House...buy or wait?

snakey_2

this is probably something that cant be answered straight the way..but here goes! I;m currently 22 years old living at home and on a salary of £17k a year, I have no debts to worry about but at the same time I do not have much saved up, am only talking a couple of hundred a the most. I would like to buy a house as I believe I would just abut get a mortgage, though I am limited to say a one bed house or a flat! Though I have mixed feeings because friends from work are saying wait as the market will crash and will find myself being able to buy something better and less stress. Really all I need is some advice and perhaps what you would do if you was in my shoes...sorry to babble on...would appreciate any replies.

Cheers

lisyloo

I would definitely say wait.
There are lots of surveys coming out now showing prices are falling.

Have a look at Halifax, Nationwide, Hometrack or rightmove surveys.

It looks like prices have peaked.

I don't know whether they will just slow down or crash, but you are better off waiting at the moment and saving for a deposit.

Spendless

I think you should wait too. That's becos you're young and haven't much of a deposit saved. You've already said you would have to buy at bottom of ladder and in the event of crash people would leapfrog over these to next step on ladder either leaving you in neg equity or unable to sell (this happened to me and acquiring a husband and baby created me a problem when we outgrew the house and couldn't sell).
As to whether house prices will crash or stabilise I think that totally depends on your local market. I have yet to see a slowdown where I am.

snakey_2

thanks for your replies, your comments are the same as my friends, appreciate your time.