Bad time to buy a house???

LukeSlocombe

Years of saving means I am finally ready to buy my first home. What should be exciting times are currently filled with fear of falling in to negative equity if house prices begin to fall following the effects of Covid-19 & Brexit.

My question is should I buy now and if not when are the house prices predicted to fall?

MovingForwards

Read all the other posts asking the same question, only you can weigh up whether it's a good time to buy for your circumstances.

If people knew when prices would fall, they would wait, but then properties may not be put up for sale.

blue_max_3

You know the cost of not buying now (rent) and how vulnerable you feel. If you can afford something now and will stay there for a number of years, then in all likelihood, you'll be better off.
Just buy wisely. Know your market and spot when something is good value. I've been looking for two years and am ready to make the jump again. It's the first time I've found something that appears good value again, that I actually want to buy!

eidand

wait until the prices are at the lowest level and only then buy. 

steve866

eidand said:

wait until the prices are at the lowest level and only then buy. 

Yes, and in the meantime pick all the stocks that at their lowest points and sell at the highest point to help up your deposit.

eidand

steve866 said:

eidand said:

wait until the prices are at the lowest level and only then buy. 

Yes, and in the meantime pick all the stocks that at their lowest points and sell at the highest point to help up your deposit.

yup, that's the winning strategy!

RelievedSheff

No one knows what is going to happen with house prices. No one. And if anyone tells you that they do then they are a bare faced liar. Prices should have allegedly crashed when we voted for Brexit, they didn't. Prices should have allegedly crashed when we officially left the EU, they didn't. Prices should have allegedly crashed while we were locked down with Covid 19, early indications are that they have not.

There is no right or wrong time to buy a house. It is all down to your personal circumstances and when you find the "right" property for you. If you plan for this to be a long term home then even if prices do dip in the short term you will ride out the peaks and troughs.

Caraway90

If it's the right time for you to buy a house then I would do it, no one can be predict the future! If you plan to live in the house a good few years then any immenient crash should hopefully not effect you, and you'll still be paying the same monthly mortgage payments. More important are your personal circumstances, e.g. is your job secure, do you have enough saving to cover the bills if you were to become unemployed?

Ozzuk

If you are truly interested in a debate then search the forum for 'house prices' - lots of threads already running you can jump in on.   We don't need another that will descend into anarchy pretty quickly.
Aside from that, buy if it makes sense for you, its as simple as that.

Crashy_Time

RelievedSheff said:

No one knows what is going to happen with house prices. No one. And if anyone tells you that they do then they are a bare faced liar. Prices should have allegedly crashed when we voted for Brexit, they didn't. Prices should have allegedly crashed when we officially left the EU, they didn't. Prices should have allegedly crashed while we were locked down with Covid 19, early indications are that they have not.

There is no right or wrong time to buy a house. It is all down to your personal circumstances and when you find the "right" property for you. If you plan for this to be a long term home then even if prices do dip in the short term you will ride out the peaks and troughs.

 Nothing much changed in the economy back then, something has most certainly changed in the economy now!

-taff

Yeah, but you're always saying that.