first time buyer...when to buy?!?

tux130582

Hi,

Hope this is the correct forum? Basically I am wondering with everything in the news currently about house prices and interest rates etc when etc the best time to buy would be??

I currently earn 27k a year and my partner earns 24k and we have a 37k deposit (40k but 3k to one side for fees) we dont have any current debt apart from a student loan. we have run a credit check and got the highest rating and have got a mortgage agreement in princible to show we can get the money. Now its just a case of buying somewhere.

I am in no rush what so ever to move out but am thinking this is going to be the time when its best to get a good deal? Am i write in thinking this?

if it helps anyone reading im looking at houses in Bristol on the ring road, longwell green, Emersons Green Etc

Ive read a few posts about pricing etc, and I was wondering if a house in on the market for 235k is there any chance of getting it for 210k?

Any tips advice much appreciated.

Tux

Running_Horse

If you're that nervous about prices I wouldn't bother for a couple of years. Prices are not going to skyrocket (to put it mildly), and you can save up more of a deposit. As for getting a £235,000 house for £210,000, it depends entirely on the personal circumstances of the vendor, which do not appear on Rightmove.

tux130582

When you say nervous about prices what do you mean? I just want to buy the best house I can as a first house so maybe I dont have to move around etc in the future and therefore I obviously would like it to be affordable as possible. So would it be best to wait until Jan Feb or even later? Or should I start making low offers now?

The way I see it im in the best possible situation now, no chain, and Im not that worried when I move out just think as im 25 its a good a time as any to get on the ladder especially if prices drop a bit and I can get a bargain if im prepared to wait for the right situation, eg, a vendor that desperately wants to move etc and If i put in low offers and they arent accepted I can move on and try again with another.

PasturesNew

2011-2014 is what I am waiting for

tux130582

I heard theres going to be a massive housing boom then, are you sure(!?!)

PasturesNew

tux130582 wrote: »

I heard theres going to be a massive housing boom then, are you sure(!?!)

What did you hear. Where did you hear it.

First I've heard of it.

I am one of the "gonna be a crash" brigade. Sorry if people get miffed at that but I am.

Where "gonna" means: started already

tux130582

so in response to my question your saying I should save and live at home a bit longer as you think house prices will drop substancially? or?

benood

How about renting for a while, that way you would have a chance to size an area up a bit before committing to a purchase, I can't see prices racing away again for a few years so no hurry to buy.

Doozergirl

No one knows exactly what is going to happen but I think it would be fair to say that prices won't be running away again for good while.

Start looking whenever you want. As long as you don't expect every low offer you make to be accepted, then carry on; you'll find something. Look for potential to extend etc so can improve the living space/price. Think long and hard, research as much as you can, get to know the market in the area and take it from there. Knowledge is power

And make sure you can afford those repayments easily.

lynzpower

you can look all you like now. If you see something you like put an offer in.

I dont think now is a bad time to buy. there are some OK ish mortgages on fixeds at the mo and it sounds like you are getting your pick, being such good prospects. Buyers like you, with decent deposits, ready to go, you are in the driving seat, and if Bristol is like many areas theres PLENTY coming on at the moment.

One tip is when you are speaking to an estate agent, dont say "how long has it been on the market for" EAs can be vague "oh a couple of weeks..." whereas you could say instead "can you tell me what date you commenced marketing" they have to be honest if not do them on property misdescriptions.

tux130582

thanks for all the sensible replies, we have been looking around and have found a couple we like. We just havent put offers in yet.

dont really fancy renting as all that rent money would mean a bigger deposit.

Just wondering how low to make the offers below the asking price.ive looked at hometrack.co.uk and notice the buying price compared to the asking is 90% for the area we are looking in. so how depending on the prices the estate agents had the houses on for a 235k house could possibly be purchased at 215k? I think 210k is our max that we would like to spend tho