We bought June last year. We left a lovely flat in a great area, with fantastic landlords that had not put the rent up once. There are times through our current renovations where we wonder if we've done the right thing by plowing all of our life savings into the house and the work on it. Then we look at what's happening in the rental sector and "yeah, nope". Even had we stayed there for a few more years and been relatively happy, this inflation will probably eventually push house prices up even further (it's never ending in this country, let's face it) and we'd struggle even more to afford anything. We were fortunate enough to have a decent deposit so our mortgage is not really more than our rent was, so even if prices crash.. well who cares really we're here to stay for as long as we're working
Mine was before covid. Was sure prices would crash due to everyone losing their jobs. Maybe it would have without furlough and stamp duty break. Who knows.
Went ahead with an over offer.
Fast forward only 2 and a half years and gains are substantial.
Rent was 500 a month for a one bed 1st floor electric heating only house conversion, proper grotty. Cupboard doors falling off. One of those ancient ovens.
Got out 3 bed detached in same area (mile away) mortgage of 800.
Thinking of living through lockdown in that flat fills me with horror!
On paper house has gone up 70k too. Which is a lot. Considering it was bought for 260.
Personally I don't think it's 70. But it's gone up a lot. Could never get a house like this for what we paid. That's in 2 and a half years.
Ridiculous really. First time buyers renting? I have so much sympathy for.