Can buy, won't buy..

TDS_2

I'm not sure there's been a thread on this recently, but I'm just wondering when people think that buying maybe on their agenda. I'm a (lucky) FTB with a reasonable deposit, and could afford a modest property at todays prices. I'd imagine there are a few other posters on here in a similar poition. Of course, despite having the ability to buy now, I'm holding out cos all the evidence/trends shows prices going down for a while longer - why buy now, when i can buy later for a lot less?

Anyone else in my position? When are you intending to buy?
Is it purely waiting for a given price / equivalent year?
Or are you waiting until prices stop dropping / or until the economy turns?

Cheers!

carolt

Think this has been done before, quite recently, at some length.

Care to find the thread, anyone?

Save repeating ourselves.

lonestar1

I currently have 85k saved and am hoping that a reasonable 2 up 2 down come into my price range (Im looking at 100k ideally but if things start to improve could manage 125k) need off road parking and be in a reasonable area Im on the fylde coast. The company I work for is running a voluntary redundancy scheme which I have applied for and if Im accepted should net me circa 60k so if that happens I will buy. The last time I applied for VR I was knocked back though so suspect I will wait till a see a house I like for 100k or I think the market is about to turn inwhich case I will probably pay what I have to

ruggedtoast

Like it or not property is an investment. Even if you're in the relative minority of Brits who dont think a home is some kind of path to untold riches, youre still investing time, and a considerable portion of your life to committing to buy and live somewhere.

The secret to good investment is knowing when not to. Something that many of the increasingly hysterical VIs on here are struggling to come to terms with.

Buy the right place when its right for you and you should be fine.

Austin_Allegro

I'll stick my neck out and say I think the falls still have a lot further to go, and may not bottom out for a year or two. I think 50% real falls from peak are perfectly possible.

My present plan is to save as much as possible so as to be a cash buyer (or have a very small mortgage if prices don't fall by 50%) within two years. I could just about do this at the moment but only at the very worst end of the market.

If I am wrong and prices start shooting up again (most likely due to a combination of inflation and some kind of state bailout of the banks) I will give up and continue renting (whilst continuing to save) indefinitely.

jamescredmond

TDS wrote: »

I'm not sure there's been a thread on this recently, but I'm just wondering when people think that buying maybe on their agenda. I'm a (lucky) FTB with a reasonable deposit, and could afford a modest property at todays prices. I'd imagine there are a few other posters on here in a similar poition. Of course, despite having the ability to buy now, I'm holding out cos all the evidence/trends shows prices going down for a while longer - why buy now, when i can buy later for a lot less?

Anyone else in my position? When are you intending to buy?
Is it purely waiting for a given price / equivalent year?
Or are you waiting until prices stop dropping / or until the economy turns?

Cheers!

I'm in a similar -but not identical - situation as yourself.

I'm looking to buy for my son, but def. not in a rush.

the fact is: I'm quite chilled. I can sit back and continue to save, knowing that as my savings pile builds up, so HP's will continue to fall.

so, a win-win situation that's got the future looking peachy (for my son, at any rate).

Ike1

Can buy, won't buy... until having a mortgage (plus life/critical illness insurance, mortgage protection insurance, service charges and ground rent etc) is cheaper for me than renting...

Ike

ray123

Please ignore carolt, it must have been a late night!!!
Carolt is usually more positive after lunch...

lil'H

I'm in similar postition, FTB, large deposit (over 50%) am buying now. Thing is we are moving for lifestyle reasons, mortgage will be cheaper than my rent, and we can just get enough to get the type of property we are looking for. However my bigger concern is the amount I can borrow seems to be falling quicker than the house prices are. Also we are unlikely to move from whatever house we find now for a good 10 years.

Have to say though I am being very careful about what we're looking for, going for renovation job (figure adding value to help counteract further falls in prices) and I looking only at properties where people are desperate to sell, so that we can go in with really cheeky offers.

Interestingly the first month or two of looking nothing was selling, yet in the last fortnight a lot has gone under offer. More buyers/ sellars getting more scared and taking lower offers/ just coincidence? no idea why personally but seems to be what's happened here.

Oh should add I live in Surrey so not the cheapest place in the country and am wanting 2/3bed house, with good sized garden.

Dan:_4

Now that America is backing the 700bn bailout - at least you lot will be able to get a mortgage now.

wolfman

I've got 30k saved. Living in London it's just not feasible to buy alone, so I'm waiting for the missus to sort out a few things then we may buy together.

As to when we'll buy, it'll be when flat prices in London are around £180k. I don't know if they'll even dip to that amount, but for a nice 2 bed flat with ok transport links, that's what I'm prepared to pay. It can't hurt to wait too, and I'm quite happy to keep renting for now.

My friend bought a decent sized, 2 bed flat in Kingston for £180k back in 2004, so I'd like to get to around those prices. Apparently we're currently on February 2006 prices. At the moment an average 2 bed flat in my area apparently goes for over £300k, far too much.