When would you buy?

nethesi

The question is when would you buy?

There are lots of people on this board who are currently hoping for a fall in house prices, presumably so that they can afford to buy, and lots of other people in different situations. Thought it would be interesting to see what plans people have, rather than everyone arguing about what's going to happen (or would like to happen)?

We are undecided but our current answer is in 6 months or so if we can get a bargain that we are also happy to see as a long term home... subject to change though!

We're currently renting having sold our old flat and are saving for an ever larger deposit and so are wondering when we will buy again. We don't want to be in rented for long, for all the usual reasons - security, decorating choice, settling down etc...

Running_Horse

You didn't include an option to buy when you need a home to live in for a long time (but did mention it in your OP). The fact that so many of your options mention price and landlords, shows you misunderstand the motivation of most normal buyers. Despite the impression you might get from this forum, not everyone is obsessed by prices, rising or falling.

nethesi

Thanks Running horse - it's a good point that most people aren't landlords, but this forum isn't made up of most people is it

3/10 options are for landlords, 6/10 are for 'ordinary' mortals like myself, and the final for any one else... not that I could think of any other options...

Gorgeous_George

I'm sure there are lots of people who don't care about house prices. However, when they wish to move and are faced with a bill of £6K or thereabouts, where will the money come from if not from HPI?

GG

gingin_2

We are older ftb's (30 almost and 38) with a good deposit ready. I know the style of house I want in the area I want. To acheive this prices need to drop 25% (based on the ceiling price for the street) which is late 2003 prices. When I see a house at that price we will jump in. This will be our first but our biggest house purchase in our lifetime (I assume)...the plan is to work on paying off the mortgage asap, stay as long as we can and then downsize/relocate to the country as we get older. I am really hoping we can achieve this in 2 years time (the house price falls). If not we will be able to buy in the same area but it will be a much smaller home.

RubyShoes

I clicked other.

There was no option for currently looking!

I have been looking to buy since September. I am in a personal situation that means I need to buy before April. I will be going self employed, so need to get a mortgage arranged while Im still FT employed.

I just havent found the right house yet. House prices are important to me, as I have a figure that I can afford in repayments each month, and took some off for interest rate increases. So, although I know house prices are coming down, I have a personal situation that dictates to me that I need to buy now.

I am negotiating on any houses I have offered on. I would never pay more than I can afford, or more than I believe the house is worth in this current market.

I can stall going self employed for a month or 2 if necessary, but really, April is my target date. Im just fed up that December is a wasted month, there are days where there are no new properties coming on the market at all in my area's!! Normally there are 25+!!

SquatNow

The whole question is a moot point unless your sat on a large pile of savings.

When house prices fall, it will collapse the economy. No equity = no credit. The retail and service sectors will sack all their staff and no-one will have a job. No jobs means no house buying.

hearts

SquatNow wrote: »

The whole question is a moot point unless your sat on a large pile of savings.

When house prices fall, it will collapse the economy. No equity = no credit. The retail and service sectors will sack all their staff and no-one will have a job. No jobs means no house buying.

A good point and one of the reasons it wont collapse ;-)

epz_2

hearts wrote: »

A good point and one of the reasons it wont collapse ;-)

yeah cause the politicians in power during all the previous crashes and recessions didnt really care about stuff like that.

short of massive state intervention like Hittler in the 30s market forces will out. there isnt much they can do appart from keep the pendulum swinging up that little bit more but then the down swing is all the bigger.

EmmaJ_3

We are FTB saving a deposit, me working full time on a fairly good wage, him working part time lower wage + freelance, so mortgage would probably have to be just on my income. Currently renting pretty much our ideal house in the ideal area.....to be able to afford it (or similar) market would need to drop by 20% really.

pinkshoes

I think Gordy will persuade the BofE to drop interest rates back down to perhaps 5% by the end of next year, as he's well aware than a big drop in house prices will more than likely crash the economy, meaning very few will be able to buy/sell.

I bought in March this year, and after 10 years of renting, finally feel settled. I'm not really bothered by prices, because you really can't put a price on security, and the feeling of being settled.

Plus I also have little faith in pensions, so the importance of owning a house when I reach retirement is high!