Morning.....Ready for anything, almost.
Morning all - let us have it!
@JoRyan: This article ow.ly/EzZR2 interestingly talks about how top end property, ie >£2m, is being withdrawn at twice the rate it was last year. Of course there are now a few more properties that benefited from the huge rises last year, c. 25% increases in Emerging Prime,. Notwithstanding that it is an issue and in a famously discretionary market if you don't need to sell why would you. We are forecasting, somewhat against the grain, a 10% year next year because of world worries, it seems when the world wobbles London smiles. Rentals don't seem to be benefiting in central London so most who are buying DO seem to be parking money still.
@JamieI: Funnily enough I've just been looking at rental figures and in real terms rentals are relatively cheap, ie over the years they haven't matched inflation, BUT of course there's the issue with feeling the money is going down the plughole and not being invested. my feeling is that the market has a way to go yet and mortgage rates will stay low for a long time yet so IF you can get a deposit and take a 5 year view of what you're buying it has to make sense. Of course IF you have a mobile job and envisage moving around then renting may be the only viable option, and of course if you DO have some money you can invest in other ways than property so you need to look at your circumstances carefully.
@JamieI: Well that really is a big question! There is of course nothing wrong with renting and many people like the flexibility that renting brings rather than being tied down with a mortgage. However I do think it is a good time to buy at the moment especially when you can lock in to some really low rates that are presently available. The benefit of owning of course is that, as long as you keep your repayments up, you have an asset that is yours at the end of the process and if house prices increase gaining in equity all the time. Over 5 years, especially in high demand areas like London, I still believe in property as a great investment. It all comes down to your own preferences really, personally buying a house was the best investment I ever made but you have to think about the pros and cons carefully.
@Luiz: That is quite a tricky one and the answer comes in two parts. First of all, in theory you can borrow against cash as long as it is held in a bank that allows you to do so. There is a big but however. The types of lenders who allow you to do this are generally the private banking or offshore institutions and they do not get out of bed for relatively small amounts held with them, so unless you have £500k to £1m to invest then it could be tricky. I don't believe there is a standard mortgage lender who would offer a loan against cash held in another country to my knowledge so if you wanted to use it as a deposit you would have to bring it into the country.
@What_House: Interesting idea that flat pack houses/sheds are the way forward with renting. HomesProperty bit.ly/1wFPfDE It's an idea gaining ground with the guys at Yo! about to launch a modular studio concept in Manchester, which will then move elsewhere over time. Anything that brings cheaper renting to those who can't buy has to be welcomed.
Surge in high-value London homes pulled from market ow.ly/EzZR2 according to data from latest Lonres survey #London #propertyby Jo Ryan via twitter 11/20/2014 11:04:44 AM
Monty, do you think I'm better off renting than getting a mortgage at the moment. It seems the money is roughly the same?
by What_House via twitter 11/20/2014 11:24:28 AM
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