Should I Buy Now Or Later

LilacPixie

wait.....

Most people seem to think that house prices will fall another 15% at least.

If they are right that 100k home you looked at will be 85k and you will have a 20k deposit. That is very very close to the magic 25% deposit

bargain_hunter25

remember for example that if you lend 85k over 25 years your repayments based on 4.7% will be £486 per month, £340 of that figure is just an interest payment.. You may as well continue to rent for £475 per month and watch as house prices and hopefully mortgage rates continue to drop.. It all depends on how urgent you are to get on the property ladder. I'd definitely rent.

hethmar

Are you intending to buy a house with your brother then?

PasturesNew

before_hollywood wrote: »

15k= 25% of a house? round here soon?

i'll be doing my happy dance

btw i'm in greater manchester

If you type Greater Manchester into RM for a house, you get this at £40k
http://www.rightmove.co.uk/property-for-sale/property-20332246.html

puddy

i wouldnt buy with a family member if i were you, it can only end in tears

waynebouk

Okay guys i will wait and see what happens over the next few months but i dont wont to spend another christmas in the house i`m in now bloody no double glazing or central heating

puddy

PasturesNew wrote: »

If you type Greater Manchester into RM for a house, you get this at £40k
http://www.rightmove.co.uk/property-for-sale/property-20332246.html

what is a quasi semi detached??

PasturesNew

jenner wrote: »

what is a quasi semi detached??

Also known as a cluster house. Square building. Four properties. Each one is a corner. So you're side by side with one other house - and back to back with another.

bargain_hunter25

jenner wrote: »

what is a quasi semi detached??

Ive seen them described as this if the council has some ownership in the house

itzmee

Wayne, I was wondering why you wanted to leave your rented property when you're paying such a low(ish) rent for private accommodation until I read your last post. I live in Cov too, bought my house for £104k in 2006, at the boom it was worth £118k and is now probably back to what we paid for it. I wish we hadn't bought at all, especially as on NY day water started dripping though our bedroom ceiling - it was only the gutters that were blocked and needed clearing but we had never done this before - you take all these things for granted when you rent. Prices are going down in Cov all the time and yes, you probably can get a bargain, but if you want to buy then it's probably best to wait a bit longer until houses in the decent areas come down even more. I am almost in negative equity but we bought a family home, not an investment.