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Wife wants to buy a house . In principal we are in a good position. Combined income of approx 100K with a decent deposit. However I can't help but feel we are on the edge of waves thats just about to crash. I'm 44 and wife 41. I really dont want to risk extending my working life by 10 years to finance a grand folly.

I wouldn't mind if houses were overpriced but we could buy something decent with a small mortgage however here in North London to get something half decent we will need to take out a 300K plus mortgage...

What tactics have you guys used in similar situations (those not MGTOW...)

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It's not a deliberate stalling tactic but one thing that puts my wife and I off moving is that we haven't been able to find a house that ticks all the boxes. Even ignoring price limits there's nothing on the market that is right for us. 

Could you find two or three must haves that you insist you need but will be nearly impossible to find in combination? i.e. off street parking, rear access to a garden so it's easy to get the bins out and within x minutes walk of the right tube stop. 

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10 minutes ago, wherebee said:

It's a really tough one.  Logic is not going to win you this discussion.

How old are you both?  Do you have kids?

 

Me 44, Her 41

One child - turns 2 next month.

 

Her view is - its different now from 89-95 as there are millions of 'Property minded' chinese and Indians looking for a home for their money and who don't trust banks.

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4 minutes ago, Kurt Barlow said:

Wife wants to buy a house . In principal we are in a good position. Combined income of approx 100K with a decent deposit. However I can't help but feel we are on the edge of waves thats just about to crash. I'm 44 and wife 41. I really dont want to risk extending my working life by 10 years to finance a grand folly.

I wouldn't mind if houses were overpriced but we could buy something decent with a small mortgage however here in North London to get something half decent we will need to take out a 300K plus mortgage...

What tactics have you guys used in similar situations (those not MGTOW...)

Your missus is Iranian I think? Tell her you think that London will be the first European city to adopt Sharia Law, just in time for any daughters you have to be growing up in it. She will probably be more sensitive to this idea than most....

More seriously, given the standard of politician that the UK has, does anyone think a big crash will be allowed to happen? I would think the Magic Money Tree will be wheeled out again. So in GBP terms at least, the investment might not be as bad as all that. Holidays abroad might get expensive though.

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8 minutes ago, assetrichcashpoor said:

It's not a deliberate stalling tactic but one thing that puts my wife and I off moving is that we haven't been able to find a house that ticks all the boxes. Even ignoring price limits there's nothing on the market that is right for us. 

Could you find two or three must haves that you insist you need but will be nearly impossible to find in combination? i.e. off street parking, rear access to a garden so it's easy to get the bins out and within x minutes walk of the right tube stop. 

That maybe our saviour as she is very fussy.

I also thought about secretly putting in loads of dodgy credit card applications and destroy my credit rating!

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13 minutes ago, Thombleached said:

If you need to be in London, how about commuting in from Herts/Essex. 

Or the obvious suggestion which I'm sure you're expecting; move ooop north. 

My job is central London (possibly moving to Stratford in a year or two). She is in Grays.

One possible choice would be the Langdon end of Basildon - at least there you can get a decent detatched house for half a million!

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1 minute ago, Kurt Barlow said:

That maybe our saviour as she is very fussy.

I also thought about secretly putting in loads of dodgy credit card applications and destroy my credit rating!

Bearing in mind you might be stuck there for a very long time I think it's not fussy just prudent. We bought in 2010 in the belief that our first house would be our last house and it was as future proof as we could afford. We are thinking of moving to help ease our commuting but we plan this to be our last move. Despite still being in our 30s we're looking for a bungalow, within a 10 minute walking distance of the train station and the shops, with good rear access and space to extend/build a garage etc but doesn't need any work doing. We've identified the specific area and have found there are potentially 10 bungalows that meet our criteria. 

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6 minutes ago, Kurt Barlow said:

My job is central London (possibly moving to Stratford in a year or two). She is in Grays.

One possible choice would be the Langdon end of Basildon - at least there you can get a decent detatched house for half a million!

If you are looking to go east (check this as my knowledge is a little dated and places change), I would suggest looking at Brentwood, Billericay, or Upminster.  I would suggest avoiding Basildon - one huge council estate.

My view (and I have been proved wrong for the last ten years) is that we are due a crash so I would hold off.  If we don't have a crash my two offspring are living with me until I pop me clogs.  So, here's hoping

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1 minute ago, One percent said:

If you are looking to go east (check this as my knowledge is a little dated and places change), I would suggest looking at Brentwood, Billericay, or Upminster.  I would suggest avoiding Basildon - one huge council estate.

My view (and I have been proved wrong for the last ten years) is that we are due a crash so I would hold off.  If we don't have a crash my two offspring are living with me until I pop me clogs.  So, here's hoping

I like the look of upminster, Wifey does too.

Alternatively its Enfield where I have quite a few relatives.

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30 minutes ago, Kurt Barlow said:

Wife wants to buy a house . In principal we are in a good position. Combined income of approx 100K with a decent deposit. However I can't help but feel we are on the edge of waves thats just about to crash. I'm 44 and wife 41. I really dont want to risk extending my working life by 10 years to finance a grand folly.

I wouldn't mind if houses were overpriced but we could buy something decent with a small mortgage however here in North London to get something half decent we will need to take out a 300K plus mortgage...

What tactics have you guys used in similar situations (those not MGTOW...)

A mate moved back to NI about 8 years ago and rented out his London flat 

decided it was time to to sell up in January this year, sold for the asking price in two days to a buyer with no chain and mortgage in place 

the completion date kept slipping, blaming surveyors and solicitors 

anyway they finally said complete in two weeks or it's back on the market 

the day before the deadline they were told the lender valued the property £60k less than the offered price , take £60k less or the deals off

now back on the market 

this is exactly how the crash started in NI and we had 50% drops from the peak of the bubble 

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Just now, Malthus said:

A mate moved back to NI about 8 years ago and rented out his London flat 

decided it was time to to sell up in January this year, sold for the asking price in two days to a buyer with no chain and mortgage in place 

the completion date kept slipping, blaming surveyors and solicitors 

anyway they finally said complete in two weeks or it's back on the market 

the day before the deadline they were told the lender valued the property £60k less than the offered price , take £60k less or the deals off

now back on the market 

this is exactly how the crash started in NI and we had 50% drops from the peak of the bubble 

Thanks for the heads up.

I am more turning to my 'rental investment' plan out of my own funds. The wife and I manage our repsective pre-marriage investments (yes - she actually has some!) separately.

I reckon 3K out of my own pocket for 2018 will be a safer spend than dumping 250K of my own money into a deposit for a house.

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52 minutes ago, Kurt Barlow said:

Wife wants to buy a house . In principal we are in a good position. Combined income of approx 100K with a decent deposit. However I can't help but feel we are on the edge of waves thats just about to crash. I'm 44 and wife 41. I really dont want to risk extending my working life by 10 years to finance a grand folly.

I wouldn't mind if houses were overpriced but we could buy something decent with a small mortgage however here in North London to get something half decent we will need to take out a 300K plus mortgage...

What tactics have you guys used in similar situations (those not MGTOW...)

Does your wife read horoscopes and take an interest in astrology ?

If so tell her that Saturn will move into Capricorn in December 2017 for two and a half years. The last time this happened was in the period 1988-1991.  That is the last time  UK house prices began to suffer a major decline. If she thinks it's coincidence point out that one of the previous times Saturn was in Capricorn was from 1929-1932 at the start of the Great Depression.

Of course it may all be utter bollocks but then so are most predictions by economists so you probably are as well off listening to Mystic Meg.

Anyway all the signs from our friends on TOS is that London prices are past their peak and maybe in for a significant correction so why hurry to buy.

 

 

 

 

 

Edited by Flirtygirty

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I think the next six months will be telling. Prices will either stagnate or fall. I don't think they will rise. Jan 2018 would be a better time to decide if jumping in would be wise.

You are also unclear about your preferred location. There for it makes total sense to rent in your chosen location for 6 months to confirm or otherwise your choice.

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Bizarrely, I think she may be right. Looking back to the 70s, which is exactly where we're heading once Corbyn is PM, one of the very few stores of wealth available to normal people was houses. They weren't a great store as they did devalue somewhat once inflation was factored in, but they were better than the alternatives.

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4 minutes ago, Cunning Plan said:

But i would agree that adding a few £ to the rent budget would be sensible. Remember that if values fall even 0.3% per month, your rent is in a funny was free compared to owning.

I'd look at it the other way. What's the cost of the mortgage opposed to the rent you're paying. the differential may even be in your favour given how low interest rates are currently. Your risk then is whether house prices fall. Even if they do provided you can afford to pay the mortgage you can just sit tight with security of ownership instead of security of tenure at the whim of the landlord.

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Personally I'd avoid all suggestion of a crash in prices, because i) as most of us here know damn well, they've defied gravity for this long, so why not another decade or so, and ii) because the more you try to convince someone of something that they don't want to hear, the more they'll rail against it.

What worked for me was finding a damn near perfect house that I really wanted to buy back in 2013 or so, but that the Mrs. didn't like it so I very reluctantly let it go. Prices took off again after that, and wife now has more skin in the HPC game than I do because she doesn't want to lose any more face than she has already.

Meantime I just have to lay out the rent every month because she didn't like the location of the fucking utility room.

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30 minutes ago, Flirtygirty said:

Does your wife read horoscopes and take an interest in Astrology ?

If so tell her that Saturn will move into Capricorn in December 2017 for two and a half years. The last time this happened was in the period 1988-1991.  That is the last time  UK house prices began to suffer a major decline. If she thinks it's coincidence point out that one of the previous times Saturn was in Capricorn from 1929-1932 at the start of the Great Depression.

Of course it may all be utter bollocks but then so are most predictions by economists so you probably are as well off listening to Mystic Meg.

 

 

 

 

No but I can try. She believes in Karma though.

22 minutes ago, TheBlueCat said:

Bizarrely, I think she may be right. Looking back to the 70s, which is exactly where we're heading once Corbyn is PM, one of the very few stores of wealth available to normal people was houses. They weren't a great store as they did devalue somewhat once inflation was factored in, but they were better than the alternatives.

But there are quite a few deflationary pressures as far as London goes.

Banking sector on the move?

Proposals to move Channel 4 to Birmingham?

 

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4 minutes ago, Kurt Barlow said:

No but I can try. She believes in Karma though.

But there are quite a few deflationary pressures as far as London goes.

Banking sector on the move?

Proposals to move Channel 4 to Birmingham?

 

Oh, it's all relative. Maybe with a house you get to keep half your cash so long as you can keep up with the payments when the shit hits the fan, that's better than the alternatives! Hold on, I'm going to start a thread just for this one - I'm feeling in a doom laden mood. :)

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