Buy now or wait

w00519772

I am a first time buyer in the process of buying a house. I have been saving for a deposit for about eleven years and I have hoped that house prices would fall more, so I could buy cheaper.

I am interested to hear what other first time buyers are doing now. The media seem to report that we are in the early stages of a boom meaning that house prices are expected to rise over the next few years. Are you buying now (perhaps taking advantage of HTB) or have you bought in the last few years? Alternatively are you waiting in the hope that house prices will fall more?

Fosterdog

We are in the process of looking for a first time buy but that is more because our landlord has decided to put the house on the market and we don't want to have to move every few years if a landlord wants to sell.

Prices have started to rise in my area already and I think it has a lot to do with us being in a non flood area, so much of the country has been so badly affected recently that it has made the places that stayed dry and with little storm damage more popular for housing.

We ideally wanted to wait another couple of years to get a bigger deposit but we have just enough now for the size of mortgage we'll need.

mayonnaise

Pretty much each and every region in the UK, including N.I. has bottomed out and the only way is up. Buy now.

movilogo

The big question is where you want to buy!

If at or around London area, then it is a different planet altogether.

There has been a spike of price rise lately. My guess is that although price will continue to rise in near future, such huge spike will flatten soon.

w00519772

movilogo wrote: »

The big question is where you want to buy!

If at or around London area, then it is a different planet altogether.

There has been a spike of price rise lately. My guess is that although price will continue to rise in near future, such huge spike will flatten soon.

Thanks the house is in Lincoln.

Running_Horse

I have read your progress with interest.

After all the kerfuffle of finding a place and agreeing a price and getting a mortgage, are you now planning on pulling out and waiting for the market to fall?

Do you suffer from nerves?

pbouk

mayonnaise wrote: »

Pretty much each and every region in the UK, including N.I. has bottomed out and the only way is up. Buy now.

We will NOT know that until rates rise, then we will see if every region has "bottomed out".

chewmylegoff

w00519772 wrote: »

I am a first time buyer in the process of buying a house. I have been saving for a deposit for about eleven years and I have hoped that house prices would fall more, so I could buy cheaper.

I am interested to hear what other first time buyers are doing now. The media seem to report that we are in the early stages of a boom meaning that house prices are expected to rise over the next few years. Are you buying now (perhaps taking advantage of HTB) or have you bought in the last few years? Alternatively are you waiting in the hope that house prices will fall more?

Do you think the best way to make one of the largest financial decisions you will ever make is by soliciting the opinions of a bunch of strangers who spend their time posting on an obscure forum on the internet?

Percy1983

I would just buy if you can afford to do so, life is too short.

Running_Horse

In all seriousness I would say if you can afford it and want to do it then the time is right. Price rises will be no good to you unless you ever plan to leave the housing ladder. In fact all they do is make buying your next place harder. Even if prices fall, and not many are saying they will, you will not be paying rent during that period and will be several years closer to being mortgage free. What are you afraid of?

grizzly1911

If you have the deposit, a stable job with prospects and can afford it, including a rate rise of a few per cent at some point, then don't procastinate.

Renting is not logical long term (unless it this government - apparently).

Lincoln is a less volatile area IME. I doubt any falls would be large and unlikely to happen, the way the market is politically engineered at present. Prices will mostly trend upwards but likewise will be modest in the area.

Are you sure you really want to buy?