...or perhaps not buying a house after all

[ciphergoth]

...at least for a while.

Met up with babysimon at BU last night. He made a *very* persuasive case that now is not a good time to buy. Various folk made the opposite case, but his was backed up with detailed quantative historical data. I'm sore about it, but I'm convinced. It's sad but at least it means I'll be able to get a rather better property for the same money when the crash comes.

Just spoke to an investment advisor, who said if I was only investing for a year or so and then hoping to buy property, I should put my deposit in bonds. I'll also of course put the maximum I can into an ISA. It'll keep 'till I need it.

So I guess I'm looking to rent once again... but we're not in a hurry.

Comments

[juliet]

But you bought that a while back, no? If we were to buy our place in Bermondsey now, I reckon it'd cost around 1-200quid a month *more* to make mortgage repayments than it costs us to rent it (based on a fairly conservative estimate of the value of the house gleaned from local estate agents, & a repayment mortgage rather than interest-only). And then there'd be maintenance costs on top of that. Rental prices have definitely been falling - the landlord didn't even *try* to put ours up this year, which tbh rather surprised me (& it was fairly low to start with).