Im currently looking into buying a flat fpr £157000 with the intrest rates going up last week and people saying the house markets gonna crash is this a good time to buy or should a wait a few years and carry on saving the money that i would be spending on the mortgage.
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Buying a Flat?
- Thread starter Bert365
- Start date
Uncle C
Well-known member
Bert365 said:
Nobody can answer this unless they have crystal balls.
If its a place to live in and you avoid landlord costs then go ahead.
Gully
Monkey in a seagull suit.
At the moment demand is still far greater than supply, that suggests to me that the market will keep rising, but hell...what do I know?
Gully
Monkey in a seagull suit.
That is about the sum of it, there was a crash in the early 90's when interest rates shot through the roof, lots of people had their homes repossessed and there were bargains to be had for one and all...unless of course you were still trying to pay an horrendous mortgage having had your home taken from you.
We were talking about this today, the time when the interest rate doubled in two days to about 15%, if that happened today we would all be on the streets in days, thank goodness for an independant Bank of England.
We were talking about this today, the time when the interest rate doubled in two days to about 15%, if that happened today we would all be on the streets in days, thank goodness for an independant Bank of England.
SK1NT
Well-known member
the gorgeous Yorkie is spot on. I personally would buy. I bought a flat last january. I was waiting for a price drop for 2 years prior and never came. I really cant see a crash at worst a slight dip, but in general will always go up. Buy Buy Buy ive made about 20k on mine in a year and it was 1 bed flat.Yorkie said:
my guess is that property prices will still rise, albeit gradually.
less & less land is being sold off by councils to developers and what with the invasion of people from EU countries, the demand for housing just keeps increasing.
don't leave it too late to get on the ladder.
if you can afford it now, jump on!
less & less land is being sold off by councils to developers and what with the invasion of people from EU countries, the demand for housing just keeps increasing.
don't leave it too late to get on the ladder.
if you can afford it now, jump on!
dougdeep
New member
There's no time like the present, if you have a steady job then go for it.
SK1NT
Well-known member
thats exactly right. Where are you buying if you dont mind me asking?moggy said:
I would defo go for it. Im 25, have a shit job but have a mortgage. I cant go out as much as i use too etc, but if you can get on, do it. If you don't the money you save each month will only cover the cost of the property price increase. Good Luck
Uncle Spielberg
Well-known member
people who waited for the Daily Express weekly predicted property crash 5 years ago have lost around £ 100000 on a standard £ 200000 property, prices may stabalise but a crash is not going to happen
nail-Z
Well-known member
Uncle Spielberg said:
Oh shit. We're all DOOMED.
DOOMED, I TELLS YA
as mortgage costs increase, these rises are passed on from the landlord to the tennant anyhow...
if you can afford it, go for it
if you can afford it, go for it
Goring Gull
New member
Buy, Buy Buy
The Clown of Pevensey Bay
Well-known member
Guinness Dave said:
Not in the short term. Rent depends on the rental market. Demand and supply, innit?
Buy the flat. I doubt if the bottom end of the market will collapse because if prices fall all the first time buyers who cannot afford the current prices will be able to enter the market..and this will shore things up a little.
Oh, and the other thing. Interest rates wont go too high in this country otherwise people will switch to lenders from the eurozone where their interest rates have been historically lower than ours for decades.
As long as you can afford the mortgage you should buy.
Oh, and the other thing. Interest rates wont go too high in this country otherwise people will switch to lenders from the eurozone where their interest rates have been historically lower than ours for decades.
As long as you can afford the mortgage you should buy.
Gilliver's Travels
Peripatetic
House prices will be plummeting in the Falmer area, later this year... 
Or will they?
Or will they?