Rent or buy? Watch

Poll: Rent a house or buy?
Rent (12)
34.29%
Buy (23)
65.71%
Kitty_x
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#21
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#21
I'd rather Buy.
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Lampshade
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#22
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#22
(Original post by Kitty_x)
I'd rather Buy.
and your reasoning behind that..?
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Cj-Tj
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#23
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#23
(Original post by didgeridoo12uk)
buy, houses are cheap at the moment
they are unlikely to go down in value that much now. and will as a rule generally increase in value.

renting can be crap. you may not be able to decorate your house how you like etc its just money down the drain
Hmmm...... methinks you are very much mistake there. There is a major correction on the cards, house prices over the last 10 years have gone up at stupidly large ammounts, over the last 12 years from when my parents bought the house, to the peak of the market, it had gone up between 85 and 100% of its value. Im not saying it will go down nealy that much, but another 10-20% off its value wouldnt suprise me. As for the people who bought inner city flats then the value being wiped off their property is huge!!
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Lampshade
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#24
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#24
(Original post by Cj-Tj)
Hmmm...... methinks you are very much mistake there. There is a major correction on the cards, house prices over the last 10 years have gone up at stupidly large ammounts, over the last 12 years from when my parents bought the house, to the peak of the market, it had gone up between 85 and 100% of its value. Im not saying it will go down nealy that much, but another 10-20% off its value wouldnt suprise me. As for the people who bought inner city flats then the value being wiped off their property is huge!!
We're not going to see a stupidly big drop in values. It's dropped 15% so far, and might drop a little bit more, but it will always correct itself.

Here's a graph showing the House price index for you. (and mortgage rates, but they're in red).

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ununpentium
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#25
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#25
Buy. I want to be able to own my own house (if I will ever be able to pay off the mortgage, that is).
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SuperDaz
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#26
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#26
(Original post by Aack)
definately buy. Makes sense in the long run. Renting is just throwing money away pretty much....
Thats how I feel but too but how can you buy a house if you cant afford it

mysalaryx3 = **** house
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Cj-Tj
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#27
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#27
(Original post by Lampshade)
We're not going to see a stupidly big drop in values. It's dropped 15% so far, and might drop a little bit more, but it will always correct itself.

Here's a graph showing the House price index for you. (and mortgage rates, but they're in red).
Your graph fails to take into account the years of fastest growth! Arround 2004 was the time of fastest growth, and even on your chart, in the year 2002-2003 house prices increased by 25% of 1993's prices. I would say thats a huge increase, when the objects in question are worth so much. A 1% change on a £200,000 is 2 grand. So 15% change is £30,000. Not many people can afford to "lose" that.
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ms500
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#28
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#28
Buy of course, it's the capitalist way.

Enough of all these people who don't own their homes.
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Dan?
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#29
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#29
Buy if you plan to live there long-term
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jacketpotato
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#30
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#30
A lot of the criticisms in this topic about buying are a wee bit flawed. Over the long-term, property holds it price extremely well, it is very different in this to most other commodities. House prices generally settle at 6x average income. Obviously there has been a recent price bubble, but this is something that was fuelled by excessive levels of debt. Once prices have corrected themselves, we'll be back to normal.

Of course, if you rent you could use the money elsewhere and would probably get much greater returns. However, this is obviously a much riskier investment than a house is.
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Lampshade
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#31
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#31
(Original post by ms500)
Buy of course, it's the capitalist way.
Yes and no.

The ownership society was only brought about fairly recently with Reaganism and Thatcherism.
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abc101
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#32
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#32
Buy, obviously.

If you rent, you're pouring thousands into something and you're going to have absolutely diddly squat at the end of it.

If you buy, you're sorted, your money's in bricks and mortar. Even if prices go down, they're always going to go up again, and you can rent it out until then.
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Lampshade
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#33
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#33
(Original post by abc101)
Buy, obviously.

If you rent, you're pouring thousands into something and you're going to have absolutely diddly squat at the end of it.
So what do you think interest is then?
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LO :)
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#34
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#34
I'd rather buy. I think renting is dead money when you could buy and be making an investment.
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