Is now the right time to buy??

trush09

Hi

I'm new to MSE, although I follow it haven't actually posted anything until now. I've been noticing house prices are definetely decreasing and was wondering even though I'm happy living at home with parents and sister could now be the right time to buy investment- wise?

What do you all think...house prices still declining or should I go for it..?

Thanks a lot:money:

wanchai_2

Whereare you thinking of buying? How much deposit do you have? Would you be happy to stay there for 5-10 years to ride out the falls that are still to come?

tommie

Absolutely not!

Before you do consider buying i would take a lot of advice from this local N.I. housing related forum. Have a good read here...

http://www.housepricecrash.co.uk/forum/index.php?showforum=52

x12yhp

I have feelings both ways. I have been on HPC since before things went south but admit that I would entertain a purchase now. Get the price down to a sensible number, make sure you have a good deposit and get on with it and I do not think you will do that much worse compared to waiting.... plus you will have been enjoying your own home for all that time.

getzls

I was out of work for 7 weeks late last year, now working again on reduced hours= reduced income. If i had been out of work another 2 months i would have had to take a lose and sell my house. Better that than being repossessed. So on that basis i could not recommed anyone to buy. By this i mean, just how secure is your job, can you be sure your job will last the length of your mortgage? Are you sure you would get another job if you lost your present one? I'm not in my case.

chunter

Banks are now putting up interest rates on their volition. There will be even more job losses and more repossessions. I wouldn't trust any bank at this time.

trush09

Thanks all for the replies. :beer: Seen a house around the Falls Rd area 'offers around £69,950, rental is v high in this area with the College and Hosp being in the area. Was thinking of buying to rent.

Job security wise who knows what could happen I work in a bank in a lowly position and things seem stable for now.

If I like the house (after viewing) was thinking of offering £60,000 its been on sale a while now and price was originally reduced too £69,950. Spose all they can say is no. I just couldnt see house prices getting any lower, some are v low and some houses I've seen are still overpriced but that's obviously valuations from Estate Agents...Deposit wise it'd be off my parents and its 7000.

michelle2008

Check the ratabe valuation on the lps website. It's a very blunt tool - but will give you an idea of the 2005 value of the house - one way to check you aren't paying too much.

And good luck!!

trush09

michelle2008 wrote: »

Check the ratabe valuation on the lps website. It's a very blunt tool - but will give you an idea of the 2005 value of the house - one way to check you aren't paying too much.

And good luck!!

The rates are about 650 as far as I can remeber

grogdog

trush09 wrote: »

Thanks all for the replies. :beer: Seen a house around the Falls Rd area 'offers around £69,950, rental is v high in this area with the College and Hosp being in the area. Was thinking of buying to rent.

Job security wise who knows what could happen I work in a bank in a lowly position and things seem stable for now.

If I like the house (after viewing) was thinking of offering £60,000 its been on sale a while now and price was originally reduced too £69,950. Spose all they can say is no. I just couldnt see house prices getting any lower, some are v low and some houses I've seen are still overpriced but that's obviously valuations from Estate Agents...Deposit wise it'd be off my parents and its 7000.

a couple of things for you to consider re buy to let mortgage.

1 minimum deposit will be 25% of purchase price.
2 alot of companies will not allow you to have a buy to let as your first house purchase.
3 most companies will only give you a buy to let mortgage if your income is 25k irrelevant of what the rental of the property would be.

GlynD

Houses are selling very very slowly in Norn Irn. That house you fancy up the Falls - offer them about £35,000 and see where you go. I've seen some amazing prices over the last year or so. Last week somebody bought one in Tennant Street for about £15,000 although it needed a lot of work doing.

Go in low and take all the advice you can get and you will finish up with a bargain which will increase in value quite quickly when the market picks up.