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Advice on when to buy as a 1st time buyer please!
firsttimebuyerz
Posts: 3 Newbie
Hi everyone,
myself and my girlfriend are first time buyers with a mortgage agreed in principle and a very healthy deposit. We want to buy in Bromsgrove, Worcestershire and have been looking recently. However, recently I've had advice from a number of people to hold back until after the general election as there may a be further drop in property prices. Obviously any such house price drop will vary regionally, and I was just after opinions from people as to what Bromsgrove/Worcestershire might do compared to the national picture, or if anyone could send me somewhere I might look into this. I know you can never predict these things with real confidence, but am just after some general opinions! Any advice gratefully received!
myself and my girlfriend are first time buyers with a mortgage agreed in principle and a very healthy deposit. We want to buy in Bromsgrove, Worcestershire and have been looking recently. However, recently I've had advice from a number of people to hold back until after the general election as there may a be further drop in property prices. Obviously any such house price drop will vary regionally, and I was just after opinions from people as to what Bromsgrove/Worcestershire might do compared to the national picture, or if anyone could send me somewhere I might look into this. I know you can never predict these things with real confidence, but am just after some general opinions! Any advice gratefully received!
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Comments
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If anyone on here knew they would be relaxing on a beach in the lap of luxury, not posting on here. Prices might rise, fall, or stay exactly the same. Who knows? They think they do on the house price forum, but tend to be remarkably well informed after the event.Been away for a while.0
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Running_Horse wrote: »If anyone on here knew they would be relaxing on a beach in the lap of luxury, not posting on here. Prices might rise, fall, or stay exactly the same. Who knows? They think they do on the house price forum, but tend to be remarkably well informed after the event.
Running Horse......I don't like this standard 'who knows, crystal ball' type reply.
No-one can 'know' the future, apart from prophets (but we'll leave that here for now), but you can be very well informed and there are many factors that can give very good 'indicators'.
Being able to take those indicators and formalise a balanced view is the key skill.
Did the people who invested in the internet in the early 1990's get lucky?
Did the people who sold their shares in 2006-07 get lucky?
Did people who invested in gold in the last 5 years get lucky?
Maybe some did, but many looked at the indicators and formalised a view. Simply shutting ones eyes and pretending that current conditions have no impact on future ones is quite ignorant, and unfortunately an understanding held by many.
The OP's quest for opinions on future performance is therefore entirely valid.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0 -
Buy a house when you need somewhere to live and can afford it.
You'll be there (or in subsequent houses up the property ladder) for the next 15 - 20 - 30 years, by which time any blip in the market next May, whether up or down, will be totally irrelevant.0 -
And yet you failed to address it in any way whatsoever.Running Horse......I don't like this standard 'who knows, crystal ball' type reply.
No-one can 'know' the future, apart from prophets (but we'll leave that here for now), but you can be very well informed and there are many factors that can give very good 'indicators'.
Being able to take those indicators and formalise a balanced view is the key skill.
Did the people who invested in the internet in the early 1990's get lucky?
Did the people who sold their shares in 2006-07 get lucky?
Did people who invested in gold in the last 5 years get lucky?
Maybe some did, but many looked at the indicators and formalised a view. Simply shutting ones eyes and pretending that current conditions have no impact on future ones is quite ignorant, and unfortunately an understanding held by many.
The OP's quest for opinions on future performance is therefore entirely valid.
There is a house price forum for those wishing to predict house prices.Been away for a while.0 -
Buy a house when you need somewhere to live and can afford it.
You'll be there (or in subsequent houses up the property ladder) for the next 15 - 20 - 30 years, by which time any blip in the market next May, whether up or down, will be totally irrelevant.
I totally agree. If you're there long enough house prices will rise anyway (long term trend is 3% or something, pretty much inline with inflation. It just tends to fluctuate wildly). Any losses or gains while living there are just on paper and are not cash in your bank account.
If you can afford it - buy it, live in it an enjoy it.0 -
imho. unless you plan to sell in a few months go for it. the maket is going up and if it keeps going you will have to pay more the longer you wait. any falls will no mater in the long team plus if you have a good depoit you can still move the the market falls as you are less likly to get in to neg equrty. so unless you pay well over the odds you can't really lose in the long term unless you have to leave the ladder during a fall.
its hard going lots of worry i got my first place 5 year ago just be for the maket went silly now we are selling and moving up to a 3 bed.
it all woth it in the end good luck0 -
Running Horse......I don't like this standard 'who knows, crystal ball' type reply.
there are many factors that can give very good 'indicators'.
Being able to take those indicators and formalise a balanced view is the key skill.
The OP's quest for opinions on future performance is therefore entirely valid.
Past Performance is No Guarantee of Future Results...I would have hoped that most people would have been aware of this by now...0 -
Stoke Heath will rise 1.5% by December.
Bromsgrove proper will drop 4% by December.
Nationally prices will fall a further 2%.0 -
Best time for me would have been if you put an offer in on my property 5 minutes before I did in 2007.Tim0
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Running_Horse wrote: »And yet you failed to address it in any way whatsoever.
There is a house price forum for those wishing to predict house prices.
Correct, I did not address the OP's query, I was merely clearing the path for open conversation after you tried to barn door the OP's thread.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0
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