First time buyer, when is best time to buy?

Swafe

I've been thinking of buying a house for a couple of years now, looked around, I know my budget, I know what I want, and can afford it.

Now the question of the timing, last year prices were looking OK but now houses have been starting to sell they seem to be slightly increasing

Im just wondering if anyone can say when the best time to buy will be? Im guessing last year was the best time when they were at a low but have I missed the boat now? Is it still worth jumping on or is this 'bubble' a temporary one?

I know the whole 5% mortgage thing has given it a boost, Im trying to work out whether its worth waiting, or whether they will keep increasing, Im not sure how long the scheme will last (unless they decide to keep it running endlessly) but with the economy still shaky and a lot of young people out of work or on zero hour contracts I cant work out who apart from the odd professional can afford record high house prices again now they are climbing back to 2007 levels - is this a temporary blip while all the people who suddenly can afford a mortgage as they have 5% all jump on board all at the same time scrambling for houses, or whether this is the start of an upward trend, with all the doom and gloom, despite what the papers say I don't see how the state of the economy can be better now than it was pre credit crunch (based on the assumption people have more money now to spend on houses than they did back then, which I just dont see)

Thanks

Thrugelmir

Much depends on the locality in which you intend to buy. Headline figures disguise wide regional variances.

Swafe

well, i live in the midlands, more precisely looking around birmingham/solihull-ish area, looking at the BBC this is 3.5% year on year and similar to average UK house price, so not the same but similar

interestingly semis seem stable, flats are up 9% year on year and terraced down 8% year on year, what is the thinking behind this? terraced are normally older so more to heat, so i guess energy prices dont help, not sure why flats would be flying up so much though?

padington

My zone 3 London place was valued one week ago at 350k. The estate agent phoned me up this morning and said scrap that, the deals that went through this week mean mine is worth 390k.

That's 11.4 % in one week.

If you're thinking about buying in London, don't wait any longer, move fast. What's happening is crazy down here. They also say London leads where others follow ...

shortchanged_2

padington wrote: »

My zone 3 London place was valued one week ago at 350k. The estate agent phoned me up this morning and said scrap that, the deals that went through this week mean mine is worth 390k.

That's 11.4 % in one week.

Don't wait any longer, move fast.

Scrap that. I'll give you £450k for it today!

wotsthat

Swafe wrote: »

I've been thinking of buying a house for a couple of years now, looked around, I know my budget, I know what I want, and can afford it.

Sounds like the ingredients for buying now.

There's no consensus on whether prices will rise or fall anyway but talk of a bubble (especially in the midlands) is probably nonsense so there's time to make sure your other reasons for buying are sound.

Linda_D_2

Don't get shortchanged by shortchanged, by now padington your house is worth £500k.

I'll give you £600k for it as it will take me week to get the money together and it will be worth that by then.

Swafe

im confused, shall i wait on what else comes up or offer shortchanged 700k for his gaff?

Linda_D_2

It's padington's gaff not shortchanged though shortchanged would be wise to up his offer to £700k as padington's house will be worth well over a million by christmas.

grizzly1911

When you can afford it and need it.

Loughton_Monkey

Swafe wrote: »

I've been thinking of buying a house for a couple of years now, looked around, I know my budget, I know what I want, and can afford it.

Just get on and buy it now.

Don't faff around.