If the prices crash 30% I will buy another house! Really this place is so full of doom porn sometimes.
I'm not saying times aren't tough: what I am saying is that taking financial advice off anybody here is a mistake (including me). We know nothing. Nobody knows anything, ever!
It might be the worst financial decision you ever make, but the best for your health, family, life. You'll have less money in the bank, but if you've enjoyed every minute of living there, then who cares?
Money is a mechanism to maximise your fulfilment in life, not just to see a number on a screen that you can look at every day and pull your plonker over.
Everyone on here has been saying since Brexit vote go for a long fix and they were saying it before Brexit too.
They have all been wrong.
I after the Brexit vote started saying fix for 2 years and everyone else was saying go 5 or 10.
Looks like I am right because interest rates have went down since the vote, stayed down and could even go negative.
A lot of folk on here are sheep that just reiterate what everyone else does and don't go against the herd.
There are literally 10+ very good reasons not to buy right now.
It's the best time to be selling. All the folk looking to buy are buying now and the market is hot. A house 3-4 doors down from me sold within a week. All houses in my estate sell within 2 weeks apart from the one woman who wanted 30% more than the valuation.
In Scotland you need to get a home report and part of that report is a valuation.
Yeah some areas that are sought after like jordanhill people go well over the valuation as that's the only way to buy in that area. However that is happening currently in every area. There is a house that is significantly smaller than mine up for sale in my estate for 25% more than what I paid for mine 4 years ago. the market is crazy right now.
This is literally the worst time to be buying and the best time to be selling before a massive incoming crash.
Brexit, furlough, Covid, lockdowns, further waves, massive job losses, the list is endless as to why the market isn't sustainable. All the people buying now are desperate. Once they disappear and people start failing mortgage payments is when the fun begins.
It doesn't matter if mortgage interest is low. If your mortgage is £1500 a month and you have £50 job seekers coming in, it doesn't mean jack that interest is only a few quid. Interest being low means literally nothing when you have no money to pay the bill.
People need to think before using stupid arguments to support their view. What difference does interest rates make when you have no job?