House prices
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 SullivannnCPFC  Romford, Essex 09 Feb 16 2.35pm |
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I'd like opinions from people please. I'm a 22 year old single lad, currently living at home with parents only a 15 minute walk from my office in Romford, Essex. Currently taking home between 2 and 2.4k every four weeks dependant on overtime, putting 1k away into an instant access saver account (no interest). I have no outgoings apart from a £60 monthly phone bill and my lifestyle. Due to CrossRail taking over the Romford line, house prices have shot up. If I was to buy now I'm looking at 240k for a 2 bed flat (that's the smallest I'd want to buy) Based on the 240k, I just have enough for a 5% deposit mortgage right now, but ideally would like to wait until I have minimum 20 or 30% (I'm in no rush to leave home) Should I buy now while I have the minimum, or would waiting be a better idea (I'm just scared if I wait another 5 years to have a massive deposit, house prices could go up another 100k!) Any help/words of advise appreciated. COYP
Scoring goals for fun, and I know why.. PSN: Essex-Eagle |
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| Stuk Top half 09 Feb 16 2.50pm |
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buy now, they'll go up in value faster than you can save.
Optimistic as ever |
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| orpingtoneagle Orpington 09 Feb 16 2.57pm |
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At the moment as savings rates are low (= non existent,) house prices will always rise quicker than you can save. Buy now and in a few years time either sell or rent it out and move on (and up.)
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| Lyons550 Shirley 09 Feb 16 3.05pm |
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tough decision that's for sure. I'm about to sell mine at the moment as I'm of the opinion that the market is close or very close to the top of this current bubble. The main reason being the tax and stamp duty implications for Landlords which will likely see in more properties coming to the market post April and prices dropping as a result. You rarely go wrong when buying property and provided you'll be happy in sitting on it for a few years the likelihood of you losing money on it are slim. The only thing i'd say is get a Repayment mortgage and not an interest only one as that way you'll be increasing your equity in the property every month that you pay it off. Good luck
The Voice of Reason In An Otherwise Mediocre World |
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| topcat Holmesdale / Surbiton 09 Feb 16 3.06pm |
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Don't you give your parents anything?
It's 106 miles to Chicago, we got a full tank of gas, half a pack of cigarettes, it's dark... and we're wearing sunglasses. |
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| the_mcanuff_stuff Caterham 09 Feb 16 3.20pm |
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My in-laws are on the upper Rainham road and I know Romford quite well. There are never any guarantees, but most seem agreed that the rapid price increases are over for a while and we may even see drops. I can't see prices in Romford going up 100k any time soon. At the same time, if you can afford it at the rate you'll get with 5% LTV, and can afford repayments if interest rates increase, why not? Even if prices drop short term, over the life of the mortgage, the value will increase.
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| the_mcanuff_stuff Caterham 09 Feb 16 3.21pm |
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Originally posted by Lyons550
tough decision that's for sure. I'm about to sell mine at the moment as I'm of the opinion that the market is close or very close to the top of this current bubble. The main reason being the tax and stamp duty implications for Landlords which will likely see in more properties coming to the market post April and prices dropping as a result. You rarely go wrong when buying property and provided you'll be happy in sitting on it for a few years the likelihood of you losing money on it are slim. The only thing i'd say is get a Repayment mortgage and not an interest only one as that way you'll be increasing your equity in the property every month that you pay it off. Good luck agree with that
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| Apollofuzz On the edge of reason 09 Feb 16 3.42pm |
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Buy now stay at home and rent it out. Best of both worlds. That way you are still saving, but have a foot on the property ladder.
I ride a GS scooter with my hair cut neat |
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| JohnB 09 Feb 16 4.00pm |
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I bought my flat for £210k 8 or 9 years ago. It's now worth £420k. It's a two bed flat. That's just absurd. I read that house prices are set to go up another 5% this year with interest rates set to stay as is, if not drop slightly, until at least March next year. Buy now, get on the ladder as soon as possible.
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Kermit8  Hevon 09 Feb 16 4.59pm |
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It sounds like you are on around 35-40k so unless mum and dad are helping are you going to be able to get a 200k mortgage? Best to find asap. Cast your net wide but within reason and you will find something and if it's in a bit of a state and you don't mind rolling your sleeves up you might just grab a bargain. But 'yeah' - buy soon. You can always rent it out if you want to travelling later.
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| SullivannnCPFC Romford, Essex 09 Feb 16 5.17pm |
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No I don't give my parents anything, they won't take it. I do take the family out for a meal every month or so, buy a takeaway and spend a lot at Christmas and birthdays cos I do feel bad but if they won't take it there isn't much I can do. My parents have always rented so I won't inherit anything either, their only concern is me buying too early and maybe losing a job or whatever and shooting myself in the foot. Of course, I've thought about buying to rent but this is obviously much easier said than done!
Scoring goals for fun, and I know why.. PSN: Essex-Eagle |
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palace777  belfast 09 Feb 16 5.21pm |
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Originally posted by SullivannnCPFC
I'd like opinions from people please. I'm a 22 year old single lad, currently living at home with parents only a 15 minute walk from my office in Romford, Essex. Currently taking home between 2 and 2.4k every four weeks dependant on overtime, putting 1k away into an instant access saver account (no interest). I have no outgoings apart from a £60 monthly phone bill and my lifestyle. Due to CrossRail taking over the Romford line, house prices have shot up. If I was to buy now I'm looking at 240k for a 2 bed flat (that's the smallest I'd want to buy) Based on the 240k, I just have enough for a 5% deposit mortgage right now, but ideally would like to wait until I have minimum 20 or 30% (I'm in no rush to leave home) Should I buy now while I have the minimum, or would waiting be a better idea (I'm just scared if I wait another 5 years to have a massive deposit, house prices could go up another 100k!) Any help/words of advise appreciated. COYP
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