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The only problem now is as housing prices fall, rental prices will increase and there is going to be a major shortage of rental properties.
Originally posted by bsalert
Sold my house 4yrs ago now renting, my old house just sold again, £40k less than I sold it for! I suggest we rent, no debts no repression if you lose your job. Much more relaxed these days. Chill out.
Mmmmm, are you an estate agent ??
Can't even get my head round a 60% current value drop !!
I think you're correct as well about the 30s, this is heading for a depression, or at the very least a severe double dip recession.
Originally posted by stumason
reply to post by EvanB
Wow, you get it cheap!
I rent with my partner and our kids.. Cost us £2400 to move in (one month in advance, one and a half months rent deposit then fees) and I pay £950 a month for a 3 bed terrace! Then on top of that, we have council tax and all the other bills too...
The irony is that I can't get a mortgage, even on £40k/year, despite having an excellent credit rating, because I have no deposit and the bank fears I may not be able to pay. But any mortgage I get is going to be at least £200 a month less than my rent for a similiar property and I've paid my rent every month for 4 years!
But anyhoo, asd to the OP. I think property is going to tank pretty soon and it is going to take at least a decade to recover. I was telling my mum in 2004-2005 that the reason I am not buying a house is because prices had to drop as they were just stupid. Now I am waiting for them to sink further while hoping I keep my job!