Should I Buy a House?

Shermanator

Hi Everyone

My wife and I are looking into buying a house. Currently we own a 2 bedroom flat (£139,950) and would like to upgrade to a 3 bed house (around £160,000). The problem is that we are being told by people that we shouldn't be looking at buying yet because house prices are certain to fall. Anyine got any advice on this?

Also, what can we expect to pay for Estate Agent's fees? We have been quoted 1.5% and then the HIP fee which we can't avoid :mad:

Any advice would be greatly appreciated ! And also if it matters we are live in Southampton, not sure if it does or not ?

BMWobbleU

Shermanator wrote: »

Hi Everyone

My wife and I are looking into buying a house. Currently we own a 2 bedroom flat (£139,950) and would like to upgrade to a 3 bed house (around £160,000). The problem is that we are being told by people that we shouldn't be looking at buying yet because house prices are certain to fall. Anyine got any advice on this?

When house prices fall further, as they are doing, so will your 2 bedroom flat.

ixwood

..making the difference between the 2 less. I'd wait. Or even consider STLSWCIP (Selling To Live Somewhere Cheap If Possible).

poppy10_2

ixwood wrote: »

.Or even consider STLSWCIP (Selling To Live Somewhere Cheap If Possible).

Well done. Precisely zero results for that on Google - you have just coined a brand new acronym :beer:

ixwood

lol. Thanks. Not sure it'll take off!

epz_2

if you can afford the extra 20k and expect to be able to keep paying it in the comminf ''turbulent'' year then why not, you might lose a little in the short term but if you dont move again who cares.

prices will fall but for such a small price diff i would go for it, the 2 bed flat market will be a bloodbath soon anyway.

chriz1000

Start marketing the flat now IMO. Flats are overpriced in most areas, more so than houses which mean they are likely to fall more too. I know a few of my friends are finding it very hard to shift there flats at the moment (both 6+months on the market at reasonable prices)
If you sit on it you may well find that your flat drops by 40% to £84k and the 3 bed house drops by 20% to £128k which means you then have to find £44k instead of the £20k.

david29dpo

Why worry about the HIP? What you spend now you will save on your purchase. Hopefully!

Jonbvn

A drop in property prices is already happening, However, most commenatators are predicting that flats will fall more than houses. Based on this, I would guesstimate that it is preferrable to up-size sooner rather than later.

sunshine_shell

I'm so glad i found this thread. We want to sell our flat for a house, but we weren't sure! Think i'm a little more definate!!

brit1234

I would give it 6 months, the market is falling far faster than anyone predicted. That way the difference in properties will be smaller saving you £1000s.