Is now a good time to buy a house or should i wait?

Skywalker007_2

hello

we know house price as gone off the roof recently and i feel they are just too expensive with so many people trying to get on the property ladder.

Just wondering if now is a good time to buy a house with the rising house prices or wait till the interest rates rises and the market cools off.

Any one with experience please share your idea.

Just worried about getting a house at an expensive price and later on, the value reduces.

ACG

Prices wont drop.

Prices drop if demand lowers, demand will not lower as everyone wants to be a homeowner.

The only exception to that is when you have an end of the world recession. Where thousands and thousands of people are made unemployed, I cant see that happening again for a while.

ML420cdi

The rush is slowing down in parts of the country, people are starting to wait.

Went to a couple of New Home developments at the weekend Barratts etc and the sales office was very quiet despite announcing new homes....

Some people are definitely reconsidering...

egoode

It would be helpful to know exactly where you are looking to buy. If it was London I think it's unlikely to drop but at worse it might stagnate. However other areas in the UK might not have such a housing shortage as London does and therefore more likely to have prices drop in the future.

vw100

Depends on the area - London prices in the home counties have started to stabilise. Central London is another ball game, with wealthy international people with deep pockets have set their own agenda.


There was a buying frenzy it appears in my opinion around April/May and then started cooling off now. Buyers are cautious with the imminent interest rate rises, and possibly houses prices outside London slightly sliding downwards in due course.

ethank

It's always quiet in July and August. September to November will be busy and then it will go quiet until January.

Thrugelmir

Skywalker007 wrote: »

we know house price as gone off the roof recently and i feel they are just too expensive with so many people trying to get on the property ladder.

Only in London. In the real world there's far more normality.

Thrugelmir

Skywalker007 wrote: »

Just worried about getting a house at an expensive price and later on, the value reduces.

Given a choice would you prefer to borrow £150k at 4% or £125k at 6% ?

amnblog

are you going to wait until interest rates rise and your lending is more expensive?

callmechar

I live in Herts. House prices in my area are crazy. Bought my house for £205k 2 yrs ago and now houses are going for at least £250k. Crazy! Def more demand than supply. It is just open days and then the house sold that day!

I am worried about rate rises as my fixed rate ends next March.