House Prices?

doire_2

Hi,

We have saved £16,000 so far for a deposit.

We are getting married next year and have seperate savings for this and we wont be going over budget - we both agree the hosue deposit is more important

Should we sit tight and keep saving towards a bigger deposit in the hope hosue prices fall further? Is not the best time to buy? Or will they start rising again?

At the moment the average price sems to be £180,000-£190,000 which seems a bit high for us. (we live in Nothern Ireland by the way).

Now for the "how long is a peice of string type question" Will prices come down any further?

Thanks

g_attrill

I recall NI has already fallen a great deal, worse than elsewhere? If the market seems to be strengthening then you might feel it's time to buy, if so then use your wedding savings and have a moneysaving wedding (it's the marriage that is important) - or get somewhere with a garden and have the reception at your new home

brit1234

doire wrote: »

Will prices come down any further?

Simple answer yes. NI had the highest house price inflation in the UK, creating a even more unsustainable buble than elsewhere. Its got futher to fall. NI has a strong govornment employment sector which is now going to be cut back, wages are typically lower and other the border in Ireland there are massive falls.

On the radio last week they talked about an additional 30% fall (Steve Nolan BBC)

Rent a year and save your money will go a lot futher.

doire_2

g_attrill wrote: »

I recall NI has already fallen a great deal, worse than elsewhere? If the market seems to be strengthening then you might feel it's time to buy, if so then use your wedding savings and have a moneysaving wedding (it's the marriage that is important) - or get somewhere with a garden and have the reception at your new home

Deposits paid on most things already

brit1234 wrote: »

Simple answer yes. NI had the highest house price inflation in the UK, creating a even more unsustainable buble than elsewhere. Its got futher to fall. NI has a strong govornment employment sector which is now going to be cut back, wages are typically lower and other the border in Ireland there are massive falls.

On the radio last week they talked about an additional 30% fall (Steve Nolan BBC)

Rent a year and save your money will go a lot futher.

I see what you are saying. In relation to wages paid here, the price of houses were getting way out of hand.
Just over the border the house prices are much, much lower than here in NI

mruddy

I dont agree, i am from NI and have been watching the market in my area for over a year now and i think they have bottomed out, houses are now selling and work has begun on all the building sites again. However, i do not think that anyone can give you an exact answer. We have just purchased a new house and rented our apartment out as we could not see prices falling anymore (in our area - Craigavon)

dimbo61

You really need at least a 10% deposit and 15% would be better so if you are looking at properties at 180/190k just keep saving for now, enjoy your wedding
and honeymoon and start house hunting when you get back.
You may even get some cash from family ??
Good Luck and try not to over extend yourself on a property.