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Is it a good time to buy a house???
Crazystar
Posts: 45 Forumite
Dear All.
I live in South west of england and I am very much confused whether to buy or rent a house in this curent market situation? I will be going back to my country after 5-6 years and thinking whether it is really a good idea to buy a house in UK at this point of time? Your views/advise will be much appreciated and will help me to take a decission. Thanks in Advance.
I live in South west of england and I am very much confused whether to buy or rent a house in this curent market situation? I will be going back to my country after 5-6 years and thinking whether it is really a good idea to buy a house in UK at this point of time? Your views/advise will be much appreciated and will help me to take a decission. Thanks in Advance.
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Comments
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Never better. Banks are throwing money around like confetti, just tell them you want to be a buy to let millionaire and they'll give you as much money as you want. Bring the money round to the nearest new build complex and away you go... lovely jubbly0
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Dear All.
I live in South west of england and I am very much confused whether to buy or rent a house in this curent market situation? I will be going back to my country after 5-6 years and thinking whether it is really a good idea to buy a house in UK at this point of time? Your views/advise will be much appreciated and will help me to take a decission. Thanks in Advance.
I personally would not buy in the uk in all but a seriously rising market being here for five years only. Regardless of the 'ight time to buy in UK' the fees etc could be significant, you might choose to return home sooner and instead of paying off a mortage in a falling market you could rent and maybe use the flexibilty to explore other areas of the country while you are here
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House prices only ever go up so it's always a good time to buy.0
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The important thing to look at isn't the overall UK position, but instead the local market. Can't emphasise that enough.
A lot of the property price downturn is based on over supply of flats which are tanking in value, and dragging the property market with them. I think detached homes have more trouble with reduce sales volume from more restrictive lending than real house price falls (unless the selling agent is one of those over-optimistic estate agents).
Some areas have better performance than others - it's all about supply and demand. If you buy in a high demand area, you're more likely to be cushioned against negative equity. If you buy in a high supply area, you may be taking on more risk.
Only you can ascertain through research what the state of the local property market you're looking at is in.
2c.0 -
There is only one sensible answer in this thread thus far, but the quick answer is that it will do no harm for you to rent for another 12 months and then re-assess the situation, having looked into it more deeply in the meantime.
The general consensus here is that prices are not going to improve any time soon and that there is more risk in buying now rather than later.0 -
I'll just second Davesnave. Prices are going down at the moment. You can't negotiate a big enough discount to allow for all of the fall that is likely still to occur, and in any case you'll probably be able to negotiate a similar discount at the bottom of the market or near there.No reliance should be placed on the above! Absolutely none, do you hear?0
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Sorry - this seems to be a question which is posted every other day.Recession - if you are forced to drink beer at your home.
Depression - if you have no beer to drink at all!
I don't see any of the above - so where is it (recession)?0 -
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Rent as cheaply as you can.
Save as much as you can.
Do NOT consider buying for at least two years
Then look again; & you will probably repeat the above.
Never buy in a falling market; & this one is still in its early days of falling0 -
justpurchased wrote: »How does that work there would never be a bottom of the market then?
You don't think that people have asking prices that are above market value or that people ever sell at below market value?No reliance should be placed on the above! Absolutely none, do you hear?0
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