First Time Buyers - Enough is Enough!

meanmachine_2

And two properties opposite me have been up for sale for 12 MONTHS. And still no takers.

Did you follow the link I posted? If so, what do you make of these figures?

Anyway, I'm not going to argue with you. But if you think house prices are going to continue rising with an interest rate rise on the way and mortgage approvals at their lowest for 10 years, then that's up to you.

dougk_2

The last part of the report you mentioned says the following
"He expects prices to stablise in coming months and 2005 as a whole will see prices recover to show a 3% rise. "

So surely now is the time to buy before they increase again! Also as has been stated here if interest rates are to rise then getting a good deal now (on maybe a 5 or 10 year fixed rate) seems the best thing to do. If prices drop that much it will be because of overall economic problems and then interest rates will be higher meaning you will pay back even more than you borrow.

Buy now I say whilst the lower prices and interest rates are available.

dougk_2

Maybe no-one wants to live opossite you

Seriously though it is very regional .

There are properties her that have been on the market for months - yes some were way overpriced then , others are just not desirable, others have problems that are not publicised by rightmove or the estate agents till you view.

meanmachine_2

dougk wrote:

The last part of the report you mentioned says the following
"He expects prices to stablise in coming months and 2005 as a whole will see prices recover to show a 3% rise. "

So surely now is the time to buy before they increase again! Also as has been stated here if interest rates are to rise then getting a good deal now (on maybe a 5 or 10 year fixed rate) seems the best thing to do. If prices drop that much it will be because of overall economic problems and then interest rates will be higher meaning you will pay back even more than you borrow.

Buy now I say whilst the lower prices and interest rates are available.

That is singularly the WORST piece of advice I've seen on these boards. And you're quoting Wrigglesworth who is an estage agent. Um, I think you'll find that EAs always try to talk up the market. This same guy was also predciting a "Spring Bounce". It never came.

dougk_2

The advice is if you need somewher to live buy... if you don't well then its up to you.
My view is different to yours. I believe prices will continue to rise.
As I have said before - look 5 or 10 years ahead and prices will be higher than now as sure as the sky is blue.

meanmachine_2

dougk wrote:

The advice is if you need somewher to live buy... if you don't well then its up to you.
My view is different to yours. I believe prices will continue to rise.
As I have said before - look 5 or 10 years ahead and prices will be higher than now as sure as the sky is blue.

Doug, let's agree to disagree. You're a bull, I'm a bear and never the twain shall meet.

I regard the market is heading into a bearish cycle lasting at least 2-5 years, and you see a cloudless sky ahead.

I see a crash and you see years of continued (unsustainable) growth.

The only thing to do is wait and see.

Woby_Tide

how long do you suggest to wait and see? are people really going to spend the next 5-10 years hopping from one foot to the other deciding if the market is crashing, is it hitting the bottom, is it the right time to buy, should we shouldn't we. If you're buying houses as short term investments hoping for a quick buck yes it's a bad time, if you're buying it as a home and it's right for you, buy it.

P.s. news just in:

Please stop talking the housing market down, it's all fine. Lots of love, deemy's parents

devlin_adl

meanmachine wrote:

And two properties opposite me have been up for sale for 12 MONTHS. And still no takers.

Did you follow the link I posted? If so, what do you make of these figures?

Anyway, I'm not going to argue with you. But if you think house prices are going to continue rising with an interest rate rise on the way and mortgage approvals at their lowest for 10 years, then that's up to you.

FTB here. I finally bought a property last November. In February, an indentical flat below me sold for 15% more than I paid for mine (and 2% below the asking price). It had been on the market for six weeks.

I guess it all depends on the property.

(London, SE16 if you're wandering the location.)

frugal_dougal_3

Woby_Tide wrote:

P.s. news just in:

Please stop talking the housing market down, it's all fine. Lots of love, deemy's parents

LOL

They really want to find some food in their fridge for a change !!!!!!!

meanmachine_2

devlin_adl wrote:

FTB here. I finally bought a property last November. In February, an indentical flat below me sold for 15% more than I paid for mine (and 2% below the asking price). It had been on the market for six weeks.

I guess it all depends on the property.

(London, SE16 if you're wandering the location.)

Good for you.

You needed a property and you bought one. If the mortgage is affordable now and in the future you made the right choice for you.

These boards are designed to be positive, so I don't mean to frighten anyone. But as I say, I see the market as a falling one and am taking a gamble by staying well clear. I could be making the wrong choice, but I'm happy with that choice. Whatever feels right for you my friend.

By the way, have you checked nethouseprices to see how much the previous owner of your property paid? That's the really galling stat.