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Is now a good time to buy for FTBs

Is now a good time to buy for first time buyers given the falling property prices? 


  • Flugelhorn
    Flugelhorn Forumite Posts: 4,942
    Part of the Furniture 1,000 Posts Name Dropper
    If they need a mortgage then it will cost them more than they save in the falling prices. 
    If they are cash buyers then fine, except that they may well well be relying on their vendors moving and there doesn't seem to be much movement around
  • Bigphil1474
    Bigphil1474 Forumite Posts: 1,957
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    I think it's still swings and roundabouts. House prices are going down but mortgages are more expensive and more difficult to get. If you can get an affordable mortgage, then you are likely to get more for your £ at the moment. It's more of a buyers market than 2 years ago.

    I've been tracking a few houses as we are putting ours on the market in next couple of weeks, so looking to buy. Most of the properties that aren't being sold seem to have dropped by at least 5 to 10% in last 3 months. The one I really am interested has gone down from about £340k before Xmas, down to offers over £290k as of last week. It's vacant and looks perfect for us.  Another one has had price dropped from £325k to £300k from April to last week - this is West Yorkshire.
  • Mstty
    Mstty Forumite Posts: 4,209
    1,000 Posts First Anniversary Photogenic Name Dropper
    edited 15 August at 9:40AM
    Wages are also significantly up which negates some of the mortgage increase.

    Which will in turn slow down any house price decreases.

    A bit of inflation (couple of years) isn't necessarily a bad thing long term.

    Some of the population will need to renew mortgages in the next year or so, but should be getting paid more. Conversely those already on a fix at a good rate for a few years have more money to play with due to the higher wages.

    It's not all doom and gloom.

    If you can afford it buy as soon as you can.
  • johnhenstock
    johnhenstock Forumite Posts: 87
    10 Posts Name Dropper
    the right time is when you're ready...
  • theartfullodger
    theartfullodger Forumite Posts: 14,035
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    Ask me in 5 years time and i'll tell you if it was.  Otherwise a guessing game.
  • tbo127
    tbo127 Forumite Posts: 127
    Fourth Anniversary 10 Posts Name Dropper
    It’s hard to know if you buy and then you’ll regret it a couple of years later. 
  • arthurdick
    arthurdick Forumite Posts: 3,607
    Part of the Furniture 1,000 Posts Name Dropper
    edited 15 August at 9:57AM
    I would wait until we hear, from the Guru, AKA Crashy, he knows everything there is to know  about house prices, he knows exactly the right time and price, even though  saying that,  have been on theses boards for around 17 years, he is yet to be right.
    Corduroy pillows are making headlines! .......... Back home in London now after 27years wait.
  • Exodi
    Exodi Forumite Posts: 2,478
    Sixth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I think virtually every week for the past 20 years since MSE's creation people have been creating threads asking whether now is a particularly [good/bad] time to buy.

    If people knew the answer, we'd all be rich from [long/shorting] the property market.

    I'd suggest just buying a house when you are able to do so. No-one can predict the future; it may have been a bad time to buy, it may not - but it's worth mentioning that of the people who have owned a property over a prolonged time period, there are very few losers.
    Know what you don't
  • MEM62
    MEM62 Forumite Posts: 4,513
    Tenth Anniversary 1,000 Posts Name Dropper
    tbo127 said:
    Is now a good time to buy for first time buyers given the falling property prices? 
    If not now then when?  

    If you need somewhere to live you can either buy or rent.  The former is an investment, the latter isn't.    
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