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I am a cash buyer. Buy now or buy later??

Legacy_user
Legacy_user Posts: 0 Newbie
edited 17 September 2019 at 8:35PM in House buying, renting & selling
With the Office of National Statistics reporting that property price falls have now rippled out of London and into all three areas of southern England, from Land's End to Dover, and up to Milton Keynes, why would I buy now, when in 6 months, or a year's time, I will either get more property for my money, or the same property for a cheaper price? Patience is a virtue, and in the current market it could well be profitable, too.
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Comments

  • Yalpsmol
    Yalpsmol Posts: 222 Forumite
    Is the question rhetorical or genuine?
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    A bit of both. I am a cash buyer, but it's the age old question that arises when prices start falling. It's one that is relevant to all buyers.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    I doubt you'll get significantly cheaper outside central london except from people who need to sell.

    This is probably why the housing market is fairy stationary at the moment.
    If i was buying now I'd certainly be actively looking there are some bargains but there's also a scarcity since those who dont have to sell now are waiting to sell, just like you are awaiting to buy.
    Also depends on your situation, if you are renting your rent may be more than a mortgage.
    If you are in a cheap house share or with M&D, well obvs each month you are accumulating cash.
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    edited 17 September 2019 at 8:46PM
    According to the ONS this month, prices have now started falling across a huge swathe of the country, which means property is getting cheaper by the month. I'd rather get more property for my money by waiting. But then again, I am a fairly patient person. Some buyers may not be so patient, and not really care about getting more property for their money, or spending less money. My current accommodation costs are not expensive.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    I suspect the ONS did not say "prices have started falling" which implies an element of predictive ability, eg meaning they will continue to do so.
    I think there's some projection going on here for what you want/believe is happening, and what they actually said was something like "prices fell 1.1% in August" with no implication for what will happen in September.
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    edited 17 September 2019 at 8:57PM
    No, but property prices are like turning a super tanker. Once they have started moving in a particular direction, as they have now, they are set on course for a good while. The ONS data are also 3 to 6 months out of date, so I doubt the market will have improved since March, more like deteriorated further. The declines by now should really have started to set in, given all the political and financial uncertainty going on.
  • Vestra
    Vestra Posts: 856 Forumite
    Prices around me sinking like a stone, I would wait and see where the market bottoms out.
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    edited 17 September 2019 at 9:25PM
    Vestra wrote: »
    Prices around me sinking like a stone, I would wait and see where the market bottoms out.

    That's what my gut instinct tells me. I'd like to know what other cash buyers, or first time buyers are thinking, since similar issue will be relevant - do we wait to get more property/spend less, or do we dive in now, regardless, and get less property/spend more?
  • Slithery
    Slithery Posts: 6,046 Forumite
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    I'd buy as soon as possible, prices are going to start rising in a couple of months when everyone realises it's still life as usual.
  • System
    System Posts: 178,092 Community Admin
    Photogenic Name Dropper First Post
    edited 17 September 2019 at 9:53PM
    House prices are like turning a super tanker, their direction never turns on a dime as you are suggesting. It takes a long long while for their direction to change.

    It would be most useful for me to know what other cash buyers and first time buyers are thinking, since owners are too biased towards encouraging buyers to buy without delay and without regard to price (that is only logical, since it is in owners' vested interests to encourage it).
This discussion has been closed.
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