First time buyer, when is best time to buy?

cells

chucky wrote: »

You best buy one before you miss out then.

That wouod have been sound advice over the last 20 years and will probably be good advise for the next 20

cells

Herzlos wrote: »

So basically the sooner the better, but only when you find somewhere you are happy with :j

In the uk yes that is probably good advise but primarily becuase the uk builds too few for its needs not beauce bricks stacked on top of each other are somehow guaranteed investments.

In the next ten years

Uk expected to see about +5 million people and build about 1.5 million homes

France expectes to see about +4 million people and build 3.5-4.0 million homes

Germany expected to see +0 million and buold 1.5-2.0 million homes

Conrad

Well I've been getting back into B2L the past year and am looking to get another place, and prices here in outer London have risen about 15%.

There is no way prices are going to go down and even if they did so what, you cant endlessly sit about hoping for a downturn that may not come for a decade. Don't be so price obsessed, if you have the money go for it and stop over-thinking.

I've learned it's very hard to time and predict a market, just do things when they feel about right. In 30 years time whether you paid £10k more now than last year will be utterly irrelevant.

andrewf75

If you're buying a house you want to live in, it doesn't matter what happens to prices. Just make sure you can afford it and that its the right house.

The only people who lose by house price falls are those who buy houses to make money or those who stretch themselves beyond their means.

Swafe

Herzlos wrote: »

This is the key point here. No-one will know the best time to buy to get prices at their lowest or before a jump. The prices may drop a bit after you but, but in the long term they'll always go up. In the mean time you're paying less than renting (but you still need to factor in maintenance etc) whilst paying down your mortgage.

So basically the sooner the better, but only when you find somewhere you are happy with :j

this is true, but i currently live with my folks (as im a first time buyer) so no extortionate rent to pay otherwise i would have bought already

by staying at home i can save more, get a bigger deposit, a lower rate and lower repayments, so all in all, i can afford to wait - and providing the prices dont shoot up it probably would allow me to bide my time, but dont want to miss out if prices do shoot up and negate any extra cash i will have saved

HAMISH_MCTAVISH

Generali wrote: »

I'd get moving if I were you as prices can move away from you pretty quickly.
.

This......

macaque_2

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.

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

Dear Swarf


I am the CEO of the 70% club. Our analysts have calculated that house prices will fall by 70% (based on 2007 prices) over the next 20 years. Does this mean that you should not buy? No! A house is for living in and you don't work out the residual value of a Vauhall Corsa after 20 years when you decide to buy it. All you have to think about is: can I afford to pay back £xxxxxxxxx over the next 20 years. After that you play the ball where it lies.


The very Reverend Simiam Macaque ADHD

Swafe

Im looking at this as more of an investment than a house to live in, that is the bonus, as I say - I live at home, so I dont pay rent and I dont need a place to live, my sticking point if buying a house at the right time so make my money go as far as it can,

What is the 70% club, and what basis makes you think they will drop by 70%?

At a 3% inflation rate I imagine this means house prices will effectively stable but effectively a large percentage cheaper ?

HAMISH_MCTAVISH

macaque wrote: »

I am the CEO of the 70% club.

No.

You are the CEO of the -70% club.

Loughton Monkey is in charge of the +70% club.

Damned confusing though, I must say, couldn't one of you pick 71% or 69% instead?

HAMISH_MCTAVISH

macaque wrote: »

you don't work out the residual value of a Vauhall Corsa after 20 years when you decide to buy it.

And when houses are being produced in this country at the same rate as cars, that may be a valid point.

In the meantime, I don't pay to live in my house, it pays me to live in it.