Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Diocletian II
    • By Diocletian II 17th Sep 19, 7:32 PM
    • 442Posts
    • 117Thanks
    Diocletian II
    I am a cash buyer. Buy now or buy later??
    • #1
    • 17th Sep 19, 7:32 PM
    I am a cash buyer. Buy now or buy later?? 17th Sep 19 at 7:32 PM
    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.
    Last edited by Diocletian II; 17-09-2019 at 7:35 PM.
Page 2
    • Diocletian II
    • By Diocletian II 18th Sep 19, 4:10 AM
    • 442 Posts
    • 117 Thanks
    Diocletian II
    FTB here. I need to buy ASAP as getting older and currently live in a cold flat, yet another winter will be depressing for me. Reason I am not buying now, is because even with prices low, all I can afford in London, even by a stretch, would be a s**thole, but I want a home sweet home. So as soon as I can afford something nice, I will be grabbing.
    Originally posted by dijango
    Every month now prices are getting cheaper and cheaper. How long do you reckon you will be waiting for them to come down to a level you can afford?
    • Yalpsmol
    • By Yalpsmol 18th Sep 19, 5:47 AM
    • 192 Posts
    • 215 Thanks
    Yalpsmol
    We bought a house last month. FTB. Not a new build. We had already waited and waited. We wanted a house in a specific area. There arent many 2 beds in the area, but one came up this year. My dog is the most important thing to me and its difficult to find rented places allowing dogs. I hadnt found anything suitable in 4 years (!) So had been stuck at home with parents. We are going to be in our new home for a good 10-15 years I expect unless we come into some money somehow so house prices this decade aren't massively relevant, we have a plan for overpayment to get LTV up for remortgaging should house prices have dropped when we come to remortgage. In any case the price was good for the area and we live in a relatively cheap part of the south. You wouldn't get much for what we paid for this anywhere within a decent radius without going into the midlands or wales.

    Watching and waiting is a luxury you have, maybe. Not everyone has it. You have to be a bit pragmatic when you dont currently have anywhwere comfortable to live.

    How long are you going to wait for?
    • RelievedSheff
    • By RelievedSheff 18th Sep 19, 7:01 AM
    • 544 Posts
    • 518 Thanks
    RelievedSheff
    Every month now prices are getting cheaper and cheaper. How long do you reckon you will be waiting for them to come down to a level you can afford?
    Originally posted by Diocletian II
    You really are deluded!
    • Vestra
    • By Vestra 18th Sep 19, 7:06 AM
    • 822 Posts
    • 284 Thanks
    Vestra
    I hardly think he’s deluded... as someone who was looking to buy this year I’ve now held of as prices ARE reducing every month (in South London anyway).
    • RelievedSheff
    • By RelievedSheff 18th Sep 19, 7:13 AM
    • 544 Posts
    • 518 Thanks
    RelievedSheff
    I hardly think heís deluded... as someone who was looking to buy this year Iíve now held of as prices ARE reducing every month (in South London anyway).
    Originally posted by Vestra
    Despite what several people on here would like the believe, there are places outside of London.

    The property market in London might be falling but that doesn't mean it is falling nationwide!
    • PasturesNew
    • By PasturesNew 18th Sep 19, 7:21 AM
    • 67,262 Posts
    • 394,231 Thanks
    PasturesNew
    You buy when a house you want comes up in your price bracket.

    It's all about budget/risk.

    If you buy now you know you have one you like.

    If you take a risk on prices falling, you run the risk of never getting one as nice as one that is for sale now.

    Nobody knows the answer.... and you will only know in 5+ years' time.
    • PasturesNew
    • By PasturesNew 18th Sep 19, 7:25 AM
    • 67,262 Posts
    • 394,231 Thanks
    PasturesNew

    Are there any other cash buyers out there?
    Originally posted by Diocletian II
    I am one.

    Strangely, most of the houses I view turn out to be people who have inherited a lot of money and are moving to a bigger/nicer house. Some have so much money they have a fixed price for their empty house and are quite happy to wait. e.g. one I viewed, £300k in January 2019. It did go down £10k, then up £10k. It's just changed from its 2nd and 3rd agents back to its original agent, still £300k.

    The market and buyers are made of all sorts.

    Is their house worth £300k? Clearly not as others around theirs have sold in recent months.... I'd say theirs was worth about £280-288k when I viewed it 5-6 months ago.

    If it drops to, say, £290k again - has it dropped? No, it was always overpriced.
    • readysteadysell
    • By readysteadysell 18th Sep 19, 7:37 AM
    • 7 Posts
    • 1 Thanks
    readysteadysell
    it seems my original post has gone from here! i would say wait until after Brexit see what happens.
    • Lornce
    • By Lornce 18th Sep 19, 7:41 AM
    • 14 Posts
    • 325 Thanks
    Lornce
    We are in the process of buying (not cash buyers, need a mortgage) in Sale, Manchester and the houses are selling so fast we FOMO'd into buying ours for asking price. I do keep thinking should we have waited but the house we are buying is a long term home and we will be in it for many many years.
    • MobileSaver
    • By MobileSaver 18th Sep 19, 7:41 AM
    • 1,924 Posts
    • 2,937 Thanks
    MobileSaver
    I am currently living very comfortably, thank you.
    Originally posted by Diocletian II
    Why the obsession with buying a house if you are living so comfortably already?

    whether they would wait 6 months to a year to get more property or spend less.
    Originally posted by Diocletian II
    So basically put your life on hold for a year in the forlorn hope that you'll get a bargain on your dream home?

    Watching and waiting is a luxury you have, maybe. Not everyone has it.
    Originally posted by Yalpsmol
    Trying to time the property market when buying a home is a mug's game.

    How long are you going to wait for?
    Originally posted by Yalpsmol
    That's the fundamental flaw in the HPC master plan! Fast forward 12 months from now and how do you know prices won't be lower the following month? Of course you don't, so you hold off for another month, then another, etc. Before you know it you are like Crashy and 15 years later are still renting a bedsit in a not very nice part of Edinburgh.

    The other major problem with this cunning plan is that as prices fall all the decent properties get taken off the market and you are just left with the dregs that no-one wanted anyway.
    Respect to 3 of the greatest actors of all time; amazing people who are totally believable as the characters they play & almost single-handedly make the shows they starred in:

    Peter Dinklage as Tyrion Lannister in Game of Thrones
    Daniel J. Travanti as Frank Furillo in Hill Street Blues
    Claire Danes as Carrie Mathison in Homeland
    • readysteadysell
    • By readysteadysell 18th Sep 19, 7:50 AM
    • 7 Posts
    • 1 Thanks
    readysteadysell
    i think if you are buying a home for yourself and it's your 'forever home' then it's worth the price you are willing to pay for it. if it's for investment purposes take your time and wait until things settle down in the market.
    • phoebe1989seb
    • By phoebe1989seb 18th Sep 19, 8:05 AM
    • 3,553 Posts
    • 7,508 Thanks
    phoebe1989seb
    DS and his partner completed on a house purchase just over a month ago. They were not cash buyers but only needed a very small mortgage in order to move up the ladder from their (owned outright) one bed flat to a three bed house.

    They are in Brighton where things still seem to be selling quickly/only slight price drops. Their flat went SSTC for asking price after a couple of weeks and the house they bought (purchased at asking price £350k) had loads of interest/offers.
    Paid off mortgage early - mortgage-free for ten years!

    Over £40,000 mis-sold PPI reclaimed
    • pimento
    • By pimento 18th Sep 19, 8:09 AM
    • 5,780 Posts
    • 7,442 Thanks
    pimento
    We're currently moving from the south est to the south west. Price falls don't really factor in for us because if we get less for our house, we'll pay less for our purchase.
    Besides, we have reasons for wanting to move now. So we are.
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    • pimento
    • By pimento 18th Sep 19, 8:15 AM
    • 5,780 Posts
    • 7,442 Thanks
    pimento
    We are in the process of buying (not cash buyers, need a mortgage) in Sale, Manchester and the houses are selling so fast we FOMO'd into buying ours for asking price. I do keep thinking should we have waited but the house we are buying is a long term home and we will be in it for many many years.
    Originally posted by Lornce
    FOMO?

    We paid asking price for the one we're buying too. We lost out to the one three doors along to buyers in a similar position to us (down sizing no mortgage required) and three houses is the same road have sold within days. We viewed on the second day it was on the market and offered the asking price at the viewing.

    Complicated a bit by the distance between us and our destination (200 miles).
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    • D.L
    • By D.L 18th Sep 19, 8:37 AM
    • 5 Posts
    • 5 Thanks
    D.L
    You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.
    • caprikid1
    • By caprikid1 18th Sep 19, 8:41 AM
    • 878 Posts
    • 953 Thanks
    caprikid1
    " I am a fairly patient person. Some buyers may not be so patient".


    Not sure why its ok for buyers to be patient but not sellers ?
    • RelievedSheff
    • By RelievedSheff 18th Sep 19, 8:43 AM
    • 544 Posts
    • 518 Thanks
    RelievedSheff
    You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.
    Originally posted by D.L
    And wait for your crystal ball to tell you when the maximum and minimum prices are?
    • caprikid1
    • By caprikid1 18th Sep 19, 8:44 AM
    • 878 Posts
    • 953 Thanks
    caprikid1
    If you see what you want and can afford it , buy it. Just look at the sad miserable life Crashy lives then you will understand.


    Be careful of trying to catch falling knifes, often house buying is often the opposite of normal buying, buy with emotion, buy something you love, a bargain is often not a bargain just no one wants it either.
    • caprikid1
    • By caprikid1 18th Sep 19, 8:49 AM
    • 878 Posts
    • 953 Thanks
    caprikid1
    You should wait till property prices reach their minimum and buy. Then wait till they reach their maximum and sell.
    Originally posted by D.L
    What other wise words do you have ? Ever thought of becoming a property agent ? You could help the OP.
    • bouicca21
    • By bouicca21 18th Sep 19, 9:02 AM
    • 4,655 Posts
    • 7,480 Thanks
    bouicca21
    Who knows what the market will do. Everyone here says prices are falling but is this the same everywhere?

    Iím in London, just down the road there is a flat identical to mine. It went up for sale at a price £50k more than at the height of the bubble. And they marketed through PB who donít have much of an incentive to push once they have their fee.

    I laughed at the naÔvet!. Fast forward 3 weeks and itís sold. I laughed too soon. It will be interesting to check sold prices when they are available to see just how much they got. Iím mentally betting they didnít drop more than £20k but as my track record clearly isnít too good, I wonít put real money on it.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

91Posts Today

1,504Users online

Martin's Twitter