To think this house is worth it and London won't crash?

[Yazhi]

After searching for a long time we have found a house in an area that both DH and I like. DH thinks we should wait and see if the prices drop in London. Flats seem to have dropped and he's hoping houses follow. Who do you think is right?

Not a hope in hell

I mean that they’ll drop

Flats have dropped because of everyone being trapped inside during lockdown. No one wants to be stuck in a flat if it happens again

I wouldn’t time the market with your home. Find something you like within your budget, ensure you plan well financially (good product, insurance etc) and enjoy.

In other words I think you’re right and you should go for it. No one has a crystal ball.

"Don't fight the Fed".

It's been decided that prices won't fall, with helicopter money, new immigration and favourable tax fiddles with further reform on the horizon.

The house doesn't lose and the house is backing "house".

If you like the house, location and can afford the mortgage I'd buy... yes you might be able to get it or similar cheaper 6 - 12 months down the line. But the real question you have to ask is are you happy to compromise for a cheaper mortgage?

If there is

That’s why there are so many forums full of people priced out. They wire and got bitter that it didn’t happen.

You, of course, are right,

In our area everything's gone up approx 50K in a year!

Roseberry Road, Muswell Hill, London
www.rightmove.co.uk/property/109000763

This is the house. Another one that's a bit smaller has just come on for 100k more. I think we should bite while we can.

That's gorgeous!

DH works for a bank. Property prices factor into his work.

He says they might level off for London Market but won't drop.

I think London’s gone as low as it will. People are being summoned back to work, things will open up and people will remember why London is essentially the world’s capital.

Well that’s a stealth brag if ever I saw one

Wow nice (and brave posting it on here for a couple of reasons). If you like it, can afford it, and plan to live in it for a good few years it doesn't matter what the housing market does. If you're planning to sell on in a couple of years, who knows? But then it doesn't matter so much about grabbing a house you love.

Seems about the right sort of price for that area. My Aunt & Uncle used to have a flat in a house like that in the 1970s. We lived further on, just past Crouch End. Houses in both areas some 9 years ago were then selling at around £1m in good condition.

I really love the lampshade in the child’s room with the birds… so cheers for sending me down a rabbit hole trying to find where it’s from

Prices in London won't crash. There is a zero chance they will drop in Muswell Hill. Lots of green space, good schools, safe. It is very desirable

That noose by the kids bunk beds is the most horrifying health and safety concern I have ever seen!!
Other than that, if you like it buy it. Crazy though, my Nan lived in a house like that in similar area and it sold for about 300k 20 years ago!!!

Honestly, I wouldn't worry top much about house prices dropping, if you are planning on being there a long time. Long term, they usually go back up.

As long as you can comfortably afford the mortgage, and get a fixed rate mortgage you should be OK.

I have said I won't move now, unless it's my forever home. I can't find one I like though. If I do find one, assuming it's not hugely over priced for the area, I would definitely jump at it. Its where I will live til i go in a home or die. So wether prices go up or down, won't really impact me.

It's the area that makes it so expensive. Loads of lovely places in London cheeper. I'm surprised someone who apparently is considering buying such an expensive property is asking for market advice on mumsnet! Do you not have account or financial advisor to ask?

You could live in an actual mansion an hour away though Op. It really blows my mind!!

@MiloAndEddie

Well that’s a stealth brag if ever I saw one

Muswell Hill, darling? Bit rough for my taste, but I suppose someone must live there. Tradesmen, perhaps.

This one is 100k more which is my evidence to DH that the one I like is worth it! The second houses photos are nicer but the house itself isn't I don't think.

Rosebery Road, Muswell Hill N10
www.rightmove.co.uk/property/108637082

It's a big, beautiful period property in Muswell Hill. It ain't dropping. If you can afford it, buy.

Time in the market (including property) beats timing the market.