with the economy falls again...should i continue buying the hse i have put an offer t

chuiyichoy

help, i really dont know wht to do. me and my partner put an offer to a hse in warsash southampton and we just had the bank valuate the hse and our solicitor to do searches. my mum n dad just advised me not to continue buying the hse and the hse price is going to drop again coz all the bad factors from all over the world. should i listen to them?? do u guys really think hse price is going to drop massive again? and the other thing that put me off buying the hse is when i put the postcode in the Upmystreet web site it siad this area is a low income area and ppl tend to own a low value second hand vehicle. should i listen to it?? how accurate is the web site??

p.s. we r in a very good primary school catchment area and warsash is known to be a ok posh area

upmystreet.com/local/neighbours-in-so31-9gn.html

thank you very much for all ur advices!!!!

casualwalks

Well I suppose it depends on why you are buying. Are you buying it to be your home for many years to come? Or are you buying as a short term investment? If it is going to be your home for years to come, then if it were me (actually I'm in the exact same position) then I'd go ahead. The market is going to fluctuate.

KateLiana27

Casualwalks said it all. House prices rise and fall. No one knows for sure what is going to happen in the future, but the likelihood is that they aren't going shooting upwards. So, I wouldn't buy intending to make money, but home ownership has other benefits that may be valuable to you. Think carefully about these before you walk away.

Incidentally, the "Up My Street" profile made me smile. Surely the neighbours having low value second hand cars shows they have excellent financial sense.

devotee

OP did you check the area?
Upmystreet is generally ok, it just tells you that the area you are buying in has a high rate of council properties - they use Acorn classification and that postcode comes under "hard pressed struggling large families with low and moderate means" so make of it what you wish. They collect info based on the census and just average it out.
I'd make sure I'd check the area at various times of the week - including weekends, evenings, etc and not worry about neighbours having crummy cars.
And if you like the house, can afford it and see it as a home, then buy it. Neither your parents nor anyone else knows what will exactly happen to house prices. I think lots of people will stay put and not move so the prices might stay the same. But that is just my opinion and I'm sure lots of people will either agree or disagree.

chuiyichoy

hi thanks for all the reply..... i have do some research hse price round the area hses bought round 06/07 they sold around the same price some of them even sell more than wht they pay. so is this a good sign?

geoffky

Did not realise the hse was for sale...good luck but they are very strict on the law..

Yorkie1

geoffky wrote: »

Did not realise the hse was for sale...good luck but they are very strict on the law..

Very subtle