is it the right time?????

SCREAMIN_BABIES

please someone is this the right time to be buying a house or are house prices and intrest rates about to plumit ????

p1an0player

It's a matter of opinion. I think you should wait if you are renting cheaply. House prices in Nottingham seem to be heading downwards. Interest rates are unlikely to plummet for a while.

Stuckupahill

Now is an absolutely perfect time.....buy mine!:rotfl:

obsessed_saver

RICS thinks it's going down.

http://news.bbc.co.uk/1/hi/business/6992586.stm

But that won't filter through for a month or two onto the DCLG.

I don't trust surveys done by mortgage lenders...... they do have a vested interest in keeping the bubble going so they get more business.

SCREAMIN_BABIES

we have sold our house and have had our offer accepted on another and we are sorting our mortgage out as we speak but a red light keeps going off telling us to wait i dont know what to do

Doozergirl

SCREAMIN_BABIES wrote: »

we have sold our house and have had our offer accepted on another and we are sorting our mortgage out as we speak but a red light keeps going off telling us to wait i dont know what to do

How long do you expect to wait and what for? Cheaper prices? Prices to stop falling?

You might be waiting a long time. If it's a home you are after and you are not killing yourself to buy, then what does it really matter?

pcwilkins

SCREAMIN_BABIES wrote: »

please someone is this the right time to be buying a house or are house prices and intrest rates about to plumit ????

Nobody knows. Buying a house is always a risk and it's your decision whether to take that risk. I wouldn't buy a house right now but maybe you want one more than I do.

Peter

CFC

Nobody knows and people just have opinions. If there were individuals who really did know, they'd also pick the winning lottery tickets!

epz_2

as with all questions it depends is usually the best answer.

i personally think the market is about to go pop but im still looking and prepaired to pay if the right place comes along but then the places im looking at are ahem a bit more unusual than most and probably less likely to get spanked than btl fodder.

really you need to look at expected rent, expected interest repayments and then figure out if the differential and an x factor composed of risk vs owning your place makes it worthwhile to you.

Nenen

Doozergirl wrote: »

How long do you expect to wait and what for? Cheaper prices? Prices to stop falling?

You might be waiting a long time. If it's a home you are after and you are not killing yourself to buy, then what does it really matter?

Hmmm... in our case it's a home we want but we'd be killing ourselves financially to buy it! Our BS have agreed a mortgage in principal of 5x our joint salaries that we could only afford to repay by taking it over 25 years... until we are both 74! :eek: :eek:

The $6,000,000 question is.... do we wait (means finding another rented property and moving yet again in the next couple of months as our current LL is selling up) and hope that prices drop by even 10% in this very expensive and 'strong' area or do we 'bite the bullet and take on a massive mortgage to secure a stable home?

I'm trying a pros and cons list... hope this might help the OP too! ....if anyone can add anything to these lists I'd be grateful!

Pros of continuing to rent:
1) If prices do drop by 10-20% we could get our 'dream home', one that we would be happy to stay in until well into retirement, at an affordable mortgage (I'm desperate to have somewhere I can put down 'roots' where I really like living and can feel will be my permenent home);
2) We are in a better position if we do see something we'd really like to buy or if we have to move again any time soon for our jobs;
3) No worries about unexpected bills for maintaining property, easier financial situation (we're better off by about £500 per month at the moment although our rent is particularly low and next place will probably be a lot higher)

Pros of buying now:
1) Long term stability, own home we can do what we like in (fed up of not being able to fit shelves, re-jig living space, do necessary improvements etc in rented property);
2) An end to all the indecision and uncertainty of living in rented (dh and I are finding it really stressful).

Cons of continuing to rent:
1) Prices could continue to rise and we would be completely priced out;
2) Might have to keep moving every 6 months (very costly and difficult with large family and pet cat)!

Cons of buying now:
1) We would only be able to afford something small in a not too good area and would still be taking on a massive mortgage to do even that!
2) We would be kicking ourselves if, in a few months time HPC occured and we were paying much more than we would have been had we waited!


Why is Mystic Meg never around when you need her?

olly300

Hmmm... in our case it's a home we want but we'd be killing ourselves financially to buy it! Our BS have agreed a mortgage in principal of 5x our joint salaries that we could only afford to repay by taking it over 25 years... until we are both 74! :eek: :eek:

Long term stability, own home we can do what we like in (fed up of not being able to fit shelves, re-jig living space, do necessary improvements etc in rented property);

A few questions:
1. How do you plan to pay your mortgage of when you retire? Most people's pensions are a good deal less than their salarly even if they have a final salarly pension. In addition lots of people have to work in retirement and it's harder for older people to get work at the same level particularly when they are forced to retire.
2. How do you plan to pay maintenance on the property let alone decorate it or fit new kitchen/bathroom/carpets if you can just afford to pay the mortgage? While you may be able to move the furniture around it's no good if you can't afford to buy the furniture.
3. What happens if interest rate rise 2% will you still be able to pay the mortgage?
4. What happens if one of you loses your job will you still be able to pay the mortgage considering you won't be able to save any money for emergencies?