is now a good time to buy?? ftb

superfran_uk

pinkshoes wrote: »

The estimates on Zoopla are rubbish, so I wouldn't use it for that!

Oh yea, the predictions are insane. But it is good for past sales.

thegrimreaper

thanks everyone for the replies, cepheus thats a good chart, i did look for things like that but i couldnt find them , i will probably be going for it in the next couple of months just a case of finding the right property, i decided i probably am quite right to be fussy about what i am looking for so have made a list of what i want, what would be nice , and what i just wont buy without and will forward it to all the estate agents so it doesnt waste my time or theres

charliee_3

what does that chart actually show??? its just someones 'guess' as to what might happen as the whole red bit is in the future so unless they have an actual working crystal ball it means nothing.. if anyone could predict that acurately what would happen with the financial markets then we wouldnt be in this mess.

alexlyne

It's a general trend too (what has happened over the last year). For instance, where I'm looking, there is a house for 1.3mil, that got reduced to 1 mil. Thats a 25% drop, - I reckon these pricey properties dropping prices are skewing any data that has been given. 2/3/4bed houses have fallen around 7% only, 10% from absolute peak maximum.

bobmoo79

It obviously depends on the area.
Where I live in the South East, property sales have increased and agents are struggling to get new properties on their books. Any good ones that come on are sold within a week at almost the asking price. We have been watching the market here for months and things have really picked up. Initially we thought agents we spoke to were just talking the market up but have come to the decision that they were telling the truth - it is no longer a buyer's market here. There are too many people trying to buy too few houses, mortgages have become more common for those with 10% deposits and the rates are more affordable too.

It's up to you how you handle your situation, but around here it looks as though it's a good time to buy if you can afford to do so comfortably. Of course, the market always picks up in spring / summer, so things could change by the end of the year.

thegrimreaper

hi bobmoo i am in the south east too, one thing i did notice is that nearly all the decent properties below the threshold for stamp duty seem to sell really quickly, that was one consideration of mine was to try and get whatever property i go for for under the threshold, it will probably be another cpl of month til the rest of the money is in place anyway but have got my eyes and ears to the ground for anything that may come on to the market i like!

toothe

I am a FTB and am currently in process of buying, By looking at house prices, locally there are plenty of 2 and 3 bedroom terraces, town houses and semis going for 40-70k, now i doubt that they will get much less than that. Another possitive is not many people are buying so u can offer a lot less than the asking price. There is also a large number of repo properties that are much much cheaper.
Another possitive is the interest rate being low, as the markets start to suffer more (if predictions are right) its likely that lenders will increase the LTV from 90%. The other points to think about are, you could get a 90% mortgage with a 5 year fixed rate of 3-4%. which means you have best of both worlds. If you want a house to live in then dont worry about how much it is going to go up or down over next 2 years. Start looking and if you see something you fall in love with BUY. we have done exactly that, spent last 3 months looking, pondering. Thought about waiting longer fo prices to fall more. though about waiting until i get a job so we can buy bigger. BUT we saw somewhere we loved. at a good price and brought it. its price when brought in 2005 was 30k more than what we paid. if it drop by another 10% long term we will still be winners.
If the market really does drop another 2-5% over the next 2 years then interest will start improving. Especially on lower priced houses where investors amy wana buy to let. This makes it difficult. If the job security of people improves then its likely that people will start to look into buying etc. Other factors that need to be thought about are,
- do you want to move, or are you just wanting to take advantage of lower prices
- do you personally think houses price will fall more (some say yes some say no, its supply and demmand, people dont wana buy prices need to come down, however there is a limit, people will just say well we will just leave it on and hold out)
- have you got 10% deposit
- are you prepared to buy somehwere now with a risk that you may be in negative equity (only a small amount) in the next 2 years (but still make a killing long term)

There is never a good or bad time to buy, prices are low when unemployment etc is high. so if u have job security start looking and get ready if you see the ideal house

thegrimreaper

toothe wrote: »

By looking at house prices, locally there are plenty of 2 and 3 bedroom terraces, town houses and semis going for 40-70k, I wish they were that cheap round here, down south they are still 150-180k

Another possitive is not many people are buying so u can offer a lot less than the asking price. I was wondering about this but didnt know how much less to offer than the asking price without looking like a fool, some people are saying 10% less is a good offer but i suppose it depends on the situation of the seller etc

- do you want to move, or are you just wanting to take advantage of lower prices Partly i am trying to take advantage of my situation and i always said i wanted to be out before i was 30 (8 months to go)
- do you personally think houses price will fall more (some say yes some say no, its supply and demmand, people dont wana buy prices need to come down, however there is a limit, people will just say well we will just leave it on and hold out)
- have you got 10% deposit Yes
- are you prepared to buy somehwere now with a risk that you may be in negative equity (only a small amount) in the next 2 years (but still make a killing long term) Yes, if its the right property, as you rightly said i am looking for a house to make a home not a profit

Many thanks for your reply, you answered quite a few of the questions i had in my own head and made me think about it a bit more :T

Gwhiz

toothe wrote: »

i doubt that they will get much less than that.

You poor deluded fool

Yakubu22

toothe wrote: »

I am a FTB and am currently in process of buying, By looking at house prices, locally there are plenty of 2 and 3 bedroom terraces, town houses and semis going for 40-70k

May I ask where you live as 40-70k seems very cheap?