...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

Re: pedantry alert (sorry)

[babysimon]

If I was rendered suddenly unemployed, I'd rather be living in a rented flat I could walk away from, than have to give the bank a cheque for £70,000 to be allowed to sell my house.

Re: pedantry alert (sorry)

[purplerabbits.livejournal.com]

Indeed, since there is still such a thing as housing benefit...

Re: pedantry alert (sorry)

[thekumquat.livejournal.com]

Good point.

[ergotia.livejournal.com]

Where would you walk to? Cheaper rented property/friends/the street, same as in house scenario. You are gambling on buying in a slump and having sufficient equity by the time the next slump comes to sit it out , right? My only point really is that it is all a gamble.

[babysimon]

Yeah, but I wouldn't owe the bank a huge sum of money in the process!

It is all a gamble, certainly. That's one of the worst things about it. But the odds on the gamble change constantly, and I think they're very bad now.

Anyway, I don't want to be arguing with you, particularly over house prices. We may just have to agree to disagree.

[ergotia.livejournal.com]

Oh, absolutely : )

xxxxx