When do I buy??

dorset_nurse

Orpheo wrote: »

The average UK savings amount is about 2k, which means that you can put me alongside 30 other people and I will be the only one with savings.

Or you will be one of many that have SOME savings against the rest that have no savings or debt. The AVERAGE is 2k...

Orpheo

dorset_nurse wrote: »

Or you will be one of many that have SOME savings against the rest that have no savings or debt. The AVERAGE is 2k...

Because YOU understand averages. Uh-huh.

dorset_nurse

More than you understand most posts for sure.

Are you trying to say I'm wrong? Or are you just trying to argue for no reason.

So what percentage of a place would you have bought paying 3 years into a mortgage instead of renting?

Orpheo

You are a sucker for punishment aren't you.

House prices in the area in which I live have dropped by 7% YOY.

Taking away my rental costs from this price reduction stull means that I have saved 4K by not buying this year, 6K over the term of a mortgage. Furthurmore, net interest on my savings has been about £1300. My rent has been completely offset by houseprice falls and then some. The moment I decide to buy a property again, I will go in with 50% equity or more. Right now, renting is the sound financial decision for me and my family.

You have demonstrated yourself to be clueless in a number of posts. Additionally in these posts you believe that you are scoring points by quoting tired, fallacious tropes like:

So what percentage of a place would you have bought paying 3 years into a mortgage instead of renting?

No-one cares how many mortgages you had, or if you want to put money into your LL's pocket.

I would rather my savings be in a property than making no money because of the low interest rates and inflation as they are now.

His mortgage rate could be peanuts right now; his payments are probably less than the rent you are paying to your LL.

And in spite of it being proven that equity had been reduced from 12% to 4% in 4 years...

He has gained equity because he bought the house having none, and now has some. Its as simple as that.

You have mental constipation and keyboard diarrhoea, but that's no surprise, as when speaking your mind you clearly have absolutely nothing to lose. Your level of IQ really should be accompanied by a commensurately low voice.

mcc100

HAMISH_MCTAVISH wrote: »

Plus of course, hundreds of thousands of people have been saving since the credit crunch started, and will have saved their deposits before you.

I assume you know these hundreds of thousands people personally .....

Most people I know are struggling to pay their bills each month ...... saving is the last thing on their minds .....

The_Blue_Hatter

brit1234 wrote: »

Pay off your debt first, and save a bigger deposit as house prices fall.

The government scheme will leave you in negative equity, stay clear.

I agree the government scheme will leave OP in negative equity because on these schemes the puirchase price is always over inflated.

To state that house prices will fall as if fact is a bit presumptous. Over the next 18 months I predict that house prices wont increase because of interest rates going up but nor do I think that they will fall simply due to demand.

If I was looking to get on the market I would look to do it now to take advantage of the low interest rates and get a fixed deal. I would also congratulate myself on not having got on the market in the last 2/3 years!

DannyboyMidlands

For what it's worth I reckon you've got a good 5 years at least till things pick up. In my area of the south east prices are clearly falling, my deposit is growing and earning good interest so I will wait a while yet. Who knows, in a couple of years time I might buy at auction for cash.

mr_fishbulb

mazy_m wrote: »

Bearing in mind that under £250000 there's no stamp duty for the next two years also?

There's actually less than 1 year left on the 250K FTB stamp duty rate - http://www.hmrc.gov.uk/sdlt/intro/rates-thresholds.htm Up to 24th March 2012.

geoffky

HAMISH_MCTAVISH wrote: »

There's no reason to rush into buying a house in the next 6-12 months.

Prices dipped over winter, are currently rising over spring/summer, but in essence they're stagnating, and are unlikely to see much beyond mild fluctuations this year.

BUT.....

Prices will almost certainly be rising strongly 3-4 years from now, so waiting that long is a huge risk and highly inadvisable.

There is a massive housing shortage building up, as population is growing and housebuilding is at record low levels.

Plus of course, hundreds of thousands of people have been saving since the credit crunch started, and will have saved their deposits before you. This will add a big surge of demand, probably by the middle of next year, with rising prices the inevitable outcome.

Also don't forget, the government scheme is strictly limited in size, and will only help around 10,000 buyers. It's likely to be fully subscribed very quickly. So if you do want to consider it, best look in early.

you sir is a buffoon,and a dangerous one at that.

ukcarper

Lots of people chipping in to rubbish Hamish but in reality they have no more of an idea of what is going to happen to prices than him. The best advice is to save a deposit whilst keeping an eye on prices in your area and making a decision when you have a reasonable deposit.