When will people buy.

justpurchased

All very good, any more?

wolfman

Deposit_saver wrote: »

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.

Wow, I'm jealous. Wish there were some 2-3 bed houses in London for that much. Wish I had that much deposit saved too.

Hopefully I'll (plus partner) buy with 50k deposit, a flat worth around 200-250k. Probably in around a year and a half.

I'll generally move, firstly, when I can afford a reasonable mortgage. And depending on the market, I'll buy when I think the prices are what I would be happy paying for a place.

Romani_Ite_Domum

We would be looking to buy when it is cheaper to buy than rent for my circumstances.

At current IRs, Rental and market this would mean a circa 30% reduction for a property similar to the one we are living in now.

Having been a OO for most of my working life I am now enjoying the freedom of renting. I don’t see much point losing money each month just to own a house.

skap7309

As a FTBer, once i reach my deposit goal (around 35% of total price) then i will begin looking and should be there in 14-18 months. OR will start looking as soon as prices appear to have hit the bottom of the crash. Currently watching the market on a daily basis to see what happens.

zippygeorgeandben

wolfman wrote: »

Wow, I'm jealous. Wish there were some 2-3 bed houses in London for that much. Wish I had that much deposit saved too.

Hopefully I'll (plus partner) buy with 50k deposit, a flat worth around 200-250k. Probably in around a year and a half.

I'll generally move, firstly, when I can afford a reasonable mortgage. And depending on the market, I'll buy when I think the prices are what I would be happy paying for a place.

Blimey Wolfman, a flat around the 250K mark?! Must be quite an expensive area of London.
My situation? We have a 15% deposit, looking around the £160-£180K mark in Chelmsford (can't afford London). Have already worked out monthly repayments would only be £250 more than we are paying now (capital and interest), although we have to add travel into London.

I don't mind renting but I don't know if I can be dealing with the hassle of moving absolutely everything, having to tell all suppliers that we have moved, having to get used to a 50 minute commute when I have a 50 second commute at the moment, plus all the things which go into buying a property...

Does anyone else ever feel like this? I sometimes wonder if it's a failing in me as a person that I'll just settle for living in a not nice area for the sake of not wanting all this supposed hassle.

justpurchased

zippygeorgeandben wrote: »

Blimey Wolfman, a flat around the 250K mark?! Must be quite an expensive area of London.
My situation? We have a 15% deposit, looking around the £160-£180K mark in Chelmsford (can't afford London). Have already worked out monthly repayments would only be £250 more than we are paying now (capital and interest), although we have to add travel into London.

I don't mind renting but I don't know if I can be dealing with the hassle of moving absolutely everything, having to tell all suppliers that we have moved, having to get used to a 50 minute commute when I have a 50 second commute at the moment, plus all the things which go into buying a property...

Does anyone else ever feel like this? I sometimes wonder if it's a failing in me as a person that I'll just settle for living in a not nice area for the sake of not wanting all this supposed hassle.

No that is how I felt, especialy with a little one (child that is):p

purch

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.

In the words of the great Yogi Berra

'You can Observe a lot just by Watching'

GracieP

When I find a house I like where the rent is not significantly less than the interest portion of a 90% mortgage.

GDB2222

I'll wait for prices to stop falling so fast. That's the first thing. At the moment, we have 2% a month falls, and it's crazy to try to catch a falling knife.

Second, I'll check the house price to earnings ratio. If it's below the long-term trend, I'll be content. My kids are getting older, I have some cash, and I want to help them buy a house. It's not urgent, so we can wait for a good buying opportunity. My guess is 2 years from now.

sympatex

We've been looking for over a year we were going to go ahead and buy a 2bed place in April but the vendor took 3 months to find a place and by then houses had taken a turn for the worse. We pulled out as equally nice 3 bed places came into our budget.

6months on we went to see two houses yesterday which were at 2004 prices. One of the vendors had bought for 245k in Aug2004, roll on to Sept2008 and its on at 240k. We didn't know the number before we went so we only know this after we went, we had hoped to negotiate down to nearer our budget of 220k but this i don't think will happen given the fact they are already accepting a loss after 3years of HPI and 1year of falls.

It can be so subjective, i would not think "nationally" one day it just turns for the better (falling house prices are better, high inflation bad.). As with most good advice, do your research, and when the sums add up and all your boxes are ticked i don't think it really matters when you buy, if you plan to stick around in it.

You cannot plan for the unexpected though!