A question for the regulars planning to buy houses

We looked at having a house built in semi rural Wales a few years back. Rough estimate was £80,000 building cost plus land. Quote from my bro-in-law so I would guess not top dollar. He then suggested that for not a lot more we have 2 semis built, sell off one and get a very cheap house ourselves.

Had spys looking for me but couldn`t find a plot near to where we wanted to be.

Don't really understand the use of substandard new-builds as rungs on a ladder tbh. Regardless of state of rest of housing market at any given time these are likely to fall behind rest of market disproportionately over time as their problem reveal themselves further over time

I don't think we really have a specific trigger point with regards prices tbh. In the area we are interested in a nice 3 bed semi has just come onto the market at 90k, we have enough saved to put down a pretty substantial deposit and if we wanted to we could pay the asking price and only need a 1.3x joint earnings mortgage. Affordability isn't really a big issue (for us, though I accept that it certainly is for many in this low wage high unemployment area). I do expect prices to drop further here for the next couple of years, but if they don't it's not going to put much of a dampner on things for us.

We're happily renting at the moment, prices are dropping (here at least, maybe not in Aberdeen ), and we can save a good amount each month. We're not feeling pressured in the least. Maybe if prices were rising year on year at 5%+ we'd feel differently, but I can't see that happening for a good few years.

I expect we'll probably buy somewhere in the next couple of years, all being well, but when we choose to do so will be more about finding the right place at the right time than it will timing the market. If that means buying before or after the bottom is reached, who cares. You can never time things to perfection anyway, bottom of the market - higher mortgage rates, apres-bottom - cheaper rates etc. Swings and roundabouts, rough and the smooth... We'll just go for it when it feels right for us.

I guess this is why I don't really bother with this forum much anymore. Stagnating prices, no urgency to buy, not priced out, don't 'own' a house in negative equity, not a btl landlord... I clearly have some FTB VI bias, and am a genuine bear in that I expect there to be further price drops (as opposed to blindly hope against hope), but I have no reason to froth at the mouth and as a result I don't really feel like I fit in!

MrDT wrote: »

In the area we are interested in a nice 3 bed semi has just come onto the market at 90k,

I expect we'll probably buy somewhere in the next couple of years, all being well, but when we choose to do so will be more about finding the right place at the right time than it will timing the market.

I guess the problem you may face is that as prices in your area continue to drop, there will be a time when that nice place you know becomes affordable to more people and you find that the property has gone to another.

Fine if you are flexible about the property and my opinion has always been if I miss out then a better property will become available.
Problem is with that theory is there's less options now than before

the_ash_and_the_oak wrote: »

the problem here is the knock on effect when these people attempt to sell these in order to move up the ladder imo

It's could be a never ending circle unless peoples attitudes change

I said

Originally Posted by IveSeenTheLight
I personally agree, the problem is that there are a lot of people out there who have bought the city centre new builds, thinking it is great they are getting a brand new home.

These will be replaced by the next circulation of lots of people out there who have bought the city centre new builds, thinking it is great they are getting a brand new home.

And on

And on

Expanded in red