Q: Hi. I can only afford the smallest flat in the worst area of Plymouth in Devon. I feel very uncomfortable about living in that area, but I really want to get on the ladder. If I leave, Im never anywhere to buy ever again? Where is the housing market headed? Will houses (flats and small!) Only be achieved by the rich? I want my own place, but really dont want to live in an area full of drug dealers and what Im thinking criminals.
I question is: should I wait? Certainly reduce prices, how can they not? 977,503 – MRB
A:Assuming that this is a genuine enquiry (and your first name is not "Gordon", middle name "Troll", there are some decent-looking housing association flats going in central Plymouth at the moment – if you are on a low income, perhaps these would be a way of getting the security you are looking for, but still affording a fairly nice area?
Otherwise, as has already been said, look further out. What about Ivybridge with the park-and-ride?
A:Thanks for your comments. Is it really a case of 'now or never'? I suppose thats the million dollar question. SURELY house prices must come down so people can start buying. Is it possible that if I dont buy now, I will NEVER be able to buy ever again?
I would like to buy a house because Ild get the feeling of having a HOME. I dont think Ild ever feel that with renting.
I doubt anyone on this forum or anywhere can answer your question whether you will NEVER be able to buy ever again. No one knows anything about you. For all we know, you may be a very motivated person, and the next rising fund manager for Barclay's Bank.
A:Thanks for your comments. Is it really a case of 'now or never'? I suppose thats the million dollar question. SURELY house prices must come down so people can start buying. Is it possible that if I dont buy now, I will NEVER be able to buy ever again?
I would like to buy a house because Ild get the feeling of having a HOME. I dont think Ild ever feel that with renting.
A:http://www.housepricecrash.co.uk
A:have you thought of widening your area. i dont know Plymouth so dont know if its the place to be or not but that could be the reason that the bad area is so expensive. maybe you could look at the surrounding area and could find a nicer 'up and coming area' which wouldn't have the big price tag.
thats what we had to do all we could afford in the area we wanted to be in was an ex council house on a rough estate, so we bought in a town a 15 minute drive away and ended up buying a very nice apartment in a listed building. im no expert but i think our apartment will rise in value more than the ex council place and when we come to sell we will hopefully have enough to buy a house in the area we wanted without having to live on the council estate
A:Everyone seems to have their own opinion on the
housing market MRB, which seems to indicate that nobody really knows what is going to happen. If you really don't want to live in this area, I wouldn't if I were you. As far as we know, we only get one life, so why do anything to make it more difficult than necessary? If you paid a high price for a property in this area and the prices DID fall (and it doesn't mean there has to be a general 'crash' for this sort of thing to happen), you may well be stuck in negative equity in a place you hate, and be unable to sell. I don't own a property at the moment (though I am fortunate that I could afford to buy again if I chose to, though not the nice country cottage I live in now), but with not knowing what the market is going to do at the moment, or interest rates for that matter, I am going to wait and see for a bit. I am sure others will advise you possibly to do anything you can to get on the '
ladder', its now or never etc (though I don't really get the
ladder thing, just see it as somewhere to live), I guess it comes down to a personal decision in the end. I don't mind renting personally, there is lots of choice, although you have to pay rent ('dead money' I hear them say), I don't have to pay buildings insurance, repairs and maintenance and all those other costs that people don't seem to think about until reality strikes. Not much help I guess, but your decision. Good luck with whatever you decide to do.
Good points! BTW – interest on loan, stamp duty and all other expenses of owning a home can also be "dead money".
A:Everyone seems to have their own opinion on the
housing market MRB, which seems to indicate that nobody really knows what is going to happen. If you really don't want to live in this area, I wouldn't if I were you. As far as we know, we only get one life, so why do anything to make it more difficult than necessary? If you paid a high price for a property in this area and the prices DID fall (and it doesn't mean there has to be a general 'crash' for this sort of thing to happen), you may well be stuck in negative equity in a place you hate, and be unable to sell. I don't own a property at the moment (though I am fortunate that I could afford to buy again if I chose to, though not the nice country cottage I live in now), but with not knowing what the market is going to do at the moment, or interest rates for that matter, I am going to wait and see for a bit. I am sure others will advise you possibly to do anything you can to get on the '
ladder', its now or never etc (though I don't really get the
ladder thing, just see it as somewhere to live), I guess it comes down to a personal decision in the end. I don't mind renting personally, there is lots of choice, although you have to pay rent ('dead money' I hear them say), I don't have to pay buildings insurance, repairs and maintenance and all those other costs that people don't seem to think about until reality strikes. Not much help I guess, but your decision. Good luck with whatever you decide to do.
A:There is nothing wrong with renting I agree, but do you really want to be continuing to have to find rent payments after your income drops at retirement. I know I don't. We only really want to own our own home to ensure some sort of security post-retirement.
A:Nothing wrong with renting. The UK seems to be the only country where it seems to be a stigma if you don't own property.
A:You have to ask yourself why you need to get on the
ladder.
Property prices would not be my concern in the picture you paint.
A:Aren't the recent interest rises an attempt to slow the
housing market down and control prices?
Danny
A:According to the Centre for Economics and Business Research (CEBR) ever upwards, increasing the average house price by ￡1000 a month.
http://news.bbc.co.uk/1/hi/business/6307239.stm
In reality, nobody knows, but there do seem to be more people forcasting price increases than decreases. I would like to know who exactly is buying these houses. My partner and I both work and we can't afford to make the first jump, neither can anyone else I know.
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