First time buyer without much current info needs advise!

brit1234

At present we are going through some sort of dead cat bounce, by june we will see big falls in prices I predict by Nationwide and Halifax. The reason for this is purely based on lending criteria.

Your in a similar position to me. However with a big deposit and a good wage there is little to buy if at all so prices have some way to fall yet. Remember there are not many of us with the big deposits, they take time to save up thus with this little demand prices can not stabalise.

Just check out those who say the market has bottomed out and look at their credentials. You will often see that they are vested interest groups and not independent financial experts. The same thing happened in the USA where there have been about 14 bottom of the market calls and yet the prices are still falling. They are also 18 months ahead of us in the house price crash and had a smaller bubble. Prices here will fall for some time yet and are unlikely to increase while unemployment is fast rising.

chucky

so what Brit1234 is saying - is take advice from anonymous strangers on the internet who's credentials you know even less.

Brit1234 doesn't know where you live so doesn't know your local area - only you would know that. there are some areas that prices are flattening out and some that have increased in the past few months. so taking notice of a National House Price averages can be pretty irrelevant sometimes.

my view on your situation is make your choice wisely.
it's not a bad time to buy but you can buy badly - you can also buy now with a mortgage rate that maybe cheaper than it would be in 3 years time - so saving £15k plus there.

do your own calculations as it make sense to buy now but it may be better for you in 6 months time.

Jamesu_2

Thanks for this, it's good to get some other peoples perspectives!
I'm living near the London main line outside Oxford so your right, the average UK house price does not exactly fit with what I see in the local area, It's frustrating to save for so long and still need more to avoid hunting for a huge mortgage, but hey there are lots of other people who are dealing with worse situations than me at the moment so I am staying positive!

wheresmydoshat

oh to have lived at my parents for a few fews, our deposit would be at least 30% rather than the 10% it currently is !

mind u, i could never have done so, it would have driven me insane.