Is now a good time to buy?

x90tsb

Hi,


I am looking to buy my first BTL property, preferably in Northampton and have a budget of £100,000. I have saved a deposit of just over £25,000 and have a written decision in principal from London & Country mortgages.


I have done quite a lot of research in the area, well presented 2 bed flats within 3 miles of the town centre are doing really well, and within my budget, making over 125% of Mortgage repayments.


But the million dollar question, is now a good time to buy? I appreciate there could be a million different answers to this question, based on facts, opinion and the current market - but I would appreciate any advice anyone could offer before I make an offer!


Thanks in advance....


Tom

UpToMyNeckInIt

Sounds like you are clued up on your local area which is good.

I think the general tend is for house prices to keep on rising if the last 16 years is anything to go by.

But there is usually a lull in the market this time of year, what with Christmas just round the corner.

Got a BTL myself: cost £62,000 16 years ago, now worth a minimum of £180,000.

So my advice is go for it. In the long run property is a way better investment than anything else.

Good luck.

[Deleted User]

There is a crash coming, just like after the bubble in 2007/8. The current prices are unsustainable and the market will fall heavily if you can wait a year or 18 months max.

No point paying over the odds and getting into negative equity.

anselld

"making 125% of mortgage payments" is not a sufficient business plan.

You cannot possibly predict capital growth based on "facts"; it is anybody's guess. However, you can calculate/predict return on investment allowing for all likely running costs, repairs, etc, etc. There is a lot more expenditure than just mortgage payments. You need to do this in some detail in order to determine if it would not be better to invest the money elsewhere.