To Save or Buy?!

paulmapp8306

reweird wrote: »

Buy now or forever be locked out the housing market as prices are soaring >1% each month.

Not where Im looking - there falling 1.5% per month.

Jimmy_31

AliceJenkins wrote: »

Waiting for the house market to crash?

Contrary to the scare mongers on this forum, prices are rising not falling.

http://www.housepricecrash.co.uk/graphs-average-house-price.php

Strange that because house prices are still falling around here.

If i were the op i would see what the housing market is doing in the area they want to live in and then make up their own mind on what to do.

Jimmy_31

HAMISH_MCTAVISH wrote: »

As a national average, mortgage interest is around 3.5% and rent is around 5.5%.

Rent prices are soaring, and mortgage rates are likely to stay ultra-low for many years.

House prices are basically stagnating, with the Nationwide index slightly positive year on year, and the Halifax slightly negative.

The crash already happened, this is the "bump along the bottom" phase. No credible observer or analyst expects significant further falls, and small falls usually aren't worth waiting for given how expensive rent is getting to be.

But all of the above is based on national averages. Local conditions can vary immensely. If you're in one of the few areas still seeing significant falls in actual sold prices, like Northern Ireland or the North of England, then waiting makes sense.

If you're in an area of higher than average rental yields, or where prices are outperforming the average, then buying becomes a bit more urgent.

So overall then, for most people in most areas it makes more sense to buy than rent. But check your local conditions very carefully.

The banks expect further falls.

Jimmy_31

paulmapp8306 wrote: »

Not where Im looking - there falling 1.5% per month.

reweird lives in narnia so i wouldnt take too much notice of his anger fuelled comments.

Pimperne1

Jimmy_31 wrote: »

The banks expect further falls.

Which banks?

RenovationMan

Jimmy_31 wrote: »

Strange that because house prices are still falling around here.

If i were the op i would see what the housing market is doing in the area they want to live in and then make up their own mind on what to do.

Where is 'here'?

We have established it's not Oldham but that still leaves quite a large area to cover!

AliceJenkins

Jimmy_31 wrote: »

Strange that because house prices are still falling around here.

If i were the op i would see what the housing market is doing in the area they want to live in and then make up their own mind on what to do.

Where do you live Narnia? or another make believe location?

JayScottGreenspan

Depends if you see somewere you like where the vendor is prepared to take the market price.

There are plenty of houses for sale round my way, but they are all being sold by old people who are in no hurry, they all want about 10% more than the average £/sqft, and they've all been sat unsold for a year or more. I'd happily buy their house at a fair price, but I'm not throwing a small lottery win on top. Greedy !!!!ers.
Strip out the chancers and the market is basically dead.

Whatever you do check out recent sales in your area here: http://www.houseprices.co.uk/

Pimperne1

JayScottGreenspan wrote: »

Depends if you see somewere you like where the vendor is prepared to take the market price.

There are plenty of houses for sale round my way, but they are all being sold by old people who are in no hurry, they all want about 10% more than the average £/sqft, and they've all been sat unsold for a year or more. I'd happily buy their house at a fair price, but I'm not throwing a small lottery win on top. Greedy !!!!ers.
Strip out the chancers and the market is basically dead.

Whatever you do check out recent sales in your area here: http://www.houseprices.co.uk/

Sounds like its dead because the old people won't move their price down and you won't move yours up. You'll never get a house with that attitude (they don't deserve to sell either - but then again it doesn't seem as if they care whether they sell, you might eventually care whether or not you buy).

As for the small lottery win on top, that's what they have been protesting about on HPC for seven years - it hasn't done them any good.

reweird

AliceJenkins wrote: »

Where do you live Narnia? or another make believe location?

At his mammies in Cloud kokoland I believe.