Right time to buy our new House

Beattiee30

Hi I'm new here but I have a question that I think might result in several different answer but here goes, I'll do my best to explain.


I purchased my first house 5 years ago during the recession period so I snatched up a bargain as my offer was accepted at £150K for a 2 bed ground floor flat. As I was a first time buyer and already had a 25% deposit and mortgage agreed so pretty straightforward purchase. 5 years on, I am currently selling my house which has increased in value so my profit is £30K plus equity plus I have my original deposit of £37.5K.
Once the sale is complete my partner and I will be living with my parents mortgage free while we save a little more to add to our already large deposit and have some put aside for the stamp duty.
My partner and I are concerned that there have been several predictions to say that the house prices will be going up again by another 8-10% in 6-12 months time, and the concern is do we gamble by saving for 6 months or should we start looking to buy our new house in the next couple of months. I have a fairly realistic view on the housing market, so I know that so called experts can make predictions very few of them actually know what they are talking about, however what my partner has read has really spooked him. He has never bought a house before so we are trying to get all the facts before we make our decision.


I hope this makes sense, let me know your thoughts

ACG

If you see a house you want - go for it.
If you dont, save up. Forget predictions and all the rest of it, just dont buy for the sake of it.

My opinion is that I would hate to be off the property ladder, but not everyone is the same.

Annisele

I think that if you see a house that you can see yourself living in for 15 years or so, and you think it's worth its price, then you should buy it.

On the other hand, if you're looking at buying a two bedroom flat with the aim of trading up in the next couple of years when you start a family, then I think you should probably wait until you can afford the larger property; buying two properties within two years will eat up a lot of money in fees.

(If you haven't lived with your partner before, then I think you should rent regardless. Bitter experience tells me that you don't always know whether you can live with someone until you try!)