Should We buy now or wait?

Better_Days

The most important thing is what is happening in the housing market where you intend to buy. Have a look at RM and do a bit of research on house prices locally. But do look at the sold prices as well as the AP's.

If prices are rising then probably a better bet to buy sooner rather than later. Help to Buy phase 2 is not only for new builds. Demand for properties will increase. I have been keeping an eye on the number of properties for sale in my search area on RM and the numbers have reduced by over 11% since the summer (July) and prices are going up.

Although it may all end in tears, govt interference in the housing market will most probably run to at least past the next election. I would say losing £750 to get out of your rental contract would be a price worth paying if housing prices are rising in your area.

There is a some info on Help to Buy here
http://www.moneysavingexpert.com/news/mortgages/2013/09/qa-help-to-buy-95-mortgage-launch-brought-forward-by-government

Supadupa

We are in a similar position to you. Although we've just sold at a loss and have been discussing whether to wait and save some more in the hope prices don't increase or to buy now whilst we can. We have decided to buy now rather than risk prices rising. Sell low and buy low. It's all a bit of a gamble but we're buying our forever home so as long as we can afford to pay for it then future prices will be irrelevant.

calicocat

I would start looking now. The area you are looking in may have lots on the market but doesn't mean they are what you want...on the other hand if there aren't many for you to choose from on the market looking now could pay off. if you see something you really love then you can re-evaluate what you want to do then.

It took me 7 months to find what I was happy with and get to offer accepted stage as too many people after to few houses. It also took me 5 months to actually see exactly what I could get in my area and narrow my search down (but I did have no criteria at first so looked at all sorts of things). Unless you have very fixed ideas of what you want your search can go in many directions and what you look at and end up with can change massively.

Good luck

makeyourdaddyproud

It is worth noting the numbers of people reluctantly renting, and the inevitable stampede for lessees to buy under the new htb scheme in order to limit the hemorrhage of "dead money" spent on rent and instead take advantage of early house price growth before prices plateau.

I would definitely buy now if possible. BTLers should cash in ahead of future income losses.