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Cash rich - are you buying soon?


Hancock
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Ive what should be enough to buy a nice big house in most places of the country. My RM search criteria goes up to £300k but there are fewer and smaller properties in this bracket.

Places ive been looking at in Hampshire have gone through the roof in the last 9 months

An example is this mundane semi that was added to RM today at £335k, last year you could have got such a place for circa £250K.
https://www.rightmove.co.uk/properties/76791093#/
https://www.rightmove.co.uk/house-prices/so51-5bq.html?propertyType=SEMI_DETACHED&soldIn=2&radius=1.0&page=1

Looks as if all the printing is about to obliterate savings even more so than what has gone on within the last decade, as at least within the last decade cash hasn't been totally destroyed against PM's and the stock market.

So are any of you cash rich people biting the bullet soon, whats your strategy.

Think mine will be wait until the summer then buy any old shite and accept i made a huge error by not buying when HTB was announced.

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Bobthebuilder

That's a load of money for a 70s build, nice part of the world though.

I lived in Sway in the New Forest for a short while until the landlord sold the 2 bed terrace for £95K, this was 1995.

Property prices in the shires are batshit crazy these days, sometimes I think London looks cheap compared.

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JoeDavola

Sitting on £200K.

House prices shooting up faster than ever during the pandemic, it's utterly mental.

I'm hoping to find a modest detached place a fair distance from Belfast but on a train route for commutting.

I refuse to spend a quarter of a million for an old 3 bed semi in Belfast. (and I know that seems cheap to you folk in England)

Edited by JoeDavola
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Sasquatch

We have a decent budget and that could move up another £250K if we can find a place with an annexe for my wife's parents. Not much out there at the moment though. I'm hoping the mad action in the autumn will have abated and we can view with some calm. We do have one bid in on a wreck of a house (I've talked about that elsewhere on the forum) but our offer at 40% below asking was rejected for some reason :D

We can take on a mortgage for the right place. Barclays are doing a 7 year fix at 1.6% and we would utilise this if need be. 

I don't think there will be any proper price falls for some time yet and we don't want to rent for too long. Therefore at some point we'll have to go for it.

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wherebee

It really is buggins choice for you lot.  Keep in cash and lose to inflation, or buy a house and lose your mind as your neighbours from hell sit at home on benefits whilst you work for them.

If I was in the UK now with 300k, I would not be keeping it in cash.  I'd have at least 50k in gold, for starters.

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goldbug9999

I bought my overpriced shit hole a couple of weeks ago. Well its actually a decent sized house on large grounds but in a shit area. 1700 sqft detached for less than 280k though so beggars cant be choosers.

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1 hour ago, wherebee said:

It really is buggins choice for you lot.  Keep in cash and lose to inflation, or buy a house and lose your mind as your neighbours from hell sit at home on benefits whilst you work for them.

If I was in the UK now with 300k, I would not be keeping it in cash.  I'd have at least 50k in gold, for starters.

Ive a SIPP with soon to be 40k in gold, waiting on 14k in invoices for 6 weeks not to boost it up .. and even the gold market shot up today.

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1 hour ago, goldbug9999 said:

I bought my overpriced shit hole a couple of weeks ago. Well its actually a decent sized house on large grounds but in a shit area. 1700 sqft detached for less than 280k though so beggars cant be choosers.

What region?

I'm waiting on hearing about some land but it might take another 2-3 months. Will cost 150k and a similar amount for the build but it's be a house i could never afford if i bought 2nd hand.

There is a chance what i buy or build may never get lived in by me, if i get out of England for good this year. Boris just gave me more inspiration to do so earlier.

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2 hours ago, JoeDavola said:

Sitting on £200K.

House prices shooting up faster than ever during the pandemic, it's utterly mental.

I'm hoping to find a modest detached place a fair distance from Belfast but on a train route for commutting.

I refuse to spend a quarter of a million for an old 3 bed semi in Belfast. (and I know that seems cheap to you folk in England)

1/4 of a million for a 3 bed semi doesn't seem cheap; i earn more on a day rate than pretty much everyone i know yet can just afford that.

 

 

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maynardgravy

>100k in silver coins

>40k in gold

about 400k in cash at present. Plan was always to get out of London this year and splurge. The criminals at the helm seem hell bent on a crack up boom though.

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leonardratso

£1.56 in my pocket.

Thats the lot.

 

edit : just found 38p down settee and a chewed pencil. Richer than i thought.

Edited by leonardratso
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haroldshand

Not a chance just yet and I have the money. 

I am looking at property now and it simply is not worth it. Sometimes I have seen an old home pulled down and all placed in a little pile on the little land it's on and you look at it knowing the guy has spent close to £400K for this and you  think really!!

People have totally lost perspective when it comes to property, it's like someone/something has convinced the masses that a Mars bar really is worth £99 and they have been taken in as they tell you "but I honestly like Mars bars so it's worth it".

I am heading for the far North of Britain in the next 5 years, but if prices are still insane I have other options out of the UK

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goldbug9999
1 minute ago, haroldshand said:

I am heading for the far North of Britain in the next 5 years, but if prices are still insane I have other options out of the UK

If you wait another year house prices will have crashed nicely in bitcoin B|

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JoeDavola
6 hours ago, Hancock said:

1/4 of a million for a 3 bed semi doesn't seem cheap; i earn more on a day rate than pretty much everyone i know yet can just afford that.

There’s the occasional £300k 3 bed semi on the market too. These prices were insane in 2006 before the last crash and they’re insane now as there’s been very little wage growth.

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JoeDavola
9 hours ago, wherebee said:

It really is buggins choice for you lot.  Keep in cash and lose to inflation, or buy a house and lose your mind as your neighbours from hell sit at home on benefits whilst you work for them.

If I was in the UK now with 300k, I would not be keeping it in cash.  I'd have at least 50k in gold, for starters.

Things have gotten so bad in the UK I can understand why someone would just refuse to play any more and just take their money elsewhere.

Crippling debt for 30 years to buy a crumbling small house to be locked down in.

Why fucking bother.

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6 hours ago, goldbug9999 said:

If you wait another year house prices will have crashed nicely in bitcoin B|

bitcoin crashed in bitcoin last March :P......what are your plans if it takes another nosedive along with the stock market?

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Democorruptcy
49 minutes ago, JoeDavola said:

There’s the occasional £300k 3 bed semi on the market too. These prices were insane in 2006 before the last crash and they’re insane now as there’s been very little wage growth.

15 years is a long time! Says here average weekly wage £400 in 2006 now £550 up 37.5%. Say 2 of those at x4 takes lending from £166,400 to  £228,800. That's in addition to all the equity people who bought have "earned".

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DoINeedOne

Still wondering if i want to stay in the UK to be honest

A family member has been looking to buy recently with a budget of £350,000 in south east London usual story needs to be close to working London

Been to view a few house with them, and just come away thinking what a shit hole and crazy how small some of them are

 

Saw this on twitter last night whilst not within my budget but still makes you wonder 

So i thought no way and with google images its pretty much correct

https://www.regosothebysrealty.com/enb/sales/detail/10-l-581-hjgvkr/pigeon-island-causeway-gros-islet-gr

Currently $1,500,000 = £1,098,510

OR

https://www.douglasandgordon.com/buy/property-details/70609/porden-road-sw2/

For £900,000

 

 

Edited by DoINeedOne
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maynardgravy
40 minutes ago, DoINeedOne said:

Still wondering if i want to stay in the UK to be honest

A family member has been looking to buy recently with a budget of £350,000 in south east London usual story needs to be close to working London

Been to view a few house with them, and just come away thinking what a shit hole and crazy how small some of them are

 

Saw this on twitter last night whilst not within my budget but still makes you wonder 

So i thought no way and with google images its pretty much correct

https://www.regosothebysrealty.com/enb/sales/detail/10-l-581-hjgvkr/pigeon-island-causeway-gros-islet-gr

Currently $1,500,000 = £1,098,510

OR

https://www.douglasandgordon.com/buy/property-details/70609/porden-road-sw2/

For £900,000

 

 

Yeah - but one of those you risk being visited by the locals with machetes and the other is errrrrrrr....

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11 hours ago, wherebee said:

It really is buggins choice for you lot.  Keep in cash and lose to inflation, or buy a house and lose your mind as your neighbours from hell sit at home on benefits whilst you work for them.

If I was in the UK now with 300k, I would not be keeping it in cash.  I'd have at least 50k in gold, for starters.

Do it all if you can!

My 'cash' is largely in PB and is currently beating inflation. That's all I want for that. Safe and protected in the short term.

I have 20% in PM and am enjoying the recent rises.

I'll be buying a cheap (for the South) house with cash to ensure that I have a basic bolt hole if everything collapses. I hope that prices in the South crash and then I'll buy what I'd like tomorrow that I cannot afford today (with the cash that has been protected).

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DoINeedOne
22 minutes ago, maynardgravy said:

Yeah - but one of those you risk being visited by the locals with machetes and the other is errrrrrrr....

London is getting bad i know :)

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Green Devil
1 hour ago, DoINeedOne said:

Still wondering if i want to stay in the UK to be honest

A family member has been looking to buy recently with a budget of £350,000 in south east London usual story needs to be close to working London

Been to view a few house with them, and just come away thinking what a shit hole and crazy how small some of them are

 

Saw this on twitter last night whilst not within my budget but still makes you wonder 

So i thought no way and with google images its pretty much correct

https://www.regosothebysrealty.com/enb/sales/detail/10-l-581-hjgvkr/pigeon-island-causeway-gros-islet-gr

Currently $1,500,000 = £1,098,510

OR

https://www.douglasandgordon.com/buy/property-details/70609/porden-road-sw2/

For £900,000

 

 

Same here. My house I bought for is now up for sale again at 175k mark up. It's over priced as it's unsold. I was thinking of buying bigger ie detached again in the UK, but why bother. If bitcoin moons, I should probably cut the price drastically, then move to a tax haven somewhere sunny. There are some good deals when you buy residency with property st Lucia is one. 

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We've bought after 12 years of renting... well in the process of buying.

I really begrudge paying what we are for a 3 bed semi in the midlands, but we've got a good price relative to some of the shite on the market locally.

I'm fully aware of what I'm doing and why.... I can't live my life out in rented for the next 20 years.  

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wherebee
6 hours ago, spongeh said:

We've bought after 12 years of renting... well in the process of buying.

I really begrudge paying what we are for a 3 bed semi in the midlands, but we've got a good price relative to some of the shite on the market locally.

I'm fully aware of what I'm doing and why.... I can't live my life out in rented for the next 20 years.  

This is the thing - in an overpopulated country, security of tenure is vital for mental health.  You should never vote for a mainstream party again - they have all fucked the UK over.

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15 hours ago, DoINeedOne said:

Still wondering if i want to stay in the UK to be honest

 

Same, but i'd still like a house here for if it went tits up overseas, as it often does for Brits seeking to live in the sun.

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