Best Advice: hold off for 6 months?

Alan_M_2

pinkshoes wrote: »

A fool is someone who can only see a house as a pile of cash, rather than a lifetime home...

Generalisation at it's finest, that's why I love this forum so much.......

Your statement is very true for the Majority of Europe, where people (strangely:cool:) view homes as just somewhere to live.

We find ourselves in this mess because the majority of the great British Public view property in a very different light.

pinkshoes

Alan_M wrote: »

We find ourselves in this mess because the majority of the great British Public view property in a very different light.

I wouldn't say majority. I would say that those that view it as just cash is a smaller percentage than one would think.

A very important issue to me is owning a mortgage free property upon retirement, as I do not which to spend a huge percentage of my pension on rent!

There are other ways to invest money, but over several decades, the value of property has generally gone up, and will still (always???) be seen as a safe investment to many.

My sarcasm was mainly aimed at those who constantly tell people to wait and not to buy, when it's not really much of an issue for someone searching for a home. And the crystal ball thing too... as you pointed out, you can't generalise prices for the whole of the UK, and no one does have a crystal ball (or crystal balls).

kunekune

It all depends on your circumstances. If I was to learn today that our LL will not renew the AST when it runs out in October, I would start looking seriously. Regardless of the 'market'. However, that is affected by a whole variety of issues:

1. For those who have children of school age, it's best to start a new school at the beginning of the academic year.
2. My job is also linked to the academic year and from mid-September to May, I usually work 6-7 days a week, not enough time to be sick let alone move house.
3. We are in the fortunate position of being able to get an employee mortgage from a big lender - good deal (even with the tax implications) and seemingly not affected by the credit crunch.
4. We are not looking at FTB houses: we've therefore got a clear competitive edge over others who want the kind of house we want, as we have nothing to sell and can be positive we can get the mortgage ...

So while the market is obviously a mess, and in danger of getting messier, people still need a place to live. I wouldn't buy at the top of our range in this market, but if I needed to buy, I would (there are currently no decent unfurnished rental properties at all with 3 or more bedrooms in either this area or the alternative area at all, and I'm not convinced that will change either, they get snapped up).

cells

cells wrote: »

For anyone who is thinking of buying, would the best advice be to wait 4-6 months.

within 6 months time it will be clear if we are going into a massive crash or not. in that time it will be unlikely prices will go up (considering the small falls of the v.recent past)

so you cant really lose much waiting just 4-6months yet you could gain massively!



My advice for all, just wait 6 months and dont gamble the next 25 years of your life on there not being a crash. it has happened before, it may happen again. so just wait 6months

simple really :beer:

What did I tell you all?

On average if you listened to my advice you would now be £30k better off :beer:.

I await you posts thanking and congratulating my good advice that helped you all. Hehe:D


My advise is the same this time. Please wait 6 months. I think we have further to fall and see no increase so there is no hurry. I am 90% certain I will be correct again.


See you in a years time. :money:

VfM4meplse

I am sick of this market, I've been looking for the right new home for months now and although I am in a position to move fast there is a distinct lack of properties for sale.

alipops1986

An interesting post, from the OP.

However, I think now is a much better time to buy.

I am a FTB, in the process of buying 2 bed end terrace, in cul-de-sac, village location for 84k. A year ago, this property was on the market for 113k. Luckily, it was rental property beforehand ,the LL had moved elsewhere so wanted to sell it asap. Also, as he only bought it for 60k, 7yrs ago, he could afford to lower the price substantially.

Although getting a morgage can be quiet a bit more colourful a process now, actually finding houses which fit into an affordable bracket is more so. In my area at least!

Myself, and some of my friends [aged 22 onwards] have managed to get on the property ladder, it's about what is right for the person and their own finanaces in my opinion.

Ali x

cells

Of course there will be good deals out there and individuals may do well.
However, on average I think it is still the wrong time to buy.

I will give the same warning I did a bit over a year ago. You have almost nothing to lose by waiting another 6 months and a lot to gain.

With unemployment looking like it will surpass 3 million house prices are likely to go down rather than up.

Wait 6 months to see if the crash is over, if it isn’t you may well find that in a years time you can afford a larger or nicer home for the same money as those buying today vs beginning of 2008 would find.


Good luck to all, I will try and bring this back up in a year and see if my predictions were about right.

Mozette

cells wrote: »

Of course there will be good deals out there and individuals may do well.
However, on average I think it is still the wrong time to buy.

I will give the same warning I did a bit over a year ago. You have almost nothing to lose by waiting another 6 months and a lot to gain.

With unemployment looking like it will surpass 3 million house prices are likely to go down rather than up.

Wait 6 months to see if the crash is over, if it isn’t you may well find that in a years time you can afford a larger or nicer home for the same money as those buying today vs beginning of 2008 would find.


Good luck to all, I will try and bring this back up in a year and see if my predictions were about right.

Blimey mate, get yourself a life instead;)

fc123

VfM4meplse wrote: »

I am sick of this market, I've been looking for the right new home for months now and although I am in a position to move fast there is a distinct lack of properties for sale.

This is the one thing that I think will get worse for people looking to buy over the next few years....just an increasing lack of choice.

We sold and bought in 1996 (unbeknown to us at the time that this was 'the bottom') and I recall there being only 3 suitable properties in the area, to our spec and within our budget.

If I Rightmoved now the same spec, area and new HPI price, there are still about 15 odd properties currently up for sale.

My sister bought in 1998 and demand was rising. Hardly anything for sale to suit them and each property would go within a few days.

Once the bottom starts to bump along, there may be less choice which may become the norm.

confused31_2

cells wrote: »

Of course there will be good deals out there and individuals may do well.
However, on average I think it is still the wrong time to buy.

I will give the same warning I did a bit over a year ago. You have almost nothing to lose by waiting another 6 months and a lot to gain.

With unemployment looking like it will surpass 3 million house prices are likely to go down rather than up.

Wait 6 months to see if the crash is over, if it isn’t you may well find that in a years time you can afford a larger or nicer home for the same money as those buying today vs beginning of 2008 would find.


Good luck to all, I will try and bring this back up in a year and see if my predictions were about right.

your a right geek, how many other people said the same?? we havent all come on here asking for thanks it was pretty obvious you numpty!!!!!!!!!!!!