To buy now or wait

Green3

Should we buy now or wait? Is the property market in London going to crash? Very very difficult to buy now with all offers being made way above asking price.

BitterAndTwisted

My crystal ball says you should buy asap

dgtazzman

With Russia and Asia going apesh*t over London property, I wouldn't bank on the London market crashing anytime soon, just up up and away...

Jenniefour

BitterAndTwisted wrote: »

My crystal ball says you should buy asap

I don't have a crystal ball but if I were renting and intending to buy in London I'd be out there looking. Yes, it's difficult but by the time it gets easy again another big increase will have taken place. Last years rocketing HPI carries on. By the time there's a slowdown you might be priced out anyway.

And even if all the Russians get their bank accounts frozen over the Ukranian crisis there's plenty of Chinese on the way, and there will be even more if China runs into serious difficulties, as reported recently. London property has become the gold bars of yesterday.

Running_Horse

My crystal ball says you should...oh damn, gone hazy again.

What do you want to do?

Trishiapp

Running_Horse wrote: »

My crystal ball says you should...oh damn, gone hazy again.

What do you want to do?

Thanks for making me laugh

Campervanman

I recall being told to 'wait for a property crash' when I bought my first flat. I didnt and spent 10 years living in a lovely place and gradually doing it up. Some of the folks who advised me waited and their deposits ended up buying them less not more.

J_i_m

Personally (and others are welcome to disagree) I believe that keeping an obsessive look on the market in the hope of a crash is the wrong way to go about it.

If that's the decisive factor in you buying then you could be waiting a very long time or potentially even miss the boat and be priced out of the market when if you'd have acted sooner you could have bought.

You should buy when your personal financial circumstances are suitable and then search for properties within a sensible budget tailored to your income and lifestyle.

I'm not waiting for some crash that may or not happen, instead I'm doing the best to arrange my circumstances to allow me to buy as soon as possible. The main problem being at the moment house prices and cost of living are going up, whilst my income is static.

tigsly

I too was told by friends not to buy - the property will crash.. that was back in 1999.. and yes the property values round here have gone up and then down - then up again..

By buying i was getting more - for less money than my rent.. so I figured i was winning..

To rent my curent house it would cost nearly 2K more than my mortgage...

so work out what you can afford - and buy something in that bracket.. money in property isn't 'real' money (so although I have more equity -its not money i can use..)

robatwork

The Clash were from London and can offer advice on this. Seek them out...

misssaver12

I recently put my house on the Market..it's west London area and had 27 viewings with the EA then waiting listing. ( 3 booked in 5 minutes of it going on the net) I stipulated people in a postion to proceed (FTB, cash or offers on property) as i have a mortgage to pay and i have moved out now and had quite a few offers as well on the property. there were offers made on the first day without seeing the property !!