Time to buy?

KKevin_2

Hi im currently looking at buying a flat at the moment, what is the general consensus with regards to the current market?

Do people think now is a good time to buy, has the market started to bottom out, or do you think that prices will continue to come down in the next 6 months or so?

poppysarah

A flat? A one bed flat?

KKevin_2

Yeah, looking for a 1 bed flat in glasgow

Running_Horse

Having lived through the last crash, if this is the bottom, expect it to bump along for many years to come.

Swipe

Lots more to fall off flats yet, I'd hold off.

poppysarah

1 bed. Too small for two, too small for three... no good for getting a lodger.

SavingSteve

General consensus on here mate is that 1 bed flats are murderous to sell on, thus best avoided.

As for the market, my personal prediction is there is a fair bit (5-10% at least) to go yet. If you must move now then go in with 15% off the asking price if not more.

tommy75

KKevin wrote: »

Hi im currently looking at buying a flat at the moment, what is the general consensus with regards to the current market?

Do people think now is a good time to buy, has the market started to bottom out, or do you think that prices will continue to come down in the next 6 months or so?

No its not the bottom, look around you. No its not the right time to buy unless you get a LARGE discount off 2008 prices not 2007.

besonders1

It is certainly the best time to sell if you want to get anything close to 2007 prices with 20% less before they come right down. Do a search on houseprices.co.uk and compare the prices of the property you want to buy against what they were selling for 7-8 years ago, if they are nowhere near as low, then the answer is no, it is not the right time to buy.

WillowCat

Now's a great time to buy.

I just went on the market today

Sadly for you, wrong property, wrong area.

_bankrupted

Err No...

This year will see falls of 10%+ (IMHO) and then we might be near the bottom, 2010 probably bump along a bit, I estimate this will last into 2011. So in real terms 2010 is again a fall of whatever inflation is at the time 3~4%.

Purely based on human nature (fear/greed). The 16-20 something's of today will be 19-23 something's and know nothing of this crisis as the corner turns. A few years of modest growth and the supply/demand issues of housing stock in this country will again be significant, hence rapid price inflation and the now 24-28 something's will be talking at dinner parties about the future investment/security benefits of housing. Roll on a few more years of un-affordability and deja vu.