Debate House Prices


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1st time buyers - now / later?

which does everyone think is the best thing to do.

get a house now ONLY if you can knock 10 -15% off the asking price

or

wait 6-12 months?

I have a large deposit to get a good rate.

Obviously timing is going to be important as alot of people have sold up to rent etc and are waiting for drops.

thanks
«1

Comments

  • beingjdc
    beingjdc Posts: 1,680 Forumite
    I'd say right now, in most of the country, only if you can get 10-15% off similar sold prices from last Summer. So probably 20-25% off asking. I don't think all that many people have sold up to rent, to be honest.

    I intend to think about buying towards the end of 2010, depending what's happened.
    Hurrah, now I have more thankings than postings, cheers everyone!
  • jamescredmond
    jamescredmond Posts: 1,061 Forumite
    allow yourself a good 2-3hrs to trawl through the posts on this board.

    dispense with the obvious loonier predictions and those talking the housing market up looking for a punch-up with those who squeal about massive losses.

    what you'll be left with is, on balance, a general view that it's going to be quite rough in the market for some time and that 1st timers should keep their powder dry and their deposits safe.

    go research.
    miladdo
  • m00m00
    m00m00 Posts: 1,755 Forumite
    I agree that not many people have STR, a disproportionate amount of them are on websites like this one/hpc/ghpc etc which makes it seem that there's a lot out there.
    It's a health benefit ...
  • overlander
    overlander Posts: 276 Forumite
    This bubble is deflating faster than most people predicted, so i see no harm in waiting 6 months. You will be no worse off, prices will only come down from now on. Put your big fat deposit in the bank and earn interest smug in thought that you never got sucked into the madness.
  • Zammo
    Zammo Posts: 724 Forumite
    tux130582 wrote: »
    which does everyone think is the best thing to do.

    get a house now ONLY if you can knock 10 -15% off the asking price

    or

    wait 6-12 months?

    I have a large deposit to get a good rate.

    Obviously timing is going to be important as alot of people have sold up to rent etc and are waiting for drops.

    thanks

    Wait twelve months then get a 15% reduction on top of the 15% they will have fallen by.
  • tux130582
    tux130582 Posts: 254 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    i know alot of people do write similar messages to mine and ive been reading the boards for about 4 months near enough every day, but im more concerned about the actual timing as im worried people with alot of cash will buy houses up when they bottom out, im not buying as any kind of investment and plan to live in the house i buy for the rest of my life, just want to get it as cheap as possible in the 1st place!
  • Dan:_4
    Dan:_4 Posts: 3,795 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    tux130582 wrote: »
    i know alot of people do write similar messages to mine and ive been reading the boards for about 4 months near enough every day, but im more concerned about the actual timing as im worried people with alot of cash will buy houses up when they bottom out, im not buying as any kind of investment and plan to live in the house i buy for the rest of my life, just want to get it as cheap as possible in the 1st place!

    I know what you mean. I know quite a few BTL's who are waiting in the wings for property to fall in value and pick up some bargains to add to their portfolio......madness
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    tux130582 wrote: »
    im more concerned about the actual timing as im worried people with alot of cash will buy houses up when they bottom out

    Here are some ideas about this:
    - not that many people are sitting on the cash
    - not everybody sitting on the cash is waiting to rush in
    - there are always hundreds of houses for sale and they will probably not be after what you want
    - you will have less competition from people who need mortgages
    - any upturn will be slower rising than it was. It won't turn round overnight and go mad again.

    I reckon there's about 4-5 years to the bottom. So waiting a year to see how things pan out isn't a bad idea.

    I figure if you just wait for the right house to come available at the right price from 1-3 years time then you won't go far wrong. Don't feel there's a rush and urgency .... people sitting on the cash aren't going to beat you to it.
  • carolt
    carolt Posts: 8,531 Forumite
    I'd be willing to bet drops will go on far longer than a year.

    That said, your decision to buy should be based on where you are in your life and your need to have a fixed home. If you can safely afford it now and can get a good discount on your dream home, there's nothing wrong per se in buying now. But do expect prices to quite possibly fall further. Whether that matters to you depends on your life plans, now and for the future.
  • mr.broderick
    mr.broderick Posts: 3,778 Forumite
    1,000 Posts Combo Breaker
    m00m00 wrote: »
    I agree that not many people have STR, a disproportionate amount of them are on websites like this one/hpc/ghpc etc which makes it seem that there's a lot out there.

    Agree 100%
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