Bad time to buy a house???

Crashy_Time

-taff said:

Yeah, but you're always saying that.

So nothing much changed in the economy since the Brexit vote then?

-taff

You're always predicting a major crash in house prices [ the clue is in your name] since I've been reading this particular forum [ about 6 years] and it hasn't happened yet. Maybe the economy has changed yes, but house prices haven't not appreciably.

When will you  stop predicting something you've never managed to accurately predict yet?

Crashy_Time

-taff said:

You're always predicting a major crash in house prices [ the clue is in your name] since I've been reading this particular forum [ about 6 years] and it hasn't happened yet. Maybe the economy has changed yes, but house prices haven't not appreciably.

When will you  stop predicting something you've never managed to accurately predict yet?

I stated that property and much of the economy is a debt based over-leveraged bubble that wouldn`t be able to stand up to economic shocks or interest rate rises very well, there is still plenty of time for me to be right.

blue_max_3

Crashy_Time said:

I stated that property and much of the economy is a debt based over-leveraged bubble that wouldn`t be able to stand up to economic shocks or interest rate rises very well, there is still plenty of time for me to be right.

Like a gambler, saying one day his horse will come in. It may well might, but you'll be broke waiting for it.

Crashy_Time

blue_max_3 said:

Crashy_Time said:

I stated that property and much of the economy is a debt based over-leveraged bubble that wouldn`t be able to stand up to economic shocks or interest rate rises very well, there is still plenty of time for me to be right.

Like a gambler, saying one day his horse will come in. It may well might, but you'll be broke waiting for it.

Highly unlikely. There is no gamble in pointing out the obvious, the economy is a debt laden mess, and we are seeing in real time how it responds to serious economic events, not scare stories dreamed up by EU VI`s. The most instructive thing from the Brexit vote for HPI worshippers though should be that people were told property would drop 40%, and they went ahead and voted for it! Some people really can`t or won`t see the obvious it seems?

gwynlas

You buy a house based on a set of circumstances such as size of deposit mortgage availabily and sufficient funds to pay fees. 'it does make a difference if you are still living at home and subsidised or paying over the odds in private rental. Give us some more clues as to what you can afford to buy at present and most of us will give appropriate advice.
Feel free to ignore advice from other forumites

blue_max_3

Crashy_Time said:

Highly unlikely. There is no gamble in pointing out the obvious, the economy is a debt laden mess, and we are seeing in real time how it responds to serious economic events, not scare stories dreamed up by EU VI`s. The most instructive thing from the Brexit vote for HPI worshippers though should be that people were told property would drop 40%, and they went ahead and voted for it! Some people really can`t or won`t see the obvious it seems?

My point was regarding you being right. If a drop is recorded, we need to be clear about your prediction. All properties dropping 10%? 20%? 40%? Some? A few? What timescale? 
There is potential for a significant drop. But the property market is a fickle madame. There are significant savings being hoarded away. That in itself is presenting a problem. But there are plenty of people ready to jump on board after even a minor drop.
I do think there will be areas where the local community are dependent on one or two major businesses. If they close, there is likely to be a significant impact on the towns.
Conversely, there are thriving towns with diverse populations. I think these will weather the storm rather better.
Property is still one of the best assets to hold (if your home) as part of a diverse portfolio of investments.

Crashy_Time

The majority of the public don`t have a "diverse portfolio of investments", they either have a large debt on a house they hope doesn`t fall in value, or hope to get a payout on a house they bought long ago and hope it doesn`t fall in value, not the smartest investment approach IMO.

Sapphire

LukeSlocombe said:

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?

I've been through crashes myself and they had no impact on me. I remember a time when there were rows of estate agents' signs along streets in London, and at one time some people just gave up on their properties and moved out. And London, for example, was a place where you would definitely not want to live within the living memories of some … 

You just buy what you can afford, in the best area you can afford, making sure you do not overspend, then sit tight through any crashes. 

Crashy_Time

Sapphire said:

LukeSlocombe said:

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?

I've been through crashes myself and they had no impact on me. I remember a time when there were rows of estate agents' signs along streets in London, and at one time some people just gave up on their properties and moved out. And London, for example, was a place where you would definitely not want to live within the living memories of some … 

You just buy what you can afford, in the best area you can afford, making sure you do not overspend, then sit tight through any crashes. 

Yes, but you didn`t know the economy would tank when you bought though, it is more or less a given that we are in the worst recession in living memory now? Buying now, even if the bank plays along because you have a big deposit, is probably quite reckless unless you are getting a really good deal?