Terrible time to buy a house?
Discussion
Dear PH
I've decided I've had enough of renting & am currently looking at buying my first house. The problem being, looking at the previously sold values on rightmove, zoopla etc, I can't shake the feeling that where I'm looking to buy (berkshire/Hampshire area) is in a mahoosive unsustainable bubble.
Prices in Basingstoke for example, only surpassed their 2007 bubble prices 12-18 months ago, and are now 30% higher than then. They've risen even faster in areas along the M4.
These aren't paticularly desirable houses either. Standard cramped 10 year old estate stuff.
Who is honestly affording what I'd describe as small family homes priced at £350k+? Everyone must be going balls-deep with the lenders.
I've decided I've had enough of renting & am currently looking at buying my first house. The problem being, looking at the previously sold values on rightmove, zoopla etc, I can't shake the feeling that where I'm looking to buy (berkshire/Hampshire area) is in a mahoosive unsustainable bubble.
Prices in Basingstoke for example, only surpassed their 2007 bubble prices 12-18 months ago, and are now 30% higher than then. They've risen even faster in areas along the M4.
These aren't paticularly desirable houses either. Standard cramped 10 year old estate stuff.
Who is honestly affording what I'd describe as small family homes priced at £350k+? Everyone must be going balls-deep with the lenders.
Wacky Racer said:
I think the best thing to do, if you are desperate to get on the housing ladder, with limited cash is buy a run down property, (not too run down), and spend three or four years doing it up yourself.
If you are not too good at d-I-y LEARN....there's plenty of info on You tube etc.
If you want a nice shiny house to move into, you are going to have to pay for it one way or another.
A bonus will be you will feel a great sense of satisfaction when it is finally finished, but you may have to "rough" it for a year or so.
I'd love to do that. I already have a full suite of tools including a mig welder & compressor!If you are not too good at d-I-y LEARN....there's plenty of info on You tube etc.
If you want a nice shiny house to move into, you are going to have to pay for it one way or another.
A bonus will be you will feel a great sense of satisfaction when it is finally finished, but you may have to "rough" it for a year or so.
Sadly unless i'm looking in the wrong places, bargain fixer'uppers don't seem to exist around here. The 'potential' seems to be priced in.
My parents bought a house requiring modernisation & a small amount of structural work, & ISTR it was ~50% cheaper than a comparable place in need of no renovation.
The ones I've found have looked like right knackers & are only priced 10-15% less than a sorted place. Hardly seems worth it
I still intend on getting somewhere, after all like has been said whatever happens it's preferable to renting long term. Now i'm wondering whether i'd be a fool not to take the absolute max amount of affordable mortgage we can get & just buy the best place possible. I was leaning towards getting somewhere a little more modest & borrowing at a ~30% LTV on a 5-10yr fixed rather than at 20% or lower - possibly regret in the future?
Now I'm talking like I subscribe to the 'you can't lose with property!' ethos - damn you Pistonheads!
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