When will people buy.

justpurchased

I was wondering when some people will look to buy. (No this is not a wind up)

Are people waiting until they have a large enough deposit?
Set a date when they think the bottom will be reached?
Going to buy when prices start to rise?
Or just waiting for the right property at the right price (anytime)?
Never will, happy with renting?
Any others?

I am just interested how people have set there selves up for entering/re-entering the market.

clk299

I will buy when:

(income x 3.5) + deposit = house price + cost of moving.

When I started looking this was totally unfeasible and I couldn't ever see it happening.

Over the six months since then my deposit has gone up a lot, and house prices have come down a lot, and it's looking much more manageable.

I've only seen one property that I've really thought 'I LOVE it' and if it comes down enough then I'll go for it- I don't think I'll have trouble getting a mortgage as there's no way I'll be made redundant and I'm on a decent income. But till I get to a realistic point I will continue to save and keep an eye on the market.

downs523

im waiting till atleast this time next year, then i will have enough for a 10% deposit and all legal costs etc. hopefully by then prices have dropped further.

Phirefly

When the Daily Mail and Trevor McTabloid tell them to

David_Aston

No way you'll be made redundant clk299!!! Must work for a local authority.

justpurchased

clk299 wrote: »

I've only seen one property that I've really thought 'I LOVE it' and if it comes down enough then I'll go for it- I don't think I'll have trouble getting a mortgage as there's no way I'll be made redundant and I'm on a decent income. But till I get to a realistic point I will continue to save and keep an eye on the market.

If you offered at a price you thought was good and they accepted would you buy now?

Chris2685

Um in about a month I hope!

Deposit_saver

I am a FTB with a 40k deposit saved and am looking for a 2-3 bed at around 120k-130k. Late 2009 is my prediction although it will depend whats happening at the time.

lostinrates

I was wondering when some people will look to buy. (No this is not a wind up)

Are people waiting until they have a large enough deposit? We have a reasonable deposit already, but will be adding a large sum to it sometime between now and December. Apart from last month, and, possibly this month, we've been adding over £1k a month to the fund. We've tried to view saving as our 'mortgage payment' and make over payments on it (usually exceeding ten percent). Last month we didn't because, ironically, we paid a financial adviser a large fee, but hopefully this will be a worthwhile 'investment' in both his organisational skills and knowledge. This month I don't know how much we'll save yet. I have already spent more than I wanted too but have only one other big bill this month (that is foreseeable!).

Its hard to say what large enough is, we have tenpersent on the property of our dreams (but would put the mortgage payments at unrealistic amount), up to 20ish percent on a more realistic place,or could buy something shorter term in somewhere horrid outright now, possibly.

Set a date when they think the bottom will be reached?
No. although DH is abroad for six months next year, it would be conveniant (for us) if the market fell till at least then. Six months after that he'll have a big salary increase, so again, it would be convenient but not decision restricting if we felt the market was as 'unsettled ' till then. We don't ever stop looking entirely and feel it would be unpredicatble to set a date, whie we roughly know income, we can't guess inflation or the markets or other unexpecteds.

Going to buy when prices start to rise?
No. We WOULD, despite all the above, move on a property we felt was at a great price and was right for us.

Or just waiting for the right property at the right price (anytime)?
Almost. We have scaled down looking, but are keeping an eye open. We have offered but been almost relieved when things went over our budget. Haven't made an offer for a while though. If we saw a place from where we would never move again we'd still move on it if we could afford to do so.

Never will, happy with renting?
Have in fact, been looking for somewhere to rent too! Not having much luck though. I hate the lack of permanance we feel ATM. I hate being packed up. Have moved too often in the last few years and might refuse to move ever again after this.
Any others?
We consider the 'emergency plans'. DH will be qualified in other countries too. If things look set in for a rough future 'forever' we would consider leaving UK. It would be a heavy, heavy hearted decision though, not one we'd come to without regret. We also do not know what the future holds for us re children. (we have none). I think also, that the decision to use a financial adviser in the way we have done, to consider our pretty boring savings and investments more deeply and perhaps take risks we couldn't afford otherwise, would not have happened had we bought already. I can't say with certainty though. I hope that by doing this we will be more thoughtful than we might otherwise have been had our lives and the market been more straghtforward.

justpurchased

All of them.:D

mikthe20

Very simple - when the Nationwide house price index shows actual prices to have returned back to the long term moving average:

http://www.nationwide.co.uk/hpi/historical/Aug_2008.pdf

Page 3, graph top right hand corner.

So at least another 15% drop to go, but like previous crashes prices will probably go lower. I can't believe that graph is so ignored by the media or posters on here as the whole history of the bubble and its future is there. It's as good an indicator as any.