We’ve just accepted an offer on our 1 bedroom flat for 280K (we bought it for 134K!) So we have a healthy deposit. We’re looking to move areas in London and to get a 2 bedroom flat between 330-390K this wouldn’t be at the very top of our budget buts it’s pretty damn close!
Are we mad to be buying at the moment?
Should we just be selling and the renting to see if the market drops..but this could take a couple of years of it rising and then we can’t jump in at the same point.
So many people say the market will increase, but surely this level can’t be sustainable?
And will it crash soon or will interest rates take a big leap up to calm the market and to cover for all the people going bankrupt?
It’s all so scary! I just wanted to know what other people were thinking. Thank you so much

Repossession

Hi there. I bought a flat in London at possibly the worst time (March 2007); just before the peak in prices when properties were getting snapped up. I panic bought a tiny one bed big enough for just one person.

The good news is I got a tracker mortgage, so my payments have almost halved with interest rates dropping.

My relationship with my boyfriend has since grown serious, and we really want to live together. I really don’t want us to go back to renting, he has available money, but I don’t and neither do I have much equity in my flat – I bought it for 160K and put down a 10% deposit, so even if I sold it at the amount I bought it for I only have 14K to put towards a deposit with my boyfriend for a 2 bed place.

Do you think we should a/ live together in my tiny one bed and save for a deposit on a larger place (the cheapest option but least comfortable in space terms) or b/ rent a larger one bed and rent out my flat (more expensive option but more comfortable)

Real Estate Professionals

I’m looking to possibly buy my first property later on this year but have heard conflicting rumours about interest rates rising and a possible market crash in the near future…. does anyone have any opinions as to the future state of the housing market??

Rent Back Fast