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Would I be crazy to buy now?

monster30
monster30 Posts: 18 Forumite
in House buying, renting & selling
It seems to be the accepted wisdom that house prices will fall over the coming year, and therefore that it makes sense to wait if you are a buyer.

But I have my eye on a flat I really like, and am considering buying. I would class myself as super-cautious with risk/money aspects, but on the other hand some people must still be buying houses, and they can't all be bonkers, right?

So, what do you think...I am a first-time buyer. I have a large deposit (up to 35%) and am looking at about £100k for the flat. I am self-employed and have been for years. I earn maybe £17k variable.

Bonkers to even consider it?!

Comments

  • confused31_2
    confused31_2 Posts: 1,272 Forumite
    Id leave it a little bit longer that 35% might turn into a 50% deposit or even more.

    confused
    I am not a Mortgage Adviser
    You should note that this site doesn't check my status as not being a Mortgage Adviser, so you need to take my word for it. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • dopester
    dopester Posts: 4,890 Forumite
    It's your future.
  • Tassotti
    Tassotti Posts: 1,492 Forumite
    Who knows...buy!!
  • mpsavuk
    mpsavuk Posts: 296 Forumite
    confused31 wrote: »
    Id leave it a little bit longer that 35% might turn into a 50% deposit or even more.

    confused

    And that flat might turn into a terraced house or even a semi.
  • Kavanne
    Kavanne Posts: 5,093 Forumite
    From someone who's just bought; if this place is 100% right for you, go for it. But if you don't NEED to move now or you think you can find something better. Don't!!

    We only bought because our property is literally the only one of it's kind in the area so we bought now, as there were no guarantees we could get it, or anything similar in a year or even 2 years time. :)
    Kavanne
    Nuns! Nuns! Reverse!
    'I do my job, do you do yours?'
  • wymondham
    wymondham Posts: 6,356 Forumite
    Part of the Furniture 1,000 Posts Photogenic Mortgage-free Glee!
    If you don't HAVE to buy now, then you'd be crazy to. Prices are due to drop 9% this year so unless you want to waste £9000 then stay put!

    Keep saving and I'm sure you'll end up with a terrace/semi by the time this thing hits the bottom!

    http://news.bbc.co.uk/1/hi/business/7462773.stm
  • theGrinch
    theGrinch Posts: 3,133 Forumite
    Part of the Furniture 1,000 Posts
    depends on the price and your need
    "enough is a feast"...old Buddist proverb
  • monster30
    monster30 Posts: 18 Forumite
    Thanks guys - basically the message is if I don't need to buy (which I don't) then don't do it, which tallies with what I was thinking. Hopefully this time next year might be looking more sensible.
  • guppy
    guppy Posts: 1,084 Forumite
    Part of the Furniture Combo Breaker
    monster30 wrote: »
    But I have my eye on a flat I really like, and am considering buying. I would class myself as super-cautious with risk/money aspects, but on the other hand some people must still be buying houses, and they can't all be bonkers, right?

    No offence but this is probably the worst argument I've ever heard to justify spending a large amount of money, ever! ;)
  • tradetime
    tradetime Posts: 3,200 Forumite
    guppy wrote: »
    No offence but this is probably the worst argument I've ever heard to justify spending a large amount of money, ever! ;)

    I don't like to be overly negative to questions such as this, I do not Know where property prices will be in 6, 12, 18 0r even 24 months, but I have a pretty good idea, and I have to agree with guppy for an expenditure of that amount of money right at this point in time given your stated financial position I think I'd need a little more motivation to step into the storm than "a flat I really like"
    Hope for the best.....Plan for the worst!

    "Never in the history of the world has there been a situation so bad that the government can't make it worse." Unknown
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