first time buying - is it a good time for us to buy?

pinkshoes

I'd say so long as you can afford it (i.e. mortgage no more than 3.5x joint salary) and you intend to stay stay there for a long while, then go for it.

If it's just going to be a short term thing for a couple of years that you would grow out of (having a family etc...), then you should keep on saving and set your sights on something bigger.

It's alright for some to say "rent rent rent", but they need to remember that for some, renting is hell on earth, and a £10k drop in the house price would be a luxury compared to the hassle of another few years of renting!

And besides, no one has a crystal ball to say what house prices will do!

CHARDONNAY_3

Don't buy now- if it was the right time for you to buy - you wouldn't need to ask the question.

The fact that you had to ask, shows that your gut instinct is telling you there's something up!

Trust your gut instinct and walk away.

planemad

If you are happy mate then go for it, I'm currently buying a house in an area that I could not afford a few years ago.

The house i'm buying was around £180k-£190k last year now I'm buying a repossession house in the south east which is 3 bedroom with a garage 1 en suite with a 40ft front drive and a back garden that is just under 40ft.
The area is well sought after as it has links to the motorway and train station to London.

I'm now paying £145k for a property that for many years was out of my reach, I can afford the payments without any problems, I will get the mortgage protection that martin recommends on this site for £9 per month.
Also the mortgage rate is 5.89 variable with unlimited over payment which I plan to use fully and over pay around £1000 per month

At the end of the day freehold property is stable over the long term.

GDB2222

pinkshoes wrote: »

It's alright for some to say "rent rent rent", but they need to remember that for some, renting is hell on earth, and a £10k drop in the house price would be a luxury compared to the hassle of another few years of renting!

And besides, no one has a crystal ball to say what house prices will do!

I'm one of those saying 'rent rent rent'. I'm not saying that as a long-term suggestion, but just for the time being, whilst house prices are in free-fall. It's clearly much better to own your own place. At the same time, with prices dropping at an annualised rate of 25%, it's a terrible time to be buying from a financial point of view. Nobody has a crystal ball, but I can't see the market bottoming out for quite a time.

'for some, renting is hell on earth' That's very dramatic, and I haven't experienced that myself, so sorry if I appear unfeeling. Surely, the alternatives are either to buy a place or to rent somewhere else. Why is that not an option?

moanymoany

wymondham wrote: »

My views on this:
http://forums.moneysavingexpert.com/showthread.html?t=1125655
hope it helps...

READ THIS NOW!

Willsnarf1983

GDB2222 wrote: »

Surely, there are umm, how can I put this, .... o t h e r ... h o u s e s.

Umm How do i say this.....No !!!!!! sherlock!

But the OP was talking about a particular house that they wanted which is why i made a direct comment about the one house. If its the one then its the one!

Will

dwsjarcmcd

I rarely enter this type of debate because it's too polarised. If I was buying a house now, I'd be happy to do so, provided I could get a 30% reduction in the price to factor in future falls. If not, I'd walk away.

bazzais

Well its worth £106,000 now but due to all the media stories you have managed to bag it for £94,000. That sounds a pretty good deal but it does all depend on what the house is and where it is I spose.

I have just been accepted as the highest bidder on a house today and don't feel like I have been ripped off or at the mercy of the market. I managed to get roughly 10% off the original asking price and I think that its unlikely to be worth any less in the near future.

Jimuth

If you do a quick search you'll see dozens of threads asking the same question as you. You'll quickly see who is on which side of the fence!

As Chardonnay has so rightly stated, the fact that you're asking this question may mean your head will overrule your heart and you'll pull out. The only advice I'd give is that this is a monumentally huge decision, and so mull over it, have long discussions with your partner, consider the worst, discuss some more ... and repeat until you're sure you're doing what's right for you. If anyone rushes you, walk away.

Good luck - hope if you don't buy then you find a nice place to rent and enjoy life

ad44downey

bazzais wrote: »

. I managed to get roughly 10% off the original asking price and I think that its unlikely to be worth any less in the near future.

What?!?! Does 6 to 12 months not count as the 'near future'?? :eek: