We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Buy or rent?
Options
neilsinc
Posts: 33 Forumite
I'm looking to move into my own place and have funds saved up, but am a bit naive when it comes to money situations. Giving the current financial situation is this a good time to buy or should I look into renting for the moment?
Thanks for any advice
Thanks for any advice
0
Comments
-
Depends on where you want to buy, but generally rents at the moment are a bit high. If you are looking to buy, there is nothing stopping you putting in a bid for lower than what the house is on the market for - which would help to future proof a little against the current trend of the housing market (house prices going down).
At the same time, you'll probably get a decent mortgage deal at the moment, especially if you can put a decent lump sum down as a deposit.My suggestion and/or advice is my own and it is up to you if you follow it, please check the advice given before acting on it.0 -
Rents are falling at the moment and likely to fall far further as the downturn takes hold.
Better rent and save as house prices continue to crash.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0 -
Definately not a good time to buy, if you have a large sum for a deposit, as soon as you exchange that money is being flushed down the toilet, as prices plummet.
Rents are falling and will continue into the recession.0 -
Well, it depends on whether the OP negotiates a brilliant price on a property he wants, doesnt it.0
-
Well, it depends on whether the OP negotiates a brilliant price on a property he wants, doesnt it.
You could be right if you get say a 50% discount but even with a 30% discount you will see your cash wipped out.:exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.
Save our Savers
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 599K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards