The Time to Buy property is Now

Davesnave

This article is ancient history. I thought it was a bit bonkers when I read it first time around. Had it been posted now, I'd think the guy was raving.

A lot of money has passed under the financial bridge since early June, or in my case, £30k of it has gone down the metaphorical plughole. I wish the buyer I had then had taken Neil's advice!

rammster

Buy now and buy one next year as well. that way you average the market (provided you have a secure job and can afford it)

Buy when there is blood on the streets.

No point in being negative. In great recessions there are great exchanges of wealth.

Make sure you have your own house in order first as this is a risky market.

But the biggest risk of all is not taking any risks.

Take a calculated risk, rather than a gamble. House prices DONT always go up. If this is all a mess next year, have the guts to take full responsibility for it.

mr.broderick

ad9898 wrote: »

This one in particular is quite funny, I'm sure even Mr B is a little embarrassed.

What's funny about it?

neverdespairgirl

Don't you remember all your nudge-nudge-wink-wink stuff about how everything was going to be hunky-dory in September?

(Sept. 2008, that was...)

HappySad

During the recession is the perfect time to buy and secure a fixed rate mortgage. I bought my last house in the previous recession for £63,000 & at the time nobody was buying.. now look I have a house with a very low mortgage. I am waiting to move up to a large house next year where I hope prices to drop, drop drop. If my house drop then the bigger house will drop even more.

jamiecreek

For me, now is a good time to buy. I've been waiting patiently for a long time, renting, though not saving a great deal to be honest, as I'm helping my fiancee through a PhD.

It depresses me that i've thrown in excess of £15,000 into rent, to the pocket of someone else.

For the first time in ages, I'm actually in a position where I could afford to get a house in a good street, in the area I want to live. I don't much care if prices are gonna come down even further. The further they fall, the more chance of those properties being bought by other people. I plan to stay in the house for at least 5 years, hopefully 10+. I don't really see any reason not to go forward and buy if I can.

Admittedly, it would be nice if I could be sure that as good a property will come up in 5 months time for £50,000 less.. but the point is, noone knows.

james10999

formulaonefan wrote: »

• High Fuel Prices - Not anymore. These have gone way back down to levels of 2005 with Petrol at 85.9p and Diesel at 97.9p
• Risk of Very High Inflation - Good evidence shows that we are heading for Deflation in the economy at present
• Food Prices High - With VAT being cut and deflation happening, food prices will be coming down. Everyone shopping at ALDI & LIDL will REDUCE their food shop
• High-risk of Job Losses (Companies not affected by credit crunch are using it as an excuse to lay off employees) - Fair Point. I'm a HR Manager and I can agree with this comment.
• Lack of confidence in the market - People still need homes to buy. Sooner or later people can't hang on anymore and there will be a surge in house prices. We can't keep up with affordable housing demands at present.
• Low mortgage approval record (Basically Banks are not lending that much. They are being very cautious. So property market is very very slow at the moment) - The Lybal rate is 6 months behind interest rate cuts. Expect to see very cheap mortgages by the end of Q1 next year.
• All bad financials decisions over these years are coming to light and they all are using Credit Crunch as an excuse. They all are using the current bad news as an excuse to fix past mistake. - Fair Point

Just wanted to add my 2p to these comments.

mramra

HappySad wrote: »

During the recession is the perfect time to buy and secure a fixed rate mortgage. I bought my last house in the previous recession for £63,000 & at the time nobody was buying.. now look I have a house with a very low mortgage. I am waiting to move up to a large house next year where I hope prices to drop, drop drop. If my house drop then the bigger house will drop even more.

Same here - hoping to buy mid 2009. Current fixed rate ends in April, hope long term rates (5+ yrs) are down to 4%, sell house and trade up to a large house for young family to grow up in for many years to come....

TDS_2

jamiecreek wrote: »

It depresses me that i've thrown in excess of £15,000 into rent, to the pocket of someone else.

/sighs

I though the 'rent is money down the drain' logic had been dispelled ages ago...

£15k in rent is peanuts compared to how much the average house has lost in value of the past year. How much would you have spent on interest on your mortgage if you had bought a place? You must compare like with like...

harryhound

Might soon be a good time to buy a good plot from a bankrupt developer and then start building your own.