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Original poster

Quick - tell me some property doom and gloom stories before I weaken and buy a house!!

81 replies

mummyjaguar · 24/06/2008 14:40

Our purchase of our dream house fell through two weeks ago. We have been teling ourselves every day that it is probably a good thing in the current climate. But then last night we got a call saying that the vendor would reduce the price by £80k if we proceed with the purchase.

I loooooooooooove this house. But I know its the wrong time to buy (and stretch ourselves).

I need lots of property price stories so that I don't weaken!!

OP posts:
sagacious · 25/06/2008 12:27

Its a horrible house
Don't buy it

(let me!)

LyraSilvertongue · 25/06/2008 13:46

So, noddy, if average house prices in the UK fall 10%, that will be completely even across the whole of the country? There won't be some areas where falls are more and others where falls are less?
I'm more concerned with what's happening in my local market, which I will be buying in shortly, than the whole global picture as it's more relevant.

pookamoo · 25/06/2008 13:49

If you love the house, go for it.
We are trying DESPERATELY to move at the moment as our little flat has been on the market since August and I am 20 weeks pg with our first baby, which will probably have to live in a drawer if we can't move before it's born!

(I'm only joking about the drawer, by the way, but it is a very small flat!)

myredcardigan · 25/06/2008 14:55

I agree with Lyra! Some areas will fall more than others. Those areas that are actually a bit crappy but have become overpriced because the close by nicer areas are too pricey will be the ones who suffer most. New builds will also not do well especially new build city centre flats simply because there are too many of them at too high a price.

There has been an adjustment of about 5%-10%in this area but people are still buying especially in the 500k+ market. If you can afford the mortgage and so not want to sell in the next 4yrs then it's ok to buy.

We've been in rented since last summer and I've hated every minute of it. We exchanged last week after holding out and paying the price we wanted. I'm well aware that I could have held out until the autumn or even winter and maybe saved 30k more. But, for me, being in my own home and getting on with my life is worth more than that.

Sometimes you just have to consider the bigger picture. As Lennon said, 'Life is what happens whilst you busy making other plans.'

newgirl · 25/06/2008 14:59

BUY IT! surely you are paying rent - that is real money going nowhere

you love this house and another one has not popped up that you prefer

life is short - live where you want to live - life should not be all about money

ps houses round here are still selling at high prices - family houses are still going for good money

myredcardigan · 25/06/2008 15:03

Absolutely!

hanaflowerisnothana · 25/06/2008 15:03

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Message withdrawn at poster's request.

herbietea · 25/06/2008 15:04

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myredcardigan · 25/06/2008 15:06

Hana, I'm not in denial. I'm fully expecting my house could be worth less than I paid for it this time next year. I just think life is too short to keep holding out for the absolute 'best' price. I want to be in a house I love, enjoying my life, not fretting and plotting about how to save that extra 20k.

hanaflowerisnothana · 25/06/2008 15:22

This reply has been deleted

Message withdrawn at poster's request.

noddyholder · 25/06/2008 15:26

I agree there are variations but this time the reasons for the falls are much different.London usually falls last this time it is first.I will never back down on this btw as have been buying and selling property for years and feel it this time tbh.I also agree that a home is a home but i certainly wouldn't pay someone elses debt off and think there are many like me.And for a last word 10% is v unlikely and 30 plus more like it

myredcardigan · 25/06/2008 17:47

I agree about London. Especially all those new build 'river' flats which are actually miles out of town.
We have also got rid of our 2 investment properties which we rented out as now is def not the time to be trying to make money from property. We were chain free having sold this time last year and moved into rented so we were theoretically in the best position having sold at the top of the market. I still had no desire to sit it out.

Asfor taking on someone else's debt; We've just paid 700k+ for a house which the current owners paid 17k for! Now there's a tidy profit!

noddyholder · 25/06/2008 17:51

A large number of people have repeatedly re mortgaged their equity to pay for unneccesary cars holidays etc etc.I am not about to pay for their good times now that they want out.I do agree though that buying a home is a different matter and if you are not mortgaging to the max the market i9s irrelevant but it matters to me as it has been my job for more years than i care to remember

myredcardigan · 25/06/2008 17:59

Well if you're happy in rented and prepared to sit and wait then good luck to you. I agree there will be more falls, I'm just not prepared to wait. This is my 15yr house, we can make the repayment and I feel we got a very good deal. But then I have two children under 4 and another on the way so my priorities may be different.

noddyholder · 25/06/2008 18:21

I agree life is for living but I want to travel and don't want to spend the money i've made on an over priced house as ds is 14!

LyraSilvertongue · 25/06/2008 18:25

We're about to buy a house that we intend to stay in till our boys (now aged 4 and 5) are grown up.
It's in a fabulous location and houses there don't come up very often. It's also completely unmodernised and that's the only reason it's within our budget.
So for us it's a case of do it now or never because another one the same simply wont come up.
I do care if it's worth less in a year's time than we paid for it but I'm trying to look at the bigger picture and it will be our home for many years so its market value won't really matter too much as long as we can still afford the mortgage repayments.
As others have said it's not all about the money. We're currently in a house that's too small and I'm desperate for more space. Once we're there we'll have no reason to move as it's plenty big enough for the four of us.

LyraSilvertongue · 25/06/2008 18:27

And it has ample space for extension, which our current house doesn't, so we can get more space that way if we need it in the future.

noddyholder · 25/06/2008 18:32

If you can afford it regardless of the economic climate then obviously a lovely home that is your own is the ideal but if you couldn't cope with rises in interest or are taking out a huge interest only mortgage then its not so wise.I intend to buy as soon as i see a bargain that suits us but we are in a differnt position to most

LyraSilvertongue · 25/06/2008 18:34

We'll have more than 25% equity in both properties (we'll be renting out our current house) so we should be ok. We're also thinking of fixing at 6.29% for five years but not 100% sure yet.

noddyholder · 25/06/2008 18:36

that is a good deal the shorter fixes are rocketing and the market will take yrs to ercover so that looks really good

LyraSilvertongue · 25/06/2008 18:44

Better grab it quick then before the BoE hikes up interest rates again...

eekamoose · 25/06/2008 18:57

I wouldn't buy now unless I really had to (relocation or matrimonial, for instance). Actually, even if I were relocating I'd sell, rent, then buy not sooner than 1 year from now.

Original poster
mummyjaguar · 25/06/2008 21:27

It is the same house.

Our offer was accepted based on the fact that predicted costs for renovation were £100k. That made it JUST possible.

Estimate came back at £250k all in for renovation and kitchen, carpets etc. We had to pull out because she wouldn't budge on price.

She's now said she'll drop 80k. It still puts it out of budget but its far more tempting.

She has to sell. She is elderly, on her own and struggling to live with all her cash tied up in the house. I think she'll drop further to make it affordable for us.

If we buy now we will have a 500k mortgage. With school fees starting next year we would only have a few hundred pounds left oevr every month.

IF we wait then we could have a similar sized house but a far smaller mortgage. BUT we might lose this house which we love.

Can't decide what to do. Love the house but sure there will be furether falls and why lumber ourselves with a big mortgage if we don't have to.

OP posts:
LyraSilvertongue · 25/06/2008 21:36

We're in the same position. We could get a cheaper house in 6 months, I'm sure.
But we want this house and if we lose it we'll probably never get this chance again.
If you love the house and can afford it, I'd say go for it. otherwise you might be kicking yourself over the perfect house you let go.

noddyholder · 25/06/2008 22:14

But you can get those houses for less if you wait or negotiate hard.We made a low offer on a house which was refused and now has been dropped to very close to what we offeres and the agent has started correspondence with us again but I have said no to the higher price.I think they will ,either give in or not sell and there will be other houses This is about the 3rd perfect house we have seen.It is lovely to have a nice home but not at any cosy