Hello forum.
On behalf of a younger friend (yes, really!) up north I wanted to ask on his behalf as he is about to buy property. He doesn't post here but I've told him to consider it before. Posting in Accounting, rather than General, for obvious reasons.
Deposit could be up to £110k on a remote cottage that I personally think - and have told him as much - could be difficult to sell during any downturn. In Scotland and Northern England I would say they are at peak prices that cannot go much higher when our economy has crapped out.
Stats:
His age - 33
Contractor for approx 8 years (as a guess)
Single
Location - west Scotland
Warchest - he says £300k in the business bank account, but I don't know the truth of this or the finer details of this
First time buyer
Property - cottages, houses with small pieces of land attached. £300k to £400k pricing
Life is different for me, as I have a wife and children. I am risk averse!
I have advised him to hold off buying in a rural community mostly due to the brexit effect, currency devaluation and what surely is a forthcoming negative effect on house prices our badly performing economy. Even when accounting for increased inflation percentage I suspect house prices will dip substantially (10 to 25%) over the next few years.
His argument is: if he says this forever he will never own a house or settle somewhere
He seems too young to me to be moving to a small village. Have any others considered this recently and can offer advice?
I am trying to persuade him to buy a smaller flat somewhere central to tide him over but I can understand his impatience at feeling sick of waiting. I was the same in 2005, but regret my rushing into a purchase so shortly before the financial crash. Hindsight is wonderful!
On behalf of a younger friend (yes, really!) up north I wanted to ask on his behalf as he is about to buy property. He doesn't post here but I've told him to consider it before. Posting in Accounting, rather than General, for obvious reasons.
Deposit could be up to £110k on a remote cottage that I personally think - and have told him as much - could be difficult to sell during any downturn. In Scotland and Northern England I would say they are at peak prices that cannot go much higher when our economy has crapped out.
Stats:
His age - 33
Contractor for approx 8 years (as a guess)
Single
Location - west Scotland
Warchest - he says £300k in the business bank account, but I don't know the truth of this or the finer details of this
First time buyer
Property - cottages, houses with small pieces of land attached. £300k to £400k pricing
Life is different for me, as I have a wife and children. I am risk averse!
I have advised him to hold off buying in a rural community mostly due to the brexit effect, currency devaluation and what surely is a forthcoming negative effect on house prices our badly performing economy. Even when accounting for increased inflation percentage I suspect house prices will dip substantially (10 to 25%) over the next few years.
His argument is: if he says this forever he will never own a house or settle somewhere
He seems too young to me to be moving to a small village. Have any others considered this recently and can offer advice?
I am trying to persuade him to buy a smaller flat somewhere central to tide him over but I can understand his impatience at feeling sick of waiting. I was the same in 2005, but regret my rushing into a purchase so shortly before the financial crash. Hindsight is wonderful!
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