Viewing 30 posts - 1 through 30 (of 30 total)
  • House purchase. Should I wait?
  • womble72
    Free Member

    I’m not clued up on the current property boom but with reports indicating that property prices are increasing month by month, is now a good time for me to jump on the property ladder while I can afford a shoe box or should I wait a while and see if house prices come down a bit?

    mikewsmith
    Free Member

    let me gaze into my crystal balls…. do you want next weeks lottery numbers too?

    winston_dog
    Free Member

    If anyone could answer that one accurately they must have a Tardis.

    trail_rat
    Free Member

    Demand is outstripping supply- why will they fall ? Stagnate maybe once help to buy **** off and dies

    Only thing i see driving prices down is mass interest hike

    This would pitch a large number of overstretched households on the street

    wolfenstein
    Free Member

    wait for a while… You should buy in the ides of march 2014 around 3pm

    jekkyl
    Full Member

    If you need and want a house now buy a house now.

    shermer75
    Free Member

    Whereabouts are you womble? It seems like different parts of the country follow slightly different rules

    samuri
    Free Member

    Generally I’d say buy a house when you think you can afford one. They’ll always go up in price and it’ll always be a good investment. The time period for a good return may vary. Ultimately though, it’s a place to live and the sooner you get on the ladder, the better if you intend to remain a home owner all your life.

    For info,
    We bought a house in 1999 for £35k, it was valued at £120k 11 years later. You’d struggle to beat that for an investment.

    Thing is, in 2013 we couldn’t sell it. No-one buying at all. A couple of identical houses on that estate have been sold in the last six months for around £100k.

    trail_rat
    Free Member

    Value being what people are willing to pay not an arbritary figure a surveyor gives

    So your house isnt worth 120k its worth around 100k thats why it doesnt sell.

    Conqueror
    Free Member

    Assuming you have a stable job and think you will be in the area for some time then…

    …Don’t wait, in the short term things might fluctuate…

    …But as samuri’s post shows… the longer the timeframe you look at, the more you will see that house prices will most likely only go up

    + you aren’t renting anymore (which is getting ridiculous in this country), so no matter what the financial pain, you have something

    beiciwr64
    Free Member

    Nadeem[/url] market oracle reckoning.

    mudshark
    Free Member

    Some ‘experts’ are saying London boom petering out and price rises rippling out into the surrounding commuting area. If you want to buy and can afford something you like in an area you like then worth starting the process. Don’t buy something you don’t like as think it’s a good investment or want to get on the ‘ladder’ – might find your stuck with it for longer than you expect.

    CaptainSlow
    Full Member

    beiciwr64 – Member
    Nadeem market oracle reckoning.

    That oracle of yours is a cheery chappie isn’t he 😀
    http://www.marketoracle.co.uk/Article43337.html

    beiciwr64
    Free Member

    That oracle of yours is a cheery chappie isn’t he

    Try listening to his videos and see if you can stay awake 😀
    Pretty spot on with his forecasts though,especially on the Dow and HP.

    CaptainSlow
    Full Member

    //Bookmarked for the next time I can’t sleep 😀

    samuri
    Free Member

    So your house isnt worth 120k its worth around 100k thats why it doesnt sell.

    We weren’t trying to sell it at £120k

    Drac
    Full Member

    I think the other clue was.

    We bought a house in 1999 for £35k, it was valued at £120k 11 years later.

    It is simple as if you have the money then buy one but sit on it until you at least get that money back, you may also hit on and find a seller who wants rid so will take a low offer. It’s all part of the fun.

    fervouredimage
    Free Member

    We bought our house in the first quarter of 2009 for 139’000. We’ve just last Monday put it up for sale for £195,000 and have just yesterday received our third offer of £200,000. I’m very happy but I haven’t got a bloody clue what’s going on to be honest.

    wordnumb
    Free Member

    They’ll always go up in price and it’ll always be a good investment.

    Quoted for posterity, nothing against samuri, plenty of people believe it. And renting is indisputably a rip-off. Did you hear what Mark Carney, head of the BoE said last week? Basically interest rates can’t remain low.

    agent007
    Free Member

    We bought our house in the first quarter of 2009 for 139’000. We’ve just last Monday put it up for sale for £195,000 and have just yesterday received our third offer of £200,000. I’m very happy but I haven’t got a bloody clue what’s going on to be honest.

    Meanwhile the house you are going to move into will have increased by the same amount?

    sobriety
    Free Member

    I see home ownership as the same as renting, only I’m renting from the bank, and if I keep renting from the bank for 25-30 years they give me a house at the end.

    Which seems like a better deal than renting from a landlord who’ll give me sweet FA.

    samuri
    Free Member

    Quoted for posterity, nothing against samuri, plenty of people believe it.

    If your house doesn’t go up in price, you’ve not waited long enough. 😉

    trail_rat
    Free Member

    Aye its a bit like zimbawean currency.

    Its worth more £ but that number of £ isnt worth any more house.

    Also rent is climbing- taking on a mortgage is a bit like fixing rent for 25ish years.

    Last time i rented 2 years ago was 700 for a small 2 bed and 1100 for a 3 bed semi detached in the same areas

    Its 1100 for a 2 bed flat now and 1600 for a 3 bed

    Meanwhile my mortgage is the same as it was 2 years ago.

    DanW
    Free Member

    Generally I’d say buy a house when you think you can afford one. They’ll always go up in price and it’ll always be a good investment. The time period for a good return may vary.

    This has always been my understanding and approach although I hardly qualified an opinion renting for the past 6 years!

    Looking to buy in the next year or two also and one piece of advice which seems to be cropping up more and more on the various property programs (reliable source of information?) is to have in mind your ideal home and get there in the fewest number of moves. The reasoning is that short term the prices can be all over the place and the cost of moving is high, mostly negating short term gains.

    Basically, property (in temrs of living in a home, not property developing) seems to be about the long game- does that sound fair? Does the fewest number of moves theory also sound fair? If so then would the advice to the OP be to not buy a shoebox and wait another year or two until something a little more long term becomes in budget?

    trail_rat
    Free Member

    While a sound theory and one i subscribe to

    For alot of folk the rate price increase outstrips the ability to save. So prices increase quicker than savings.

    I had to do nearly 18 months working abroad to pull together a deposit.not many jobs/family situations let you do tht But the result is i dont plan on moving unless something life changing happens.

    Conqueror
    Free Member

    While a sound theory and one i subscribe to

    For alot of folk the rate price increase outstrips the ability to save. So prices increase quicker than savings.

    I had to do nearly 18 months working abroad to pull together a deposit.not many jobs/family situations let you do tht But the result is i dont plan on moving unless something life changing happens.

    Yup, and what’s also mental is [in some cases] if you buy a place in London there’s a chance than the financial appreciation of that property would mean theoretically you wouldn’t have to work for money…

    Of course one has to be able to afford it in the first place – which is also mental

    mudshark
    Free Member

    Why wouldn’t you have to work? Can’t access the value.

    I did decide that it was more important financially to get property purchases right than earned income so bought a house as soon as I got a job with lodgers until I got married, now live in a place worth an amount that seemed impossible for me when I started work – maybe 12 x my current salary. I was fortunate to start work in 1996 though!

    womble72
    Free Member

    Thanks for taking time to reply. I’ve just sold my flat in wimbledon and will be moving into a rental in rural Northamptonshire in 2 weeks time. I couldn’t find the right property to buy so opted to rent in order to move the sale along and give myself more time to house hunt. I will be looking to buy early in the new year but It’s always nice to get some valued second opinions from STW.

    mikewsmith
    Free Member

    as you will now have no chain and a good deposit (hopefully) then you can play the waiting game. Buying and Selling houses is an expensive game, take your time and decide where you want to live and all that. A lot people I know who bought places when they moved jobs etc. ended up with places they didn’t want to be in or were hard to shift. Get a sound view of the area and you will see how it’s all going.

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