Is now the right time to buy a house?

[Balti]

another bubble being pumped up

nothing to sustain it other than first timers being supported by a foolish government scheme

no-one else has the money to form the chains required for people further up the chains to move up and such large amounts can't be borrowed any longer to justify the exorbitant asking prices

house prices dropping as houses not selling and significant reductions required to get them shifted ...round here anyhow

If you're buying a house you will live in for the next 25 years then go for it. Otherwise you might end up in a little box with no garden that is too small for your growing family and with negative equity that stops you moving on to boot

been there done that

Rent/ save until you can afford a mortgage with a decent deposit down on the house that you will stay in for a long long time would be my advice to those considering their first purchase.......don't feel pressurised onto getting on the housing ladder purely for the sake of it and a fear of ''missing the boat''....

at the end of the day house prices have to be connected to what people earn and can borrow.....and I don't see earnings or (thankfully) debt soaring...... quite the contrary :-(

GL & BW

 

[mancitymick]

Bought my first one about 12 years a go. For a year the stupid nights out had to go whilst i got the deposit together. Best move i ever did. Renting is dead money. Whilst overseas for two years i have someone renting my house. Each month i get money and at the end of the two years i come back knowing the house is still mine. It is always the right time to buy a house

 

[bakerdave76]

Better doing now than later good luck

 

[goat boy]

Bought at 5% less than the valuation about a year ago, in a solid gaff that needed modern decoration and new windows, not really a renovation. Anything it makes over the next 5 years is equity for wherever we do want to live next as far as I'm concerned

 

[goat boy]

Incidentally. The underlying driver for house prices is still in effect. There are more single occupancies through greater levels of divorce driving that. We're an aging population so more of the people that live in this country require their own property and the natural turnover of property through inheritance is probably a little slower than the historic as people live longer, and remain healthily independent for longer in pensionable age. The big threat to house prices is probably really significant house building. In Manchester that would probably mean establishing a new satellite town the size of Stockport or Oldham, as besides all else I believe there's still a net migration of working age people into the greater Manchester area, too. City, the rags, the bbc, the universities etc all drive that and all we've been building is yuppie flats that only suit part of the demand.

 

[Thaksins Love Child]

Thought I'd bump this.

Have a 10k deposit but trying to bump this up to 15k as it gives me access to lower interest rates, higher mortgage.

I think I'd like to buy a new build. Guess there are pros and cons to it. Just on the first step but quite excited about it.

 

[highflyingblue]

Thought I'd bump this.

Have a 10k deposit but trying to bump this up to 15k as it gives me access to lower interest rates, higher mortgage.

I think I'd like to buy a new build. Guess there are pros and cons to it. Just on the first step but quite excited about it.

Its defiantly worth getting the biggest deposit you can, I'm around the 30 - 35% deposit area but only because the bank won't lend me much since I'm self-employed and a first time buyer.

What makes you want a new build?

 

[jacko74]

All this hype about the so called recovery in the housing market is rubbish imo, I'm a bit obsessed with looking at Rightmove and keep an eye on what is/isn't selling and I don't see any improvement, especially at the lower end of the housing market.

Just this month 3 houses on my street that have all been for sale (at reasonable asking prices) have all been withdrawn from the market as the owners have given up on trying to sell due to complete lack of interest.

 

[mancitymick]

Thought I'd bump this.

Have a 10k deposit but trying to bump this up to 15k as it gives me access to lower interest rates, higher mortgage.

I think I'd like to buy a new build. Guess there are pros and cons to it. Just on the first step but quite excited about it.

Dont get a new build. Yes, it is great that you are the first to live in it and nicely decorated however they are a lot smaller in side. Also with a older house you can do research on the area. Crime etc, drive around in the evening and see what the neighbour hood is like and also get a feel for what your new neighbours are like. You dont get that with a new build

 

[johnmc]

Thought I'd bump this.

Have a 10k deposit but trying to bump this up to 15k as it gives me access to lower interest rates, higher mortgage.

I think I'd like to buy a new build. Guess there are pros and cons to it. Just on the first step but quite excited about it.

Dont get a new build. Yes, it is great that you are the first to live in it and nicely decorated however they are a lot smaller in side. Also with a older house you can do research on the area. Crime etc, drive around in the evening and see what the neighbour hood is like and also get a feel for what your new neighbours are like. You dont get that with a new build

What? A new build is smaller? What if its bigger though? Bit of a strange statement really.

A new build is also in an area with crime rates and the like. You don't get to see what your neighbours are like with a new build or an existing house either. How you going to know that??