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To buy or NOT to buy??

To buy or NOT to buy??

Old Jan 1st 2015, 1:31 am
  #31  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
Well I own in London and there is not comparison to buying and investing in Spanish property. I doubt if I would even get what I paid for it and renting it out a complete no no. There is no comparison to buying London and Spain.


What you have to ask yourself is......would you today with your job/income secure a mortgage buying the same property at the same price that you live in today in and around London...if not, how do you think others can or will once capital growth stops, as it did very rapidly in Spain....it is not as if interest rates can go down lower to help with further debt and price rises......
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Old Jan 1st 2015, 2:00 am
  #32  
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Default Re: To buy or NOT to buy??

Originally Posted by casa del sol
What you have to ask yourself is......would you today with your job/income secure a mortgage buying the same property at the same price that you live in today in and around London...if not, how do you think others can or will once capital growth stops, as it did very rapidly in Spain....it is not as if interest rates can go down lower to help with further debt and price rises......
The wages that people earn today in London are incredible. I had to slog like everyone else has to only 50 years ago people rented they didnt buy they couldnt afford to, now young people get onto the housing ladder as soon as they can it is all relative and whats more they want all the latest gadgets thrown in along with it. 50 years ago I would not even been able to buy without the permission of father, priest, doctor etc, etc. and as for being on the same wages as male counterparts a joke!
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Old Jan 1st 2015, 2:19 am
  #33  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
The wages that people earn today in London are incredible. I had to slog like everyone else has to only 50 years ago people rented they didnt buy they couldnt afford to, now young people get onto the housing ladder as soon as they can it is all relative and whats more they want all the latest gadgets thrown in along with it. 50 years ago I would not even been able to buy without the permission of father, priest, doctor etc, etc. and as for being on the same wages as male counterparts a joke!

You are wrong....mortgages historically were given approx max 3.5 times gross annual income 2.5 times joint income, even allowing for interest rate falls not may people earn over £100k a year, why even David Cameron earns less than that.....so that means the deposits required need to be in the region of over one hundred thousand pounds....nothing to do with gadgets that may cost a couple of hundred pounds a minuscule amount in comparison to several hundreds of thousand pounds they ask for many houses...it is unsustainable, sorry to make you feel poorer than you think you are, you realise thinks are out of kilter when the average wage in London is £28k and the average house is around £300k for something you wouldn't write home about and certainly not boast about.
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Old Jan 1st 2015, 2:48 am
  #34  
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Default Re: To buy or NOT to buy??

Originally Posted by casa del sol
You are wrong....mortgages historically were given approx max 3.5 times gross annual income 2.5 times joint income, even allowing for interest rate falls not may people earn over £100k a year, why even David Cameron earns less than that.....so that means the deposits required need to be in the region of over one hundred thousand pounds....nothing to do with gadgets that may cost a couple of hundred pounds a minuscule amount in comparison to several hundreds of thousand pounds they ask for many houses...it is unsustainable, sorry to make you feel poorer than you think you are, you realise thinks are out of kilter when the average wage in London is £28k and the average house is around £300k for something you wouldn't write home about and certainly not boast about.
Make me feel poorer!! I feel no poorer or no richer than I did when I replied to this link or before you replied! sorry
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Old Jan 1st 2015, 2:56 am
  #35  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
Make me feel poorer!! I feel no poorer or no richer than I did when I replied to this link or before you replied! sorry
This is true......cash poor, equity rich, the value is only paper value up until sold.
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Old Jan 1st 2015, 3:02 am
  #36  
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Default Re: To buy or NOT to buy??

Originally Posted by casa del sol
This is true......cash poor, equity rich, the value is only paper value up until sold.
Yes but I am not complaining about being cash poor ad equity rich. It will come in very useful one day however not so cash poor as its rental value is excellent
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Old Jan 1st 2015, 3:07 am
  #37  
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Default Re: To buy or NOT to buy??

Originally Posted by Pablo the sailor
Well, sounds like all us London property owners are doomed!
I don't think you understand. Nobody's doomed, but if you buy today, you can't expect the same return as someone who bought 10 years ago.
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Old Jan 1st 2015, 3:11 am
  #38  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
Yes but I am not complaining about being cash poor ad equity rich. It will come in very useful one day however not so cash poor as its rental value is excellent

What I am saying is nothing in life is guaranteed, including health, wealth and happiness....anything can happen and often does....live for today because tomorrow may never come....a happy peaceful and healthy new year to everyone.
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Old Jan 1st 2015, 3:16 am
  #39  
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Default Re: To buy or NOT to buy??

Originally Posted by casa del sol
You are wrong....mortgages historically were given approx max 3.5 times gross annual income 2.5 times joint income
When I first tried to get on the property market I wanted to buy a 3 bedroom detached thatched cottage with 4 acres of orchard on Romney Marsh, priced at £4,000

My wage was £1,400/yr

The max I could have on a mortgage was 2.5 times my wage ( £3,500 ) and nothing for my wife ( she could get pregnant )

A couple of years later it was for a 3 bedroom terace in Cheriton before the Chunnel,

I changed my mind a left the country for which I have no regrets and purchased my first property which was in Spain.
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Old Jan 1st 2015, 3:18 am
  #40  
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Default Re: To buy or NOT to buy??

Originally Posted by casa del sol
What I am saying is nothing in life is guaranteed, including health, wealth and happiness....anything can happen and often does....live for today because tomorrow may never come....a happy peaceful and healthy new year to everyone.
Yes but I am not complaining as I said earlier. I can do that whether I own a property in the UK or not, but I do and thats that and I am very pleased I do. I certainly would not invest in a Spanish property although I own one, but as an investment! no thank you. Amen to that, but I would have a lot less peace if I did not own my property in London Happy New year to you.
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Old Jan 1st 2015, 5:23 am
  #41  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
I certainly would not invest in a Spanish property although I own one, but as an investment! no thank you.
The problem here is the word investment. If you don't work in London, aren't rich, you can't invest in London property, because prices are too high. If you are 30, have a bit of spare cash, want to retire or live in Spain at some point and can afford a small mortgage, Spain is the better option. Of course there are some bad areas to buy in Spain, but every case is different. When I look at the London market, prices are so high that companies won't or can't come to London anymore. The chances that Barcelona will see more employment in the future are higher, so for me the better option with realistic prices.
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Old Jan 1st 2015, 5:51 am
  #42  
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Default Re: To buy or NOT to buy??

That scenario is a long way off I think. I would not want to invest in Spain at any time in the near future. Spanish wages are very poor even for professionals.
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Old Jan 1st 2015, 6:21 am
  #43  
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Default Re: To buy or NOT to buy??

Originally Posted by surreygirl
That scenario is a long way off I think. I would not want to invest in Spain at any time in the near future. Spanish wages are very poor even for professionals.
If wages are low just makes the country more competitive, so more companies come and there is growth. When wages are too high investment eventually stops, because you can't compete anymore. Of course there are other factors too, but now is not a good time to buy in London if you want to make profit. Dublin would have been a good investment 4 years ago to make profit, because there were plenty of auctions where you could grab bargains. If I bought in Dublin now it would be a secure investment, but I couldn't expect to make as much profit.
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Old Jan 1st 2015, 7:09 am
  #44  
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Default Re: To buy or NOT to buy??

I agree that to buy now as an investment in London there would not be much of a profit but you have rental value it depends on what you buy. A one bed flat will cost over 1000 pounds a month plus so if you did purchase as an investment you have rental income. Houses in Dublin cost the earth and it is very expensive. I think London is the best place or outer London, even buying up North would be an investment. Properties are going like hot cakes. My friend put her lovely three bed apartment up for sale on the Saturday and I kid you not it went on the Monday, put here in a bell of panic. That was out London Bromley and it wasnt cheap either! My niece got 10,000 more for her cottage because there were two buyers interested in it! But here I would give anything to see and there is no chance of that in the near future perhaps years even at a give away price.
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Old Jan 1st 2015, 8:21 pm
  #45  
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Default Re: To buy or NOT to buy??

Not Spain but France. The French have a simply approach - 'a house is a place in which to live' Then it is a rental society as is Germany.
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