To Buy or Wait?

Davesnave

HAMISH_MCTAVISH wrote: »

And the 'experts' at this time last year were all unanimous that there was nothing on the horizon pointing to any price rises at all......

But since then the average house price has risen by almost £20,000.

Best leave it there, I think.

OK.

This 'non-expert' will just add though that he bought a property at this time last year, not because he was guessing about prices, but because it was the right one, in the right place and at the right 'personal' time.:)

Gorgeous_George

Birds don't think 'Ooh, I won't build a nest of my own this year because it might be better to wait.'

Except for cuckoos who squat.

GG

nembot

Yes Hamish and there are areas where there has been little recovery in terms of prices, but that doesn't fit in with your cherry picked stats does it?

Doesn't make it any less true though.

HAMISH_MCTAVISH

nembot wrote: »

Yes Hamish and there are areas where there has been little recovery in terms of prices, but that doesn't fit in with your cherry picked stats does it?

And there are also areas that have recovered far more than the average stats suggest, some already above previous peak in fact, and many more very close.

But thats why we use the average stats...... Because they are an average for the country as a whole, including the areas that perform badly, and the ones that perform well.

If I wanted to "cherry pick" I'd use the examples of areas that have crossed previous peak already.

Doesn't make it any less true though.

Quite.

LilacPixie

Millie - Only you can decide. Personally I will be buying, hopefully soon but thats because the figures stack up for my circumstances.

If you could only afford a home that would mean your son could not attend the school you want then possibly renting makes more sense while you try save more money so you can afford the area you need.

Harry_Powell

nembot wrote: »

Yes Hamish and there are areas where there has been little recovery in terms of prices, but that doesn't fit in with your cherry picked stats does it?

Doesn't make it any less true though.

Do you know where the OP is looking to buy?

nembot

Hamish none of your figures tally with the land registry numbers.

As house price actual sold data goes, this is probably the most accurate of the all major sources of information - albeit skewed up and down by property that would not be classed as your average 3 bed semi.

It's not adjusted by an incessant need to ramp the market, like Nationwide and Halifax.

Fact.

carolt

millie, I'm in exactly the same position as you - we're not buying until after my DD has got a schol place, because that is our first priority. Personally, I regard my children's education as paramount and of much longer-term importance than when precisely I buy a house, or if I (possibly) end up paying a few grand more for it.

What is right for you depends on your priorities.

That said, I think the chances of greater price rises are remote anyway, given that as soon as we have a new govt sorted out, they are going to have to make the hard decisions the Labour govt was able to put off making prior to the election, and cut support for the economy like QE and mortgage support for the unemployed, that have kept house prices artificially high over the last year.

It's a risk I'm prepared to take - unlike many on here, I actually practice what I preach.

I do really understand the desire for security; in my case, the desire for the right education wins out.

carolt

HAMISH_MCTAVISH wrote: »

And the 'experts' at this time last year were all unanimous that there was nothing on the horizon pointing to any price rises at all......

But since then the average house price has risen by almost £20,000.

Now I'd actually agree, that there doesn't seem to be much chance of 'large' price rises in the next year. But I'd have said the same thing this time last year as well.

Ultimately we're all guessing, and everyone should evaluate the risks of prices rising or falling for themselves, and then quantify the impact of that risk on thieir own situation. Which the OP has clearly done.

Best leave it there, I think.

No, prices currently falling in I think it's 81% of postcodes.

If the OP wishes to buy in central London, she might not be advised to wait, as sterling crashes. But outside London, price falls are the general picture at the moment, as you well know.

Harry_Powell

carolt wrote: »

That said, I think the chances of greater price rises are remote anyway, given that as soon as we have a new govt sorted out, they are going to have to make the hard decisions the Labour govt was able to put off making prior to the election, and cut support for the economy like QE and mortgage support for the unemployed, that have kept house prices artificially high over the last year.

QE has been suspended for months now and no party has mentioned that they would cut back on mortgage support - indeed this would be very counter-productive given the very small amount of money it costs in relation to the far greater costs incurred by the state in housing the repossessed.

The OP has stated that she has seen small rises in her area, while it could be that in the future she could see lower prices, stagnant prices or increased prices, she needs to consider more than just the sale price of the house - mortgage affordibility, LTV rates, job security and most importantly whether she and her family would actually be much happier in their own home.

From what I've seen from the bitterness on this site, and how quickly that bitterness vanishes once a house is purchased (indeed many 'bears' who were quite vitriolic about house prices have since purchased and have achieved such a blissful transendental state that they have left this website for good and now live blameless and fulfilled lives in their own homes).

To the OP I'd say that the possible small losses or gains from buying now or waiting for 12 months are far outweighed by the happiness gained from having a stable home for you and your children.