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Is now the right time to buy ?
Cozzie245
Posts: 4 Newbie
I'm wanting to get a house with a nice garden. I am mortgage free at the minute and have some savings for a decent deposit on a new house. I have some investments available that I can cash in.
My FA has advised that it is not a bad time to sell, but buying and using my investments at present is probably not a good time considering the present climate. Looking for 2nd opinions, is that good advice ?
My FA has advised that it is not a bad time to sell, but buying and using my investments at present is probably not a good time considering the present climate. Looking for 2nd opinions, is that good advice ?
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My IFA has also recommended I sit tight with my long term investments.£216 saved 24 October 20141
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Cozzie245 said:I'm wanting to get a house with a nice garden. I am mortgage free at the minute and have some savings for a decent deposit on a new house. I have some investments available that I can cash in.
My FA has advised that it is not a bad time to sell, but buying and using my investments at present is probably not a good time considering the present climate. Looking for 2nd opinions, is that good advice ?Without knowing you and the property you've not yet found, it's hard to be sure what's best.Is your FA suggesting renting? It's a different scenario from 2008, when we rented after selling in a depressed market. We were actually making good money by renting at that time, so there was no urgency to find the right place. However, we located our current unusual property relatively quickly and moved in 9 months after selling the previous one.I'd say there will be a lowering of heat in the market for at least 6 months, but the government is already cooking-up bail out Ponzi schemes for mortgages in the event of a severe downturn, so there might not be such a crash in prices as some imagine.If you're after something special in your next property and there's nothing grabbing your interest now, renting for 6-12 months doesn't look terribly risky, just a lot of hassle in moving twice.1 -
What sort of "investments" do you have. What % of a property price do these investments represent? If you feel that investing in a property will achieve a better outcome for you, then anytime is a good time. Depending on how you are going to fund a house purchase, this sort of news should be taken into account - https://www.bbc.co.uk/news/business-63676119Signature on holiday for two weeks0
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Thanks for the advice guys. My FA hasn't suggested renting, but I was thinking of renting my house and using that for the majority of the mortgage, rather than an £80,000 deposit and a smaller mortgage.0
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Regarding the property the market is on the way down, mortgages are on the way up, it's not easy to sell at the minute and even more difficult if you get in a chain.1
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When you said, "My FA has advised that it is not a bad time to sell, but buying and using my investments at present is probably not a good time considering the present climate." I took it that your FA envisaged a fall in property prices next year that might compensate somewhat for the recent poor returns from investments if you sold now. It did sound odd, but some people will bet on the market in that way. We did, but as I said earlier, the times were a little different and we had considerable equity.0
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Timing the market is difficult and can go wrong very quickly
You need somewhere to live.
The right time is when the right property is available.4 -
When I bought my last house it was just before brexit, everyone was telling me to rent because no-one knew what the market was going to do but it didn’t look positive. I was staying with a friend having sold my house and I didn’t want to rent, frankly. I had some money and nowhere to live so I bought a wee house and it worked out fine.Plenty of people try to time the market, and it prolly works out for some of them. But not very bloody many of them, I bet.If your FA says it’s a good time to sell but not buy, what would FA propose you do for somewhere to live in between times?Don't throw sodium chloride at people. That's a salt.3
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I think you misunderstood YBE, he was meaning property in general, not my individual case.YoungBlueEyes said:If your FA says it’s a good time to sell but not buy, what would FA propose you do for somewhere to live in between times?0 -
I did misunderstand, sorry. Doh!Don't throw sodium chloride at people. That's a salt.0
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