Will we be priced out of the market?

nicky_h_4

We have accepted an offer on our house and its all going through. We haven't yet found a house that we would like to buy, (the house we put our property on the market for sold before us) We are in a fortunate enough position that we are a military family and can move into service accommodation while we continue to look, however as time goes on my concern is that the house prices are still rising with the shortage of property on the market and we will be priced out of the market and not be able to move up the housing ladder further.  With living in forces accom we will save some money as the "rent", as it were, is cheap £300ish from an £800 mortgage. I know no one can really predict how the market is going to go but should we cut our losses and stay put or go into quarters just to be in a good buying position??? 

Angela_D_3

I was forced to sell at November 2020 prices and yes i'm priced out already although to be fair ive relocated so not comparing apples with apples.  My experience is also that nobody cares about your position, I've missed out as a first time buyer to people in a chain for the sake of £2000.  

AdrianC

Being chain-free is the best buying position going.

Will the current bubble pop, or will it continue? Nobody can say. Anybody who says they know is lying, and probably trying to sell you something.

nicky_h_4

It really doesn't help that we are in the South West and every man and his dog want to live here!!! Can everyone please stop re-locating here until we find a house!!! 

eidand

It's definitely a risky position to be in.

I personally would not sell at this stage.

You do risk being priced out very quickly.

Your main focus is on your own situation, the buyer will have to understand if you do decide to pull out of the sale.

Newnoel

Stay put.

The market is rising so fast, and so few people are finding their dream homes that you risk finding yourself locked out of the market if you sell now and only buy something in a year when house prices have risen another 5%? 10%? More?

[Deleted User]

There is a very real risk of it, yes. The announcement today about the NI increase is likely to push prices up even faster as more people try to get income from buy to let.

We have been waiting for the crash or years and it hasn't come.

MF2015

[Deleted User] said:

There is a very real risk of it, yes. The announcement today about the NI increase is likely to push prices up even faster as more people try to get income from buy to let.

We have been waiting for the crash or years and it hasn't come.

The NI increase is a drop in the ocean compared to the effect banks are going to have buying up properties and becoming landlords themselves. They all want a piece of the pie due to record low interest rates and it's going to push prices even further over the next 10 years or so until they've filled their books. 

Murphybear

nicky_h_4 said:

It really doesn't help that we are in the South West and every man and his dog want to live here!!! Can everyone please stop re-locating here until we find a house!!! 

It just shows that everyone has good taste 

We moved to the South West in 2004 and wouldn’t want to live anywhere else