– British people are obsessed with properties…
– people have been told that one cannot go wrong with brick and mortar
– people could get cheap money to buy over-priced properties.
The people with £60000 which lost them in 10 years time might have made some serious financial errors. The money could have offered some good return if simply put in the bank…
I don’t know Flosmichael,
Am interested what Katy thinks these people could have bought 16 years ago and what it would be worth today, post boom and in crash, but…
If you bought 16 years ago in UK and all the evidence is exactly the same on the CDs you absolutely could not and did not go wrong with bricks and mortar, in fact you did extremely well.
You would not have fared anywhere near as well with your money in the bank. In fact you would have returned home penniless.
And today, you can get money cheaper than ever in history to buy a property, subject to meeting the terms and conditions.
Prices are at levels back to 2000 – 2003, prime property at that, interest rates are at all time lows, yet rentals as Fuengi pointed out are often ridiculous and Katy and Vilprano pointed out completely unsatisfactory if you want your home to be your home.
I am not for a minute saying that some people should not rent to experience and understand the local area, I think that can be very healthy advice.
But there are some fantastic buys and opportunities right now, and certain buyers will be cock a hoop again in a few years time.
Is it not horses for courses?
For some it is absolutely the right time to buy, and for others absolutely a must to rent?