Is it stupid to buy a house right now?

Renonewbie

The title says it all really...
Me and my partner have finally found the perfect house after a long search. I bring in the main income. He has two jobs and is currently furloughed from one. 
Should we even be thinking about buying now or should we hold out until things settle down? 

Wkmg

If it’s the perfect house and it’s taken forever to find, unless you’re worried about you jobs or planning to sell in a couple of years I’d go for it.

phillw

Renonewbie said:

Should we even be thinking about buying now or should we hold out until things settle down? 

What things? Covid restrictions, the financial aftermath of covid, the aftermath of brexit? There will no doubt be something new to worry about next year.
Unless you have something specific in mind, like the company you work for is about to go under or you absolutely can't afford the first mortgage payment, then I wouldn't say it was stupid.
If you're paying to live somewhere already, paying to live somewhere else is not really different.

cloo

If it's a longterm place and it's perfect, I'd say go for it. ATM you might want to be sure that you have a good buffer in case of one/both of you being unemployed for a while though.

My sister is buying right now and her husband's out of work right now, but then they are selling and buying mortgage-free and again it is a longterm home.

anerise

We’re doing it. But we plan to live in this house for at least 10 years if not more and we went for a 5 year fixed mortgage for peace of mind. After renting for the last 14 years we just want to be in our own place now.

Soot2006

It's always the right time to buy if you need a long-term home and have found one you can see yourself living in for the next 10 years!

RelievedSheff

You have to live somewhere. It may as well be your dream home if it has taken a long time to find it.

If you plan to stay long term then you will ride out any short term falls in house prices, if any occur.

Davesnave

'Things' will never settle down. It's doubtful if they ever did, except for a period in the distant past when, apparently, many people found buying houses easy, though I never did.

If you've found the 'perfect' house, don't hang about, because I never found that either!

Crashy_Time

Davesnave said:

'Things' will never settle down. It's doubtful if they ever did, except for a period in the distant past when, apparently, many people found buying houses easy, though I never did.

If you've found the 'perfect' house, don't hang about, because I never found that either!

Really? Things for the property market ticked along for years, cheap credit was pumped in and when things started to collapse interest rates were cut to the lowest on record, that works until it just doesn`t work any more, and one of the things likely to stop it working is the very real prospect of  job losses going forward, there are other factors but this is the immediate threat to the level of borrowing needed to sustain it all. If the OP doesn`t mind losing money on the purchase then go for it IMO. Are you buying cash OP, or do you have a mortgage approved?

leftism

We're going through with a purchase right now. And we're happy to do it because we've got it at a decent price, we plan on staying there for many years and we were worried if our (pre-corona) mortgage offer expired, we wouldn't get another. Also, we're currently losing money on rent. 

That said, if I was sure we'd be able to get a mortgage next year, I might have gambled and held out for the probable drop in prices.

Davesnave

Crashy_Time said:

Davesnave said:

'Things' will never settle down. It's doubtful if they ever did, except for a period in the distant past when, apparently, many people found buying houses easy, though I never did.

If you've found the 'perfect' house, don't hang about, because I never found that either!

Really? Things for the property market ticked along for years, cheap credit was pumped in and when things started to collapse interest rates were cut to the lowest on record, that works until it just doesn`t work any more, and one of the things likely to stop it working is the very real prospect of  job losses going forward, there are other factors but this is the immediate threat to the level of borrowing needed to sustain it all. If the OP doesn`t mind losing money on the purchase then go for it IMO. Are you buying cash OP, or do you have a mortgage approved?

So, there will be a wonderful time in the foreseeable future when things will be rosy for a purchase then? That is good news.

Hmmmm,....Jam tomorrow....never heard that before!