Property Market

muddypaws2807

I am in a position now to buy a house, but having read up and watched a few programmes on TV it seems that the bubble in the housing market may be about to deflate, is that the case? Am I better waiting? If so how long for. In Leeds there is a rediculous amount of flats, and they are all empty and I dont want a flat ideally I would like a house. Whats the best option

Running_Horse

The best option is to do whatever is right for your circumstances. Nobody on here can possibly tell you what prices will be in the long term future (assuming you are buying somewhere to live in for a few years).

I prefer houses to flats; no service charges, less neighbours, including less noisy renting neighbours, hold value better in a slump, usually bigger with better outside space, and easier to sell. Others would disagree.

carolt

If you can afford it, even allowing for future possible interest rises, you like it enough to be sure of wanting to stay put for a good few years (so big enough if circumstances change such as you have kids, in case the prices have gone down and you can't sell it and move without negative equity, or at all), or you are sure you would be able to rent it for an amount close to or above your mortgage costs if you needed to move but couldn't sell, then buying makes sense.

On the other hand, if you're worried about the financial calculations, it is probably not a bad time to wait for a few months to see, as predictions at the moment are not for prices to shoot up right now, and they may fall.

Running Horse is absolutely right and only you can make that decision. Different areas will vary too much for one piece of advice to be correct across the board - houses may be cheap enough near you to make buying one eminently sensible - only you will know. Good luck!

paintpot

muddypaws2807 wrote: »

I am in a position now to buy a house, but having read up and watched a few programmes on TV it seems that the bubble in the housing market may be about to deflate, is that the case? Am I better waiting? If so how long for. In Leeds there is a rediculous amount of flats, and they are all empty and I dont want a flat ideally I would like a house. Whats the best option

Hi Muddypaws

I know the Leeds market reasonably well. I can only reiterate what the other posters have said other than to say that in the market you are referring to, I have heard alot of horror stories surrounding the issue of flats, i.e there is a massive supply due to all the recent developments and not only are owners/developrs struggling to sell them at hugely reduced prices those who bought them to let years ago are struggling to let them again even after reducing the rents massively. Obviously, that allows you the opportunity to negotiate fiercely when buying a flat but doesn't provide your investment with much security as you could face the same when you come to sell. There is "affordable" housing in the Leeds area but obviously I don't know your budget but if you want to post (or PM me) with more background on your budget/locations etc I can offer you my opinions.

guppy

Personally, I'd wait and see what happens next year. But I also agree with everything Running Horse said above - anyone claiming to know the future is deluded. And houses give you far more freedom than flats.

One factor to consider is how secure your job/career is etc., if the housing market really slides, it will most likely be linked to a downturn in the wider economy. If you're in a secure line of work, this is less of an issue and you'll be well placed to weather any storm.

The situation with flats in Leeds is notorious, I'd be very interested to know how this affects the market for small houses. Keep your ear to the ground, watch Rightmove, talk to people and make your own judgement about where prices are going in your area. And take anything you're told with a pinch of salt including this.

muddypaws2807

Thats brilliant, thank you so much. I am probably going to watch the market for about 6 months and see how things go. I have a budget of 125k and looking for a 2 bed house in the LS25 and LS26 area

Having seen the influx of flats still vacant and they are STILL building in Leeds I have a feeling I will have more options available to me in 6 months time, I think :T

Zammo

Whatever you decide to do - STAY WELL CLEAR OF NEW BUILD FLATS.

They are about to crash spectacularly.

guppy

Zammo wrote: »

Whatever you decide to do - STAY WELL CLEAR OF NEW BUILD FLATS.

They are about to crash spectacularly.

And even if they don't, you never get back what you paid for them if you need to sell in a hurry.

Especially by the time you discount the £10k cashback, "free" plasma telly, "free carpets", legal fees, stamp duty etc. etc. etc. and by that time there will probably be a newer and nicer block down the road or you'll even be competing against the developer because they still have 50% of your block unsold...AVOID like the plague! Leave 'em to the BTL mugs.

nobblyned

Was in Leeds yestersday, skyline still looks like Dubai with all the cranes, can't believe they are still building at that rate.