So difficult...to buy now or not to buy?

Jemma48_2

I have seen a two bedroom flat that I really like. It is in North Devon, Ilfracombe, where I have been looking for ages. Given what's happening in the housing market I am torn as to what to do?

Any advice from anyone who is in the same predicament or perhaps has a view on proerty prices in Ilfracombe?

Many Thanks

J

Zebedee69

Woo my dad was born in Ilfracombe! lmao!

If its a long term home your buying....... then buy!

If its a short term investment, BTL or something........id hold my horses for a while and see what shot of a landing the American economy will have and closer to home our own economy.

Ilfracombe is a lovely town....... can I move in next door?......

VFR-Rider

Interesting question. I just posted this:

_VFR-R wrote:

Interesting question... I'm in the same boat... but I am currently choosing not to buy with the added bonus that my deposit is going up faster than I've seen any house price increases in a long time

here.

also a much longer one here

pinkshoes

Jemma48 wrote: »

I have seen a two bedroom flat that I really like. It is in North Devon, Ilfracombe, where I have been looking for ages. Given what's happening in the housing market I am torn as to what to do?

Any advice from anyone who is in the same predicament or perhaps has a view on proerty prices in Ilfracombe?

Many Thanks

J

As Zebedee said, if you've been looking for ages and are buying a home, love the area, and love the flat, then go for it!

If it's a BTL investment then perhaps wait.

Jemma48_2

Thanks for the replies - some good thoughts XXXX

merlinthehappypig

We are looking to buy at present, but only because of family circumstances. If I didn't have to buy now, I wouldn't. I'd give it at least 6 months to see what happens with the market. Gives you more time to save and, whatever happens with prices, they won't go up.

We are not far from Ilfracombe, but we've only looked at one house in the town, so can't claim to be experts on the market there. I would guess it's pretty seasonal, with a boost when holidaymakers consider a second home after a summer break.

Trollfever

Be aware that the mortgage market for new build flats is tightening.

pinkshoes

Trollfever wrote: »

Be aware that the mortgage market for new build flats is tightening.

Depends if it's a mass production large development by a large impersonal company or a very small development with a small builder whose reputation depends on the quality of the build...

If it's the latter, then there should be no problem.

Jemma48_2

Thanks Merlinthehappypig, I know that you are right that prices have to go down over the next few months, so if you are offering on something that is still at the level of last six months prices, guess 10% lower is a fair start?

JX

dannyboycey

Zebedee69 wrote: »

If its a long term home your buying....... then buy!

Am I the only person that just 'doesn't get' that idea!?

"It's OK for me to struggle financially for the next decade or so, because eventually my house will rise in value!". Errr... yeah. Great advice

adr0ck

dannyboycey wrote: »

Am I the only person that just 'doesn't get' that idea!?

"It's OK for me to struggle financially for the next decade or so, because eventually my house will rise in value!". Errr... yeah. Great advice

i think its something to do with if you really like the place and plan to stay there for a while (say 5yrs +) then if you don't buy now and wait say 6 - 12 months for prices to come down a bit...then it might have already been sold to someone else......might not have been but it might have been

think its got something to do with not just seeing property as an investment but also as a home (its a british thing)