850k

Oh Flopsey, I feel ya! Makes me so depressed that even with a great wage and lots of savings we can't afford to buy even a two bed flat in my preferred area of west London 😒 Even though a three bed house and garden was affordable in 2014

Op you started a thread that hundreds of people start every month (only slight exaggeration) even before covid 19. You have a good income, you can buy. So I think your thread is pointless.

House price may fall, they may not. Buy a house you like to live in.

Property does go up over time even after falls and dips. So if people can afford to buy and live in the house and will be loving there for some time,what's the worry?

Yes I agree if house prices are ok up and down a bit cost 200 to 300k. But 850k that is more than many people will ever make in their entire life. I know it sounds petty but I can’t bring myself to give it to someone who say bought a house for 200k now they want 850k.

I could find a house but would you buy a 3 bedroom semi for 650 to 850k

Not when you could buy a 4 bed detached for the same price in the same area, no. But in general I don't see why not - what's the alternative?

Yup, it's ridiculous. There's a house on my sister's street that someone bought for £575k a year ago, did zero work (it was already in a good condition) and it's now listed for £635k.... Also, they overpaid by at least £25k to begin with, so good luck with the sale!

What about buying a flat in central London for investment and then renting somewhere cheaper for a while?

I seriously feel like just quitting my job and moving to Scotland where I grew up. I could buy a normal but nice house in cash and just try to find work and live of savings for a bit. But I have to do what’s right for the kids who are both under 5.

I'd do this, but presumably you need to stay where you are so the children can see their father?

I’m quite surprised that people are so ok with just buying a 850k house. Making me feel like I must live in a different world. I think I could move as the father relationship is complicated as he is moving somewhere else