Question from FTB

neilsinc

Hi

i was looking into buying a flat for the first time. Having read in the papers and seen on the news though about all the stories regarding the credit crunch, falling house prices etc etc should i hold off buying for a while?

Thanks for any advice

phlash

To be honest, with a post so vague it's impossible to provide any opinion.

Many opinions on your question can be found on this board, the house prices board and the house buying renting and selling board.

I'd suggest reading a few posts, it'll be much more informative than waiting for a reply here, as most posters will find your approach seemingly lazy.

Dan_Collins_2

Well with a bit of guess work I would say:

New builds dont touch unless you have big deposit of over say 25-30% and you dont expect profit within the next 2-5 years. Also expect for the value to drop.

Ex local same as new really, they are hit hard in a crash.

2nd hand newish flats, will be hit but easier to get mortgage on if value is correct.

I would not buy currently but it depends on yuour situation and motives.