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First time buyer about to buy - advice on house prices and timing please
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AliceBanned
Posts: 3,148 Forumite
Hi all
For about two years now I have been planning to buy a housing association flat which I also live in. Every six months I have applied and either not been able to get a mortgage or because of work at the time the situation wasn't right. this means I've been given four offer notices after fresh valuations from an independent surveyor. The first price surprised me in being so low at £85k (one bed flat). It has now gone down to £72k which is good for me but even so I need 75% LTV so it might just be manageable. The reason for my post is my surprise that over the past six months the flat's valuation has lowered by £6k. I had expected it (according to recent new stories etc) to have risen a bit; either the trends being reported on in the media are exaggerated, or the housing association is happy to have the money and take a low valuation. It is a very good price for a flat in Hertfordshire and it is lower than average as it is on an estate, but that doesn't bother me as I live here and already know that it is pleasant enough. I have pondered waiting another three or four months to save myself a few more thousand, and of course no one knows which way things will go but this has made me suspect that anything could happen and no one knows when is the best time to buy. Any advice appreciated - I am keen to buy now but would really appreciate any input so that I can ponder on it a bit more before I decide for sure.. By the way I pay £320 pcm rent and a mortgage on this would cost me £400-£450. Thanks
For about two years now I have been planning to buy a housing association flat which I also live in. Every six months I have applied and either not been able to get a mortgage or because of work at the time the situation wasn't right. this means I've been given four offer notices after fresh valuations from an independent surveyor. The first price surprised me in being so low at £85k (one bed flat). It has now gone down to £72k which is good for me but even so I need 75% LTV so it might just be manageable. The reason for my post is my surprise that over the past six months the flat's valuation has lowered by £6k. I had expected it (according to recent new stories etc) to have risen a bit; either the trends being reported on in the media are exaggerated, or the housing association is happy to have the money and take a low valuation. It is a very good price for a flat in Hertfordshire and it is lower than average as it is on an estate, but that doesn't bother me as I live here and already know that it is pleasant enough. I have pondered waiting another three or four months to save myself a few more thousand, and of course no one knows which way things will go but this has made me suspect that anything could happen and no one knows when is the best time to buy. Any advice appreciated - I am keen to buy now but would really appreciate any input so that I can ponder on it a bit more before I decide for sure.. By the way I pay £320 pcm rent and a mortgage on this would cost me £400-£450. Thanks
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