HouseWimb

I've wanted to buy a house for a while but put it on hold when the pandemic was in full swing

I will make a very tidy profit on my flat but at the moment anything in the middle of my budget that was nice is now at the top end of my budget.

So it either seems buy a dump in a **** area or have a huge mortgage

Or should I wait for the bubble to burst. Last year there were plenty of places.

Previously I would have said there never will be a house price crash and my advice would have always been just to go for it as soon as you can.

However, with interest rates rising, there will be a lot of fixed term mortgages coming to an end over the next couple of years that could potentially fcuk a lot of people over and slow it all right down / see a correction.

That's just my view anyway.

Oh and on your point about making a tidy profit on your flat, you are right but when looking to buy something bigger, that profit on your flat actually hurts you. What I mean by that is that you may have made 30% on your £300k flat (£90k) but that £500k house you want to buy has also gone up 30% (£150k). So whilst you made £90k, you are actually £60k worse off when you buy your house...

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Originally Posted by Maravilloso Marvo

Previously I would have said there never will be a house price crash and my advice would have always been just to go for it as soon as you can.

However, with interest rates rising, there will be a lot of fixed term mortgages coming to an end over the next couple of years that could potentially fcuk a lot of people over and slow it all right down / see a correction.

That's just my view anyway.

Oh and on your point about making a tidy profit on your flat, you are right but when looking to buy something bigger, that profit on your flat actually hurts you. What I mean by that is that you may have made 30% on your £300k flat (£90k) but that £500k house you want to buy has also gone up 30% (£150k). So whilst you made £90k, you are actually £60k worse off when you buy your house...

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I got mine for a bit of a bargain 4 years ago, Done a lot of work on it and extended the lease.

After all that I am about 78 grand up which is bonkers based on what I am told I will sell mine for. They are relentless I am getting called multpile times a day by estate agents to sell my flat.

The houses I was looking at previously when things were more normal have now seemed to have gone up a good 50-100k on a 3 bed and about 20-30 on a 2 bed. There is also some inheritance on the way sadly. I may hold off to see what we actually end up with.

All I want is a garden, Garage, or at least a driveway. For some reason having space to wash my car seems a priority when I am thinking of where to live.

This all sounds very sensible for me how times change.

Quote:

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Originally Posted by Pat Vegas

I got mine for a bit of a bargain 4 years ago, Done a lot of work on it and extended the lease.

After all that I am about 78 grand up which is bonkers based on what I am told I will sell mine for. They are relentless I am getting called multpile times a day by estate agents to sell my flat.

The houses I was looking at previously when things were more normal have now seemed to have gone up a good 50-100k on a 3 bed and about 20-30 on a 2 bed. There is also some inheritance on the way sadly. I may hold off to see what we actually end up with.

All I want is a garden, Garage, or at least a driveway. For some reason having space to wash my car seems a priority when I am thinking of where to live.

This all sounds very sensible for me how times change.

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Sorry for your loss that is leading to the inheritence mate.