In uk.finance Jane T wrote:
> I have been following these events since 2001 and often read your comments
> and your previous views on the impending credit crunch, which is now upon
> us, made me (along with other reasons) take on more debt to move up the
> housing ladder in 2006. Only history will determine if this was the correct
> decision.
Last year a colleague was getting married and wanted to buy a house. He
had a long chat to me about the advantages of buying then, or waiting
out the end of the credit bubble. The thing is that he had no deposit
and so even if the credit bubble was about to burst right then and he
wouldn't have to wait ages (as it turned out it was, but even I didn't
know that in March) he'd have been in no position to take advantage of
house price falls because with them would come a requirement for
sizeable deposits as credit grew scarce. For him, it was a case of now
or never. Only those with cash can wait to take advantage.
Which I suppose reconfirms that what's best depends more on personal
circumstances than the pertaining financial environment.
FoFP
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