renting at the moment...should i buy?

[laz11]

I sold my flat in london earlier this year and moved to brighton where i am curently renting, with my money from the sale in a high interest savings account with the interst going towards my rent. I am thinking, given the state of the market, of renting for another 6/12 months until hopefully the market levels out or drops? I will hopefully be able to add a few grand over the next couple of months to my savings so lessening any loss i might be making whilst not in the property market. Or I could look at buying now. Also I'm thinking the better time to buy down here is presumably winter when living by the sea is less of an attraction?

Any feedback from people in the property market gratefully recieved.....

[superlightr]

your interest savings -v- the increase in cost of a property.

I would highlight that for the last 12 years interest earnt in a bank account would not keep up with propety inflation.

I was in the same shoes as you and worked out that I was on a losser with bank savings and renting -v- buying and inflation. Hence buying 8 years ago.

If you can afford the repayments buy - capital inflation is then irrelivant (untill you sell). So long as you can affor the mortgage repayments and its ups and downs and your happy there it doesnt matter what the property is worth.

[scotal]

I would say buy, but then I do mortgages so I have a vested interest in a bouyant market.
ACEparts will be along in a bit to tell you the world is about to end property wise and you should rent until it drops like a stone.
If you look at property as a place to live rather than an investment, and you can afford a place you are happy with, then go for it.
If you are looking short term investment, wait until lunchtime and see what rates do today.....

[laz11]

Mmm ok thanks for the feedback. I will probably start looking to buy because it will probably take a month or so before i find somewhere i like and until exchange i can still negotiate the price....

[Davel]

I personally very much doubt that property prices will ever really drop much and would always say buy!

They don't build land any more and there's generally a shortage of houses.

Rent is just dead money - says me an Industrial Landlord!

p.s. Don't tell my tenants.......

[scotal]

laz11 said:

Mmm ok thanks for the feedback. I will probably start looking to buy because it will probably take a month or so before i find somewhere i like and until exchange i can still negotiate the price....

And of course what you need is a first rate Mortgage Broker.....YHM

[dcw@pr]

if any mortgage brokers out there want to drop me an email it would be good...

[JOSHKY]

Renting is just dead money if you can afford it I would say buy property, looking back wish I had played the property market instead of staying in one property for 17 years, althogh still made a big profit when sold!!

[scotal]

dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:

if any mortgage brokers out there want to drop me an email it would be good...

errr ok YHM

[superlightr]

scotal said:

dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:

if any mortgage brokers out there want to drop me an email it would be good...

errr ok YHM

if any mortgage brokers out there want to drop me an email it would be good.......not that I want a mortgage but Im feeling left out and unloved here!

[scotal]

superlightr said:

scotal said:

dcw@pr" Target="_blank">class="forumQuoter">dcw@pr said:

if any mortgage brokers out there want to drop me an email it would be good...

errr ok YHM

if any mortgage brokers out there want to drop me an email it would be good.......not that I want a mortgage but Im feeling left out and unloved here!

You must be if you want to talk to Mortgage Brokers, scum of the earth the lot of them......

[gizmo.mp3]

Davel said:

They don't build land any more

Haha. Like it.

[Smirnoff]

Scotal are you employed or self employed?

Adrian

[scotal]

Smirnoff said:

Scotal are you employed or self employed?

Adrian

Nminally speaking I'm employed, but I work in my own little world. Why?

[matt28]

Just IMO...

If you are buying the place as a home to live in (rather than an investment), and you have found the right place for you, in my opinion it is never a bad time to buy.

As the experts often say... there is never a bad time to buy a home, but often a bad time to buy a house.

[ACEparts_com]

scotal said:

I would say buy, but then I do mortgages so I have a vested interest in a bouyant market.
ACEparts will be along in a bit to tell you the world is about to end property wise and you should rent until it drops like a stone.
If you look at property as a place to live rather than an investment, and you can afford a place you are happy with, then go for it.
If you are looking short term investment, wait until lunchtime and see what rates do today.....

Ha ha, i was just reading this thread with interest and laughed when I saw that

Renting - VS - Interest on the mortgage? Often it's cheaper to rent than pay just the interest only part of a mortgage. Prices are going up due to low interest rates (now on an upward trend) and everyone having this must buy now or you'll never afford it mentality.
I ask you.. With prices going up above the rate of wage inflation, where is your postman going to live in 10 years time?
Which ever way you look at it inflation is working through the system which will lead to higher interest rates and less afforability.
Mortgage lenders have pretty much run out of ways of getting first time buyers on the 'ladder' and with investors no longer getting 20% capital appreciation they will be gone soon as well.

Your wealth in retirement is in direct relation to where in the cycle you get on the ladder. Renting for a few years won't cost you anything if property prices drop by just a few percent.