KIRK AND CO Posted October 9, 2010 Share Posted October 9, 2010 We have put on hold moving to perth as the housing market in uk is nose diving again so we have decided to buy a second property as it is to good a oppertunity to pass up. For those of you in oz who have money to spare the temptation to move back to uk must be so tempting as you could make a killing with exchange rate plus when the tide turns which it will all you do is move back & make more from your £. Link to comment Share on other sites More sharing options...
Peach Posted October 9, 2010 Share Posted October 9, 2010 could you present some links to back up the 'nose diving' assertion? not saying it won't happen, but -3.6% in one month (when y-o-y is still +2%) does not a nose dive make. I have a feeling that the right time to make the move is never going to come around for you Kirk. :wubclub: Link to comment Share on other sites More sharing options...
Guest JK2510 Posted October 9, 2010 Share Posted October 9, 2010 The Market is on the downward spiral. We sold our house in July and completed last month. When I handed the keys into the estate agents still wondering whether we were a little mad taking ourselves off the property Market and moving into rented! She remarked you have definatly done the right thing,if you were to put the house on the Market now it would be priced at £10k less! That's alot considering our house was priced in the high £170s! Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 9, 2010 Author Share Posted October 9, 2010 could you present some links to back up the 'nose diving' assertion? not saying it won't happen, but -3.6% in one month (when y-o-y is still +2%) does not a nose dive make. I have a feeling that the right time to make the move is never going to come around for you Kirk. :wubclub: At least I am in a position to go when ever it suites me & your right it has to be the right time. Link to comment Share on other sites More sharing options...
Peach Posted October 9, 2010 Share Posted October 9, 2010 So which story is true? The one where you've lost a whole heap of money and need to save? Or the one where you're a financial whizz sat on a big pile and are biding your time? You've used both and are somewhat uncredible. :wubclub: Link to comment Share on other sites More sharing options...
byrned Posted October 9, 2010 Share Posted October 9, 2010 We have put on hold moving to perth as the housing market in uk is nose diving again so we have decided to buy a second property as it is to good a oppertunity to pass up. For those of you in oz who have money to spare the temptation to move back to uk must be so tempting as you could make a killing with exchange rate plus when the tide turns which it will all you do is move back & make more from your £. I am probably not the only one contemplating the above, it is very tempting, if I go back to the uk I could buy a house cash no mortgage, if I stay here then if I buy in the area i like I will have a mortgage for around $200 thousand dollars on a 25 yr mortgage, if the decision was only me yes I would be on the next flight out of here. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 9, 2010 Author Share Posted October 9, 2010 So which story is true? The one where you've lost a whole heap of money and need to save? Or the one where you're a financial whizz sat on a big pile and are biding your time? You've used both and are somewhat uncredible. :wubclub: I have a lot of equity in the house I live in so no need for ready cash. Link to comment Share on other sites More sharing options...
Guest guest32776 Posted October 9, 2010 Share Posted October 9, 2010 We have put on hold moving to perth as the housing market in uk is nose diving again so we have decided to buy a second property as it is to good a oppertunity to pass up. For those of you in oz who have money to spare the temptation to move back to uk must be so tempting as you could make a killing with exchange rate plus when the tide turns which it will all you do is move back & make more from your £. I sort of agree with you on a financial basis. Not worth crippling yourself financially to come here in the current climate and if I didn't have a half decent Aussie wage I would have gone home - well Europe anyway. I have a couple of houses in the UK and am considering another with my UK cash as I can get 5% on the rental income compared to 2.5% in the bank. Not sure we have seen the bottom of the housing market yet in the UK - my wallet is poised......:policeman: Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted October 9, 2010 Share Posted October 9, 2010 It sure is a huge dilemma, on the one hand with the uk still going through this long financial crisis and the pound plummetting against nearly every currency in the world, its a great time to sell up abroad and make a killing here in the uk, a double killing with house prices being like they are and people selling 10/15 even 20 thousand pounds less than the price its put on the market for, but................. You have to take into account jobs, not just for yourselves, but also your kids and theres not much about these days with hundreds of thousands of public sector jobs going. Also it was announced yesterday that pensions are going to be savaged and any kid living here in the uk, will almost certainly have a little pension when they retire at 68 and they will have to pay alot more for this crap little pension as well. I think anyone bringing kids back to the uk should be arrested for child cruelty. lol. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 9, 2010 Author Share Posted October 9, 2010 All you have to do is believe. Link to comment Share on other sites More sharing options...
Guest chris955 Posted October 9, 2010 Share Posted October 9, 2010 I can't say that the housing market was nose diving when I was there the last 3 weeks, not in the South West anyway. Lots of properties for sale and lots sold, according to the figures there is no sign of big drops in prices, for someone going back it would be nice to think they will drop but it didn't appear that they were. With the UK economy picking up the way it is I would imagine the big drops have already been seen. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 9, 2010 Author Share Posted October 9, 2010 I can't say that the housing market was nose diving when I was there the last 3 weeks, not in the South West anyway. Lots of properties for sale and lots sold, according to the figures there is no sign of big drops in prices, for someone going back it would be nice to think they will drop but it didn't appear that they were. With the UK economy picking up the way it is I would imagine the big drops have already been seen. as i said now is the time to buy Link to comment Share on other sites More sharing options...
Guest chris955 Posted October 9, 2010 Share Posted October 9, 2010 Absolutely, that is certainly what I found. Link to comment Share on other sites More sharing options...
Guest Andy Posted October 10, 2010 Share Posted October 10, 2010 I think that the UK market will drop further in the coming year to eighteen months, their has certainly been a drop in the demand for property in the last 3-6 months and that in itself pushes prices down and no reason why that trend should not continue as banks are not lending and not ready do dish out mortgages willy nilly. Add into that the cuts that the coalition are going to make and there will be people ready to bail out of the huge mortgages they burdened themselves with again another reason why prices could drop. We should all remember that house prices were massively inflated 3-4 years ago and are only going to come down to a realistic level again, when you may have had your house valued in 2006 at say £300k it probably will now be valued at say £250k and maybe in a year or so be worth £220k which is probably what it is really worth. I cannot back up any of the above with facts and figures it is just my opinion having bought and sold on a regular basis over the last 15 years. On a personall note when we first looked to move to Oz in early 2008 my house which i had restored was valued at £820k and i sold it a year later for £740k and would now be worth at a guess about £690K. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 10, 2010 Author Share Posted October 10, 2010 I think that the UK market will drop further in the coming year to eighteen months, their has certainly been a drop in the demand for property in the last 3-6 months and that in itself pushes prices down and no reason why that trend should not continue as banks are not lending and not ready do dish out mortgages willy nilly.Add into that the cuts that the coalition are going to make and there will be people ready to bail out of the huge mortgages they burdened themselves with again another reason why prices could drop. We should all remember that house prices were massively inflated 3-4 years ago and are only going to come down to a realistic level again, when you may have had your house valued in 2006 at say £300k it probably will now be valued at say £250k and maybe in a year or so be worth £220k which is probably what it is really worth. I cannot back up any of the above with facts and figures it is just my opinion having bought and sold on a regular basis over the last 15 years. On a personall note when we first looked to move to Oz in early 2008 my house which i had restored was valued at £820k and i sold it a year later for £740k and would now be worth at a guess about £690K. So would you call me stupid for buying now (Newbury) or prudent to wait ? or do we get caught out like we all did with the exchange rate. Link to comment Share on other sites More sharing options...
Peach Posted October 10, 2010 Share Posted October 10, 2010 I don't know why you'd want to put down more roots in the UK when you're also planning for Oz? It will be years before you see any decent return on your investment.. Link to comment Share on other sites More sharing options...
Guest colette12 Posted October 10, 2010 Share Posted October 10, 2010 Hi Kirk & Co Im no expert but i would think you a fool not to buy if you had the money...property can always be rented out and will always win in the long term...esp in the Uk.. Link to comment Share on other sites More sharing options...
Guest guest32776 Posted October 10, 2010 Share Posted October 10, 2010 Hi Kirk & Co Im no expert but i would think you a fool not to buy if you had the money...property can always be rented out and will always win in the long term...esp in the Uk.. Absolutely - take advantage of the panic sellers in the UK - buy in a good rental area, do it up with no white goods and clean paint, rent it out - 5% I reckon. Beats having it in the bank at 2.5% and you have a good chance of long term capital appreciation. Plus you have places to go back to when/if you are bored of Australia.... Link to comment Share on other sites More sharing options...
Guest Andy Posted October 10, 2010 Share Posted October 10, 2010 So would you call me stupid for buying now (Newbury) or prudent to wait ? or do we get caught out like we all did with the exchange rate. I wouldnt call you stupid whatever you chose to do, however i would just be careful about buying now and thinking you may make a quick buck as i dont think you will as like i said before i think prices will fall maybe another 10 - 20 % over the next couple of years and based on that it will take probably 10 years to start seeing a return on your money. Having said all of the above i will reiterate that it is only my opinion and i could be totally wrong but i just cannot see prices going up for a very long time which is why investing short term in the uk housing market is not wise imo.:wubclub: Link to comment Share on other sites More sharing options...
Guest sh7t man no way Posted October 10, 2010 Share Posted October 10, 2010 We have put on hold moving to perth as the housing market in uk is nose diving again so we have decided to buy a second property as it is to good a oppertunity to pass up. For those of you in oz who have money to spare the temptation to move back to uk must be so tempting as you could make a killing with exchange rate plus when the tide turns which it will all you do is move back & make more from your £.good advice mate very good advice--we did that,and picked up a couple of cheap houses--sad for some good for others:wubclub: Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 10, 2010 Author Share Posted October 10, 2010 I don't know why you'd want to put down more roots in the UK when you're also planning for Oz? It will be years before you see any decent return on your investment.. We are planning to give it 4 years then we have to go as the 5 years have run out. we will save as much as we can till then. The 2 houses we have here in the uk will give us an income in oz well thats the plan. Link to comment Share on other sites More sharing options...
Peach Posted October 10, 2010 Share Posted October 10, 2010 If you can do it without taking out additonal borrowing or remortgaging I'd say go for it.. Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 10, 2010 Author Share Posted October 10, 2010 If you can do it without taking out additonal borrowing or remortgaging I'd say go for it.. It works out with the rent income it will cost us an extra £100 a month on a repayment morgage which will mean we pay out our pockets £219.00 a month. Link to comment Share on other sites More sharing options...
Peach Posted October 10, 2010 Share Posted October 10, 2010 So how is that going to provide you an income once you're in Australia? What happens if/when interest rates go up? Link to comment Share on other sites More sharing options...
KIRK AND CO Posted October 10, 2010 Author Share Posted October 10, 2010 So how is that going to provide you an income once you're in Australia? What happens if/when interest rates go up? I will be over paying each month £500 so this will cover eventual interest hikes but if interest stays the same I will be paying the captal down which will hopfully in 4 years time houses will have gone up in value & the equity in them will if needed fun a new life. I do understand I could be wrong but what do you get from a building society saving account today siltch so i think a gamble worth taking. Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.