Am I the only first time buyer at the moment?

GDB2222

SuperChap wrote: »

Little update: We got 2k off the price but it wasn't worth all the hassle. Another lesson learnt.

As an aside, which house price index do folk think is the best - halifax, nationwide, land registry, rightmove? Land registry has the bonus of being able to check what's happened in a particular area rather than relying on the national figure but is is too far out of date?

I think it's safe to say that you are paying far too much. If you haven't exchanged yet, it's time for a re-think.

The Halifax was showing an average house price of £199,612 at the peak. Now it's £163,605, which is a fall of 18% from the peak. You said rthe peak price was £275k, and you are paying £248k. You are getting a reduction of 10%, so you are paying too much. An 18% reduction would be £225k.

Couple that with a reasonable estimate that prices will fall another 25%, and you are looking at a value in say 2 years time of £170k.

I hope you have not exchanged yet, but if you have I can only wish you all the best and I hope that you are very happy there.

GDB2222

BTW, if you prefer data for Greater London, Halifax shows the average price for Q3 2007 was £322,769 and the figure for Q3 2008 was £269,723, which is a 16.5% reduction. However, you would need to factor in a further reduction from Q3 2008 to now.

hethmar

Have you backed out super?

budgetflyer

This is simple really.If you like it, can afford it, and as a bonus is less than it was last year- BUY IT. If you are worried about investments, etc etc DONT!
The one certainty is - you need somewhere to stay,
if you can rent the same for half your mortgage, then its a poor investment
if you can buy it for less than the rent (assume 9% APR) then its worth buying.
In time its (ALMOST- or Im F"d!;)) guaranteed to go up- assume long term 10 yrs+.

Fortune favours the brave !
Procrastination is the curse of the "if only I had done's"
Just do it !