Who doesn't own a property?

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413x said:
I could easily be renting now had I chased the "its going to crash" idea.
Thank goodness I didn't!
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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 :o
 
Scam said:
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 :o
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We bought in June 2020, right in the midst of pandemic issues and with it being a new build, we had no end of problems before/during moving in. In a year our house value has gone up 30% (due to local gentrification and other factors too). I dread to think what would have happened if we'd waited until 2021, or worse still - this year.

Similar situation, too, our mortgage is roughly what we paid for our previous rental property, and thankfully our interest rate is fixed for a while. Not sure what the future holds, but I'll just move to Mars if all else fails.
 
Scam said:
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 :o
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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.
 
moarframes said:
Similar situation, too, our mortgage is roughly what we paid for our previous rental property, and thankfully our interest rate is fixed for a while.
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Oh yeah I forgot to say we fixed for 5yrs. Thank God!!
413x said:
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.
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Ironically it seems because we're in zone 3 London our house might have gone down a bit.. People moving out of London etc. But both of our companies (biggish corporates) have recently announced a 3 day in the office rule, so I'd imagine most others are following suit. Seems to be talk of a lot of youngsters boomeranging back into cities (having gone to live with parents during the pandemic), that's probably also related to the rental issues. But I think London house prices will pick up as a result. When Crossrail joins up properly the commute into central London here will be approx 35mins door-to-door (rather than 60mins currently), we're about 20mins from Heathrow on public transport, 5mins to the M4 etc. so I'm not really worried. We bought this place to live in, not sell-up in a couple of years so at the end of the day it doesn't matter what the market does too much.
 
Scam said:
Oh yeah I forgot to say we fixed for 5yrs. Thank God!!

Ironically it seems because we're in zone 3 London our house might have gone down a bit.. People moving out of London etc. But both of our companies (biggish corporates) have recently announced a 3 day in the office rule, so I'd imagine most others are following suit. Seems to be talk of a lot of youngsters boomeranging back into cities (having gone to live with parents during the pandemic), that's probably also related to the rental issues. But I think London house prices will pick up as a result. When Crossrail joins up properly the commute into central London here will be approx 35mins door-to-door (rather than 60mins currently), we're about 20mins from Heathrow on public transport, 5mins to the M4 etc. so I'm not really worried. We bought this place to live in, not sell-up in a couple of years so at the end of the day it doesn't matter what the market does too much.
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I have no issue with a price fall.
Personally it won't hurt as I expect next house to be 'the house' and repressed house prices help moving up.

Also helps FTB.

In fact house price drops would hurt very few people. Only really those in their final house (who have probably gained enough it doesn't matter) and people who bought in last 12-18 months.
 
2 Bed mid-terrace for 20 ish years - fixer upper would be an under statement this place was in such a state it was on a footing to becoming condemned
I put a lot of personal hours into its rennovation and also had to bring in outside help (mainly a plumber, electrician, structural engineer) which is the only reason I could afford it at the time

I took on/paid my parents mortgage as well however unfortunately their health went catastrophically downhill (one got in a major accident, one passed) so no sooner had I paid it off, it was sold for care home fees

I was/still am frugal as balls though. And at that time I was doing my regular job and also side hustle/small business in free time... I wouldn't stand a chance now as I also have some health problems which are getting worse

*edit* Worried for my brother and SIL - amazing people and I would let them live here rent free if we had the room (they have kids) to give them time to save, lovely people but in jobs which are important/don't pay enough.
 
Scam said:
Oh yeah I forgot to say we fixed for 5yrs. Thank God!!

Ironically it seems because we're in zone 3 London our house might have gone down a bit.. People moving out of London etc. But both of our companies (biggish corporates) have recently announced a 3 day in the office rule, so I'd imagine most others are following suit. Seems to be talk of a lot of youngsters boomeranging back into cities (having gone to live with parents during the pandemic), that's probably also related to the rental issues. But I think London house prices will pick up as a result. When Crossrail joins up properly the commute into central London here will be approx 35mins door-to-door (rather than 60mins currently), we're about 20mins from Heathrow on public transport, 5mins to the M4 etc. so I'm not really worried. We bought this place to live in, not sell-up in a couple of years so at the end of the day it doesn't matter what the market does too much.
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Sounds like your in a similar location to what we were until a couple of weeks ago, we were renting in Chiswick but then purchased in Isleworth in 2019.

We saw prices for flats and apartments going down (unless they had exceptional outside space) during the pandemic and houses with gardens shooting up.

We sold a couple of weeks ago for 80k more than we paid in 2019, so I think it all depends on property type. People look at houses now and think differently about them post pandemic, nearly all our friends who lived in studios or small flats moved out of them as soon as possible once the lockdowns started, and many of the grads at work who were in small rented places went back to their parents like you said - so demand must have dropped significantly on certain property types.
 
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