WTB: when will you start looking?

Chris2685

I am keeping my eyes open for any bargains that I might see, but my rental contract is for another 10 months, so I doubt I will seriously start looking until that is up, but I might if I saw something good.

I still think houses have a way to fall.

Sir_Humphrey

LittleMissAspie wrote: »

Lots of people saying they'll buy in the first half of 2010 though. Will this spark the start of the next HPI cycle, or will it be a bull trap?

Well, my plan is about the same as !!!!!!!'s. I doubt it would make much difference. We are a small minority of potential buyers, and we certainly failed to move the market downwards when it was shooting upwards in 2006.

purch

I wish I was an "expert" on house prices like you lot !!!!

penguine

purch wrote: »

I wish I was an "expert" on house prices like you lot !!!!

Don't think anyone on this thread claimed to be experts. Just discussing when we feel would be right for us to buy, given that we're in a falling market at the moment.

Mr_Matey

I will buy a place when I feel I'll be there for at least 5 years and the price makes sense.

I could afford it now, but neither of these points are met for me. I haven't decided if I will be in the UK in 5 years time. There's a good chance I'll be in Asia or back in Australia by then.

My immediate goal is to work, see as much of the UK and Europe as possible and save a few £. I'd also like to see Egypt and go on Safari.

Buying a place will be settling down, and I'm not ready for that.

Thrugelmir

Through all the property cycles over the years I have bought a house on (a) affordability (b) road / area (c) accomadation requirement. I have never viewed my home as an investment. To my own dismay I have been outbid over the years on what I regarded as a desirable property. So the bottom of the market in many circumstances is never actually reached.

The current problem is that houses are not valued on what they are worth - ie land value plus third party building costs. Until that point is reached the market won't level out.

penguine

Thrugelmir wrote: »

The current problem is that houses are not valued on what they are worth - ie land value plus third party building costs. Until that point is reached the market won't level out.

I was having a clearout over the weekend and came across paperwork for a house we almost bought last summer -- 3 bed mid terrace we were buying for £285k. I noticed the rebuild costs were only £160k. It hadn't really struck me at the time to wonder if that might mean something.

torontoboy45

Cleaver wrote: »

Nearly everyone on and off this forum (in the real world of real people - I know you're all made up in my mind in a Matrix stylee) who don't own a house seem to be all saying "I'll probably buy towards the bottom in very late 2009 or early 2010".

Two interesting points with this. Firstly, what if they just keep steadily falling, maybe 0.5% a month or so throughout 2010? Will people just keeping hanging on, even though they could comfortably afford a place? Will their plans change to maybe spending their savings on something else? Priorities may just change: is owning a property a dead duck that no one wants to do.

On the other hand, it'll be interesting if there are three months in a row, maybe at the end of 09 / start of 10 where prices just stay the same or even pick up a little. You might see one unholy rush to get mortgages, make offers, buy houses.

No real point to this post (no change there with my posts then), just that it'll be interesting to see how things pan out.

everyone's situation is unique. if some can afford the luxury of waiting until the bottom is reached the house trophy will be theirs.
my position is slightly different. as mentioned before, I'm looking to buy for my daughter who - after doing some research for herself - has accepted that patience is key.
spring 2010 is likely for me. should values slide another 10% I'll take the hit like the man that I'm not and cry into my beer over the fact that I could have saved myself a further £10k.
or I may do the 'ce'st la vie' shrug, smugly satisfied that I saved myself a possible £35k from peak (assuming a 15% drop for this yr).

I try to keep the glass half-full.

skap7309

Three things are judging my personal circumstances.

1) If i reach my target deposit (see sig) i will begin to look straight away. I am looking for a long term purchase (possibly 20+ years) so even if they continue to fall i am not overly bothered. Endless calculations on my part show i should reach this early 2010, possibly earlier if this turns out to be a good year business wise.
2) If HPI rears its ugly head (i.e. three months of positive growth plus all factors showing it will continue) i will begin searching regardless of how much i have saved.
3) I see a house i want so badly i do not want to see anyone else get there before me. (Unlikely to happen as i am a stubborn so and so. )

wilksy007

Me and the GF have been saving for a couple of years now, and we have a decent deposit. We were planning on starting to view houses at the end of last year, but decided to wait and see what the situation is like at the end of this year.

I deffinatley won't be spend the savings on anything else, the reduction in interest rates hasn't change my view on saving either, if anything it has just made me determined to save more.